Homeowners Insurance in Myrtle Beach, South Carolina

Though more than 20 million visitors per year travel to experience Myrtle Beach’s pristine beaches on The Grand Strand, nearly 30,000 residents get to call the slice of South Carolina paradise home. The 60 miles of beach boasted by Horry and Georgetown Counties is attractive to its residents, but it poses a risk to homeowners who may sustain hurricane damage each year, marking one of the many reasons a proper homeowners insurance policy is a necessity.

On average, home insurance in Myrtle Beach, South Carolina, costs about $2,492 annually. Due to the imminent threat of hurricane damage, their average rate is about 52% above the state’s average rate of about $1,641 annually. 

Since the risk of severe-weather damage from hurricanes is imminent for residents of the city, homeowners insurance in Myrtle Beach is well above the state’s average. In fact, it’s among the most expensive zip codes in the state for home insurance.

Many factors also contribute to the average cost of homeowners insurance in Myrtle Beach, South Carolina. One of the most important factors is the age of your house. It’s a key determining factor in deciding the annual premium you’ll pay because older homes are typically more susceptible to sustaining significant damage than newer homes.

Major systems also need to be replaced as the home ages. The roof wears more, making it weaker and more vulnerable to heavy windstorms and hail. The major systems—HVAC, plumbing, and electrical—will slowly become outdated and could fail at any time.

Plus, building codes along the coastline are constantly being updated to mitigate severe damage from hurricanes. Thus, your home’s construction type can also affect your premiums, as some construction types, like masonry, are sturdier than others. 

Shopping around with different companies can help you compare and contrast prices on the same policies. If you use Clovered’s online quoting engine, we’ll do the shopping for you, comparing quotes and policies from many of the city’s top insurers to provide you with the best policy possible.

Luckily, there’s no such thing as separate wind and hail insurance. Coverage for both typically comes standard. But, in order to save money on your premiums, you may need to invest in a wind mitigation inspection.

Getting a successful wind mitigation inspection means you have a hip roof, which contains the right dimensions to help withstand heavy winds. It also means you must have opening protection on your windows and doors, which could come in the form of storm shutters.

Inspections must be conducted by a licensed contractor, engineer, architect or building inspector, and could save you thousands of dollars on your premiums every year. Companies like Universal Property & Casualty (UPCIC) give discounts for their wind-mitigated clients, so that’s one reason their premiums continue to be the lowest in Myrtle Beach.

More than just your house is covered by a homeowners insurance policy. Coverage extends to your property, belongings, and many more instances that are completely out of your control. Let’s have a look.

Dwelling: The dwelling portion of your policy includes coverage for things attached to or built into your home. Examples include your home’s roof, flooring, major systems — HVAC, plumbing and electrical — doors, windows and much more.

Your dwelling maximum per claim should match the value of your home. But, since your home increases in value through the year, we recommend getting 3% more in coverage. So homes worth $300,000 would have $309,000 in dwelling coverage. It gives you a bit more wiggle room if your home were unexpectedly destroyed.

Other Structures: Other structures coverage extends protection for any structures on your property that aren’t attached to your home, such as sheds and even treehouses and your home’s fencing.

A typical claim maximum is 10% of your home’s dwelling coverage. So homeowners with a $200,000 house may have up to $20,000 in coverage for the structures on their property if they need to file a claim for damage.

Personal Property: Personal property coverage will help protect your furniture, clothing, electronics and much more if your home is damaged or destroyed by a covered peril. It also covers high-value items like jewelry and collectibles, but in a much different fashion with lower maximums — unless you schedule them with your insurer.

To determine how much coverage you need, start a home inventory list of all your belongings and their values, noting which items you need to schedule and for how much.

Loss of Use: Loss of use coverage protects you in the short- or long-term if your home is damaged, or deemed uninhabitable, requiring you to temporarily move out. In this instance, it can cover additional living expenses you wouldn’t have otherwise incurred. This includes a rental home of equivalent value, storage fees and pet boarding.

Liability: If someone is injured on your property, your dog bites someone on or off your property, or you accidentally cause damage to someone else’s property (and you’re found liable for any reason), liability coverage may be there to help you.

This coverage can help pay for medical expenses, repair costs and even legal fees if you get sued for any of the damages. Policies typically come standard with $250,000 in coverage per claim. However, you can typically get all the way up to $1 million in coverage before you need to go outside the box and secure an umbrella insurance policy.

Medical Payments: Medical payments coverage helps pay for minor medical bills if someone is injured on your property, and it doesn’t matter whether you’re at fault or not.

Mobile homes are affordable alternatives, especially with the recent housing boom, to single-family houses. But you’ll need a different type of homeowners insurance to sufficiently cover your home and belongings. If you own a mobile home in Myrtle Beach, the standard South Carolina homeowners insurance won’t cut it. You’ll need what’s called an HO-7, or a mobile home insurance form.

This policy will still cover your mobile home, personal belongings and maybe even additional living expenses if you were temporarily forced to move out. But it may not cover the same standard 10 perils as a standard homeowners insurance policy.

Flood insurance rates for Myrtle Beach are relatively inexpensive compared to homeowners insurance, costing just a few hundred dollars per year. Much of Myrtle Beach is also located within the A flood zone, which means homeowners are at a high risk of sustaining flood damage at least once during the life of their mortgage.

It’s extremely important to invest in a South Carolina flood insurance policy because just an inch of flood water could set you back at least $25,000. So if you’re paying $400 per year in premiums, that pales in comparison to what you could’ve potentially spent had you not invested in flood insurance.

Choosing the right insurance company can sound like a daunting task. Well, it was. But it’s not anymore — with Clovered. Since we partner with several of the top insurance companies in Myrtle Beach, we can shop around for you and help you get the best policy at the best price.

Gone are the days of calling up different insurers and, potentially, settling for one that’s charging you an arm and a leg without your knowledge. With our online quoting tool, we do all the work on the backend (comparing policies, running the numbers, etc.). We just show you the policies that are a fit for your needs and budget, so you can get back to the finer things in life quickly.

Simply use our online quoting tool to get the best Myrtle Beach homeowners insurance. But if you’d rather speak to a licensed agent on the phone, just call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Or you can email us anytime at agent@clovered.com.