Is Your Homeowners Insurance Up To Date?
Homeowners insurance is very well needed if you are considering a Myrtle Beach real estate purchase. This coverage is even required for those with a mortgage which includes the majority of homeowners. Your home is more than likely your most valuable asset and it makes sense to be sure that you are protected and that you have the coverage you need. With all of the different options you can choose from it can be a bit confusing to figure out costs and coverage that you need.
For starters, basic homeowners insurance policies cover the primary dwelling, other ancillary structures on the home site such as detached garages, workshops, sheds, etc as well as the contents of the home. In addition your homeowners policy will also include liability coverage in case of accidental injury to someone on your property such as someone you’ve hired to work or even a guest at a party.
Homeowners insurance is required on real estate that is under a mortgage contract and while not required by law after the mortgage is paid in most areas, it is still smart thinking to keep your home covered. Think of it like this, if your home was lost due to a fire, tornado, hurricane or some other unforeseen even how would you replace it? Where would you live?
There are several things that influence the cost of a homeowners policy, the costs as well as the different “riders” insurance companies may use vary from state to state and in different geographical regions. On the west coast there are different coverage options due to the frequency and possibility of earthquake damage. In the Midwest, particularly the Southern Plains states, tornadoes are more frequent and therefor you want to be sure that you have enough coverage to cover wind damage from these violent storms.
If you live on the Gulf Coast or East Coast of the United States like you will if you purchase a Myrtle Beach home or a Myrtle Beach condo, you want to be sure that you are insured to protect against loss in case of a hurricane. This coverage is commonly known as "Wind N Hail". Many also think that if they have wind coverage it will protect them, however most damage from hurricanes tends to be from water, and not wind. Even if you don’t think you are in a flood zone you are better off to add flood coverage to your policy to guard against loss due to water damage. Many in the New England states found out the hard way last year when they were hit by Hurricane Sandy, many were unprepared and not covered by flood insurance and this proved to be a costly mistake.
If you have are a collector and have valuable collections of art, books, stamps, breakables, etc then you want to be sure to have a separate rider that covers these items. Of course, this would also apply to classic automobiles as well, if you own classic cars don’t rely on your car insurance to protect them on your property, add specific protection to cover theft or damage on site. Spring is a good time to check your policies, it’s the beginning of storm season and you don’t want to wait until a storm is upon you to think about it.