Author: Robin Easterlin

In a previous post, we addressed why insurance premiums are rising across the board. When insurance companies suffer losses due to an increase in claims from auto accidents or damage to homes from catastrophic storms, they typically increase premiums to offset the costs.

Due to hardening property markets and rapidly increasing catastrophic losses, we are seeing some homeowners insurance companies withdraw from the market and others are going out of business. Although this doesn’t happen very often, it is possible if they run into financial trouble. As a result, homeowners are finding insurance options to be limited and rather pricey.

While we proactively shop our clients’ policies when we see abnormal rate increases, it’s important to inform us of any updates to your home and/or auto(s), as it may help lower your premiums. For example, did you recently install a new roof or windows or renovate your home? Have you taken a defensive driving course within the last year? Would you consider utilizing a telematics device to track your driving habits for a period of time? Have you bundled all of your insurance policies with us? As a South Carolina Federal Insurance Solutions client, you may be eligible for a multi-policy discount, even if your policies are with different carriers.

We monitor insurance carriers to better help our clients should one become financially unstable or insolvent. We will continue to take a critical look as we bring on new carriers, focusing on ratings, financial size, and strength to offer our clients a broad selection of products.

Do you have questions about your policies? Give us a call at 833-359-0725 or email us for information.

South Carolina has experienced nearly 50 earthquakes since January 2021¹. Although only a few of these have been felt, this is a significant increase over our normal average – just 10 to 15 per year².

Despite the fact that approximately 70% of earthquakes in South Carolina occur in the Coastal Plain and most are centered around three areas west and north of Charleston (Ravenel-Adams Run-Hollywood, Middleton Place-Summerville, and Bowman), a major earthquake anywhere in the eastern United States could adversely affect us³.

While purchasing earthquake insurance might not be at the top of your to-do list, it might be time to start researching your options. At South Carolina Federal Insurance Solutions, we have carriers with deductibles as low as 2 – 5%. Some carriers will include earthquake coverage as part of your homeowners insurance, and others offer standalone policies. Interested in learning more about earthquake insurance? Give us a call at 833-359-0725 or email us.

¹ https://earthquake.usgs.gov/earthquakes/search/
² https://www.scemd.org/prepare/types-of-disasters/earthquakes/
³ https://www.dnr.sc.gov/geology/earthquake-info.html 

Our team of insurance advisors keeps a close eye on what is trending in our industry. This insight helps us stay on top of items that may impact our clients and allows us to take a proactive approach in offering you available coverage options.

This year, we are seeing increases in insurance premiums across the board. Increases can happen for a number of reasons, oftentimes for circumstances outside of your control. When carriers suffer losses due to an increase in claims, they typically increase premiums to offset the costs.

For example, 2020 was the deadliest year for auto accidents in a decade, despite many carriers offering discounts for limited driving¹. In 2021, the auto industry experienced a spike in used car prices and felt pressure from computer chip supply issues. We also saw a historical increase in lumber prices and an uptick in natural disasters across the country.

While we proactively shop our clients’ policies when we see abnormal rate increases, it’s important to inform us of any updates to your home and/or auto(s), as it may help lower your premiums. For example, did you recently install a new roof or windows? Have you taken a defensive driving course within the last year? Would you consider utilizing a telematics device to track your driving habits for a period of time? Have you bundled all of your insurance policies with us? (As an Insurance Solutions client, you may be eligible for a multi-policy discount, even if your policies are with different carriers.)

Have a question about your policies? Give us a call at 833-359-0725 or email us to learn more.

^{1 https://www.nhtsa.gov/press-releases/2020-fatality-data-show-increased-traffic-fatalities-during-pandemic}