Like Florida, South Carolina is a state with a huge coastal tourism industry, as well as being a favorite retirement location. The number of condos in SC is much higher than many interior states and the likelihood of damage to your insured condo is great from coastal flooding, hurricanes, winds, and even fire.
Condo Owners Insurance (HO6 policy)
Homeowner's Associations in South Carolina usually provide insurance for the building and common areas, and many require you to have an H06 (interior) condo insurance policy to cover your furniture and wall coverings. Whether or not it is required, it is certainly something that you need to do if you have even the slightest ability to pay for it.
The average minimum SC condo interior insurance policy will cost you about $300 a year. That gives you about $10,000 in coverage. Of course if you have expensive furniture and technological gadgets, that might not be enough.
Condo Rental Insurance in SC
Similar to the H06 condo insurance is rental insurance for condos. If you are leasing or paying rent to stay in an apartment or condo, most of the time your possessions are not covered. If lightning comes in and destroys your television or computer, you are going to be out of luck without an insurance policy to cover it. Condo rental insurance is about the same in price and coverage to the HO6 policy, and just as important.
Hurricane Insurance For Condos in SC
While the HOA probably carries hurricane insurance on a condo complex that is in a hurricane-prone area, you might want to check your own HO6 or condo rental insurance to see if you are in the SC Wind Zones. Sometimes you will have to have a separate policy for Wind and Hail Insurance" if your condo is in the zone.
During a year with high hurricane occurrances, many insurance companies will stop offering insurance to coastal areas, and oceanfront condos in particular. The state of SC is no exception. During 2006, it was nearly impossible to find a insurance company for an oceanfront condo. Get your wind and hail insurance coverage BEFORE the hurricane season and the premiums will be less expensive as well. Wait too late, and you may not get it at all. More info on SC Wind and Hail Insurance can be found on our local Allstate website.
SC Flood Insurance
The same thing applies to condos in South Carolina that are in a flood zone or are on the oceanfront. Always ask your SC insurance agent if you are in a flood zone, regardless of the type of insurance he is providing for you. Your SC condo policy may have some exclusions that you haven't considered. One unexpected storm or hard rain can ruin your investment condo or your home if you don't have the flood insurance in to cover it.
We recommend Scott Todd in North Myrtle Beach, SC as an expert agent for condo, HO6, homeowners, and SC car insurance.
Scott has operated the North Myrtle Beach Allstate Insurance Agency for many years, and also has small private carriers for your specialty needs in South Carolina insurance.
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Myrtle Beach Pool Contractors
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