Living in the beautiful coastal city of Myrtle Beach is a dream come true for many. With stunning beaches, world-class golf courses, and vibrant nightlife, Myrtle Beach offers a unique lifestyle. However, owning a beachfront property in this idyllic location also comes with specific insurance needs.
Why Do Beachfront Homes Need Special Insurance?
Oceanfront properties face unique risks, including:
Hurricanes and Tropical Storms: Myrtle Beach’s coastal location makes it susceptible to hurricanes and tropical storms, which can cause significant damage to homes.
Flooding: Storm surges and heavy rainfall can lead to flooding, especially in low-lying areas.
Wind and Hail Damage: Strong winds and hail can cause damage to roofs, windows, and other structures.
Coastal Erosion: Over time, coastal erosion can erode the land and impact the structural integrity of beachfront homes. (Typically not covered.)
Coverage Considerations for Myrtle Beach Beachfront Homes
When choosing homeowners insurance for your Myrtle Beach beachfront property, consider the following:
Adequate Coverage Limits: Ensure your policy provides sufficient coverage for the structure, contents, and liability.
Flood Insurance: While standard homeowners insurance doesn’t cover flood damage, purchasing a separate flood insurance policy is essential, especially in coastal areas.
Wind and Hail Coverage: Opt for a policy with comprehensive wind and hail coverage. If you are use to low deductibles, get ready to have a higher deductible for wind or hail losses.
Water Damage Coverage: Make sure your policy includes coverage for water damage from various sources, such as plumbing leaks, sewer backups, and flooding.
High-Value Items Coverage: If you have valuable possessions, consider adding a rider to your policy to ensure adequate coverage.
Tips for Finding the Right Insurance
Shop Around: Get quotes from multiple insurers to compare prices and coverage options.
Work with a Local Agent: A local insurance agent can provide personalized advice and help you find the best policy for your specific needs.
Understand Your Policy: Read your policy carefully to understand the coverage limits, deductibles, and exclusions. Ask your agent about the quote or policy you get. It is not uncommon for beachfront homes (or homes considered high risk) to be insured on a non-standard policy.
Review Your Policy Annually: As your property’s value changes, review your policy to ensure you have adequate coverage.
Additional Tips and Points to Consider
Most oceanfront homes are high value and carry a higher risk than the typical home – so this probably isn’t the time to cheap out on insurance.
Wind proofing your home could help prevent damage and lower your premium.
Understand that the elevation of your home could have a huge impact on flood insurance premiums. Properties that are built up (on stilts for example) will usually get a better premium. Also, homes built directly over sand (not with a concrete foundation) or over water may find it difficult to find coverage.
You are likely going to get home insurance from a non-admitted company. Due to the extreme risk of being oceanfront, most standard admitted companies will not offer coverage. (I don’t have a great article to share about admitted vs/ non-admitted, but a quick google search will pretty much tell you what you need to know.)
Key Tip from an Agent
Don’t wait to get quotes. Here is a quick explanation of why you should start shopping early. For a typical home insurance quote, most agents can run quotes with a handful of companies within a couple of hours (assuming we have that much time between calls and appointments). But for an oceanfront home (or really most homes that are out of the ordinary) we may have to submit paperwork to a broker and wait a day or so (they are really busy too) for a quote. Or they may come back and need additional information to provide a quote. I guess you can say that is an example, but there are several reasons why it may take some time to get a quote. Just please, don’t wait to start getting quotes.
By understanding the unique risks associated with beachfront properties in Myrtle Beach and selecting the right insurance coverage, you can protect your investment and have peace of mind.
