Homeowners' Insurance Reform Passes the House

I just received the latest Quality of Life report from SCAR (South Carolina Association of Realtors), which had some rather important news regarding Coastal Property Insurance and thought it would be of interest. Here is an excerpt:

On Wednesday, the House unanimously passed H.3820, the Omnibus Coastal Property Insurance Reform Act of 2007. This represents tremendous progress on this issue which legislators have been discussing since before the 2007 legislative session began. Specifically, H. 3820 provides tax credits and deductions, creates tax-free savings catastrophe accounts, offers premium discounts, expands cancellation notice requirements to 60 days, grants emergency powers to the Director of the Department of Insurance during a declared state of emergency, enacts an Advisory Committee to the Director of which a representative of SCAR would be a member, requires the Director to hold public hearings each year, and includes a $6 million fiscal impact. Thank you to all REALTOR® members who replied to the call to action SCAR issued early in the week. Your emails and letters were vital to the successful passage of the bill in the House. The bill now moves to the Senate for consideration.