Homeowners Insurance
Home Insurance in Goose Creek, South Carolina
We offer homeowners insurance at affordable rates. We are located in Goose Creek, South Carolina, but have customers all over the Lowcountry. We make homeowners insurance simple and provide cheaper rates. We will include all the discounts available to you and go over your coverages to help you understand what you are getting.
Homeowner Insurance often labeled as HO-3, is an insurance policy that protects your home against certain perils. Perils can be hurricane, wind, hail, fire, water damage, vandalism, theft, liability, etc. Homeowners Insurance typically includes the Dwelling, Other Structures, Personal Property, Loss of Use, Personal Liability, and Medical Payments. It is important to understand your policy, so if damage were to arise you can know if it is covered under homeowners insurance. At Cheri Nelson Insurance, we have access to over 10 top-rated companies that specialize in homeowners insurance. With this, we have the ability to shop your homeowners insurance and find you the best rate.
Understanding Homeowner Insurance in South Carolina
Coverage A - Dwelling
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Dwelling coverage is the amount your home is insured for. Typically, this coverage is Replacement Cost or the cost to rebuild/repair your house at a total loss rather than actual cash value (depreciated). Dwelling is ONLY the house itself, so this would not include fences, detached garages, or sheds.
Coverage B - Other Structures
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Other Structures help pay to repair or replace structures other than the home such as a shed, fence, detached garage, and more.
Coverage C - Personal Property
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Personal Property coverage covers personal items that are damaged or stolen due to a covered peril. Personal property is your personal belongings which can include clothes, furniture, electronics, etc. It is important to see if your homeowners insurance replaces personal property on an actual cash value or replacement cost basis. At Cheri Nelson Insurance, we always include replacement cost unless asked not to include. If you have expensive items such as jewelry, antiques, or artwork, then it is critical to "schedule" the item.
Coverage D - Loss of Use
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Loss of Use coverage may help pay for living expenses if your house is unlivable due to a covered claim.
Coverage E - Personal Liability
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Personal Liability provides coverages for lawsuits from bodily injury or property damage to others from a covered occurrence.
Coverage F - Medical Payments to Others
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Medical Payments to Others help pay for minor medical expenses to the guest if injured on the property.
Homeowner Claims in South Carolina
Before a claim is paid out, you are required to pay the deductible. Your deductible is extremeley important to be aware of because it can often be expensive. Deductibles can range from $1,000, $2,500, 1%, 2%, or 5%. A percentage deductible would be 2% times your dwelling amount.
For example, if your dwelling coverage is $500,000 and you have a 2% deductible for Named Storm, then you would have to pay 2% x $500,000 or $10,000 to have insurance cover your damages if a hurricane were to do damage. This is why it is extremely important to take note of what deductibles you have. At Cheri Nelson Insurance, we try our best to give everyone a deductible at $1,000 to make it affordable for our customers.
Earthquake Insurance in South Carolina
Believe it or not, South Carolina does have earthquakes. According to DNR, our most recent earthquake was on 4/22/2022 of a magnitude of 2.17. The largest earthquake to ever hit South Carolina was in 1886 at a magnitude of 7.3. Earthquake is an optional coverage, but is recommended to get your home repaired or replaced at the time of an earthquake. Certain companies offer different coverages and deductibles for earthquake, so it is always important to understand what earthquake on your policy covers and doesn't cover. Earthquake Insurance in Goose Creek, South Carolina typically ranges from $300-$800 depending on the coverage amount and where your home is located. Contact us if you are interested in getting an earthquake insurance quote.
Flood Insurance in South Carolina
Flood insurance is not included on your typical HO-3 policy. Flood insurance is a separate insurance policy that covers rising water, check with your agent or give us a call if you would like to know what flood covers and doesn't cover. If you are located in a flood zone, you are required to have flood by your mortgage. If your house is paid off, it is highly recommended to have flood insurance in South Carolina. South Carolina's last major flood was in October of 2015 and reached houses that weren't even in a flood zone. Flood insurance policies in Goose Creek, South Carolina are in the range of $400-$800 depending on where your house in located, but this number can vary. With flood insurance, you have the option to choose FEMA (federal) or NFIP (private). FEMA Flood Insurance policies only cover up to $250,000 on the building and $100,000 on personal contents, which satisfies most mortgage requirements. NFIP flood insurance allows you to have insurance up to the full value on your home and personal contents. So it is up to you to decide which route you would like to go for your flood insurance.
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