We received an email this morning from an owner of a condo in a waterway community here in Myrtle Beach. He, and this community, were hit especially hard by the insurance premium hikes after Hurricane Katrina. His HOA announced insurance rates for 2008 and he was kind enough to share the numbers with us. The difference was as dramatic as it was expected... and you can hear a big sigh of relief from Myrtle Beach real estate owners and investors alike. Take a look:
" ...received competitive bids from three carriers and we selected the one with the best coverage for the dollar. The new policy cost is $163,037, which represents a significant savings from our 2007 policy cost of $360,000 and a huge savings from the $917,000 policy that we had in 2006."
-Richard Sander, P&C Sales Manager