Best Homeowners Insurance Agencies in Mount Pleasant

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Does Mount Pleasant homeowners’ insurance cover hurricane damage?

  Most standard homeowners insurance policies in Mount Pleasant do not cover damage from flooding. Because of this, homeowners are advised to take out separate flooding coverage underwritten by the Federal Emergency Management Agency. Fortunately, Charleston County’s high FEMA rating entitles Mount Pleasant residents to a 20% discount on such policies.

• What is the difference between market and replacement cost value in Mount Pleasant?

  Market value and replacement cost value are two different ways in which an insurer determines the amount of coverage one should have on their Mount Pleasant homeowners’ insurance policy. While market value is the selling cost of one’s home if it were on the real estate market, the replacement cost value is the amount needed to rebuild one’s home if it were destroyed.

• What causes higher Mount Pleasant homeowners’ insurance costs?

  Because some of South Carolina’s largest insurers are leaving the state, residents of Mount Pleasant have found substantial increases in their homeowners’ insurance premiums. Other factors that contribute to such increases include inflation and the rising costs of housing materials, as well as more frequent climate catastrophes, especially in coastal areas.

• How can Mount Pleasant residents save on homeowners’ insurance?

  Residents of Mount Pleasant may qualify for multi-policy discounts if they take out other forms of insurance, such as auto and life insurance, with their homeowners’ insurance provider. Installing home upgrades and protective devices such as smoke detectors, burglar alarms, and a sprinkler system may also lower one’s homeowners’ insurance premiums.

• Can companies cancel Mount Pleasant homeowners’ insurance policies?

  Companies commonly cancel homeowners’ insurance policies in Mount Pleasant after an inspection, due to issues found such as a roof in poor condition or an ineligible pet. Policyholders who have misrepresented information on their application may also have their policy canceled or simply nonrenewed. South Carolina requires insurance providers to send policyholders a written notice 30 days prior to the cancellation or nonrenewal date.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.