South Carolina's beautiful coastal region has always been a prime location for homeowners looking to enjoy the stunning beaches and year-round sunny weather. However, this picturesque region has faced its share of natural disasters, including hurricanes, flooding, and severe storms, leading to a significant impact on the coastal home insurance market.

Over the past few years, South Carolina's coastal insurance market has undergone some significant changes. Let's take a closer look at the current state of the coastal home insurance market in South Carolina.

Homeowners insurance is a type of insurance that provides protection for your home and personal property in the event of damage or loss from certain perils, such as fire, windstorm, and theft. It also provides liability coverage in the event that someone is injured on your property and sues you.
When you're looking for home insurance, it's important to understand that there are different types of coverage available, such as dwelling coverage, which covers the structure of your home, and personal property coverage, which covers your personal possessions. You should also consider additional coverage options, such as flood insurance or umbrella insurance, depending on your specific needs and the risks in your area.

A hard market in insurance refers to a period of time when insurance companies are less willing to underwrite policies, often due to increased claims or losses. As a result, premiums tend to be higher, and coverage may be harder to obtain. During a hard market, insurance companies may also be stricter in their underwriting criteria and may limit the amount of coverage they are willing to provide. This situation is the opposite of a soft market, which is characterized by increased competition among insurance companies and lower premiums.

​Additional factors that are increasing rates for coastal properties are the fact that 6+ insurance companies writing coastal homes went bankrupt in 2022. This combined with other traditional factors, or a hard market leads to increased premiums and less carrier options for your home, auto, and business insurance.

Independent Agents like GSP Insurance Group and our clients are slightly less impacted by this as we work with over 50+ carriers to always find our clients the best options and value. 

​If you live in a home or condo located in an HOA, loss assessment coverage is an optional add-on that covers you for the portion of damage to common areas you’re responsible for.

If you live in a shared community that has a condo or homeowners association (HOA), damage to shared spaces like the building, clubhouse, or pool area is covered by your HOA’s master policy, which is paid for by membership dues. That means if a shared space is damaged or a guest has an accident in a common area, your community’s HOA insurance will cover the loss up to its coverage limits. 
If the claim amount exceeds those limits, HOA bylaws usually require members to pay an equal share of the leftover loss amount. A loss assessment coverage endorsement is designed to cover these leftover costs so that you don’t have to foot the bill entirely out of your own pocket. You can easily add this endorsement to your condo or homeowners insurance policy.