Myrtle Beach Area Property Insurance

Four separate policies can be involved in insuring a coastal home — and the one most buyers think of covers the least.

Myrtle Beach has fared better than much of the Atlantic seaboard, though the area is not untouched — Hurricane Hugo in 1989 remains the benchmark, and Hurricane Matthew destroyed the Surfside Beach pier in 2016. Carrying quality insurance is imperative to protecting your investment. Shop around. You can never be over-insured!

What catches buyers out is that coastal coverage is not one policy. A standard homeowners policy, wind and hail coverage, flood insurance and, for condo owners, an HO6 policy each do a different job.

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.

Budget realistically. Coastal premiums have risen sharply over the past five years, and a full year is paid up front at closing along with three months into escrow — see Closing Cost Estimation for how that lands on the settlement statement.

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.

30-Day Waiting Period

A new NFIP policy generally does not take effect for 30 days. Start it early in the buying process, not the week before closing.

Low Risk Is Not No Risk

Nearly a third of NFIP claims between 2014 and 2024 came from outside designated high-risk flood areas.

Private Options Exist

Private flood policies can offer higher limits than the NFIP cap, which matters on a higher-value home. Lenders may accept them if coverage is at least as broad.

If the property sits in a Special Flood Hazard Area and you are financing, flood insurance is not optional — the lender will require it. The $5 flood certificate fee on your closing statement is what determines that.

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.

This page is provided as general guidance only. Coverage, availability and premiums vary by property, carrier and flood zone, and the figures quoted here can change. Ashley DeLong is a REALTOR®, not an insurance agent. Please consult a licensed insurance professional for advice on your specific situation, and confirm current NFIP terms with FEMA or your carrier.

Let Me Be Your Guide

Insurance is the cost most out-of-state buyers underestimate, and it is worth getting quotes early rather than at the end. On a coastal property the number can change what you can comfortably afford, and it is better to know before you are under contract.

I work with local insurance agents on a daily basis and can point you to people who write in this market regularly. 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.

Frequently Asked Questions

Does homeowners insurance cover hurricane damage in Myrtle Beach?

No. A standard homeowners policy does not cover damage from hurricanes, named storms, flooding, high winds or hail. Coastal homeowners typically carry separate wind and hail coverage and flood insurance alongside the homeowners policy.

What is the South Carolina Wind and Hail Underwriting Association?

Also known as the Beach Plan or Wind Pool, it was established after the South Carolina Legislature required in 1971 that wind and hail coverage be made available to coastal homeowners. It offers policies to eligible homeowners unable to secure coverage in the standard marketplace, though it recommends shopping the competitive market first.

How much flood insurance can I get?

The NFIP provides up to $250,000 per dwelling plus $100,000 for personal property. Private flood policies can offer higher limits, which matters on a higher-value home where the NFIP cap falls short of replacement cost.

How soon should I arrange flood insurance?

Early. A new NFIP policy generally carries a 30-day waiting period before it takes effect, so leaving it until the week before closing can delay the purchase.

Do I need flood insurance outside a flood zone?

It is not required by a lender outside a Special Flood Hazard Area, but nearly a third of NFIP claims between 2014 and 2024 came from outside designated high-risk areas. Low risk is not no risk.

What is HO6 insurance and do I need it?

HO6 covers a condo owner's improvements, upgrades, personal property and furnishings, since the regime policy covers only the building exterior and common areas. Lenders generally require it when financing, and it is worth carrying even on a cash purchase. Policies start in the mid-$300s annually.

Let's work together.

Worried about what insurance will cost on a coastal property? Ashley DeLong can point you to agents who write in this market every day.

Contact Me! Call Ashley

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