For most people, their home is their biggest investment. Usually, it is also their greatest financial asset. Therefore, it stands to reason that when you are choosing South Carolina home insurance, it is important to know not only what type of coverage you need but also the amount of coverage that will adequately protect you and your investment.
When people are considering South Carolina home insurance, most probably think of natural occurrences which can happen unexpectedly- thunderstorms with damaging hail and wind, tornadoes and earthquakes. It is important to remember that many times, unless specified in your South Carolina home insurance policy, coverage for floods and earthquakes are considered “extra”. This means that you have to add them to normal policy coverage (and at additional cost).
Also, people want damage protection from fire, smoke, and other related problems. But there are other circumstances which can warrant having a sound South Carolina home insurance policy. It’s important to have protection from possible theft and also from personal liability claims (which can arise from someone injuring themselves while on your property).
There are also some simple things you can do to reduce your risk of loss and minimize the chance of damages. These include installing and maintaining smoke detectors throughout your home, installing a security system, and placing fire extinguishers in high-risk areas.
Also, remember that the better home insurance coverage you have in effect, the less financial obligation you will have in the event of a claim. Additionally, if you have a mortgage, you may want to check with your lender as many mortgage companies have certain coverage requirements that they expect you to include in your policy.
Once you have looked over the information outlined in this article, you will be able to put together a policy which is right for your needs and resources. You can rely on insuranceUSA.com to help guide you through these facts and offer you straight-forward, affordable South Carolina home insurance quotes.
Choosing Your South Carolina Home Insurance Policy
Generally, there are two types of South Carolina home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance. The second type of South Carolina home insurance policy is called a package policy, and it is made up of several different types of coverage. As a rule, it is more economical to purchase a package South Carolina home insurance policy rather than buying several types of separate coverage.
There are seven types of South Carolina home insurance policy options available. Each type of South Carolina home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of South Carolina home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 South Carolina home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This South Carolina home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of South Carolina home insurance policy is also known as the Special Form Policy, and it is the most widely used type of South Carolina home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This South Carolina home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 South Carolina home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This South Carolina home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This South Carolina home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much South Carolina Home Insurance Do you Need?
Buying South Carolina home insurance is a simple matter but you may be wondering how much insurance you need.
As a rule-of-thumb, you should only buy as much insurance to cover any loss you may experience but not so much that you can’t afford the premiums. Most likely, any potential insurer will require you to get your home’s value appraised by a licensed, professional home inspector.
In addition, you will want to inventory all your possessions especially major appliances and furniture. Also, be sure to take photographs and retain receipts for future reference. Once-a-year, update your inventory to account for any new purchases or changes.
Finally, if you ever have any questions about your policy, contact your insurer for answers. As always, you can utilize InsuranceUSA.com to perform research and request a free quote!
Non-Renewals and Policy Cancellations
South Carolina home insurance has a policy “term period” which means the insurance company cannot cancel or not renew a policy unless they are legally-justified in doing so.
Normally, most insurance policies will be cancelled if the policy-holder fails to pay their premiums or they submit fraudulent claims. Other instances, which might warrant cancellation are if the policy-holder is convicted of a crime; they make changes to the property rendering it uninsurable; or if they create unsafe conditions that increase the insurer’s risk.
Usually, after the policy term ends, the insurer, if they wish to cancel or not renew your policy, will have to provide adequate notice.
Acquiring the South Carolina Home Insurance that you need
Checking to see if the insurer that you are interested in acquiring your South Carolina home insurance is from is legitimate is the first step in the process. If you don’t know the reputation and legitimacy of the provider just request a copy of their South Carolina home insurance certificate. This will give you their official license number.
A questionnaire will be given to your by the insurers that you consider using. Make sure that you fill this in completely so that the insurer can tailor the insurance offered to you to your specific needs.
Service is as important as price when it comes to South Carolina home insurance. The cheapest isn’t always the best option. You don’t want to have to wait a long time for a response if the need to file a claim arises.
Acquiring South Carolina Home Insurance using the Internet
Comparison shopping when buying South Carolina home insurance is very important. One way to do this is to shop on-line. You can either use individual companies or else you can buy your South Carolina home insurance using InsuranceUSA. Just complete the forms fully and accurately and you will get a quote that suits your needs.
Price should not be your only consideration when buying South Carolina home insurance. You also need to be happy with the service levels of the company that you are thinking about buying your home insurance from. They should be responsive and deal with you quickly and fairly.
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