Myrtle Beach has stood the test of time, weathering minimal damages and being bypassed from major hurricanes. With relatively few exceptions (i.e. Hurricane Hugo in 1989), we've been very fortunate compared to other beach towns along the Atlantic Seaboard. Regardless, carrying quality insurance is imperative to protecting your investment. Shop around. You can never be over-insured!
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ASHLEY DELONG | REALTOR© |
Homeowners Insurance Policy
A homeowners policy covers your structural losses (i.e. fire, lightning), your personal property, liability protection and any additional living expenses incurred due to being "homeless". Homeowners policies do NOT cover damages due to hurricanes, major named storms, flooding, high winds, hail, or normal wear and tear. Consequently, Myrtle Beach homeowners typically carry additional policies intended to address the specific challenges of coastal living.
Wind Coverage
In 1971, the South Carolina Legislature mandated a requirement that insurance companies make wind and hail coverage available to coastal homeowners. To better serve the new market, the South Carolina Wind and Hail Underwriting Association (a.k.a. Beach Plan or Wind Pool) began offering policies to eligible homeowners who were unable to secure coverage in the standard insurance marketplace.
Although the SCWHUA provides coverage to all eligible homeowners, they recommend that you shop around. Better coverage and/or rates can often be found in the standard competitive insurance marketplace.
Flood Coverage
Flood insurance is available through the National Flood Insurance Program (NFIP). NFIP is administered by FEMA and underwritten by the Federal Government. NFIP provides maximum coverages of up to $250,000 per dwelling, in addition to $100,000 in coverages for your personal property.
HO6 Insurance
If you are purchasing a condominium, villa, or townhome, you need to be aware of South Carolina’s HO6 insurance mandates. The building's exterior and common areas will be insured by a policy purchased through your horizontal property regime. Dues will be collected as either an annual assessment or as part of your monthly regime fee.
If you are financing your purchase, your lender will likely require that you carry HO6 insurance. Even if you purchase your real estate in full, HO6 will cover your improvements, upgrades, personal property, and furnishings. Additional coverage against income loss (important for investment buyers) can be acquired. HO6 policies start at annual rates in the mid-$300’s, a worthwhile investment compared to the low cost of coverage.
Let me be your guide to purchasing a home in Myrtle Beach. Please refer to my Buying a Home page for greater detail about my process of helping you purchase the perfect home at the best possible price.
Let's work together.
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ASHLEY DELONG | REALTOR© |
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