GSP Insurance Group Blog
GSP Insurance Group Blog
We recently did an analysis of insurance rates across the Lowcountry, and we thought you might be interested in seeing the results.
Homeowners Insurance Rate Increases
The average increase in homeowner's insurance rates is 6% statewide, but it varies by county. In Charleston and other coastal areas such as Beaufort, Bluffton, and Hilton Head homeowners can expect to see higher than the statewide average increase. Some areas in the Lowcountry saw increases as high as 14%, while others (more inland) saw a decrease of up to 5%.
There have been several other contributing factors to rising Home Insurance costs in Coastal parts of the Lowcountry as several coastal insurers have gone insolvent, while others have pulled out of the market completely. Gulfstream Property and Casualty, St. Johns Insurance Company, Avatar Property and Casualty, and most recently Fed Nat have all either gone insolvent or are "restructuring". This leaves the Lowcountry and many other coastal areas with less options and many times higher than normal annual increases.
Car Insurance Rate Increases
This is a nationwide problem. Car insurance rates are rising across the country due to an increase in car accidents and a rise in the cost of repairing cars.
The increase in car insurance rates is also due to a rise in the cost of car parts for repairs, which are often needed after an accident.
A few other factors that affect all your insurance costs
Inflation is one of many culprits for rising insurance costs. However, there are a few ways to save money on your rates. One way is to shop around for new insurance companies. You should also consider getting quotes from a local independent agent who offers personalized service and competitive rates.
Finally, if you're interested in learning more about how to save on auto insurance or homeowners coverage, check out our other blog posts!
Credit score is based on your past history of paying bills on time and how much debt you have. If you have missed payments, this will affect your credit score and can make it more difficult for you to qualify for lower insurance rates. If your credit score is good, then chances are that you'll qualify for lower insurance premiums because the company knows that they're more likely to get paid back by someone with a good track record than someone who has been late in the past.
Don't despair as we have many options to help our clients find the best coverage for the best value. GSP Insurance Group works with 50+ carriers to find the best options for you. Give us a call today at 843.707.4473, email us at firstname.lastname@example.org or check out our website at www.gspins.com.
Tyler Grizzle is a Partner at GSP Insurance Group
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South Carolina Headquarters
Main: (843) 707-4473
Toll Free: (833) 414-3040
8 Buckingham Plantation Drive
Bluffton, SC 29910
Main: (470) 589-4131
Toll Free: (833) 414-3040 115 East Main Street, A1B-6P
Buford, GA 30518