Reviewing Your Homeowners Insurance: Five Tips For Seniors

Many older Myrtle Beach, SC residents who own a home enter their retirement years looking for ways to cut expenses. One place they could be saving money might be their homeowner’s insurance.  Because a home is usually the largest investment your family might have, it wouldn’t be wise to indiscriminately cut property and liability coverage. So, what is the best way to evaluate your insurance coverage to ensure you’re protected? 

Bring Your Coverage Up to Date 

Because older policies may be providing inadequate coverage, it’s important to read your current homeowners policy and make sure your coverage is up to date, especially if you’ve owned the policy for a while. You may want to consider purchasing guaranteed or extended replacement cost coverage rather than actual cash value coverage which typically only pays the current value of your home – minus age and wear-and-tear deductions.  

Increase Your Deductible 

Having a low deductible sounds great in theory, but in reality, you pay a premium for having a low deductible in the form of higher annual payments. If you have savings or an emergency fund you can save money by raising your deductible for claims up to $1,000 or more.  

Sign Up for Duplicate Premium Notices 

If you, like many retired homeowners, don’t have a mortgage, your premium is not being paid by the bank from your escrow account anymore. The premium notices are instead sent directly to you. If you misplace or forget to pay your premiums your coverage may be canceled, which has the potential for catastrophic consequences.  It is wise to designate an adult child or other trusted relative to receive a duplicate premium notice and ensure that it’s paid on time. 

Don’t Be Tempted to Cancel Your Homeowners Insurance 

Many American homeowners – especially those who have never filed a claim, make the mistake of canceling their homeowner’s insurance once their mortgage is paid off. If you are like many retirees, your home represents the greatest part of your net worth, yet older homes face greater risks for fire.

Check Your Liability Coverage 

The most overlooked homeowner’s insurance coverage is a liability, according to experts. As a retiree, you are more likely to have someone in the home helping you. If someone slips and falls, you may be sued, and you could lose all of your retirement nest egg. Make sure your personal liability coverage is equal to your net worth. 

Do You Have Questions About Your Myrtle Beach, SC Homeowners Insurance? 

We have answers! Give Benefit Insurance Services a call today to find out if your current homeowner’s policy needs updating.  

Give Your Grand Strand Business a Quality Reputation with Commercial Insurance

The industry in Myrtle Beach, SC is booming, especially with the growth coming to the area. For businesses who have been in the Grand Strand for a significant amount of time, they know the benefits of carrying commercial insurance and how it protects them and gives them a quality reputation that keeps their clientele strong. Choosing Benefit Insurance Services for their policy has been significant for their businesses. 

Contracting and Customer Property

Any industry or business that requires you to perform a service at the customer’s personal property will have the customers questioning your coverage. In order to obtain a quality reputation, your business will be insured to cover any damages to your property and employees, as well as the customer’s property. 

Storing Data and Cyber Crime

Does your business require sensitive and private information from your clients? With the ongoing use of digital databases, the appeal to hack and steal this information is on the rise. Although you may keep your cybersecurity updated, there is always a risk of hacking and information being stolen. Showing you have commercial insurance to protect against this type of crime shows responsibility to your customers and increases your reputation. 

Cover Your Hospitality Business

With guests and tourists flocking to Myrtle Beach, SC annually, it is critical that these businesses protect their guests from accidents and damages as a result of those. You are not only protecting your property with this coverage, but also your guests who could be put at risk due to another’s negligence. 

Secure Your Local Reputation

Let your customers know that you are responsible and equipped to take on the Grand Strand. Contact Benefit Insurance Services today about the different types of commercial insurance and get the policy you need.

When my child moves out can I still keep them on my auto insurance?

Parents want to help their children as much as they can. Getting your own auto insurance policy, especially if you are younger can be very expensive.  Keeping your child on your auto insurance policy once they move out makes good financial sense but does it make good legal sense?  This is the sort of question that many parents in Myrtle Beach, SC are facing. The knowledgable staff at Benefit Insurance Services are the people to help you with this thorny issue. 

Moving out

Much can be made of the phrase moving out. If your child moves out to go away to school, this is one issue. If they move out into an apartment on their own or with a group of friends, this is another issue. The answer for the first scenario is quite simply yes, the permanent address is still the same as yours and as long as it is still legitimately their home, they can remain on your policy. If however, they have completely moved out, you get into a much more gray area. If you are still the owner of the vehicle that they are driving, then they are covered as "any driver" of a covered vehicle. But if you conceal the change of address from your insurance company, you can be guilty of fraud and not only can they deny coverage in the event of an accident, they may choose to cancel the entire policy. 

The most direct answer is if the move is not permanent, then yes but it is risky to try to retain the coverage if they have moved away for good. 

Your situation may be different and talking to the helpful staff at Benefit Insurance Services in Myrtle Beach, SC can help you to make the correct decision. Give their office a call or stop to make sure you don’t put yourself or your child at risk. 

 

What are the benefits of getting a motorcycle insurance for my South Carolina motorcycle

For those that are in the Myrtle Beach, SC area, spending a nice summer day on a motorcycle riding up along the coast is a dream. While there are plenty of exciting reasons to get a motorcycle, you need to remember that it is a very valuable asset that requires proper insurance consideration. Due to this, you should get motorcycle insurance as it will benefit you in many ways. 

Legal and Loan Compliance

One of the reasons why you should get a motorcycle insurance policy for your motorcycle is that it will ensure that you are in compliance with all requirements under your loan agreement and state laws. If you took out a loan to buy your motorcycle, your lender will undoubtedly require you have a full collision and comprehensive insurance policy. Also, state law for those in the Myrtle Beach, SC area will require that you have liability insurance for your motorcycle. 

Ensures Your Asset is Covered

If you buy a motorcycle, whether it is with a loan or cash, you likely will invest a lot of money into it. One of the worst things that could happen would be if the motorcycle is damaged in an accident and you are not covered by insurance. Your motorcycle insurance policy will give you protection for accident damage as well as many other situations that could cause a loss for you. 

When you get a motorcycle and need insurance in the Myrtle Beach area, you should reach out to Benefit Insurance Services. The professionals at Benefit Insurance Services know how important insurance is for motorcycle owners. They can then help you to get into a policy that will give you peace of mind and provide you with all necessary forms of protection. 

What does condo insurance cover

Owning a condo is in some ways like owning a freestanding house and in other ways, it is quite different. When it comes to what condo insurance covers, it is important to understand what is covered by the association’s insurance and what needs to be covered by your personal policy. Condo owners in Myrtle Beach, SC can count on Benefit Insurance Services to have the answers to any questions they may have about condo insurance. 

When you own a condo, the exterior of the building and the shared areas like the pool, gym, walkways and parking lot are covered by the insurance that the association holds. It should have insurance that covers damages as well as liability in case someone is injured while visiting. South Carolina requires that associations have insurance but it does not define the specifics of the necessary coverage. As an owner, it is wise to double-check that coverage.

As a condo owner, you may be required by your lender to have a condo policy. Your policy covers the interior of your structure, the interior floors, ceilings, walls, etc. It also includes your personal property such as your furniture, clothing, appliances, and electronics. Above that, it also provides you with liability insurance in the event that someone is injured inside your dwelling or by your personal pet outside the building. It can also protect your personal property when you are carrying it with you away from home. Coverage includes things like fire, water, vandalism, and wind.

If you are purchasing a condo or already own one and you live in or near Myrtle Beach, SC, why not give Benefit Insurance Services a call or stop by our office. We have knowledgeable agents who are happy to sit with you and explain all the benefits that condo insurance can provide.

How To Recover From A Flood

From our miles of gorgeous coastline to our hometown hospitality, it’s no wonder why Myrtle Beach, SC is a favorite place to settle down. But for all its beauty and natural wonder, our coastal city is not without its dangers. Flooding is a terrifying reality many residents face year after year. Are you prepared to recover if your home floods? Here is a handy list of flood recovery tips from Benefit Insurance Services.

Prepare Early

If you’re already concerned about flooding, now is the perfect time to take initiative. That means taking the time to do a home inventory. A home inventory is a listing of all your assets, from electronics to appliances and even your clothing. Store your inventory somewhere safe, like a bank deposit box or on a trusted home inventory app.

Staying Safe

While you may want to enter your home soon to recover what you can, it’s important to be mindful of danger. Never enter a residence if the floodwaters are deep enough to obscure the first floor. Know that electrical or gas lines may be damaged, which can lead to electrocution, breathing troubles, or fire. Wear sturdy shoes to protect yourself from broken glass, furniture, and dangerous animals such as snakes that you may accidentally step on.

Recovering Your Home

You should inform your flood insurance company as soon as possible to make a claim. Take pictures of your damaged property to aid in assessing damages. (This is where a home inventory is valuable!) Make sure you inspect your foundations for cracks and weaknesses in your walls and ceiling. Be wary of criminal activity such as looters or scammers. 

Benefit Insurance Services understands that flood recovery is a daunting task. If you live in Myrtle Beach, SC and are concerned about protecting your home we encourage you to reach out and talk to us today.

Accidental Death and Dismemberment: Is it health insurance?

Benefit Insurance Services of Myrtle Beach, SC knows the ins and outs of health insurance and we want you to, too. Your employer may include <a href=“https://www.insurance.com/life-insurance/coverage/accidental-death-and-dismemberment-insurance.aspx”>accidental death and dismemberment (AD&D)</a>  insurance in your benefits package or you may have just heard of it and wondered what it covers. This blog explores the coverage of accidental death and dismemberment insurance, one type of health insurance that also provides life insurance benefits. It is both.

If you die as a result of an accident, AD&D pays your beneficiary the full benefit of the policy which makes it similar to a life insurance policy. However, if you incur injuries that result in the loss of a limb,  your eyesight, hearing, limb or speech, AD&D pays the amount specified in the policy. This provides a significant lump sum payout to fund health care, including your hospital stay, long-term care or rehabilitative care. The dismembering event must occur within months of the accident date. You also must be able to prove that the injury was a direct result of the accident.

Typically, you will receive a 50 percent benefit for the loss of one hand, foot, limb, sight in one eye, hearing or speech. Similarly, with partial or complete paralysis, policies pay 25 to 50 percent. If you lose two limbs, the policy pays the full benefit. 

While we at Benefit Insurance Services of Myrtle Beach, SC hope you never need your accidental death and dismemberment insurance, it does provide a safety mechanism that pays for a lengthy hospital stay as well as rehabilitative care. It also provides a significant benefit if you die in an accident which can provide your beneficiary with income to live on after your death.

Can I Add a New Roommate to an Existing Renters Insurance Policy?

If you have never had a renters insurance policy before, you may have a plethora of questions about this type of insurance policy. Here at Benefit Insurance Services, serving Myrtle Beach, SC, we often hear questions about who can be added to the policy and when. If you are wondering if your roommates can be added to an existing renters insurance policy and when they can be added, here are the answers you are looking for. 

Can Roommates Be on a Renters Insurance Policy With You? 

Roommates can be on a renters insurance policy together. The roommates do not have to be related, they simply have to be sharing a space together, such as a condo, house or apartment. Many insurance companies require all people who are trying to get coverage together to be listed on a rental lease together. As such, you cannot simply add your boyfriend who sometimes sleeps over to your policy or a friend who is just crashing on the couch. 

Can You Add New Roommates to an Existing Renters Insurance Policy?

Roommates may come and go. One roommate may move out, and a different one may move in. If you are in the middle of a renters insurance policy, you may wonder if you can add or change the roommates on the policy. Insurance companies will allow you to add or remove covered individuals in the event of move-in and move-outs. 

You are able to have roommates on a renters insurance policy with you, and you are able to change the people listed on the policy when needed. Having a lease that lists the covered parties is important. If you are in the market for a new renters insurance policy in the greater Myrtle Beach, SC area, let Benefit Insurance Services help you. Call us now to learn more. 

Protect your home from wind and water this storm season

Myrtle Beach, SC is one of the most beautiful places in the country to live, and the team at Benefit Insurance Services is proud to serve this wonderful community. We would like to take this opportunity to remind our clients and neighbors that it’s time to think about protecting your home from wind and water damage this storm season. Remember that your primary home insurance policy may not provide coverage for these types of damage causes, and a supplemental policy is necessary. We are happy to review your current coverage with you and make sure that you have adequate protection from different types of damage.

Make sure that you have adequate protection from wind and water damage

Damage from wind and water might not be covered by your primary policy as there are a lot of different guidelines when it comes to the causes of damage. Some types of natural causes could be covered by your regular policy while others might not be. For example, there are different guidelines for water damage caused by floods and damage caused by rainwater or storms. It’s important that you understand how this affects protecting your home. It’s a good idea to review all of your coverage options and determine which policies are right for you and your situation. There are too many instances when people find out that their policy doesn’t provide the coverage they need; don’t let this happen to you and your family.

Now is the perfect time to sit down with the helpful agents at Benefit Insurance Services and review the coverage that you have for your Myrtle Beach, SC area home. Call or stop by our office today, and we will make sure that you understand your coverage options. 

Does Commercial Insurance Cover Injury to the Business Owner?

Commercial policies are a great idea for any business owner that is going to have inventory, customers, and employees. That being said, your commercial insurance may cover more than you think. For those that live in the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help you find the policy that works best for you.

Commercial policies cover the business, injury to employees on the premises, and injury to patrons at the premises as well. Your policy may also cover damage that is associated with vandalism, with theft, and may also cover fire damage. On top of all of that, you can also make a claim against your own commercial policy if you are injured on the property. There are some considerations to make, however. If you are injured in your own business it may be better to just use your own health insurance to help cover costs and it may not be completely beneficial to use your commercial policy.

A commercial policy is in place to protect the business and the business owner but is often better used to protect those that come to your business and those that work there rather than yourself. You can always use your own personal health insurance to help cover costs and can then use money from this type of policy to help cover any costs associated with losses that are a result of your being injured on your own property. It is always best to take the time to find the best solution possible before you make any sort of claim against your commercial policy. For those in the Myrtle Beach, SC area, the agents with Benefit Insurance Services can help you to find the policy that works for you and your needs.