New bill introduced to find ways to lower property insurance rates
A Lowcountry senator filed a bill to help lure more property insurance companies to South Carolina, a move that sets the stage for a legislative debate over the increasingly hot-button issue of high insurance rates along the coast.
Sponsored by Tom Davis, R-Beaufort, the bill also would require the Department of Insurance to make it easier for consumers to shop for insurance. Davis told business leaders that he drafted the bill because rates are too high and that the home insurance market isn’t working properly.
Davis’ bill comes in the wake of “Storm of Money,” an investigation by The Post and Courier into the state’s home insurance industry. The series revealed that insurers in South Carolina charge some of the highest rates in the country. Read more about the bill in tomorrow’s paper and the series here.