Friday, 18 May 2007
South Carolina Legislation Provides Incentive To Build Stronger Homes
For months, South Carolina lawmakers have been working on a bill to provide tax incentives for residents to build stronger houses on the coastline. The bill will also extend homeowners policies to higher-risk coastal areas.
Tax credits would be given for the materials and supplies needed to strengthen a house, and insurers would be required to lower rates for people who complete improvements that give their home more protection from storms.
The bill was recently approved by a House subcommittee. It will now be reviewed by the Labor, Commerce, and Industry Committee, then go to the Senate.
Proponents of the measure are optimistic about its success, because the key players affected by the law have a generally favorable view of it.
“Everybody’s been involved, and I think it’s a good step,” said Republican Representative Harry Cato.
The law is aimed at South Carolina residents who live in their coastal homes all year long, and does not include people who own vacation homes.
“We’ve tried to protect the man that lives on the beach or close to the beach,” said Republican Representative Bob Leach.
The measure will also require a hearing every year to assess the status of the state’s wind pool — including a discussion on rates and possible adjustments to the pool. The wind pool is the last line of protection for people who are denied coverage by private insurers.
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