South Carolina condo and townhome insurance
A coastal South Carolina master policy can carry a named-storm deductible of several percent of the building value. Where that lands on the owners is the question your own policy has to answer.
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Three things to settle before you buy a South Carolina condo policy
- 1
Work out the master policy wind deductible in dollars
An oceanfront Myrtle Beach, Hilton Head or Isle of Palms association can carry a named-storm deductible of several percent of the insured building value, which on a large building is a very large number. After a hurricane that deductible is funded by the owners through an assessment. Ask for the master declaration page, find the percentage, and ask the manager what it works out to per unit.
- 2
Loss assessment coverage is the whole point here
Loss assessment on your HO-6 responds when the association assesses you after a covered loss, subject to its limit. The default limit written into most condo policies was never designed for a coastal named-storm deductible. This is the one line on a South Carolina condo policy that is worth examining closely, and raising it is inexpensive relative to what it does.
- 3
Flood is separate for the building and for your unit
The association may or may not carry flood on the building, and storm surge is flood. Your own belongings and interior need their own flood coverage — a tenant or unit-owner flood policy — because your HO-6 excludes it exactly as a homeowners policy does. On a ground-floor or first-floor coastal unit this is not a theoretical gap.
Bare walls, all-in, and the rented beach unit
A bare-walls master policy stops at unfinished structure and leaves cabinets, flooring, fixtures and built-ins to you. An all-in policy reaches original finishes but not your upgrades. Coastal units are also frequently rented by the week, which is a commercial exposure most personal condo policies exclude. If the unit is rented at all, say so when you call — the form you need is different, and so is the contents exposure with guests in the unit.
Water, humidity and the HVAC closet
Supply lines, water heaters, washing machine hoses and air handler condensate pans cause more South Carolina condo claims than storms do, and in a stacked building one failure reaches several units. Condensate overflow in a coastal unit running air conditioning nine months a year is a specific and common claim. Replace a water heater past ten years and have the pan and the drain line checked.
Townhome, or house that looks like one
Ownership decides the policy rather than the architecture. South Carolina has a great deal of fee-simple townhome construction where you own the structure and the ground under it, with an association that maintains the grounds and insures nothing of yours. That is a homeowners policy even in a row of identical units. Read the recorded declaration before buying either form.
Documents to have in hand
The association should provide all of these on request. The master policy declaration page is the one that matters.
- The master policy declaration page, with the insured building value
- The named-storm or wind-and-hail deductible as a percentage, and in dollars
- The all-other-perils deductible, and whether it can be charged to a unit
- Whether the association carries flood on the building
- Whether the master policy is bare walls or all-in
- The recorded declaration, to confirm whether you own the structure or only the interior
- Any special assessment voted in or pending, and the reserve study date
Frequently asked questions
What does an HO-6 condo policy cover?
Your belongings, your liability, your interior finishes and improvements to the extent the master policy does not reach them, loss of use if the unit becomes uninhabitable, and loss assessment from the association.
How much loss assessment coverage should I carry on a coastal unit?
Enough to meet your share of the master policy deductible, which on an oceanfront building can be substantial. Ask the manager for the per-unit figure rather than estimating it.
Do I need flood insurance for a condo unit?
Your HO-6 excludes flood, including storm surge, so your belongings and interior need their own flood coverage. Whether the building is covered is a separate question for the association.
I rent my unit out by the week. Is that covered?
Generally not on a standard condo policy. Weekly and nightly rental is a commercial exposure most personal forms exclude, and it needs a policy written for it.
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