Understanding the 2024 coastal insurance market is crucial for businesses, especially in areas like Hilton Head, Beaufort, and Bluffton, SC. The market faces challenges due to climate change, with private insurers withdrawing from vulnerable coastal regions. This shift increases reliance on state-sponsored insurers. Businesses must ask: What should they know and expect in 2025? GSP Insurance Group plays a pivotal role in guiding local businesses through these complexities. Coastal Commercial Property Insurance: State of the Market and how it affects your business remains a critical focus, as premium rates continue to rise due to natural disasters and economic factors.

Introduction
South Carolina, a state known for its picturesque landscapes and welcoming communities, is currently facing unprecedented challenges in the home and auto insurance market. Within this vibrant state, Beaufort County has emerged as a battleground where residents are grappling with the impact of rising insurance rates. Across the board, homeowners and drivers are witnessing an alarming increase in premiums. Additionally, the market is witnessing a growing trend of carriers either withdrawing altogether or implementing stricter underwriting guidelines and higher down payment requirements. This phenomenon has earned the title of the "hardest insurance market" in a generation across the country. In this blog article, we will delve into the state of the home and auto insurance market in Beaufort County, explore the factors contributing to the difficulties, and provide insights on how to navigate this challenging landscape.

​An attractive nuisance is a term used in insurance and legal circles to describe a dangerous condition on a property that may attract children and cause harm or injury. This could be anything from a swimming pool or trampoline to a construction site or abandoned building. In this blog post, we will take a closer look at what an attractive nuisance is, why it matters in insurance, and how property owners can protect themselves.

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.

Introduction

According to the National Oceanic and Atmospheric Administration (NOAA), this hurricane season is expected to be above average with seven to 10 hurricanes. An average year has six hurricanes, three of which are major.
Here's what you need to know about hurricane season and your insurance coverage:
The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average hurricane season with seven to 10 hurricanes.
The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average hurricane season with seven to 10 hurricanes. While that may sound worrisome, there’s no need to panic.
The NOAA has been predicting an above-average hurricane season for a couple of years now and after taking a deeper look at the data, we think they might be right—at least this year. Let's take a look at why this could be one of those years where we see more hurricanes than usual.
First off, they're expecting seven to 10 hurricanes this year and 45% chance of an above-average hurricane season (for reference: last year was considered below average). NOAA’s definition of “above average” is anything over 12 named storms or tropical cyclones (hurricanes), which is exactly what they're forecasting here in 2022.

Be prepared for Hurricane Season

Have a plan in place. When a hurricane is approaching, you should know where you will go and how you will get there. This can include having a stockpile of supplies such as water and food that you have purchased ahead of time; gas or other fuel so that your car will be ready to evacuate if needed; maps of the area with evacuation routes marked clearly; and any special medications that may need to be taken during an evacuation (or stored safely in a waterproof container). If there are elderly family members or others who cannot evacuate on their own, then someone else must stay behind to assist them until help arrives. If possible, have your family meet at the same location so that everyone knows where they need to go in case, they become separated from one another while trying not only survive but also recover from any damage caused by Hurricane Season.

Conclusion

It’s imperative to take the time now to prepare your home and family for tropical storms and hurricanes. In addition, it’s a good idea to review your insurance coverage with your agent to make sure you have the right amount of protection before a storm strikes.