summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Adding Section 38-75-70 So As To Require Insurers To Offer Insurance Coverage For Loss Or Damage Resulting From An Earthquake To All Policies Issued In This State.
AI Summary
This bill requires insurance companies to offer coverage for earthquake damage to all residential property insurance policies issued, delivered, or renewed in South Carolina, starting January 1, 2027. This earthquake coverage can be included directly in the policy, as an add-on called an endorsement, or as a separate policy. Insurers must clearly inform policyholders that their standard residential property insurance does not cover earthquake damage, using specific bold text. If a policyholder chooses not to purchase this earthquake coverage, they must sign a waiver form provided by the insurer explicitly stating their decision to decline it. This measure aims to ensure homeowners are aware of and have the option to purchase earthquake insurance, potentially leading to increased insurance premiums and thus an undetermined increase in state insurance premiums tax revenue.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Debate adjourned (on 02/26/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=3227&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3227_20260219.htm |
| Fiscal Note - H3227 2025-01-14 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/H3227%202025-01-14%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3227_20241205.htm |
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