Author: AgentInsure

How Do I Calculate The Replacement Value Of My Home?

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If you are selling your home, the best way to determine its value is to list it with a realtor. Once the realtor receives a signed contract, they’ll start the process of advertising your home. Once the new home is ready to be listed, the process will continue until a signed contract is completed. For consultation in Myrtle Beach, SC, call or visit Benefit Insurance Services. 

What to Know About Your Home’s Replacement Value 

The new home’s value is based on the market conditions of that city at the time of listing. It is also important to note that your home’s value can change over time as new home construction occurs, new inventory of homes for sale enters the market, and the value of the U.S. dollar changes. 

The best way to determine the value of your home is to contact a real estate agent or look up your home’s value online. Your closest bank and mortgage loan officer can help you get a loan estimate and explain the steps involved in calculating the value of your home. You can also contact a reliable insurance agent or broker. 

To determine the value of your home, you will need to know the current sales price of the house and the list price when it was new. You can use the purchase or the list price to determine the current value of your home. 

If the purchase price of your home was $200,000 and the list price when you bought it was $300,000, then the value of your home is $100,000. If you sell your home for $200,000, you will have a $100,000 profit, which is how much you can exclude from your income if you are under 65 and sell your home yourself. 

If you’re selling your home, the buyer’s agent will be the one to do the calculations. If you’re looking to buy a new home, the lender will probably have a standard formula for how much your home is worth. Remember that the replacement value is the amount you would get if you were to sell your home at the present moment. 

Key Takeaways 

Once you know the value of your home, you can calculate the amount you would receive if you were to sell it. Older homes have a lower value and may take longer to sell. For expert help, consult Benefit Insurance Services, the firm serving in Myrtle Beach, SC.

Do I Need Commercial Insurance If I Have A Home-Based Business?

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If you own a home-based business and need to protect it from fire, theft, or other perils, you can buy homeowners or renters insurance. However, if you don’t own a business but earn income from freelance gigs, consulting, or other activities considered ‘passive,’ you may not need to purchase commercial insurance. You can seek advice from Benefit Insurance Services, an agent serving in Myrtle Beach, SC. 

What to Know More About Commercial Insurance and Home-Based Business 

The coverage you need depends on your business. If you are opening a coffee shop, purchasing commercial insurance probably won’t be necessary. However, if you are operating a bar, a bakery, a landscaping business, or a construction company, you would most likely need a large amount of commercial insurance. 

You can buy commercial insurance through your homeowner’s or renter’s policy, but it’s usually better to purchase a standalone policy to protect your business. You may want to consider purchasing business ownership coverage to protect your assets. This type of insurance typically costs around 35 percent less than regular commercial coverage, so shop for the best price. 

If you own a premise, such as an office or warehouse, through a lease or contract, you may want to look into umbrella coverage. This type of insurance typically costs around 10 percent less than regular commercial insurance, so ensure to shop for the best price. If you own your home and use it as your primary residence, there is a very high likelihood that you have enough liability coverage to protect yourself from any lawsuits that may arise from your business. 

Key Takeaways 

You may want to consider purchasing a commercial insurance policy and a personal umbrella policy to protect yourself from any business-related claims that may arise from your home-based business. Benefit Insurance Services serving in Myrtle Beach, SC can guide you. 

4 Risks of Riding without South Carolina Motorcycle Insurance

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Riding a motorcycle is fun and thrilling. Unfortunately, this comes with many risks, and you want to ensure you have the right gear before hitting the road. Even with the proper equipment, accidents may still happen, and it would be a disaster if you don’t have insurance. Sadly, motorists here in South Carolina still ride their motorcycles without insurance. As an independent insurance agent in Myrtle Beach, SC, we at Benefit Insurance Services call on you to buy your motorcycle insurance today to avoid the following risks.

Risk of penalties and fines

The law in South Carolina and many states in America require that you carry motorcycle insurance while on the road. Failure to show proof of insurance may attract hefty fines and penalties to the extent of revoking your license.

Risk of financial losses

Accidents happen all the time. Unfortunately, you can’t tell when and the outcome. Most motorcycle accidents are either minor or severe and may require medical attention. If the accident is intense and requires costly medication, you risk financial losses if you are not insured. Even worse, if your motorcycle needs repairs or replacement after an accident.

Risk of costly liability claims

If you get into an accident and are at fault, the victim may decide to sue you. Without insurance, you are liable to pay all the legal costs and settlement claims, which do not come cheap.

Risk having no peace of mind

Lack of insurance exposes you to many risks that negatively influence your riding experience. You fear riding because you know you are liable in case of an accident. To enjoy your ride in South Carolina, purchase your motorcycle insurance today.

Motorcycle insurance in Myrtle Beach, SC

Have you been riding without motorcycle insurance in Myrtle Beach, SC, and its surroundings? It’s time to purchase coverage from Benefit Insurance Services. Call us today for an affordable quotation.

How to Get The Best Out of Your Auto Insurance Policy

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If you have a car insurance policy from Benefit Insurance Services, you want to ensure it covers you optimally in the hour of need. One way to ensure this is by looking at your coverage to find ways to get the best out of it. Here are ways to harness the power of your car insurance policy in Myrtle Beach, SC.

Understand what your policy covers

Read your policy document to know what your car insurance covers. If still not sure, please consult with your insurance agent. Knowing your car insurance covers is the first step to getting the best out of your policy. This way, you can get to know the “add-ons” you need to purchase for all-rounded protection.

Know about your car insurance exclusions

Learning about the “gaps” in your car insurance policy avoids frustrations when filing a claim. Knowing what your policy doesn’t cover beforehand can help you fix the “holes” with riders or endorsements.  

Update your policy every year

Your car insurance isn’t a “set and forget” thing. You need to give it a look at least once every year. This ensures your current insurance needs are well taken care of. Also, if you are including a new driver or changing the use of your vehicle, be sure to review your insurance policy to avoid complications during the claim process.

Get it right with an insurance agent.

An insurance agent is your financial advisor, so you can’t afford to settle for second best. Partner with an independent and knowledgeable insurance agent who analyses your insurance needs and recommends policies that meet your lifestyle, budget, and other needs.

Car insurance in Myrtle Beach, SC

Want to learn more about car insurance? You are in the right place. Don’t hesitate to get in touch with Benefit Insurance Services for more information.

Why You Should Get Flood Insurance

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It’s a common misconception that only people in high-risk areas need flood insurance. In reality, any area can be susceptible to flooding, and it’s essential to have coverage no matter where you live. Here are four reasons why you should get flood insurance today.

1. Your Homeowners Insurance does Not cover Flooding

Many homeowners make the mistake of assuming their homeowner’s insurance will cover any natural disaster. However, most policies exclude coverage for flooding. Unfortunately, this means that if a flood damages your home, you will not be able to file a claim with your insurance company. You’ll have to cover the repairs yourself, which can be very expensive.

2. Flooding is More Common Than You Think

While it’s true that some areas are more prone to flooding than others, any area can be at risk. Heavy rains can cause flash flooding, even in areas that don’t typically see a lot of rainfall. And melting snow can also lead to flooding. If you live in an area that isn’t typically considered high-risk, you may not think you need flood insurance. But it’s always better to be safe than sorry.

3. Flooding Can Be Very Destructive

Flooding can destroy your home and everything in it. Even just a few inches of water can cause major damage to your walls, floors, and furnishings. And, if the floodwaters rise high enough, they can even lead to structural damage. If your home is flooded, you’ll likely have to replace many of your belongings, which can be very costly.

4. You May Be Required to Get Flood Insurance

If you live in a high-risk area, your mortgage lender may require you to purchase flood insurance. Even if you’re not in a high-risk area, you may still be required to get flood insurance if your home is located in a Special Flood Hazard Area. The Federal Emergency Management Agency has determined that these areas have a high risk of flooding.

Get Flood Insurance in Myrtle Beach, SC

As you can see, there are several good reasons to get flood insurance. Benefit Insurance Services can help you find the right policy for your needs. Contact us today to learn more.

Things condo insurance won’t cover

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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?

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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?

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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?

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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?

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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!