It's getting harder and harder to get property insurance in our area (Hilton Head, SC). It seems like every month another insurance company pulls out of the state. Our Homeowner's insurance just went up another $300 last week. That's the second increase within the last year.
Of course, the problem is that we live near the ocean. Never mind the fact that a hurricane has not hit this area on over 100 years. Actually, the problem may be that northern SC is susceptible to hurricane damage and that is why the pull out of the state.
The way things are going pretty soon the only place you will be able to get insurance is in South Dakota!
I don't know about anyone else, but I find it ironic that we NEED insurance, but the insurance companies will do anything NOT to pay a claim. Look at all of the people in the Gulf coast region that got screwed because the insurance companies classified the damage 30 miles inland as flood damage and not hurricane damage.
Of course, these same insurance companies pay huge CEO bonus packages. They also pay out more than they probably should for dividends just to appease shareholders rather than pay off claims (Oops - sorry about that hurricane. We're bankrupt now and can't pay you).
Maybe I should start looking for a real estate agent in SD now
Property Insurance Woes
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