June 2020
- South Carolina was impacted by three of the ten costliest hurricanes based on insured damage: Hurricane Michael in 2018, Hurricane Irma in 2017 and Hurricane Charley in 2004.
- Between 37,000 and 359,000 single-family homes are at risk of damage from storm surge in South Carolina, according to CoreLogic. In terms of reconstruction costs, storm surge damage ranges from $10.3 billion to $85.0 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from a Category 1 to a Category 4 hurricane.
- About 2.1 million people were living in coastal areas of South Carolina in 2015, according to the U.S. Census Bureau (a 7 percent increase from 2010).
- South Carolina had 206,826 flood insurance policies in force in 2018, according to the National Flood Insurance Program. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program and an increasing number of private insurers.
- The South Carolina Wind and Hail Underwriting Association (SCWHUA), known as the Beach Plan or Wind Pool, is the market of last resort that provides wind and hail coverage to residential and commercial property owners in the coastal area of the state.
- As of fiscal year 2019, the South Carolina Beach Plan had a total of 19,720 policies in force, down from 29,833 policies in force at the end of fiscal year 2016. The plan had an exposure of $5.8 billion in fiscal year 2019 down from $9.7 billion in 2016.
Other Resources
I.I.I. Facts & Stats: Flood Insurance
I.I.I. Facts & Stats: Hurricanes
I.I.I. Issues Updates: Catastrophes
I.I.I. Issues Updates: Hurricane and Windstorm Deductibles
South Carolina Wind and Underwriting Association Website
