Protecting South Carolina Homeowners from Rising Insurance Costs

If you’ve noticed your home insurance bill climbing lately, you’re not alone. Across South Carolina, families are seeing premiums rise—sometimes dramatically—due to a mix of severe weather, inflation, and outdated federal support. As a senior member of the Senate Banking and Insurance Committee, I hear these concerns often, and I have several ideas on how we can deliver meaningful relief.

First, when a company submits a risk assessment to justify a rate increase, always make sure it is based on data specific to South Carolina. Too often, companies justify rate hikes using risk models based on hurricane-prone states like Florida or North Carolina. We must require risk assessments to reflect our own data—and protect homeowners from unfair increases.

Second, increase funding for our state’s Safe Home Program, which helps coastal property owners retrofit their homes and enables them to obtain lower premiums. I drafted the legislation to create that program in 2007 when I was the governor’s chief of staff, and I know how to improve it. 

Third, expand our state’s Catastrophe Savings Accounts. Money put in this account (and interest thereon) is not subject to state tax, and we must push for a similar federal tax exemption. Such accounts allow homeowners to partially self-insure, increase deductibles and get lower premiums.

Fourth, recruit more insurance companies to do business in our state. Increased competition will drive down prices and improve coverage options. I am working right now with the state department of insurance on legislation for the 2025 session to bring additional companies to our state. 

The damage in our state caused by Hurricane Helene will doubtless lead to requests for more premium increases in 2025, and the legislature must be proactive on homeowners’ behalf.

These are just a few of the steps we can take to protect South Carolinians from rising insurance costs. As we prepare for the 2025 legislative session, I’m committed to advancing solutions that strengthen affordability, fairness, and access to coverage for homeowners across our state.