Why You Should Consider an Umbrella Insurance Policy in Myrtle Beach, SC (Hint: It’s Not Just for the Wealthy)
October 1, 2024, by Brad Davis, CIC
When you think of "umbrella insurance," you might assume it’s only for wealthy individuals. But that’s a misconception. Whether you live in Myrtle Beach or anywhere along the Grand Strand, umbrella insurance can be a smart financial safeguard for anyone, regardless of income.
Living in a coastal community like Myrtle Beach means enjoying the beach, boating, and hosting outdoor gatherings—but these activities come with risks. Accidents can happen, and if they do, you could face serious financial consequences. That’s where having an umbrella insurance policy can make a big difference.
In this post, we’ll break down why Myrtle Beach residents should consider umbrella insurance and how it can protect you from costly liability claims—no matter what your financial situation looks like.
What Is Umbrella Insurance?
Umbrella insurance is extra liability coverage that kicks in when the limits of your homeowners, auto, or boat insurance are reached. It helps cover costs like legal fees, medical bills, or property damage if you’re found liable in an accident.
But umbrella insurance isn’t just for protecting your current assets in Myrtle Beach—it can also protect your future earnings. Even if you don’t have a large savings account, you could still be responsible for paying damages that could affect your future wages. That’s where umbrella insurance comes in.
*It is important to note that almost all umbrella policies require you to insure all underlying risks, with at lease a certain limit, to be eligible for an umbrella insurance policy. For example, if you own a home, autos, boat, motorcycle, golf cart (etc.), they all must have liability coverage i.e. home insurance policy, auto insurance policy, motorcycle insurance policy, etc. in place. Things can get a little tricky if you own multiple properties, autos, etc. or if you own things in a business or you are a member of a LLC. It's best to divulge all this information to the insurance agent you are working with so they can help come up with the best options.*
Want another perspective? Here is an article from Insurance Information Institute - What is an umbrella liability policy? | III
Why Myrtle Beach Residents Don’t Have to Be Wealthy to Need Umbrella Insurance?
Many people believe that umbrella insurance is only necessary for those with significant assets, but it can be just as important for everyday residents of Myrtle Beach, SC. Here's why:
1. Lawsuits Can Happen to Anyone
In Myrtle Beach and beyond, accidents happen. Whether it’s a car accident or someone getting injured on your property, legal action can follow—and it doesn’t matter how much money you make. Imagine you're in a car accident in Myrtle Beach, and the damages exceed your auto insurance liability limits. If you're sued for more than your insurance covers, umbrella insurance steps in to protect your finances.
2. Coastal Living Brings Unique Risks
Living in Myrtle Beach means you likely enjoy activities like boating or hosting gatherings. But these can come with liability risks. For example, a boating accident or a pool-related injury at your home could lead to a costly lawsuit. With umbrella insurance, you get extra coverage when your home or boat insurance reaches its limit.
3. Umbrella Insurance Is Affordable
Umbrella insurance in South Carolina is surprisingly affordable. A $1 million policy can often cost between $150 and $250 annually. For that small investment, you’re getting protection that can save you from significant financial hardship down the road.
*Limits in excess of $1 million are available as well, and it is pretty common for our office to issue limits up to $5 million or even more.*
How Much Umbrella Insurance Do You Need?
In Myrtle Beach, deciding how much umbrella coverage you need depends on your assets and lifestyle. Policies typically start at $1 million in coverage, but you can increase that based on your needs.
At Davis Insurance Associates, we’ll help you evaluate your situation and determine how much umbrella coverage is right for you, whether you own a home, boat, or other valuable assets in Myrtle Beach, SC.
Simple Umbrella Insurance Coverage Calculator below. This is a basic tool, we really recommend speaking to a trusted insurance agent or financial advisor.
Why Umbrella Insurance Makes Sense for Myrtle Beach Residents?
When it comes to protecting yourself from liability, umbrella insurance is a smart choice for everyone—not just the wealthy. Here’s why Myrtle Beach homeowners and residents should consider it:
- Affordable coverage for just a few hundred dollars a year
- Protection against lawsuits that exceed your primary insurance limits
- Peace of mind for those who enjoy boating, hosting, or living an active coastal lifestyle
So, whether you own a home, rent, or simply want to protect your financial future, an umbrella insurance policy could be a vital part of your insurance plan.
Protect Yourself in Myrtle Beach with an Umbrella Insurance Policy
If you're a resident of Myrtle Beach, South Carolina, or anywhere along the Grand Strand, umbrella insurance can provide you with an extra layer of liability protection at an affordable price. Don’t wait until it’s too late - reach out to Davis Insurance Associates to learn more about how umbrella insurance.
Ready to get an umbrella insurance quote in Myrtle Beach, SC? Contact Davis Insurance Associates HERE or call (843) 213-0000 to get started! We’re here to help you protect what matters most, providing peace of mind for your home, car, boat, and more.
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