Homeowners' Insurance

Because of last year's strong hurricane season, insurance companies have been pulling out of coastal areas. Homeowners are either being dropped from their current insurance company and having to find a new company or they are facing higher insurance premiums. That's been a challenge this summer! The same thing happens to condo owners. With many condos, the hazard insurance is included as part of the HOA fee. What we've seen along the Grand Strand is a sharp increase in condo HOA fees. Some fees have nearly doubled or tripled. Some HOAs have decided to keep the HOA fee the same as in the past, but they will charge a monthly special assessment to cover the higher insurance premium.

Keep insurance premiums and HOA fees in mind when you are looking for your home or investment property. If the condo policy has not come up for renewal, ask your REALTOR® to find out when the policy will be renewed. Also, ask your REALTOR® to verify the HOA fee that is listed in the MLS.

If you have any questions about insurance or other real estate issues in the Myrtle Beach area, please give me a call at (843) 267-2710 or email me at Kathy@KathyRukat.com.