SC Catastrophe Savings Account (CSA)
Whether you are in your 1st or 20th year of living in The Lowcountry, many of us keep an eye on the calendar to that ever-approaching date of June 1st. The beginning of Hurricane Season and we all know the past several years have been active.
However, not all of us know South Carolina enacted a law in 2007 to help residents pay for expenses resulting from a hurricane, flood or windstorm event. This law created the Catastrophe Savings Account (CSA) and they could be beneficial after dealing with such tragic events.
South Carolina residents who own a single-family dwelling (house, condo, townhouse, modular or mobile home) and are legal residents, for SC property tax purposes, can open and contribute to a CSA. The account must be established at any state or federally chartered bank and be used for qualified catastrophe expenses…