Things condo insurance won’t cover

Owning a condo in Myrtle Beach, SC is a dream come true. It’s a great location to own a condo, whether a primary home or a second home. Condos are homes, but your coverage with a condo is not exactly what you get when you have a home. Most insurance policies have exclusions, and condo insurance is no exception. At Benefit Insurance Services, we help you make sure you have the right condo insurance for your particular condo. 

With a condo, your HOA has a master policy that covers the exterior of the building and the common areas. If the roof is blown off, your insurance won’t cover it. It will be covered but not by you. You need to read your unit’s master policy before getting your condo insurance to know what it covers. 

Your condo insurance won’t cover floods. Floods cause an immense amount of damage every year and, with changing weather patterns, have made floods a danger to places where you usually wouldn’t need to worry. Only one inch of water in your condo can cause $20,000 in damage. If you are in danger from flooding, you need to get a flood policy. 

Earth movement is another thing that condo insurance won’t cover. This means earthquakes, sinkholes, landslides, and mudslides are not covered. You can buy a separate policy to protect yourself from this. 

Owner neglect is not covered either, so if you are being invaded by carpenter ants or by termites, it is on you or your HOA to pay for the treatment and any repairs. Insurance carriers expect you to keep your condo in good repair. 

Contact Benefit Insurance Services in Myrtle Beach, SC when you are ready to discuss your condo insurance needs.

Should I Buy Term or Whole Life Insurance?

Life insurance is one of those things that you may not think of often. But the truth is, it’s a vital part of responsible financial planning. Life insurance can provide much-needed financial security for your loved ones if something happens to you. The question is, which type of life insurance is right for you? Term life insurance provides coverage for a set period, while whole life insurance offers lifelong protection. So, which should you choose?

Here’s a look at the pros and cons of each type of life insurance to help you make the best decision for your needs.

Term life insurance:

Pros:

  • Affordable coverage: Term life insurance is generally cheaper than whole life insurance. This makes it a good option if you’re on a budget.
  • Protection when you need it most: Term life insurance provides coverage for a set period, often when you need it most. For example, if you have young children, a term life insurance policy can help make sure they’re taken care of financially if something happens to you.
  • Flexibility: Some term life insurance policies offer the option to convert to a whole life policy later on. This gives you the flexibility to change your coverage as your needs change.

Cons:

  • Limited protection: Term life insurance only provides coverage for a set period. Once that term expires, your coverage will end unless you renew it.
  • No cash value: Term life insurance does not build cash value like whole life insurance. This means you won’t have anything to show for your premiums if you don’t die during your policy term.

Whole life insurance:

Pros:

  • Lifelong protection: Whole life insurance offers lifelong protection if you continue to pay your premiums.
  • Cash value: Whole life insurance policies build cash value over time. This means you’ll have something to show for your premiums even if you don’t die during the policy term.
  • Fixed premiums: Premiums are fixed, which means they won’t go up as you get older.

Cons:

  • More expensive: Given the lifelong protection, this policy is typically more expensive than a term life policy.
  • Less flexible: Whole life insurance policy terms are often set in stone, which means you may not be able to change them later on.

Now that you know the pros and cons of each type of life insurance, you can decide which is right for you. If you’re not sure, it’s good to speak with an agent to get more guidance. Benefit Insurance Services in Myrtle Beach, SC can help you find the right life insurance policy for your needs. Contact us today to get started.

What is commercial insurance and who needs it?

Commercial insurance is also known as business insurance. It’s designed to protect your business financially from many different kinds of risks and liabilities. Not unlike other types of insurance, commercial insurance is designed with business owners and their assets in mind. Our team at Benefit Insurance Services is committed to helping Myrtle Beach, SC business owners understand commercial insurance and get the coverage they need.

What is Commercial Insurance Designed to Do?

Logically speaking, insurance is generally designed to provide financial protection against any damage, injury, or liability that would be difficult to pay for out of pocket. Commercial insurance is also designed to provide liability protection. Commercial insurance specifically provides coverage for business risks like lawsuits, property theft, property damage, and customer and employee injuries. Commercial insurance offers protection for other unexpected situations as well. Business owners can benefit from various forms of protection that many business owners couldn’t pay for out of pocket. They also receive legal protection as one of the many benefits of commercial insurance. 

Common Types of Commercial Insurance

Workers’ compensation, liability, and property insurance are common types of commercial insurance. Each form of coverage provides specific protection for a company, employees, customers, or all three. Property insurance covers damage to your business property, while liability compensates for third-party damage. Commercial insurance provides protection and coverage for financial loss, medical expenses, libel/slander, settlements, bonds, judgments, etc. Also, worker’s compensation insurance is designed for employees who suffer on-the-job injuries. Our team at Benefit Insurance Services is standing by to answer any questions our Myrtle Beach, SC business owners may have. Give us a call. We’re here to help.

What Doesn’t Renter’s Insurance Cover?

What does a renter’s insurance policy cover? This question is common for agencies, such as Benefit Insurance Services, to hear from clients. A renter’s insurance policy in Myrtle Beach, SC is an excellent financial and liability protection resource, but it doesn’t offer blanket coverage.

Isn’t a Renter’s Policy Similar to Homeowner’s Insurance?

Unlike a standard homeowner’s insurance policy, renters have to be more diligent about their insurance. Renter’s coverage focuses on the policyholder’s belongings. That means that if a coverable event happens to your personal property inside your rental unit, your renter’s policy may cover the costs of replacement.

What’s a "Coverable Event?"

A "coverable event" activates a renter’s insurance policy. Standard policies come into play when you experience a burglary, a fire, or an accident in your apartment. Some policies also protect renters from losses caused by natural disasters, but it’s essential to understand that a policy doesn’t cover all catastrophes. That is why renters must have a basic understanding of what their policy does and doesn’t cover.

What Does Renter’s Insurance Cover?

Renter’s insurance policies vary by state and policy. However, most renter’s insurance coverage in South Carolina covers clothing, furniture, other contents in your rental. However, many policies limit certain items, such as electronics and jewelry. If you have high-value items, it’s often more cost-effective to purchase a separate rider for supplemental coverage.

What Doesn’t Coverage Include?

Many renters assume that they’re insured for events such as floods, earthquakes, and tornadoes. But a renter’s insurance policy might not cover these acts of nature. This could require additional coverage.

Buy Renter’s Insurance in Myrtle Beach, SC

Contact an insurance agent at Benefit Insurance Services to find out more about renter’s insurance in South Carolina. Our agents know the area and can help you choose a policy that offers the coverage you need.

Does your family have the right health care coverage?

Myrtle Beach, SC area families understand how important it is to have the right health insurance coverage. The team at Benefit Insurance Services is here to help you determine which type of coverage and policy is right for your family’s needs.

Finding the right health care coverage

Having the right health care insurance is very important for all families. If you are not provided this benefit through work, there are a number of different options that are available to you. Our team can help you determine which type of policy will work well for you as well as the amount of coverage that you need.

Deductible amounts and copay levels are two deciding factors that many people focus on while determining which policy to choose. If you are in relatively good health and only visit your doctor for an annual check-up, a high deductible policy may work for you. On the other hand, if you receive ongoing care, a lower copayment may be of greater importance to you.

Sitting down with a local agent who can review all of the available options is a great first step! Knowing what is available to you and then matching those options to your needs can help make the decision process a lot less stressful. Review your needs before your appointment so that you can use this time to gain a better understanding of how to best meet those needs.

Let us help you with your health care coverage needs!

If you live in the greater Myrtle Beach, SC area, you can rely on Benefit Insurance Services for all of your insurance needs. Let us help you find the right policy to provide the right health care coverage for your family. Call or stop by our office today!

Is it Time to Update my Auto Insurance?

Auto insurance gives you that peace of mind whenever you are on the road. It is that safety net that protects you financially in case of an accident. To that end, you should take your car insurance seriously, just like you take your car maintenance seriously as per the manufacturer’s recommendations. One way of ensuring this is by keeping your auto insurance updated. Unfortunately, many motorists ignore the idea of insurance updates until an unfortunate event happens. 

But just like most people, you probably don’t know when to update your auto insurance. If that is the case, keep reading as Benefit Insurance Services shares tips on when it’s time.

When you buy a new car

If you purchase a new car, your insurer allows you to move it to your existing policy. However, you need to update your insurance as the price of your premium may change.

When you move to a different address

Your location is a crucial determinant of your insurance premium. If you move to a different location, it’s vital to notify your insurer just in case there will be changes in your insurance price. Your insurance premium may either go down or up.

You have a teen driver

When you want your teenage daughter or son to drive your car, you also need to update your auto insurance. Teens carry additional risks. Therefore, you need proper insurance to cover them.

Use your car for business

If you have converted your car for business use, you better invest in commercial auto insurance coverage. Otherwise, you won’t be covered if your vehicle is involved in an accident while carrying out commercial operations.

Auto insurance in Myrtle Beach, SC 

There you have it, lots of reasons why you need to update your auto insurance. Don’t wait until you are sorry. Ready to purchase your auto insurance in Myrtle Beach, SC? Contact us at Benefit Insurance Services for an affordable quote.

Marriage and Auto Insurance: What You Should Know

When you get married, you and your spouse will likely combine everything, from both households to furniture. This includes auto insurance, which often becomes cheaper after getting hitched and combining policies. Benefit Insurance Services, serving Myrtle Beach, SC, shares some information below on how marriage can have a direct impact on your auto insurance. 

How Marriage Impacts Auto Insurance

It is a common belief that you will get into fewer accidents when you are married. Auto insurance companies view married drivers as safer, lower risk, and more financially stable than single drivers. As a result, married people tend to enjoy lower premiums. Keep in mind that your policy may change as a result of multi-vehicle discounts and moving. Auto insurance companies take into account the location of your residence–how safe it is, how likely theft or vandalism could occur, etc.–when putting together your new policy. 

How You Can Update Your Auto Insurance

As soon as you get hitched, you should contact your insurance company. If you and your spouse both have insurance through the same company. This will be extremely easy. One simple phone call will usually get the job done. Now, in the event you have insurance through two different companies, you will need to determine which policy would best suit you as a married couple. You can consult with your insurance agent about this. He or she can then aid you in comparing new quotes from each company. Of course, you may also want to shop around and see if you can get a better price for the same or better coverage. 

Should You Have Separate Auto Insurance Policies?

More often than not, married couples will combine their auto insurance. However, in some instances, it may be wise to maintain separate policies. This is especially true if one is currently equipped with a high-risk policy due to a poor driving record. Speaking to an insurance agent can shed light on your individual situation.

Whether you just got hitched or not, the agents at Benefit Insurance Services, serving Myrtle Beach, SC, can help you find the best coverage based on your situation and budget. Contact us today!

What Does Homeowner’s Insurance Cover?

Have you recently purchased a home? If so, home insurance is a valuable and possibly required investment. Home insurance offers protection and financial assistance against a number of unexpected situations. Benefit Insurance Services, serving Myrtle Beach, SC, shares what your home insurance likely covers.

Personal Property

This coverage will cover losses related to the personal contents of your home, such as electronics, appliances, clothing, and furniture. It will even cover losses for items that are kept in a storage building, shed, etc. A covered loss is usually damage that occurs as a result of theft, vandalism, storms, and fire. If you have high-value items like jewelry or artwork, you may want to speak to your insurance agent about additional coverage to ensure these items are properly protected.

Dwelling

This particular form of coverage covers damage that occurs to the structure of your home, such as the foundation, floors, walls, and roof. Dwelling insurance protects your home from physical structural harm as a result of vandalism, storms, fire, and falling objects (like tree branches). Most basic home insurance policies have exclusions, such as earthquake and flood damage, so you will want to consider investing in additional coverage. 

Personal Liability

This type of coverage offers protection in the event someone in the home causes property damage or bodily injury to someone else. This includes your pets and potential dog bites. The policy will kick in to cover medical expenses, repairs, and lawyer fees if a lawsuit is brought against you for the incident. Liability does not cover intentional harm, and certain dog breeds may be excluded from your coverage.

If you need a home insurance policy in Myrtle Beach, SC, contact Benefit Insurance Services to schedule a consultation and/or obtain a personal quote. 

4 Benefits of South Carolina Motorcycle Insurance

Do you have a bike in Myrtle Beach, SC? Have you considered motorcycle insurance from Benefit Insurance Services? If not, consider the below benefits of investing in motorcycle insurance.

Liability protection

Bike riding is fun, but accidents can happen when using your bike. If you are held responsible for the accident, you could be accused of property damage and bodily injury by third parties. Luckily, if you have motorcycle insurance, you don’t have to carry the burden of liability claims.

Motorcycle insurance covers medical costs and property damage you might be accused of. It also covers legal costs should you be sued.

Medical payments

Unlike your car, a minor accident with your bike can result in severe injuries. For this reason, you need motorcycle insurance to cover your medical bills if you are involved in an accident. Better yet, motorcycle insurance can cover partial loss of wages if you can’t resume your job due to injuries.

Cushions you financially

The best part about motorcycle insurance is that you pay little, yet it saves you loads of financial losses down the road. Motorcycle insurance covers the cost of damage to your bike, pays medical bills, and covers liability claims – without motorcycle insurance, paying these expenses from your pocket can cripple you financially.

Personalization

Motorcycle insurance is offered with many options, but that doesn’t mean you have to invest in all of them. Like auto insurance, motorcycle insurance enables personalization, where you pick coverages suitable for your budget and riding style.

Purchase motorcycle insurance in Myrtle Beach, SC

If you are an adrenaline junkie, riding can be a perfect activity to satisfy your thirst. But because riding comes with risks, you must invest in motorcycle insurance to protect yourself and for peace of mind. Ready to get started with motorcycle insurance? Please get in touch with Benefit Insurance Services for a competitive quote.

Why Renters Insurance is a Must

Although renters insurance is technically only needed if required by your landlord or building, regardless of whether you are renting a single-family home or an apartment you should strongly consider purchasing a policy. Designed only to be used in extreme circumstances, you’ll be thankful for having the coverage when the worst happens. Many renters have the common misconception that your landlord’s insurance will cover your personal belongings; however, this is simply not true. A landlord’s homeowners insurance will cover their property to include the home’s structure and any other buildings on the ground, but it will not cover your personal items like furniture or electronics. 

Not only does renters insurance cover your personal belongings to your policy’s limits, but also it includes personal liability protection which covers medical bills, lost wages, and legal bills associated with a third party being injured while at your rental. Additional coverages include medical protection and loss of use if your resident becomes uninhabitable due to a covered event like a flood or natural disaster. 

While any renter would benefit from renters insurance, you’ll want to make sure you have coverage if you own a pet or have expensive belongings that may be difficult to replace. If you are local to Myrtle Beach, SC or the surrounding area and have questions about renters insurance or want to purchase a policy, the team at Benefit Insurance Services is ready to help with any of your insurance needs. Give Benefit Insurance Services in Myrtle Beach SC a call and we’ll be happy to schedule an appointment to learn more about our insurance offerings and how we can help you.