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.