Public hearing held to discuss rising insurance costs - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Public hearing held to discuss rising insurance costs

CONWAY, SC (WMBF) It's common knowledge that South Carolina is a state that has a good chance to be hit by a hurricane, but many debate how much should people should have to pay for living in an area with that risk. Some legislators say rates are too high.

On Wednesday evening, those who are involved with helping to set the price you pay for insurance will be in the Grand Strand, and they want to hear from homeowners about property and casualty insurance.

Experts with the Department of Insurance have just finished evaluating the hurricane models used to determine what South Carolinians pay in insurance rates across the state, and now they're ready to say where it falls when it comes fair prices. 

South Carolina has been fortunate; there hasn't been a major hurricane since Hugo, and so Wednesday homeowners will learn if the luck is causing prices to unfairly go up, or down.

Representatives from the South Carolina Department of Insurance, and Ray Farmer, the state's Director of Insurance, will be at the hearing along with legislators.

South Carolina Republican Senator Luke Rankin says he expects a big discussion on the availability and affordability of coverage in our coastal area.

"In the rates of insurance," said Rankin, "there's a concern that we are paying a higher percentage and a higher rate than we should be."

Rankin also says at this forum, they will compare the rates homeowners pay with rates in Florida, North Carolina, and Georgia. But most importantly, officials want to hear from constituents to see what changes need to be made. The forum will be at Horry Georgetown Technical College, in the Student and Community Life Complex. It starts at 5:30 p.m.

Copyright 2013 WMBF News. All rights reserved.

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