Property Insurance

Myrtle Beach, SC

There are a few things to think about while buying real estate in a coastal community. The Myrtle Beach real estate market offers a variety of property kinds. Homes, townhomes, condominiums, land, investment properties, manufactured homes, and more are available. Different kinds of insurance are necessary for each of these. The proximity to the ocean, waterways, rivers, and considerations for flood zones are additional factors.

Importance of Property Insurance

Your largest asset is certainly real estate. Therefore, safeguarding that asset is crucial. The Myrtle Beach area is at or close to sea level, therefore flood insurance is frequently required or strongly advised. You should be aware that the majority of typical homeowner's insurance policies do not cover flood insurance or wind and hail (hurricane) insurance. Typically, these will be independent policies.

Cost of Property Insurance

Property insurance premiums can differ from city to city and even from community to community. The factors that affect insurance costs include things like the distance to a fire station, age of the house, and flood zones. To determine the insurance costs for any property you are considering purchasing, it is imperative that you speak with an insurance agent as soon as possible in the purchasing process.

Flood Insurance

Myrtle Beach and surrounding property owners should be aware of whether or not their home is in a flood zone and, if so, which one. Your requirement for this insurance and how much you'll need will depend on your location's flood zone. Prices will differ. Remember that not all real estate is in a flood zone, so be aware of your location. Flood insurance is not covered by standard homeowners insurance or condo HO6 insurance, even if you do not live in a flood zone. If you want to be completely covered, you should think about getting a separate policy.

Be sure to speak with you local insurance provider for a quote or the National Flood Insurance Program for coverage options.

HO6 Insurance

The monthly HOA fee for the majority of condo buildings typically includes a Master Policy insurance. As opposed to home ownership, where you are required to obtain your own personal insurance coverage. Within an HOA it is either collected monthly or as a yearly assessment. 

The master policy does not cover the interior furniture, improvements or personal property. The owner is responsible for acquiring HO6 Insurance to protect the inside assets.

The majority of homeowner associations have drafted bylaws stating that the condo owner is responsible for "walls-in," or everything starting with the sheetrock in. This would include everything like furniture, counters, cabinets, and appliances. The mortgage lender will require that your unit have HO6 insurance. Even if it's not necessary, you should have it. The master policy won't replace your furnishings, walls, or personal property if an incident does occur. Policies can start in the $300s and it's a way to put extra protection on your investment.

Contact WeInsure Advocates for Insurance Quotes

For more information about Property Insurance please call/text Olivia Leskoske at (803) 673-3311 today!