RICHARDSON COLUMN: Lawmakers seeking homeowner insurance reform
Homeowner's insurance reform, especially for coastal areas like the Lowcountry, have peppered newspaper headlines in recent days.
State Sen. Tom Davis, R-Beaufort, introduced a bill that would provide tax credits to coastal insurers.
This would offer relief to rising homeowner's insurance rates.
It was reported in The Post and Courier that one of the bill's provisions would offer tax credits to companies that insure large numbers of coastal properties.
This is an effort to lower rates and entice more companies to insure properties along the higher-risk areas.
Reform also took the national stage with New Jersey congressman Albio Sires whose state's shore region was ravaged by Superstorm Sandy, recently introducing the Homeowners and Taxpayers Protection Act.
That bill would establish a privately funded national catastrophe program enabling private insurers to provide increased and more affordable homeowner's coverage. The program would be publicly administered and funded through private insurance dollars.
Foreclosure activity slowed in South Carolina, but it's still outpacing the national average, according to a recent report by CoreLogic, a national real estate analysis firm.
In February, 3 percent of homes in the Palmetto State were in some stage of foreclosure, down 0.8 percent from a year ago. But the tally for the month was slightly higher than the national average of 2.8 percent.
About 1.2 million U.S. homes were in some stage of foreclosure in the nation in February, less than 1.5 million for the month a year ago, according to the report.
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.