There may be a light at the end of the tunnel on homeowner's insurance in the Myrtle Beach area. The ability for many to insure their homes became further out of reach during the past year.
Insuring a home anywhere near the coast hit homeowners in the pocket really hard the past two years. Policies jumped thousands of dollars and many were even canceled. Alternatives were few and far between.
Now, the window is opening for some with twelve new companies writing policies. "That's really given us the ability to not only save some of our existing business some money this year, but also some new customers coming our way,” said Miller.
Miller said the elderly were hit especially hard, even without a mortgage. Their fixed income wouldn't cover insurance rates jumping thousands of dollars in one year. 'It impacts those with fixed incomes tremendously,” said Miller. “We're seeing a lot of our elderly who's been here for years and may not even have a mortgage on their home, but are still being pushed out because of insurance costs and how it's affecting their monthly incomes."
The South Carolina Insurance News Service reports the price of condo insurance dropped between 40-60 percent from this time last year. That's good news for condo sales, but the real estate market is still feeling the effect of the insurance industry.
"We'll give prices and what they have planned for is not even close to what's actually available and so we'll get a lot of, oh, we're not going to purchase the home, maybe we'll try again next year."
If you're looking for insurance:
-Do your homework. Understand policy details and what's available to your area.
-Know what needs covered. For example, a new home might need different coverage than an older home.
-Look for tax credits to hurricane proof your home and other updates that can save you money
-And ask your neighbors who they us, they may save you some time.
Also, we're hearing about alternative companies offering lower prices. Just make sure you check their company history, rating and what your premium covers. Again, do your homework.
LINKS:
www.scinsnews.com
http://www.doi.sc.gov
Story Source:
Jenny Miller, Insurance Agent 843-293-3473
Email
Facebook
Google
Twitter
Favorites
More
Advertisement