Is Condo Insurance the Same as Renter’s Insurance?

Condo living is the ideal choice for people who want the benefits of owning a home without the worry of maintaining a yard or other outside responsibilities. Benefit insurance services offers condo owners in the Myrtle Beach, SC area affordable insurance plans that can protect them from financial loss if their condo is broken into or damaged in any way. 

The Benefits of Condo Living

Condo living offers several benefits over renting. When you purchase a condo, you own your new home. The difference between owning a regular home and a condo is that anything outside the boundaries of your individual condo belongs to building’s owner. If something is damaged or breaks within your condo, you are responsible for taking care of the problem. If damage occurs outside of your condo, it’s the building owner’s responsibility.

Condo Vs Renter’s Insurance

Condo insurance differs from renter’s insurance simply because you own the inside of your home. A renter’s policy would only cover their belongings in the event of a break-in or other type of damage. A renter doesn’t own the interior of their apartment, therefore they aren’t responsible to pay for damages to the property that were caused by a natural disaster or third party. A condo policy will cover any damages to the property that are inside the condo. 

Residents who live in the Myrtle Beach, SC area are encouraged to call the agents of Benefits Insurance Services if they have any questions about condo insurance. If you are downsizing from a home to a condo, an agent can help you determine how much coverage you need for your new residence. Call and schedule an appointment today!

Are All Flood Insurance Policies the Same?

Flooding is typically something that is not covered by your home insurance policy. As such, you may be looking to purchase a separate flood insurance policy. This is something that we at Benefit Insurance Services, serving the greater Myrtle Beach, SC area, strongly recommend. If you are looking to purchase a flood insurance policy, you may find yourself wondering if all flood insurance policies are the same. Here is what you need to know when looking for a policy. 

What Type of Policy You Are Buying

When you are looking to purchase flood insurance, you have two options. You can purchase a private flood insurance policy or you can purchase a flood insurance policy from the National Flood Insurance Program. Private flood insurance policies vary in price from one company to another. They also offer different coverage levels and deductibles. Policies issued by the National Flood Insurance Program are fairly standard. The coverage level is pre-set and the price is the same, regardless of who sells it to you. 

What the Policy Covers

When you are looking to purchase a flood insurance policy, it is important to pay close attention to what is covered. Those offered by the National Flood Insurance Program typically cover water damage to your home and belongings. But they do not cover the cost of mold remediation, if mold forms because of the flooding. Private insurance policies often do, which is typically one of the major differences, aside from the coverage levels, between these two types of policies. 

If you do not have flood insurance, it is highly recommended that you purchase a policy. Here at Benefit Insurance Services, serving the greater Myrtle Beach, SC area, we can help you get a policy today. Contact us now to get started. 

Is Condo Insurance Required

Condo insurance is something that many condo owners are not really all that aware of. This type of policy is similar to a homeowner’s policy save for the fact that it covers condos instead of homes. For those that own a condo, much like homeowners, this type of policy is not required if you own the condo outright. For those that live in the Myrtle Beach, SC area the agents with Benefit Insurance Services can help you find the policy that works for you.

If you are renting, your rental agreement may require that you have some sort of renters insurance and if you are paying a mortgage you are going to have to have homeowner’s or condo insurance to help keep it insured. Condo insurance is not mandatory in so many words but if you do not own the condo completely you are going to have to have some sort of insurance coverage to help cover the cost of repairs if the condo is damaged in any way and to help protect the investors that have loaned you money to pay for the condo.

Condo insurance is something that is going to protect you from a wider range of things than a homeowner’s policy would due to the fact that they do take into account things like other condo owners. If you are buying a condo you are going to want to make sure that you are going to have the right policy to make sure your condo is covered and to make sure that you and your mortgage holder are both protected. For those that live in the Myrtle Beach, SC area, the agents with  Benefit Insurance Services can help you find the policy that fits your specific situation and your specific insurance needs.

What are the Flood Insurance Requirements?

Owning a home is a very important responsibility that needs to be taken seriously. For those that are in the Myrtle Beach, SC area, making sure their home is properly insured is very important. One important part of insurance for homeowners in the area is to have flood insurance. There are a number of different flood insurance requirements that property owners should be aware of.

Mortgage Lender

In the vast majority of situations, your mortgage lender will be the entity that requires you to have flood insurance. If you have a loan that is insured by the FHA, the federal government will require your lender to have you have a flood insurance policy if you are located in a designated FEMA Flood Zone. The flood zone map is updated regularly to show areas that have certain levels of flood risk. Beyond your mortgage lender, your home association may also require you to carry flood insurance.  

Insurance Coverage Requirements

While a mortgage lender will require you to have flood insurance if you are located in a certain flood zone, the amount that you actually have to pay for insurance will vary from one situation to the next. The flood insurance laws require you to have flood insurance coverage of at least the lesser of the outstanding balance on your mortgage or the otherwise insurable value of your home. The mortgage lender will also need to be a named party on your flood insurance policy.

For those that are in the Myrtle Beach, SC area and are wondering about their flood insurance needs, speaking with Benefit Insurance Services could be a great option.  Benefit Insurance Services will be able to help you to better understand your insurance needs and be able to get you the flood insurance that you need.

Why and When Do You Need Commercial Auto Insurance?

Many people have trouble determining whether they need a commercial auto insurance policy or have trouble understanding what function it serves. Commercial auto insurance provides coverage if you’re using your car for business purposes. Some vehicle types and business vehicle uses may cause someone to not be able to use his or her personal policy in the event of an accident, and it can be confusing to determine what your situation requires. For a friendly chat with a knowledgeable representative who will be able to clearly explain the type of policy you need, contact Benefit Insurance Services, which serves the Myrtle Beach, SC area.

Do I Really Need Commercial Auto Insurance?

Generally speaking, if your car is used for tasks that are related to your occupation, business, or profession, you need a commercial auto insurance policy. However, it’s important to notice that commuting to work doesn’t count as a requirement for a commercial policy. Other reasons that you might need a commercial policy include:

  • You’re using your car for transporting people or goods and charging a fee. For example, Uber or Lyft drivers fall into this category.
  • You’re using your car to conduct a service. For example, if you’re a mobile notary, your personal policy will likely not cover you if you’re traveling for work.
  • If the nature of your work requires you to have higher than normal limits, you may need a commercial policy.
  • If your business requires you to tow a trailer, or you’re hauling a hefty amount of equipment or tools.
  • If your employees are using the vehicle, or if the vehicle is owned by a partnership or corporation, you may need a commercial auto policy.

Everyone’s situation is different, and it’s not a good idea to hope that your personal auto insurance policy will cover you in the event of an accident. For peace of mind, contact Benefit Insurance Services, which serves Myrtle Beach, SC, to find out if commercial auto insurance is for you.

Should You Protect Your Investment With Condo Insurance?

If you own a condo, not only do you have a place to live, you have an investment. Just like home insurance for homeowners, it is a great idea for condo owners to gain some knowledge on the topic of condo insurance. Here at Benefit Insurance Services, we can help you find the right condo insurance for you in Myrtle Beach, SC.

If you are a condo owner or are looking to purchase a condo in the future, there are a few things you must know. First of all, owning a condo is a lot like owning a home. As the owner of your own space, you are responsible for the interior walls and the floors of the unit. Any damages that occur while you are living there are your responsibility to fix.

This is where condo insurance comes in. Condominium policies are designed to cover any damages to your interior walls and flooring. Condo owners get to decide the value of their walls and floors so that they can be insured in a policy. In the event of damage to your interior, you will need to repair or replace your walls and flooring.

On the flip side, if you make improvements to your space, you should change your insurance policy to correspond with the added value. You should also determine the value of all the possessions you keep in your condo, as your condo insurance will cover these items as well.

Another thing that condominium insurance covers is your liability if someone is injured due to negligence in your condo.

The benefits of having condo insurance are extensive. If you own a condo in Myrtle Beach, SC, call an agent at Benefit Insurance Services today.

Why You Need Flood Insurance

A few inches of water in your home caused by the floods can bring in thousands of dollars losses. Unfortunately, it can be hard to predict when such a disaster could happen. The only thing you can do is stay prepared for it at any time, and the best way to do so is by purchasing flood insurance. It is the best step you can take to protect your home, family, and business in Myrtle Beach, SC and Benefit Insurance Services is here to offer you with comprehensive flood insurance policies to ensure that you are entirely protected. There are numerous reasons why you should consider purchasing this type of insurance coverage which includes;

Your standard homeowner insurance does not include flood

Even if you already have a homeowner insurance policy, you should not relax and leave it at that. The policy does not cater for flood losses, and you are therefore required to have a separate policy specifically designed for flood protection.

Flood damages are expensive 

Unlike other accidents or disasters, floods can take you back to zero level where you got nothing left. All your property and investment can be carried away within a short time which can be very frustrating and it could be hard to recover this with you in-pocket funds.

You cannot depend on federal government to pay you for the damage 

The federal government is only available to you if the head of state declares your area a disaster. That is the only time you can count on its compensation. Even when it is available, the payment is only a small interest, and it is, therefore, a wise investment to protect yourself with flood insurance.

Most homes are a flood zone 

You may feel like your home is a low risk of the flood but statics have shown that most flood claims are made by individuals considered to be living in such areas. Do not leave out any chances of being caught off guard. 

Make a point of purchasing flood coverage from Benefit Insurance Services today and get to enjoy these benefits and more. We are here to serve all Myrtle Beach, SC residents by offering the best services to leave you satisfied.