It is not uncommon for homeowners in Myrtle Beach, North Myrtle Beach, Conway, and across the Grand Strand to compare policies and notice very different premiums. If your condo policy costs $400 a year while your neighbor pays less than $300, it can be frustrating. But there are several reasons why their rate may be lower.
Coverage Limits
One of the biggest factors is coverage limits. If your policy insures $20,000 in dwelling coverage but your neighbor only carries $5,000, the premium will naturally be lower. The problem is, in the event of a major loss, your policy is designed to rebuild properly—while your neighbor may be left underinsured.
Included Coverages
Another major factor is whether wind and hail coverage is included. Living on the coast means the risk of hurricanes and severe storms is real. Some property owners choose to exclude this coverage to save money, but that decision can leave them exposed to serious financial risk when the next big storm hits.
Insurance Carriers
Not all insurance companies price policies the same way. Carriers have different appetites, underwriting guidelines, and financial structures. Two neighbors with similar condos can see very different premiums simply because their coverage is placed with different carriers.
The Bottom Line
When comparing your homeowners or condo insurance policy in Myrtle Beach or the Grand Strand, make sure you are comparing equal coverages, deductibles, and limits. An independent insurance agency like Moore & Associates Insurance can shop multiple carriers on your behalf, explain the differences, and help you secure the right coverage at the best possible price.