SC Water Dmg Costs Growing Rapidly

The cost of household water damage in South Carolina continues to grow at an alarming rate, according to the South Carolina Insurance News Service (SCINS). The group said that in 2002 water claims cost the insurance industry over $36 million and accounted for 25 percent of all homeowner losses. The results continue a five-year trend of increased homeowners insurance claims costs for water damage. Clean up costs and construction costs are largely faulted for the increase in water damage insurance losses from $31 million in 2001 to about $36 million 2002. In its survey of water-related insurance losses, the non-profit SCINS found that insurers have paid more than $136 million in household water claims since 1998. "The cost of water losses continued to grow unabated in 2002," said Insurance News Service Executive Director Allison Wright.