Bill > H5063

This bill requires that certain multi-story buildings in South Carolina's coastal areas, specifically those four stories or taller, located within three miles of the ocean, and at least 15 years old, must undergo a full structural inspection by a certified structural expert, defined as a licensed professional engineer with structural experience or an equivalent approved by the Department of Insurance, at least every five years as a condition for renewing their property insurance. Insurers, or insurance companies, can use the findings from these inspections, which evaluate the building's foundation, load-bearing elements, and other structural components, to decide whether to renew, not renew, or conditionally renew a policy. If an insurer renews a policy for a building that has had a qualifying inspection within the last five years, the policy must cover loss or damage up to the policy limits and also cover reasonable costs for alternative living expenses if occupants need to evacuate due to structural problems identified between inspections.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=5063&session=126&summary=B