Well, it is almost here, a few days of near 80 degrees in the Lowcountry gets you thinking about spring. Before you know it, that fine layer of pollen will be covering everything. While preparing to do your spring cleaning, make sure to take some time to dust off your insurance policies and make sure that your coverage is up to date. Spring severe weather can pop up at a moment’s notice. Remember, Wind & Hail coverage is not just for Hurricanes!! There have been many changes in the Flood and Wind markets over the last year so make sure to contact us to ensure that you have the best coverage for the dollar.
Recently it was announced by FEMA that Federal Flood insurance rates will soon be increasing. According to this article from IFAwebnews.com, as well as research we have done, rates for secondary homes will increase this year. Later this year or early next year, primary home flood insurance premiums are expected to rise as well. It also appears that re-mapping of some areas will take place. It is stated that those that live in the highest risk areas will be the first to see the most significant increases, but there will most likely be a trickle-down effect to those in “lower risk” areas. Whether you live in Charleston, Myrtle Beach, Hilton Head Island, Columbia, Greenville, Spartanburg, Greer or anywhere else in the state you should pay special attention to this. Large losses from natural events such as Hurricane Katrina and ”Superstorm” Sandy surely have an effect on the premiums. Keep in mind that this is also a result of the Federal Government no longer being willing to “subsidize” these flood insurance policies. No matter where you live in South Carolina, be it the Coast, the midlands or the upstate you can count on PC&L to stay ahead of the curve on this issue. Call one of our experienced representatives today to discuss your flood risk!!
Finally, we have a bit of cooler weather in our neck of the woods. While I’m sure we’re still on the weather roller coaster ride we call fall in South Carolina, it’s not too early to begin taking steps to “winterize” and review fire safety for the upcoming winter season. Our winters here are usually mild, so the occasional hard freeze can catch us off guard and it’s not a bad idea to know what to do. Travelers has a good web page that has a Fire Safety Game, and also some Winterizing tips. Check it out!
We hope everyone has a great long weekend! Our offices will be closed Monday, September 3rd for Labor Day, but we’ll be back open bright and early Tuesday Morning!!
We are pleased to announce that we have opened a dedicated homeowners/personal lines location for the Charleston area. The new location address is:
The Hurricane season seems to be heating up a bit, so make sure to keep an eye on the tropics. If you’re shopping your insurance or getting ready to purchase a home, keep in mind that when an area comes under a storm watch or warning, many insurance Carriers put a hold on new business until the threat is passed. Don’t delay if you’re mulling over insurance options this time of the year, many of these tropical storms and hurricanes sneak up on us quickly! For current info on the tropics be sure to visit the National Hurricane Center’s website.
Big changes are coming soon to a workers compensation policy near you. Experience MOD’s either reward or penalize insureds for their loss record vs. other similar insureds in their industry. On a large loss, NCCI usually “caps” the loss at $5,000 for the primary loss, which reflects the frequency of claims, the remainder or “excess” loss reflects the severity. This “cap”, or split point is being changed from $5,000 to $10,000 in 2013 and to $15,000 by 2015. Primary losses are given “full weight in the experience rating” and heavily reflect on the MOD figure. This mean your losses above $5,000 are going to “hurt” your MOD a little more than they used to. Please review this article from BusinessInsurance.com. For more info, call one of the commercial specialists at PC&L to help you navigate this changing market of workers compensation.
PC&L Agency writes a lot of commercial insurance for South Carolina business owners. One of our specialty lines is workers compensation. We received an interesting article recently from Amerisafe, one of our work comp markets. Quite interesting that statistically the frequency of on the job accidents seems to be higher in hotter environments. It’s pretty darn hot outside this summer and many “outdoor” workers are particularly susceptible to heat related injuries. Please take a few minutes to read this article for some info and tips on how to keep your employees healthy and safe! Remember to talk to one of our commercial lines associates for a commercial policy review as well.
Please check out this story from News 2 in Charleston and the Charleston Post & Courier. This is the second story this week about a major insurance carrier dropping or non-renewing policies. This forcasted trend seems likely to continue with other carriers as well. Contact PC&L for quotes with insurance carriers that want your business!
Please take a few minutes to read this article from the Charleston Post and Courier about AllState Insurance and their handling of lowcountry homeowners policies. Remember PC&L Agency, your independent agent in Charleston, Myrtle Beach and Hilton Head is still agressively writing coastal homeowners policies and you don’t even have to put your auto with us!