South Carolina Home Insurance Considerations to Make

Coastal homeowners in South Carolina may discover they have to pay higher premiums or significantly higher deductibles due to the potential damage that can be caused by hurricanes, particularly in light of the most recent hurricane disasters in this country.

Too many homeowners simply believe their established deductible is established based on a percentage of the claim that is to be filed. More accurately, these deductibles are determined using the percentage of the insured value of the property and structure(s). As an example, if a $500,000 home with a deductible of 5% qualifies for $25,000 in storm damage, the plan wouldn't take care of any part of the loss because the deductible goes towards the home's value. This would be a total of $25,000, not the lost, in which the deductible would end up being $1,250.

The South Carolina General Assembly passed the Omnibus Coastal Property Insurance Reform Act in 2007. This law was created to help homeowners by increasing private policy availability. Many new carroers arrived in South Carolina since the law was passed.

South Carolina home premiums rank number 15, along with Arkansas, for its average costs. Don't let this get you down because there are some strategies you can put in place to drop the pricing down while still enjoying fantastic coverage.

If you haven't bought your home as of yet, read the following information and consider ways in which you can be adequately protected whil enjoying great rates:

• Disclosure - if you are looking for a home in a high crime neighborhood or find one that has been subjected to flooding, the amount you will pay for protection will likely be higher. Ensure you get a full disclosure before you decide to buy the property or home.
• Fire and Flood - the proximity of your home from a fire hydrant and calculated response time for the fire department to respond to your call will likely affect your rate in some capacity. It also goes without saying that you will likely have to pay more if you live in a locality that faces flood threats.
• Age and Construction - Older homes typically cost more to insure. As structures age, they become less stable and more prone to damages. Look at the material used to build the place. A brick home may be cheaper to cover than a wood home, for example.
• Electrical and Plumbing Systems - a newer system is less likely to fail than older plumbing, so some insurers may extend savings to those who purchase a new home.

There are several other factors that can influence how much you will pay:

• Credit Score - believe it or not, your personal finances come into play when applying for a plan. Your credit score could play a role in the costs associated with insuring a home.
• Multiple Policies - bundling policies can provide significant savings. Check with your carrier to see if there are any incentives to bundle a home and auto policy to start.
• Security - an alarm system with monitoring can contribute to substantial savings, but even something as simple as adding deadbolts can cut costs.
• Senior Citizen Discount - don't let anyone tell you getting old doesn't have some advantages. If you are 55 or older, chances are you qualify for some sort of senior discount. Make sure you take advantage of this as some providers might neglect to give it to you automatically.
• Don't Smoke - as if you needed another reason to quit - you could save money on your premium. Where there is smoke, there is a possibility for fires to start. Those who don't smoke reduce the chances of fire and can enjoy savings.

This list is certainly not exhaustive. Contact your provider to see if there are any additional savings opportunities you can unlock.