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South Carolina: Coastal Reform Passes House
Last Wednesday, the South Carolina House passed H. 3820, the Omnibus Coastal Property Insurance Reform Act of 2007. The bill includes tax incentives for those who retrofit their homes to make them "more resistant to loss due to hurricane, rising water, or other catastrophic wind event" and for those who establish and contribute to Catastrophe Savings Accounts. It also requires insurers to provide premium discounts to homeowners who have made their homes resistant to catastrophes.
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