Coastal Insurance

For the first time since 1999, residents of the South Carolina coast were urged to evacuate in advance of Hurricane Matthew. Many people packed up and headed north, using the time for a mini-vacation or to visit friends and relatives. Others stayed behind, content to see first-hand just how hard Matthew would be on the Charleston area.

Many people returned home to find their homes intact – no missing shingles, no flooded first floor and no tree hanging out the second-floor window. Unfortunately, others up and down the coast of South Carolina as well as into Florida, Georgia and North Carolina weren’t so lucky. Entire homes were flooded, destroyed by hurricane storm surge and overflowing rivers.

California-based analytics firm CoreLogic estimates insured property losses for both residential and commercial properties from Hurricane Matthew are estimated to be between $4 billion and $6 billion. And that’s just the damage from wind and storm surge. That doesn’t include the damage from flooding, business interruption and loss of contents of homes and businesses.

In the aftermath, comes the process of filing insurance claims and working to get the needed financial support to rebuild, make repairs or even move on to a new home.

• For damage not caused by flooding, contact your homeowners insurance company immediately to start the claims process. It’s also a good idea to review your policy before you make that call (especially if you haven’t done so recently). You want to understand what’s covered – and not covered – so you’re not facing any surprises about your homeowners insurance in South Carolina.
• For flood damage claims, contact your flood insurance company immediately. The flood insurance claims process may take longer as it’s managed by the federal government. Plus the size and scope of the damage is usually more severe and expensive.
• Document every step of the process. Set aside one notebook, folder or computer file dedicated to making notes on every call with the insurance company. Be sure to note the date and time of the call as well as the name of the insurance agent or representative as well as any file or case number. Even make a note of the agent or adjuster’s demeanor. If they are rude and dismissive, write it down. Should you encounter any disputes later, having this written record will be critical.
• Keep all the receipts from any temporary or emergency repairs you had to make before receiving any insurance money. Most likely you’ll get reimbursed for the expenses, but only if you have proof of the repairs.
• Take lots of photos. In the rush to evacuate, people don’t always think to take photos prior to the storm. But definitely photograph damage after the fact — everything from broken windows and ruined hardwood floors to damaged furniture and electronics.
• Be patient. Homeowners insurance companies typically will work to get customers a check as quickly as possible. But in the aftermath of a hurricane, the wait time for your check may be longer than usual as the company is dealing with an above-average number of claims.
• Get flood insurance in South Carolina. If you do not have flood insurance, think very
  seriously about purchasing a separate flood policy. Even if your home sustained little to no flood damage, Hurricane Matthew is a reminder of what’s possible when a major storm with sustained rainfall can do. Flood insurance policies are typically less than $1,000 a year and can be a lifesaver in the case of a major flooding incident.

Major weather events like Hurricane Matthew are reminders that we need to be prepared. Review your insurance policies regularly, take time to document information about your home and its contents and ensure you are adequately covered. Hurricane season is almost over, thankfully, but there’s a good chance another storm will be rolling onto the South Carolina coast next

Learn more about Manning Insurance Services’ in Homeowner and Coastal Insurance Policies.

There’s nothing like a disaster to expose gaps in your homeowners insurance. Whether it’s a fire, hurricane flooding or a midnight break-in, these kinds of situations will put your homeowners insurance to the test.

But in the aftermath of a disaster the last thing you want is to discover these surprises. Get familiar with your homeowners insurance policy now so you can identify homeowners insurance gaps before tragedy strikes.

Review this tips to help you avoid homeowners insurance gaps in S.C.

First, know exactly what’s covered in your policy. One of the biggest problems is that people assume they are covered for flood damage. Most policies do not cover flooding so that can be a major homeowners insurance gap in S.C. If you live in a designated flood zone, you may be required to carry an additional flood insurance policy.

Even in you live in an area prone to flooding – like the S.C. coast – you may want to consider an additional policy. A typical policy is about $700 a year so it can really be worth it if you suddenly find your home under water.

Also, review how much the insurance company will give you in the event your house is a loss and needs to be rebuilt or you need to buy a new house. Is it enough money?

Second, do you have adequate coverage for your personal belongings? A typical policy will cover your personal items, such as clothing and computers, up to a certain amount. Note, though, insurance companies usually pay out a depreciated value of the item, which is not what you paid for it brand new. That also means your sentimental possessions are going to be much more valuable to you than the insurance company.

If you happen to own valuable items like artwork, antique furniture and jewelry, you’ll want to ensure you have adequate coverage in the event of damage or theft. This is an area some people neglect – part of those homeowners insurance gaps. Talk to your agent about purchasing an additional policy that specifically covers those high-dollar items.

Lastly, review your policy annually. This is the best way to familiarize yourself with the overall policy and coverage amounts. It’s a great time talk with your insurance agent about the need for additional policies, possible discounts and any changes in your lifestyle or home.

Be sure to take care of any changes during a quiet time. Insurance companies won’t be issuing flood policies when a hurricane is headed straight for the S.C. coast. Put a note on your calendar or annual to-do list to take a fresh look at your policy and avoid any homeowners insurance gaps in S.C.

Learn more about Manning Insurance Services’ Homeowners Insurance Policies.

One of your biggest expenses is your home. You spend plenty of time picking the right house for your family and then you commit to 30 years of monthly mortgage payments. So why would you rush through selecting the best homeowner’s insurance in Charleston?

It’s important to take the time to find the best policy for your needs, so look out for these five pitfalls as you’re insurance shopping:

1. Buying on price alone.We’ve all heard the saying, “You get what you pay for.” And sometimes when you pay too little you end up with a subpar product or disappointing customer service. Gather mulitple quotes and compare apples to apples. If one price seems much lower, it’s likely providing less coverage.
2. Skimping on coverage.You may be tempted to buy the minimum amount of homeowner’s insuranceto save money. But what if your home is destroyed and needs to be completely rebuilt? That could cost quite a bit, and if you’ve bought the minimum plan, you’ll be stuck covering the difference.

Take the time to figure out what it would cost you to rebuild. Ask local real estate agents or home builders about the average rebuilding cost per square foot to help you establish and estimate. Is your coverage close to that figure? If not, you don’t have enough homeowner’s insurance.

3. Not taking the time to fully understand your coverage.Are your valuables and personal belongings covered in the policy? If they are covered, at what level? Many times insurance companies will pay to replace items at their current, depreciated value – not at the same price you paid or even at the price of a brand new item.

An important aspect of ensuring you have adequate coverage is to inventory your valuables – especially items of greater value like art, jewelry and high-end electronics. A simple way to conduct an inventory is with KnowYourStuff.org, a free app from the Insurance Information Institute that allows you to inventory your belongings, store outside photos and track serial numbers for major appliances and electronic equipment.

4. Skipping the flood insurance because you don’t live in a designated flood zone. Standard homeowner’s insurance policies do not cover flooding, so it’s not a bad idea to add one to your overall policy. Flood insurance usually isn’t that expensive and can really pay off in the event of a hurricane or flooding from a major rainstorm. This can be especially important for those buying homeowner’s insurance in Charleston, where even a normal high tide can cause flooding.
5. Neglecting to ask for discounts. This is a simple way to shave a few bucks off your annual insurance costs. Many insurance companies offer discounts for bundling your insurance products. If it makes good financial sense, see if you can secure your auto insurance policies with the same company and qualify for a discount. Homeowner’s insurance companies also often give discounts to customers who have security systems, live in gated communities or have a non-smoking household.

Don’t leave the fate of your biggest financial investment to chance. Compare coverage and pricing from at least three companies. Make sure you understand exactly what you’re getting and what happens should you ever need to file a claim. Avoiding some common homeowner’s insurance pitfalls will save you plenty of headaches down the road.

Learn more about Manning Insurance Services‘ Homeowner Insurance Policies.

At the start of hurricane season each June, people who live along the coast are reminded to “get prepared.” They put important papers in order and stock up on flashlights, extra batteries and sheets of plywood to cover the windows. But an important item is missing from the annual hurricane readiness checklist: review your homeowners insurance policy.

With everything else you have to do, it can be easy to put your insurance policy on auto-pilot, simply paying the bill and stuffing the paperwork in a filing cabinet. But things change and if you don’t take the time to review your policy, you may be caught off guard – especially in the event your house is damaged in a hurricane or tropical storm.

 

First, check your policy limit to determine if it’s enough to rebuild your home. If your home is damaged or destroyed, would you have enough money to rebuild? Remember, the cost to rebuild your house is not the same as the real estate value of the house as construction costs typically rise year after year.

Second, think about the contents of your home. It’s rare that we have to purchase our furniture, clothing, kitchen items, home décor and more all at the same time. But if you had to start over, what would it take to replace those items? Consider conducting a home inventory to get a good handle on what you have and its value.

A third piece of that homeowners insurance policy you should review is whether your policy adequately covers additional living expenses. If your house is destroyed in a hurricane or damaged so badly you and your family aren’t able to live in it for a time period, would the policy cover expenses like staying in a hotel or eating out while your home is rebuilt or you look for a new place to live?

The additional living expenses coverage should be equal to 20 percent of the amount of insurance coverage you have on the structure of your house, although you can opt for a higher coverage limit.

Once you’ve determined how you’ll repair or replace your home and possessions, you’ll want to take deeper look at the damage actually covered by your policy. Many homeowners aren’t aware their policies don’t cover damage due to flooding.

You’ll also need to find out if you have a hurricane deductible. South Carolina is one of 19 states with a hurricane deductible – usually a percentage of the replacement cost value of the home.

Set a meeting with your insurance agent or broker to walk through the pieces of your homeowners insurance policy so you understand the various forms of coverage and can take care of any gaps or address potential problems.

This is also a good time to ask about any discounts. Often insurance companies will give homeowners a discount for being proactive and taking steps to protect their homes from additional hurricane and tropical storm damage. Adding storm shutters or using wind-resistant materials when you replace your roof could qualify you for a discount.

This hurricane season, as you’re buying extra batteries and gallons of water to store in your garage, make a spot on that checklist for reviewing your homeowners insurance policy. Hurricane season is unsettling for anyone who lives along the coast, so take all the necessary precautions to make certain your house and your family are protected as well as possible.

Learn more about Manning Insurance Services‘ Homeowner’s Insurance Policies.

Even though the official hurricane season begins June 1 and runs through Nov. 30, peak hurricane season for those of us on the Atlantic Ocean starts late August and spills into October. Remember Hurricane Hugo that hit Charleston, SC, on Sept. 22, 1989? It’s still one of the strongest hurricanes to hit South Carolina.

Personal preparation

Your first priority in a serious weather event is getting yourself and your family to safety. In the event of an evacuation, you’ll need to gather family members and pets and be prepared to leave your home – potentially for several days.

Before an evacuation order hits, go ahead and make your plans. Know the evacuation route, fill the car with gas and figure out where you’re going to go. Do you have friends or family in a neighboring state? Should you make a hotel reservation several hours away? The roads will be crowded, the hotels booked and patience at an all-time low, so don’t leave anything to chance.

Depending on the severity of the storm, you may not be able to return home for several days so pack accordingly. Make sure you have clothing and toiletries as well as any needed medications and plenty of food and water for your pets.

You’ll also want to have some important documents with you, such as medical insurance cards or details on your homeowner’s insurance, including the company’s contact info. Because you may be limited on space, scan key documents and save them onto a USB flash drive you can take with you. This way you’ll have all the information you may need without having to pack up half your filing cabinet.

Securing your home

As you prepare for peak hurricane season in South Carolina, don’t forget to secure your home. A strong hurricane can pack a punch with high winds and torrential downpours of rain. Your house – likely your biggest asset – is sitting right in the middle of the storm so it’s susceptible to potentially significant damage.

Do what you can to minimize the damage to your home:

• Use plywood to cover the windows. They are most likely to be damaged in a hurricane and broken windows makes it easy for all that rainwater to come blowing in and cause more problems.
• Bring your outdoor items inside, including patio furniture, potted plants, bikes, toys and grills. These items can easily be swept up in the winds and cause damage to your home or someone else’s.
• If you have valuable items or high-end electronics, consider taking them with you if you’re evacuating or move them to higher ground in case your first floor is flooded.

If you’re evacuating and planning to ride out the storm or even if it’s a severe tropical storm, have your hurricane supply kit ready. Make you have flashlights and extra batteries. Stock up on bottled water and fill the bathtub with water. Have non-perishable food items available in case the power goes out and you’re unable to cook a meal.

Lastly, make sure you understand your homeowner’s insurance policy. Many people assume their basic insurance policy covers damage from a flood and that’s simply not the case. Even if you’re not in a designated flood zone and required to have additional flood insurance, you may want to invest in a policy. Hurricanes almost always leave flooding in their wake so make sure you have the necessary protection.

The one positive of a hurricane is that you have a few days to prepare, but why scramble in those days leading up to a storm? Go ahead and get ready now before peak hurricane season in South Carolina hits.

Learn more about Manning Insurance Services’ Homeowner Insurance Policies.

 

A homeowners insurance policy in SC is a homeowners insurance policy, right? Not exactly. Insurance policies can be as varied as houses themselves. Depending on your budget and the value of your home, policies can vary.

1. Shop around and get comparison quotes. A good rule of thumb is to get three quotes from three separate companies. Make sure you request the same kind of information and same policy, so you can truly compare what they have to offer and the pricing. Don’t assume all insurance companies offer the same thing. Pricing can vary considerably and you’ll want to make sure you’re getting the very best insurance policy at the very best price.

If you have an existing insurance company, include it as a fourth quote. Some companies offer discounts for loyal customers or for bundling home and auto insurance policies. You may qualify for some discounts that bring your existing insurance pricing in line with what other companies are offering. If you’re happy with the coverage, you could save yourself the hassle of switching insurance companies while getting some money-saving discounts.

2. Understand whether you need a separate flood insurance policy.Homeowners in Charleston, SC, are certainly at risk for flooding whether from a hurricane, tropical storm or simply heavy rains mixed with high tides. Even homeowners who don’t live in a designated flood zone could find themselves in high water if certain situations. This is why it’s critical to consider a separate flood insurance policy.

The majority of policies do not cover damage caused by flooding so if your first floor is 6 inches under water and you don’t have flood insurance, you’re faced with paying for the repairs yourself. And even a small amount of water can do some serious damage.

The average flood insurance policy is about $700 a year so it’s not a terribly expensive policy to add. You may find it’s worth the peace of mind knowing you’re covered the next time a hurricane is headed for the South Carolina coast.

3. Ask questions about what’s included in the policy. Homeowners insurance policies vary in the amount of coverage. You need to find out if you have a more basic plan or if yours covers things like high-value personal property (art and jewelry). Does your policy cover personal liability in the event someone is injured on your property?
4. Know the difference between replacement cost and actual cash value. Don’t assume your homeowners insurance company will give you the full value of your home in the event your house is damaged beyond repair. Again, this is why it’s important to fully understand your policy. If your insurance pays a replacement cost, this means you get the full cost of replacing your home – up to a maximum amount. Make sure that maximum is high enough. You’ll want to be able to purchase a new home that’s comparable to the one you lost.

Actual cash value, on the other hand, gives you the current cash value of your personal property or home – with depreciation. Understand the difference and talk with your insurance agent to get a sense of how much money you would receive should you house and its content be destroyed in something like a fire or tornado.

By taking the time to understand homeowners insurance in SC, the specifics of different policies and what happens in the event of a disaster, you’ll be informed and able to make a smart choice about the right policy for you.

Learn more about Manning Insurance Services’ Homeowner’s Insurance Policies.

Purchasing insurance is a given for homeowners. It’s a requirement if you’re using a home mortgage loan and it’s also smart to protect your largest financial investment should you get hit with a natural disaster, fire or theft. But for homeowners along the coast where high winds from tropical storms and hurricanes can do serious damage, additional coastal insurance policies may be necessary.

When it comes to coverage, homeowners may need to consider a wind and hail policy. Sometimes insurance companies will offer this separate coastal insurance as part of their homeowners’ insurance package, but be aware that not all insurance companies make this available.

In fact, in 1971, many homeowners along the South Carolina coast were unable to purchase additional wind and hail coverage. So the state Legislature required the insurance industry to make these types of policies available to home and business owners along the coast.

As a result of that legislation, the South Carolina Wind and Hail Underwriting Association was created. Often referred to as the “beach plan” or “wind pool,” this association is made up of insurance companies that offer wind and hail insurance to people in the coastal areas who are unable to purchase this type of coverage through the standard insurance market.

Anyone can purchase through the association as long as their property is within the defined coastal areas (territories are defined by state law). The association is seen as a market of last resort and working with companies in the standard insurance market may end up being more cost effective. As with any insurance, it’s best to have your independent insurance agent shop around for you. Check out the article, How Can an Independent Insurance Agent Save you Money Money  for more information. You may request quotes from members of the South Carolina Wind and Hail Underwriting Association and non-members alike. Ask questions and make sure you have a good understanding of what the policy covers and the deducible and premium costs as well as the process for filing a claim.

For example, policies in the beach plan or wind pool cover losses from wind and hail damage only. This policy doesn’t cover flooding so you may want to look into a separate flood insurance policy.

The association provides up to $1.3 million of protection (structure, contents, loss of use or increased cost of construction) for personal properties, such as dwellings, mobile homes and condominium units. Commercial properties can be insured for up to $2.5 million.

Note that these policies are written for one year only. Homeowners have to submit a new application and premium payment each year.

If you live near the coast and think you may need additional coastal insurance, such as a wind and hail policy, consult with your existing insurance company to see if coastal insurance is an option or can be packaged with your homeowner’s insurance. If the company doesn’t provide it, check with other insurance companies as more along the South Carolina are beginning to provide such coverage.

If you’re still having trouble finding coastal insurance, see if you live in one of the designated coastal areas and then apply to the South Carolina Wind and Hail Underwriting Association to be part of its coverage pool.

It requires a few extra steps but having that added insurance can bring you peace of mind – especially when the next hurricane or tropical storm rolls onto the coast.

Lean more about Manning Insurance Services‘ Homeowner Insurance.