Proposed Credit Property Insurance Rate Cuts in SC

SC Proposes Rate Cuts for Some Credit Property Insurance

South Carolina’s Department of Insurance plans to cut the rates for some credit property insurance, which lenders sometimes require to protect personal property put up as collateral for loans. The department issued a bulletin stating that it was proposing “to hold the rate for household goods—single interest coverage at the 2025 level and to decrease the other rates ten percent from their current levels.” Insurers have 15 days to request a public hearing regarding the proposed rates. (INSURANCE JOURNAL)

—Compiled by SNCJ Managing Editor KOREY CLARK

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