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My husband and I are considering a move to the Little River or North Myrtle Beach area and are wondering about the cost of homeowners insurance and wind insurance in the coastal counties of South Carolina.
We have owned property in Wilmington, NC and were horrified at the cost of insurance on our home there. The house was in downtown Wilmington, 1800 sq. ft. with a detached two car garage that had a tiny apartment above. In 2007, the initial cost of homeowners policy and separate wind policy was about $1700/year. By the time we sold the property in 2010, the insurances costs had risen to $3100/year. North Carolina had steep rate increases in the coastal counties which really impacted the cost of insurance.
Would anyone be willing to give us some insight on what we might expect to pay for insurance on a single family home valued at say $250,000, located in a subdivision located 5-10 miles from the beach? I realize there are variables that can impact the exact amount, so I'm just looking for some ballpark figures here.
I have read a lot of info on online that suggests South Carolina has also had to some hefty insurance rate increases. Thanks in advance for any information you can share.
Since no-one else has responded, I'll relay what I've been told and our costs. Insurance rates are higher the closer to the beach as the risk is higher. It's not surprising that Wilmington rates are high considering it's proximity to the ocean. In MB, we've been told that the Intercoastal Waterway is, generally, the dividing line between higher and lower rates. We live in Forestbrook on the west side of the IC. Our insurance runs about $1000 on a $200,000 house. There are many variables including your deductible so the higher your deductible, the lower your rate.
Thanks CT, the information you provided is helpful. What you are paying is reasonable in my opinion. Interestingly, even though Wilmington (which is in New Hanover County) is also protected by barrier islands and the intracoastal waterway which runs between the mainland and the islands, insurers consider the entire county as coastal, thus everyone pays higher rates. Dwellings on the barrier islands of course pay even higher rates through the NC Beach plan.
In NC, more and more insurance companies will no longer write policies in coastal counties. Some have even stopped writing any homeowner policies even in non-coastal counties unless you also write your auto policy with them as well. This is in response to the effects the NC Beach Plan has had on insurance companies, and the huge volume of claims in the coastal counties.
I have been told by an insurance agent that his company considers that any dwelling east of I-95 to be a riskier dwelling to insure.
From what I read, NC is aware that the NC Beach Plan set up is causing the insurers to pull back. It seems changes are in the works to help smooth things out. For one, the recommendation has been made to look at the way South Carolina and Louisiana help their populations pay for strengthening their homes against storms through tax credits and implement something similar in NC.
My father's family has lived in what is now Horry County since around 1700, so moving there would be sort of a homecoming for me
The above posters are 100 percent correct in the cost of wind insurance. On Kiawah Island, your rates are literally defined by the distance you are from the ocean, with a bit of a bump if you're on the marsh.
Flood insurance has a similar tend, albeit more pronouced of an effect if you're on the marsh.
I don't know what the rates are on Kiawah, because I am not the homeowner, but on Grand Cayman I spend about 2-3 percent of my home value on wind and flood insurance. I'd assume similar rates in SC, if not slightly lower.
These prices are from quotes I recieved this week for a homeowners policy (including wind and hail but not flood) with deductables from $5000 to $12500 on the wind and hail portion. Properties located West of 17 and East of the ICW.
Thanks to everyone who took time to share. Based on what you have all told me, I feel much less concerned about the cost of insurance in SC. Seems to be quite a bit more affordable than NC.
does homeowners insurance in little river area go up every year. what is average premium.
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Thanks for sharing...
