Private Flood Insurance Law Signed in South Carolina
Governor Henry McMaster signed the South Carolina Private Flood Insurance Act into law. The legislation aims to foster innovative flood insurance coverage in South Carolina, allowing insurers the ability to test products in the market and offer consumers greater choice for flood insurance coverage.
“We are encouraged by the passing of this important legislation as we try to bolster competition in the flood insurance market,” said Ray Farmer, Director of the South Carolina Department of Insurance (SCDOI). “Currently, our consumers have very few options for purchasing flood insurance. While we are glad the National Flood Insurance Program(NFIP) exists to offer coverage, we realize that NFIP coverage may not work for every property owner. This is a chance to increase availability, which we believe will lead to competitive pricing and more options to meet consumers’ specifics need.”
The Private Flood Insurance Act will become effective November 28, 2020.