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Shoreline SC residents protest high hurricane insurance ratesPosted On Sun, August 26, 2012
Residents of the South Carolina shore have become incensed over high hurricane insurance rates, and are demanding answers from Governor Nikki Haley, according to The State.
A coalition of six residents, fronted by businessman Dylan Ferguson, have done extensive research to back their belief that the South Carolina shore does not deserve its high hurricane insurance rates. Now, the coalition is bringing its protest before the government in a movement that is gaining support across the state.
Hurricane insurance, which is purchased alongside general homeowners insurance policies, is based on the potential for hurricane damage. The higher the potential is for a region, the higher that region's rates will be.
Currently, South Carolina residents pay approximately $1,840 per year for a house insured for $150,000 - a rate that is 71 percent higher than the rates recorded in 1996.
According to Ferguson and the coalition, the fault in South Carolinian hurricane insurance rates lies in the fact that the state has not experienced hurricane that produced serious damage since 1850. Ferguson has done extensive research to prove that the insurance rates are based on an inflated estimate of storm potentiality that does not reflect reality.
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