How Do I Calculate The Replacement Value Of My Home?

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.

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.

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.

Top 5 Things You Should Consider When Purchasing Home Insurance

Buying a home in Myrtle Beach, SC, is one of the most significant decisions you will ever make. And since homeownership calls for your blood, sweat and tears, you need to invest in home insurance from Benefit Insurance Services to protect your prized asset.

But are you conversant with what to look out for when buying home insurance? Whether a start-up or a seasoned homeowner, below are the things to consider when shopping for a homeowner’s insurance policy.

Types of coverages

Typically, home insurance has dwelling, liability, loss of use and contents coverage. Before drawing your check, beware of the different coverages, what they cover, and decide the ones that suit your needs.

Home insurance exclusions

Home insurance doesn’t cover you against all risks — it has exclusions and exceptions. You must be conversant with what isn’t covered by home insurance so that you can buy add-ons to boost your policy. Talk to your insurance agent and read your policy document to understand what is and isn’t covered by your coverage.

Understand the claim process

Be sure you understand the claim process. What is required to make the process smooth? Of course, you would want a straightforward claim process if a loss occurs so that you can be compensated the soonest possible to repair your home.

Understand replacement value and market value

What value would your insurer compensate you if a covered peril destroys your home? There are two options — replacement value is the amount it would take to rebuild your home to its original state. Market value is the amount your home would fetch in the market, and it usually includes the land. 

Think twice about add-ons

Your typical insurance excludes damage from perils like floods, earthquakes, sewer backup, and so on. However, you can purchase add-ons or floaters to boost your insurance policy.  

Learn more about home insurance!

Would you like to get more insights into home insurance? Please get in touch with Benefit Insurance Services for more information. Also, you can visit Myrtle Beach, SC to chat with one of our agents.

What Common Exclusions Should You Consider for a Motorcycle Insurance Policy?

Motorcycle insurance is critical when riding around the Myrtle Beach, SC area or anywhere else in the United States. Motorcycle insurance helps you protect yourself as well as others. It also allows you protection with your bike. Think about how easy it is to steal a motorcycle in comparison to an automobile. When buying motorcycle insurance, though, what are some common exclusions to be aware of?

Common Exclusions to Remember

When shopping for motorcycle insurance, think about some of the common exclusions you will run into. The most common exclusions have to do with racing on the motorcycle. in the event, you are in an accident during a race, or a speed test, you will not get coverage.  

You also want to look at whether or not you are excluding other riders on your motorcycle. Look at your motorcycle insurance policy to determine if you have liability coverage for other riders or not. It is a common exclusion, not every policy wraps in.

Some policies may restrict how many miles you can drive over a 24-hour period. In the event, your bike is in an accident or is stolen, what was the cause? The loss may see an exclusion if it was due to poor maintenance of the bike. if the bike was stolen because you left the key inside the ignition, you also may see an exclusion kick in.

Conclusion

When shopping for motorcycle insurance in Myrtle Beach, SC, you need to be aware of all options on the table. Know the common exclusions and what you are shopping for exactly. If you want more information on motorcycle insurance, reach out to the team at Benefit Insurance Services today.

What Does Condo Insurance Cover?

Owning your own condo is a great experience and it is your home so you will want to protect it properly. One way you can do that is by purchasing condo insurance and the staff at Benefit Insurance Services in Myrtle Beach, SC can help you to determine the proper coverage. What does condo insurance cover?

In South Carolina, when you purchase a unit in a condominium, it is the condominium association that must have insurance on the structures in the complex in which your condo is located but there are no rules governing how much insurance they need for each unit or what it should cover. To be on the safe side, it is better to have your own condo insurance policy to ensure that your precious home is fully protection in the event of a natural disaster, such as a hurricane or a tornado. You can also have coverage that will cover your condo as well as your belongings, including your furniture, appliances, clothing, and other personal items, in the event that a fire occurs in your condo. This will also cover your things and your unit if it is broken into and items are stolen.

Keep in mind that condo insurance only covers property damage and liability within the inside area of your condo.

Be sure to go over your condo insurance policy that is in place by the condo association with an experienced and trusted insurance agent before you purchase condo insurance. This will ensure you are not paying for coverage on your condo that is already in place.

When it comes to the policies your condo association may have in place, and ones that you can also choose from, there are three types of coverage options. You can opt for an all-inclusive policy that will protect your condo inside and out. This will include things you have installed, additions that have been added, and fixtures that are already in place inside your condo.

Special entity insurance will cover the structure of your condo and fixtures. This type of policy will not cover things you have had installed or fixtures though.

Bare walls in and wall studs in insurance will only cover the structure of your condo but nothing on the inside that is installed.

To figure out what type of condo insurance will be best for you and your situation, contact the trusted condo insurance agents at Benefit Insurance Services in Myrtle Beach, SC today!

Does Homeowners Insurance Cover Plumbing?

Yes. Homeowner’s insurance coverage can take care of plumbing damage if the damage is under the covered perils and accidental and sudden. However, damage caused by leaky and old pipes may not get covered. In essence, damages that result from slow and cumulative damage to plumbing systems don’t get covered by homeowner’s insurance policies.

Cases In Which Plumbing Damage May Get Covered

  • Typically, you should anticipate some compensation if the following plumbing incidents or accidents cause damage to your home and property.
  • If your plumbing contractor repairs or incorrectly installs your plumbing system. In this case, the plumbing company’s cover may take care of the mishaps and resulting losses.
  • The plumbing pipes or system experiences a sudden burst.
  • If the utility company or neighbors’ plumbing system causes property damage on your property.

When Is Plumbing Damage Not Covered by The Homeowner’s Insurance Cover? 

Plumbing damages may be uncovered in some instances, including:

  • When the plumbing system is too old, and it succumbs to normal wear and tears.
  • When freezing causes damage out of plumbing system neglect.
  • When the plumbing system reveals signs of rust, corrosion, and aging of fixtures.
  • When the nearby sewer or sump pump backs up, leading to damage.
  • When your plumbing system uses unreliable polybutylene plumbing.

If your home insurance cover fails you in such instances, you may need additional coverage to protect you when plumbing damage occurs. Here are cases where you may need extra plumbing cover to back up your homeowner’s insurance. To be well-protected, get:

  • A sump pump rider.
  • A water or sewer backup rider.
  • A mold damage rider
  • Flood insurance

Get A Homeowner’s Insurance Cover That Protects Myrtle Beach, SC

If you’re a Myrtle Beach, SC, resident, then try Benefit Insurance Services. At Benefit Insurance Services, you can get a home insurance cover to protect you against plumbing damage. Visit the Benefit Insurance Services website for more information.

Motorcycle Insurance: How to Maximize Safety in South Carolina

Motorcycle accidents take hundreds of lives in America every year and injure thousands of others. Any vehicle or car accident has the potential to change your life. Many South Carolina motorcycle accidents can be avoided.

At Benefit Insurance Services, we want to help Myrtle Beach, SC motorcycle drivers maximize their safety in every way when they are on the roads.

Follow the Manual

Many motorcycle drivers don’t take the time to follow the manual for their bike. They know how to drive it, and don’t think they need it. Take the time to review the safety precautions in your manual, and you might see tips that you haven’t been using regularly.

Bike Inspections

Whether you pay to have them done or do them yourself, bike inspections are an important part of being a motorcycle owner. Walk around it to make sure there are no obvious problems.

Check for rust and leaks, or any parts that are falling off or need repair. Even if these problems don’t damage the integrity of your drive or your bike, they could distract you on the road and lead you into an accident.

Keep the bike maintained with regular fluid top-ups and a fresh battery.

Tires and Brakes

You should be getting your tires replaced every five years. When they don’t need to be replaced, stay on top of them by checking the pressure and checking for damage. 

Know where your brake pads are and what to look for if they are having problems. These issues are going to be a big problem for you on the road if they are damaged or worn, and you aren’t aware of it.

Get a Quote

Keep your bike in good condition, and follow the law for other ways to maximize your safety. Don’t check your phone on the road, and don’t drink and drive. When you are ready to add more protection to your motorcycle rides, call Benefit Insurance Services serving Myrtle Beach, SC for a motorcycle insurance quote.

Types of Condo Insurance

If you own a condo in Myrtle Beach, SC, getting condo insurance should be your next step. From protecting your property against damage to covering you when you get liability claims, these are just some benefits you can expect from condo insurance. Where to start, however, may be a problem if you are a new policy seeker. Benefit Insurance Services can help with this, with the following guide coming in handy for residents looking for condo insurance types.

Building Property Coverage

Building property coverage protects the interior of your condo against disasters such as fire, vandalism, and theft. Among the items protected by this coverage include permanent fixtures such as interior walls, sinks, floors, and cabinets. Depending on the extent of damage, building property coverage will help you take care of the costs of replacing or repairing these items.

Liability Coverage

Lawsuits can occur at any time, with the most common incidences being when a guest gets injured while visiting your condo or their property gets destroyed. Liability insurance covers liability claims arising from such instances and will take care of your legal expenses, medical costs, and repair or replacement costs.

Contents Coverage

When hazards such as storms, theft, and fires cause damage to your property, contents coverage will take care of your repair and replacement expenses. Among the items catered for by this policy include clothing, furniture, and electronics.

Loss of Use Coverage

If your condo becomes uninhabitable due to damage from covered perils, loss of use coverage provides compensation for your additional living expenses. This includes the cost of accommodation, your meals and travel costs.

Loss of Assessment Coverage

Communal living spaces can also get destroyed when disasters strike, a factor that will require your Master’s Policy to cater to the repair expenses. Where the costs exceed the Master’s Policy, condo owners are often required to contribute to the difference. Loss of assessment coverage comes in handy here, providing coverage for such costs.

If you are looking for condo insurance within Myrtle Beach, SC to protect your property, get in touch with Benefit Insurance Services today. Our agents will take you through our coverage options and help you get a tailored policy.