Myrtle Beach Vacation and Second Home Insurance - How do you insure a vacation home or beach house in Myrtle Beach?
Are looking at buying that vacation home you have dreamed of in Myrtle Beach, or along one of our many beautiful beaches in South Carolina, and you may be wondering where to start? How much does insurance on a second home cost? How do I get insurance for my vacation home and what does it cover?
What kind of insurance do you need for a second or vacation home?
Typically, you will need the same type policy that you have on your primary home. If you are buying a condo unit as a secondary home, read more about HO6 policies here.
A common form of home insurance is the HO3, or Homeowners Form 3. This type of policy is commonly used to insure primary and secondary single-family homes. Just as there are many companies that provide home insurance to the Myrtle Beach market, there are several forms of home insurance policies. While many are similar, they are not all alike. We go more into types of home insurance on the Davis Insurance Associates website.
What does an insurance policy for a second home cover?
Whether you spend weekends at your second home or stay for months at a time, you will want the home and belongs insured properly. Just as you insure your primary home, you want to make sure the coverage limits are adequate to fully replace your vacation paradise and the contents in it. The policy should provide coverage for things such as Fire, Theft, Vandalism, definitely Hurricane coverage (know sometimes as Wind & Hail), and more. You should also consider Flood and Earthquake coverage in South Carolina. Other coverages usually provided for secondary homes is Detached Structures, Loss of Use, Personal Liability, and Medical.
Things to consider regarding insurance on your second or vacation home.
· Is this really your second home or vacation home? Insurance companies normally consider a home to be a secondary or seasonal home if the owner occupies the home a certain amount of time per year.
· If this is a property that you rent out or maybe you use some and rent it out the rest of the year, then this may not be considered a true secondary home.
· It is important to tell your insurance agent what the home will be used for and who will occupy it. In some cases, agents can add an endorsement to cover renters, but sometimes it is necessary to purchase a different type of policy altogether. The premiums are pretty similar, and it can be the difference if a potential claim is paid or denied.
· Strongly consider having a monitored alarm system for your Myrtle Beach secondary home. You won’t be there year-round to monitor it yourself, and some insurance carriers even require it.
· READ YOUR POLICY! Most home insurance policies have wording that requires the home maintain heat/air and shut off water lines when the home is not occupied for an extended time, so not to void certain coverage. There can be other provisions in your policy as well!
How to find homeowners insurance for your second home.
Approach your current trusted insurance agent first. If they are not able to insure your second home due to it being in a different state or other restriction, at least talk to them about the situation. It presents a good opportunity to review and possible changes that can be made to your current policies.
Contact an agent licensed in the state, and perhaps the same area, that your second or vacation home is in. Insurance along the coast of South Carolina can often bring additional insurance challenges that other agents have not yet encountered. Independent insurance agents are a good place to start, as they represent several insurance companies.
How much does insurance cost for a second home in Myrtle Beach?
You can expect insurance for your second or vacation home in the Myrtle Beach area to be about the same as the cost for a primary home. It is also common to see the premiums run around 10% more. However, an experienced agent can look for ways to help lower the premium. For example, you may not have as many belongings in your second home and therefore need less coverage to replace your contents. You probably keep less clothes there and likely keep your more expensive items at your primary home. Why pay for coverage you don't need?
The premium depends on many things. The cost to rebuild the home, location, age, coverage, deductibles, your credit or insurance score, and other factors all go in to calculating the premium. Generally speaking, older homes and houses closer to the ocean are more expensive to insure.
Use caution when shopping for the cheapest home insurance you can find for your second home! The lowest premium is not always your best option. An experienced agent can help you find the right combination of the coverage you need and a price that is attractive.
In addition to a Home policy, you may want to consider purchasing other coverages such as; umbrella, jewelry, flood, or earthquake. Davis Insurance Associates is here to serve Myrtle Beach and South Carolina, count on us to understand your risks and help you protect them. Let our office help you with your Vacation Home Insurance in Myrtle Beach!
Get a quote for your second home now!
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