The bill H. 3227 aims to amend the South Carolina Code of Laws by adding Section 38-75-70, which mandates that all residential property insurance policies issued, delivered, or renewed in the state must offer coverage for loss or damage resulting from earthquakes. The bill specifies that this coverage can be included within the policy itself or provided through a separate policy or endorsement. Additionally, insurers are required to inform policyholders that their standard residential property insurance does not cover earthquake-related damages by including a specific disclaimer in boldface type.

Furthermore, if a policyholder chooses to decline the earthquake coverage, they must sign a waiver provided by the insurer that clearly states their decision to forgo this coverage. This legislation is designed to ensure that homeowners are aware of their options regarding earthquake insurance and to promote better preparedness for potential earthquake-related damages. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 38-75-70
Latest Version: 38-75-70
12/06/2024: 38-75-70