D Condo Insurance
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Condo Insurance Information
What Condo Insurance coverage do I need?
Condo Unit Owners Insurance, often referred to as a HO6 policy, is a form of Homeowners Insurance that is designed for the unique needs of a unit owner. A condominium building or association should have a commercial master policy that covers the structure and common property. But what about your personal belongings, or interior coverage for things like additions and alterations? Your association most likely does not provide insurance coverage for the personal belongings in your individual unit for damages resulting from an accidental loss that you become legally obligated.
The HO6 (Home Owners form 6) is the go to policy for the unit owner to cover the gap left by what the master policy will not cover. You will want to insure your belongings and interest for perils such as fire, theft, vandalism, wind and hail, flood (may not be provided in the HO6), as well as other things. Similar to a homeowners policy, a Condo Unit Owners policy has coverage including:
- Dwelling or Additions and Alterations - to pay for repairs to the interior portion of your unit if damaged by a covered peril and not covered by the association's master insurance policy.
- Personal Property or Contents - to pay for loss of your valuables and personal belongings in your condo.
- Liability and Medical Expenses - to pay in the event someone is injured in your condo.
- Living Expenses - in the event of a loss, you may need money for additional expenses such as temporary housing or the cost of dining out.
Most HO6 insurance policies are pretty flexible. This means that it typically can be used for condo unit owners that use them as a primary residence, secondary or seasonal residence, or even a rental property.
So, if you find yourself asking - Do I need a HO6 policy when buying a condo? Now that you may have a decent understanding of what a HO6 policy does to cover your condo unit, the question is really why shouldn't you have a condo insurance policy. Even if a mortgage company does not require you to have a condo policy, it is still worth the peace of mind. Oh, and a condo insurance policy can be affordable, with a basic policy starting around $200 per year; and we can insure new ones, old ones, condos near the beach, inland, or even if you don't have prior insurance on your condo unit.
Speak with a licensed and local agent at Davis Insurance Associates about Myrtle Beach Condo Insurance before an emergency happens. We work hard to make your experience getting Condo Insurance in Myrtle Beach as easy as possible.
If you are occupying a condo unit as a tenant, you need Renters Insurance and our agents can help with that as well.
Things to consider regarding Condo Insurance in Myrtle Beach.
Here are a few things to discuss with your agent when purchasing insurance for your condo unit. Because of the enhanced exposure to hurricane or flood damage make sure to thoroughly discuss this when obtaining Myrtle Beach condo insurance. It is also important to work with an agent in the coastal area or one that is very familiar with issues involved in coastal property insurance.
- How much will it cost to rebuild the condo unit (interior that HOA insurance does not cover) and replace my belongings if they are damaged or destroyed? (Although insurance agents are not property appraisers and can not tell you the exact replacement cost, they should be able to talk you through the home's features and the things you own so you can make an informed decision about coverage.)
- Does the insurance company have a good reputation for customer service? Is it know for paying claims fairly and promptly?
- What discounts are available? (Ask about multiple policy, security system, and fire resistance discounts.)
- What is the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
Finding the Cheapest HO6 Insurance in Myrtle Beach.
There are several insurance agencies in Myrtle Beach that can provide condo insurance. Make sure you are working with an agent that has experience and can adequately explain the details of condo insurance. Just finding the cheapest Myrtle Beach condo insurance may not be in your best interest.
Davis Insurance Associates offers condo insurance through several carriers. We are able to insure just about any condo unit in Myrtle Beach and South Carolina. Often our policies are able to include coverage for flood damage, even for condo buildings that are ocean front or river front.
Condo Insurance in Myrtle Beach is typically more when compared to inland areas, but it isn't super expensive; and since we represent multiple carriers we will search for the condo insurance with the lowest rates and work to offer the lowest premium for the coverage you need. Because we offer many lines of insurance, we can look at bundling the insurance for your condo unit with auto, flood, boat, or more to get more savings with a multi-line discount. Our agents take the time to apply as many discounts as possible and find the right condo insurance carrier to best suit your needs.
We feel we do Condo Insurance in Myrtle Beach well; and with all of the condo associations around the area, we write lots of HO6 policies. Brad Davis and the team at Davis Insurance Associates want the opportunity to handle your Myrtle Beach condo insurance too! When you think about Condo Insurance in Myrtle Beach - thinkdavisinsurance.com!
In addition to a HO6 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 local and experienced staff help you with your Condo Insurance in Myrtle Beach!
Insurance Information Institute: Insuring a Co-Op or Condo