In a statement by Sanford, “this bill sends a strong signal to the insurance industry that South Carolina has rejected the government-centered approach to addressing the insurance crisis.” The measure includes tax incentives and insurance discounts to residents who make their homes more hurricane-resistant. It also allows homeowners to put money in hurricane savings accounts to offset large deductibles or self-insure. It also requires insurers give a 90-day cancellation notice during hurricane season.
Carriers that write full-coverage policies along the coast will also receive tax credits according to the bill's measure.