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Why is my neighbors homeowners policy cheaper than mine?!?

May 26, 2011

So, you have a 2 bedroom condo a couple of miles off the ocean, in zone 1 of the wind pool. You've been paying $400 for the last couple of years. Pretty standard.

Saturday afternoon while hanging by the pool you and another owner get into a discussion about your insurance policies. Exciting stuff, right? After a bit of discussion he reveals that his premium is less than $300! How can that be?!

Well there are several explanations for the difference in premium. The first, and probably most obvious, is difference in limits. You're insured for $20,000 of Coverage A (dwelling).  You're neighbor, bless his heart,  still believes in the  construction ferry.  In the event of a total loss he believes that this winged and  beer-bellied  magical creature will swoop in and rebuild the interior of his unit for $5,000. Good for him!

Another big contributor to the price of your policy is included coverages. Your policy includes wind & hail. Your buddy over in unit 3-D isn't so worried about hurricanes. After all, Myrtle Beach hasn't seen a major hurricane in over a decade. Odds in his favor, right?

And last but absolutely not least, the carrier makes a huge difference. Competing companies have different rates, different appetites, and different financial situations. All of these will result in varying premium numbers for their customers.

Discuss your condo policy with an Independent Insurance agent. He/She can not only help you decide on the proper coverages and limits, but they have the ability to shop MULTIPLE carriers to find you the best policy for your money.  And  next time you're comparing your homeowners policy with a neighbor, make sure you're both talking apples.

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We service the residents of Surfside Beach, Pawleys Island, Murrells Inlet and Myrtle Beach.

601 21st Ave N Myrtle Beach, SC 29577 | Phone: 843-839-5076 | Fax: 843-353-0785 | Email Us | Get Map