CHARLESTON, S.C. (AP) -- Coastal residents who depend on a South Carolina program for their hurricane insurance will be paying about 10 percent more this year.
The Post and Courier of Charleston reported the South Carolina Wind and Hail Underwriting Association is raising rates an average of 9.8 percent this year.
The costs are for those who cannot get private insurance. Most barrier island residential property is insured through the program.
The state program insures more than $17 billion in property along the coast. .
Association executive director Smitty Harrison says the group had asked the state Insurance Department for a 19 percent increase.
The new rates apply to policies that are renewed on Sept. 1.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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