News 13, the Morning News and scnow.com are committed to helping you prepare for this year's Atlantic Hurricane Season.
Ask your hurricane or insurance questions during our Ask An Expert online chat today. Allison Dean Love with the state insurance news service will answer them for you.
(This chat is no longer active, however we will offer another opportunity to have your questions answered soon.)
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Lisa in Myrtle beach comments ...
Low level income people are being hurt by the TC-44 tax credit passed in 2006 that was supposed to help low income homes with high homeowners insurance. If you run the numbers of what an actual low income families tax return would be like you would find that the credit is useless and does NOT work at all. I contacted the govenors office and challenged them that NO ONE has ever gotten to use the tax credit as it is really not a credit and people with low incomes would have no tax liability anyway so a credit to reduce the tax only helps no one. They actually called me back and agreed that the TC44 credit is useless and that I should contact someone that could actually do something about it. What a joke.
I believe you are referencing the Omnibus Coastal Property Insurance Reform Act of 2007 and the Excess Premium Insurance Credit Form that was created as a part of that Act. I believe the reason no one has received the credit as of yet is because it was still in the approval period and was under review by the General Assembly as were the fortification measure credits.
The law gives homeowners several ways to save money on insurance:
- The law requires insurance companies to give discounts to homeowners who make their homes more disaster resistant by applying storm shutters, roof tie-downs, impact resistant windows/doors, reinforced garage doors, etc.
- The law enables homeowners to get tax credits for making the purchases of those items.
- The lawn enables homeowners to set up a catastrophe savings account to help pay their insurance deductible or for any uninsured damage in the time of a hurricane.
For more information on the law, link to www.scinsurance.net
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