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COMMITTEE REPORT
January 31, 2007
H. 3308
Introduced by Reps. Miller, Viers, Anderson, Hardwick, Leach, Limehouse, Duncan, Ceips, Hodges, Lowe, Scarborough, Witherspoon and Young
S. Printed 1/31/07--H.
Read the first time January 17, 2007.
To whom was referred a Concurrent Resolution (H. 3308) to memorialize the President and Congress of the United States, the Governor, and the Director of the Department of Insurance, and entities underwriting homeowners insurance, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. LEACH, SR. for Committee.
TO MEMORIALIZE THE PRESIDENT AND CONGRESS OF THE UNITED STATES, THE GOVERNOR, AND THE DIRECTOR OF THE DEPARTMENT OF INSURANCE, AND ENTITIES UNDERWRITING HOMEOWNERS INSURANCE POLICIES IN SOUTH CAROLINA TO ACT WITH ALL DUE EXPEDIENCY TO ADDRESS THE HOMEOWNERS INSURANCE CRISIS FACING OWNERS OF PROPERTY SITUATED IN COUNTIES BORDERING THE SOUTH CAROLINA COAST.
Whereas, the members of the General Assembly of South Carolina implore President George W. Bush, the Congress of the United States, the Governor, and the Director of the Department of Insurance, and all entities underwriting homeowners insurance policies in South Carolina to urgently take immediate action to address the spiraling costs and increasing unavailability of homeowners insurance to owners of property situated in counties bordering the South Carolina coast; and
Whereas, the members of the General Assembly of South Carolina express their collective intent to immediately address the insurance crisis facing homeowners in counties bordering South Carolina's coast; and
Whereas, the coastal counties of South Carolina serve not only as home to many South Carolinians but also as a vital center for world-class tourism and recreational endeavors vital to the State's economy; and
Whereas, an estimated $150 billion worth of property in these counties is covered by homeowners insurance policies comprising more than one-quarter of all homeowners' policies underwritten in the State; and
Whereas, homeowners insurance on property situated in these counties has become increasingly difficult for consumers to obtain due to spiraling rates, decreasing availability, policy cancellations, wind pool limitations, and restrictions on companies to underwrite homeowners insurance in these counties under any circumstances; and
Whereas, the availability of reasonably priced homeowners insurance is critical to the ability of coastal property owners to finance and securely enjoy their property and make it available to support the State's vitally important tourism industry; and
Whereas, the General Assembly of the State of South Carolina respectfully requests that President George W. Bush, the Congress of the United States, the Governor, and the Director of the Department of Insurance, and all entities providing homeowners insurance coverage in South Carolina quickly embrace the deep concerns of South Carolina's legislature and property owners and swiftly act to ensure reasonably priced homeowners insurance is available for property in South Carolina's coastal counties. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the members of the South Carolina General Assembly, by this resolution, urge President George W. Bush, the United States Congress, the Governor, and the Director of the Department of Insurance, and all entities providing homeowners insurance coverage in South Carolina to act with all due expediency to address the homeowners insurance crisis facing owners of property situated in counties bordering South Carolina's coast, so that these coastal counties can continue to prosper and property owners in these counties can enjoy the use of their property free from the crippling burden of unreasonably priced or unavailable homeowners insurance.
Be it further resolved that a copy of this resolution be forwarded to President George W. Bush, the Congress of the United States, the Governor, and the Director of the Department of Insurance, and all entities providing homeowners insurance coverage in South Carolina.
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