Insurance Considerations for Myrtle Beach Condos

As some of the most sought-after real estate properties in South Carolina, Myrtle Beach oceanfront luxury condos are also rightfully considered sizable investments in terms of insurance. To demonstrate, the state’s Horizontal Property Act doesn’t impose a minimum insurance coverage for condos. However, that also means condo owners have to fend for themselves when seeking the best insurance policy that suits their needs.

The most basic policy is the ‘H06 policy’ or condo owners insurance, which covers the property’s furniture, wall coverings, and common areas. H06 is related to, but distinct from, a condo rental insurance policy which, as the name implies, provides coverage for the tenant’s possessions. While both of these policies are usually basic requirements among most homeowners’ associations in South Carolina, H06 is generally seen as more crucial than the other.

That said, these two policies may not be sufficient for some condo owners in Myrtle Beach, considering that certain zones in the city fall within South Carolina’s so-called “Wind Zones”. Properties that lie in Zone A (i.e. areas that lie close to the beach itself) should have reliable wind and hail insurance since they’re the most vulnerable to wind speeds upwards of 75mph every time a strong hurricane passes by. Condos in Zones B and C also need reliable flood damage insurance policy, especially if they lie close to the Intracoastal Waterway and Waccamaw River basin.

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