When purchasing real estate in a coastal town, there are a few aspects you must consider. There are different property types in the Myrtle Beach real estate market. There are homes, condos, townhomes, land, investment properties, manufactured homes, mobiles and more. Each of these require a different type of insurance. Other considerations are the proximity to the ocean, waterways, rivers, and flood zone considerations.
Real estate is typically your biggest asset. So, protecting that asset is extremely important. Since the Myrtle Beach area is at or near sea level, Flood Insurance is often required or highly suggested. It is important to know that most standard homeowner's insurance policies do not include Flood Insurance, or Wind and Hail (hurricane) insurance. These will usually be separate policies.
The cost of property insurance can vary from town to town and even community to community. Insurance rates are based on many variables, and will include things like crime rates, distance to a fire station, age of home, and flood zone. It is critical that you start talking to an insurance agent early in the buying process to understand what you insurance cost will be on any property you consider for purchase.
At Century 21 The Harrelson Group, we have helped thousands of people purchase and manage their real estate. We have dealt with every insurance company in the area and understand that some are expensive, some are cheap and some seem to shine in the area of service and great value. Though we are not insurance agents, we do suggest you talk to experienced local insurance agents that know Myrtle Beach.
If you are in need of homeowner's insurance, call (843) 843-8888 or email email@example.com
Most condo buildings include a Master Policy insurance in the HOA fee that is charged each month. That is different than owning a home where you need to get your own individual insurance policy.
The interior walls and furnishings are not included in the master policy. It is up to the owner to purchase HO6 Insurance to cover the interior assets.
Most Homeowner Associations have bylaws written that require the condo owner be responsible for ‘Walls In’, meaning the owner is responsible for everything from the sheetrock in. This would include flooring, fixtures, cabinets, countertops, appliances, and more. In many cases, the mortgage company will require this HO6 insurance on your condo. Even if not required, you should have it. If a fire breaks out or a tree falls on the building, the master policy is not going to replace your furnishings, walls, or carpet. We believe you should always have a policy to cover your assets.
Another consideration is Wind and Hail insurance. Most regular HO6 policies do not cover wind and hurricanes, although a few do. Always inquire with your insurance agent about wind and hail insurance, too. Condos that are on the oceanfront or even near the beach need to have this coverage.
If you are in need of affordable condo HO6 insurance, call (843) 843-8888 or email firstname.lastname@example.org
Property owners in the Myrtle Beach and surrounding areas need to know if their property is located in a flood zone and if so, what flood zone they are in. Flood Zones will determine if you need this insurance and how much you will need. Costs will vary. Keep in mind NOT all property is in a flood zone so make sure you understand where you are situated. Even if you are not in a flood prone zone, flood insurance is not included with regular property insurance or condo HO6 insurance. It is a separate policy that you need to consider if you want to be fully protected.
You will want to learn about the National Flood Insurance Program. This program is designed to assure that a coastal area has access to affordable flood insurance and helps those areas adopt flood-plain management systems. Most real estate agents do not know a lot about property insurance or flood insurance so it is important that you talk to a Myrtle Beach insurance specialist. Horry County Flood Zone Maps have been recently updated and there are some people that no longer need insurance for flooding, and some that did not need it before may now need this specialty insurance. If you are in an area that is low-lying or near a river, we highly recommend it.
If you are in need of affordable flood insurance, call (843) 843-8888 or email email@example.com