Choosing the Right Insurance Company for My House in Myrtle Beach, SC | Davis Insurance Associates

How to Choose the Right Home Insurance Company in Myrtle Beach, South Carolina

September 23, 2023 by Brad Davis, CIC

Myrtle Beach is a popular tourist destination, but it’s also a place where homeowners need to be prepared for the possibility of hurricanes, other severe weather events, and flooding. That’s why it’s important to have a home insurance policy that will protect you and your property in the event of a loss.

But with so many home insurance companies to choose from, how do you know which one is right for you? Here are a few tips:

1. Compare rates from multiple companies.

The best way to get the best deal on home insurance is to compare rates from multiple companies. You can do this online, or you can work with an independent insurance agent who can represent multiple companies.

When comparing rates, be sure to compare the same coverage from each company. This will help you ensure that you’re getting the best value for your money.

*BEWARE! Quotes from different agencies may look the same, but they are probably not. We literally hear this almost every day, where a potential client has a quote from another agency that looks the same but not the same premium. We know how to find the differences that are not obvious. I’ll just add this, work with an agency that has a good reputation, and not just for the being the lowest price.

2. Consider your coverage needs.

Not all home insurance policies are created equal. Some policies offer more coverage than others, and some policies have higher deductibles. It’s important to choose a policy that provides the coverage you need at a price you can afford.

To determine your coverage needs, consider the value of your home and its contents, as well as the risks you face in your area. For example, if you live in a flood zone, you’ll want to make sure your policy covers flood damage or get a separate flood policy.  (Everyone should consider flood insurance.)

3. Read the fine print.

Before you purchase a home insurance policy, be sure to read the fine print carefully. This will help you understand the coverage you’re getting, as well as the exclusions and limitations.

Pay special attention to the policy’s deductible and claims process. The deductible is the amount of money you’ll have to pay out of pocket before your insurance company starts paying for a claim. The claims process is the procedure that you’ll need to follow to file a claim.

4. Choose a reputable company.

It’s important to choose a home insurance company with a good reputation. You can check the company’s financial strength ratings with A.M. Best, Demotech, or KBRA. You can also read customer reviews online to get a sense of the company’s service.

Looking at online reviews is a good place to start. But keep in mind, insurance customers are quick to leave a negative review but rarely praise them when they are happy. This can sometimes make a good insurance company look bad. Good information from a trusted independent insurance agent can go a long way!

5. Get help from an independent insurance agent.

If you’re not sure which home insurance company is right for you, or if you have any questions about coverage, you can work with an independent insurance agent. Independent agents represent multiple companies, so they can help you compare rates and coverage options.

Representing multiple companies allows independent agents to have a real understanding of the insurance market from several perspectives. It also means we are not trying to sell you the one product we have, but research and provide what is best for you.

Here are a few additional tips for choosing the right home insurance company in Myrtle Beach, SC:

• Consider a company that specializes in coastal home insurance. Many national home insurance companies have limited coverage for coastal properties, so it’s important to choose a company that has experience insuring homes in Myrtle Beach.
• Ask about discounts. Many home insurance companies offer discounts for things like having a security system or bundling your home and auto insurance. Be sure to ask about all of the discounts that you may be eligible for.
• Look into the agent or agency you are working with. Are they experienced, do they participate in the community, have a designation, and are they respected among peers?

Lastly (I hope you read this far), do you know if your Homeowner’s Insurance policy is provided by an admitted or non-admitted company? Policies from non-admitted companies are pretty common (especially around the coast) and can be the best fit for many consumers. We often find policyholders that are looking to move their business to our office do not know what they have. The difference between admitted and non-admitted is a topic for another day, but feel free to call our office and we will explain it to you.

By following these tips, you can choose the right home insurance company in Myrtle Beach, SC to protect your home and your family.