D Home & Property Insurance
Contact Davis Insurance Associates for your Myrtle Beach Home Insurance options today!
Home Insurance Information Overview
Here we will use home insurance as a broad term to represent several types of insurance used to insure houses that are not for commercial or business use. Below are the most common types of insurance for homes.
Let's jump right into types of home and property insurance:
What is Homeowners Insurance?
Homeowners insurance is designed for an owner-occupied dwelling. The most common form is the HO3, based on the form developed by Insurance Services Office (ISO). A standard Homeowners Insurance policy protects for damages caused to the dwelling, detached structures, contents, and provides loss of use coverage. It also provides liability and medical coverage. Your policy can be customized to meet your needs by changing the deductible(s) or adding endorsements. Endorsements can add, remove, or limit certain coverages.
Most disasters are covered for damage to the dwelling, but there are exceptions. The most significant of these exclusions are damage caused by floods, earthquakes, and poor maintenance. Earthquake coverage can usually be added to a Homeowners Insurance policy by an endorsement. Flood coverage is usually purchased as a separate policy. Visit our Flood Insurance page for more information. Maintenance related problems are the homeowner's responsibility.
Learn more - How our local team of agents at Davis Insurance Associates can provide you with the homeowners insurance in Myrtle Beach you need.
What is Condominium Unit-Owners Insurance?
Also referred to as Condo Insurance or a HO6 policy. Condo Insurance is very common in Myrtle Beach, because of the vast amount of condominium complexes we have in the area. Your condo association should have a master insurance policy that provides the first level of protection for damages done to a building or structure within the association. However, the master policy will not repair or replace certain items inside the individual units such as additions/alterations or contents. You should review the master policy and association bylaws to become familiar with what you, the condo unit-owner, is responsible for. In addition, a HO6 policy provides liability and medical coverage.
Learn more - How our local team of agents at Davis Insurance Associates can provide you with the condo insurance in Myrtle Beach you need.
What is Renters Insurance?
Renters insurance, or HO4 policy, is designed for a tenant that is renting an apartment, condo unit, townhome, or single family home. As a tenant you may not be responsible for the building, however you should strongly consider insuring your contents by purchasing a HO4 policy. Like a HO3 or HO6, the HO4 policy also provides liability and medical coverage. Maybe more important is that it protects contents against things such as fire, lighting, smoke, explosion, windstorm, hail, falling objects, water damage, as well as any additional perils named in the policy.
Learn more - How our local team of agents at Davis Insurance Associates can provide you with the renters insurance in Myrtle Beach you need.
What is Rental Dwelling Insurance?
Sometimes called a Landlord policy because it protects the owner, or landlord, against damage to the dwelling. The most common form is the Dwelling Fire Policy form 3 (DP3). A standard DP3 policy protects for damage caused to the dwelling, detached structures, contents (not including contents that belong to a tenant), and provides loss of rents coverage. Like the other policies above, it also provides liability and medical coverage.
Learn more - How our local team of agents at Davis Insurance Associates can provide you with the insurance you need for your rental property in Myrtle Beach.
Other Types of Insurance for a House. For times a home does not fit the characteristics of or is not eligible for one of the above home policies.
Vacant Dwelling Insurance - As the name suggests it is for a vacant or unoccupied home, perhaps a home that is empty and for sale.
Builder's Risk Insurance - Used for a home under construction, either new construction or remodeling.
Things to consider regarding home insurance in Myrtle Beach.
Here are a few things to discuss with your agent when purchasing insurance for your home. Because of the enhanced exposure to hurricane or flood damage make sure to thoroughly discuss this when obtaining Myrtle Beach home 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 my house and/or 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.)
Why choose Davis Insurance Associates for your Myrtle Beach home insurance?
As you can see, there are several types or forms of insurance that fall under home insurance. Many carriers have proprietary forms that, while similar, are different than the standard forms above (HO3, HO4, HO6, and DP3). In addition, there are forms that are uncommon and sometimes inferior. Without getting too deep into some of the other forms; they can sometimes offer a cheaper option, but are likely not worth the savings. On the other hand, some available policy forms actually offer more coverage for additional premium.
Our experienced agents know how to shop the vast market of products and help you find the right choice for you. We know that no one wants to waste money on insurance, but be careful working with agents that are only concerned about getting you the lowest premium.
Brad Davis and his team will quickly compare home insurance rates from several companies to find you the best quote available. We know our clients want to keep their home insurance premiums low in Myrtle Beach, and we will work to do just that while providing an awesome home insurance product.
Insurance in Myrtle Beach and the surrounding areas is somewhat unique compared to other areas. Obviously, we have a strong exposure to hurricane and wind damage. Many properties along the Grand Strand are also capable of flooding. With hurricane evacuation zones and the wind pool, it can be a little confusing. While this may be the case with other coastal areas, our local agents know the Grand Strand area and how to better help you navigate for the home insurance you need.
Brad Davis and the agents at Davis Insurance Associates take insurance seriously. We intentionally make an effort to continually learn about home insurance and the products we offer. In fact, one of our core values is "education and knowledge is crucial".
Let's talk discounts for home insurance!
Home Insurance in Myrtle Beach is typically higher in premium than surrounding areas. So don't leave money on the table by missing discounts. Below are some common discounts that are available in most of our Home Insurance products. Many of these can really add up in savings.
- Alarm system for fire &/or burglary (Most carriers require proof alarm is monitored)
- Interior sprinkler system
- Claim free
- New construction
- Wind mitigation
- Gated or secured community
- Credit (That's right, many carriers now give discounts or surcharges based on the applicant's credit)
- Hip roof
- Preferred builder
- Construction type
Speak with a licensed and local agent at Davis Insurance Associates about Myrtle Beach Home Insurance before an emergency happens. When you think about Home Insurance in Myrtle Beach - thinkdavisinsurance.com!
In addition to a home insurance 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 Home Insurance in Myrtle Beach!
Insurance Information Institute - Facts + Statistics: Homeowners and Renters Insurance