Condominium living is an ideal alternative for many of South Carolina's residents. Condo owners benefit from proximity to shopping and dining, hassle-free maintenance of common areas, and shared amenities such as swimming pools and fitness centers.
But when you’re planning your move to the perfect condo, don’t forget about condo insurance.
An independent insurance agent in South Carolina can help you understand condo insurance and find you the best coverage for your needs. A local agent can help you get quotes from multiple insurance companies to make the best choice.
What Is Condo Insurance?
Condo insurance, also known as an HO6 policy, differs from renters insurance and regular homeowners insurance. If you own a condo in South Carolina, you’ll need to insure only a portion of the building you live in and your personal property. Your condo owners association will have an association master policy, which covers the building(s) and the common elements of your condo complex.
It’s good to become familiar with the type of coverage your association master policy provides to purchase the right coverage for your unit. Association master policies typically fall into one of the three following categories:
- Bare walls coverage: Covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.). The unit owners must obtain coverage for interior features like countertops, bathroom and kitchen fixtures, flooring, appliances, carpet, cabinets, wall coverings, and other items within individual units. Owners might also need to purchase coverage for the interior walls of their units.
- Single entity coverage: Insures the basic structure and specific items within individual units other than the owners' personal property. Improvements made at an owner's expense and builder-installed things like countertops, fixtures, carpeting, and so on are not covered.
- Modified single entity/all-in coverage: Protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings. Under these types of association master policies, unit owners have a more limited need for coverage.
Association master policies can vary even more. Find out what your condo association's master policy does and does not cover before buying condo insurance in South Carolina. With the help of an independent insurance agent, you can determine how much coverage you need for your personal property and any structural elements for which you need to purchase coverage.
What Does Condo Insurance Cover in South Carolina?
South Carolina condo insurance typically offers the following types of coverage:
- Building property coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, etc.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
The property coverage in a condo insurance policy covers your property when it is lost, damaged, or destroyed by specific covered perils. Condo insurance typically covers damage caused by:
- Fire and smoke
- Wind and hail
- Burst pipes
Condo insurance in South Carolina won’t cover everything. Your condo insurance may help cover water damage caused by burst pipes, rain, and ice dams, but it may not cover sewer or drain backups or water damage caused by floods.
If you need sewer backup coverage, you can probably purchase a sewer backup endorsement for your condo insurance policy. You can buy flood insurance from the National Flood Insurance Program (NFIP), administered by the federal government.
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How Much Does Condo Insurance Cost in South Carolina?
The average annual condominium insurance premium in South Carolina is $483. Remember that your condo insurance premiums are likely to be somewhat higher or lower than average as a good rule of thumb. That's because insurance companies evaluate certain risk factors unique to your condo to decide what to charge you for condo coverage. These factors include:
- The crime and weather risks in your ZIP code
- The construction materials used in your condo
- The value of your condo
- The coverage options, coverage limits, and deductibles that you choose
- What the association master policy covers, and how much coverage you need to fill the gaps
An independent insurance agent can help you understand your condo insurance quotes and can help you find the best condo insurance in South Carolina to fit your needs and budget.
What Are the Best Condo Insurance Companies in South Carolina?
Local independent insurance agents make comparison shopping for condo insurance easy. They can obtain quotes from the best condo insurance companies in South Carolina and ensure that you're getting your policy at a competitive price.
Why Shop Condo Insurance with a South Carolina Independent Insurance Agent?
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.