HORRY COUNTY, SC (WMBF) - Some homeowners in the area are dealing with higher homeowners' insurance rates. Where you live usually determines just how much money you have to pull out of pocket to protect your home. But the prices are changing, and more areas are seeing a bump on their bills.
From the hundreds of dollars to the thousands, there are a variety of prices for insurance, but you can bet where we live we are paying more here. The website "The Value Penguin" reports out of the state's 46 counties, Horry County has the third-highest homeowners insurance rates. Since this is a coastal area, higher premiums are expected, but now even inland too. Marion falls in at number 9 on the list, while Dillon and Florence come in ranked 12 and 13.
A Local homeowners insurance expert says prices in inland areas have gone up the past couple of years and are showing signs that the upward trend will continue. The explanation? Companies have been dealing with a lot of losses recently, and this causes them to push up the price.
"This forecast," Brian Payne, an agent with Field Insurance explained further. "These trends now and these weather patterns, have really affected the industry as a whole. Nationwide, not just here in South Carolina."
It may be across the country, but South Carolina is where we're really feeling the effects. A report says people living in our state deal with the 11th highest homeowners' insurance rates in the United States.