Landlord Insurance for Myrtle Beach Property Owners

What Is Landlord Insurance?

Landlord insurance—sometimes called rental property insurance or a dwelling fire policy—protects property owners who rent residential space to tenants. This coverage addresses the specific risks of owning rental property: building damage, liability for injuries on your premises, and lost rental income when covered events make your property uninhabitable.

For Myrtle Beach property owners, landlord insurance is essential coverage. Whether you own a single rental house, a beach condo you rent seasonally, or a portfolio of investment properties, your standard homeowners policy won't protect property you rent to others. Landlord insurance fills that gap with coverage designed specifically for rental operations.

Why Myrtle Beach Property Owners Need Landlord Insurance

Rental properties face risks that owner-occupied homes don't encounter. Landlord insurance addresses these exposures:

• Homeowners insurance excludes rental properties. Once you rent your property to tenants, your homeowners policy no longer applies. Operating without proper landlord coverage leaves your investment completely unprotected.


• You're liable for injuries on your property. When a tenant, their guest, or a delivery person is injured on your rental property, you face premises liability claims. Landlord insurance provides liability coverage and legal defense.


• Tenants create property risks. Even good tenants cause more wear than owner-occupants. Accidents happen—kitchen fires, overflowing bathtubs, appliance malfunctions. Landlord insurance covers damage to your building from these events.


• Rental income is at stake. When fire, storms, or other covered events damage your property, you lose rent during repairs. Loss of rents coverage replaces that income so mortgage payments and property expenses don't come out of pocket.


• Coastal exposure increases risk. Myrtle Beach rental properties face wind, hail, and tropical weather that can cause significant damage. Landlord insurance protects your investment from these regional perils.

What Does Landlord Insurance Cover?

Landlord policies include several coverage components tailored to rental property ownership:

Dwelling Coverage

The core of your landlord policy, dwelling coverage protects the rental building itself—walls, roof, foundation, and permanently installed systems like plumbing, electrical, and HVAC. When fire, wind, hail, lightning, vandalism, or other covered perils damage your rental property, dwelling coverage pays for repairs or rebuilding.

Coverage forms vary in how broadly they protect your property. A DP-1 policy covers only named perils at actual cash value. A DP-3 policy—the most common landlord coverage—provides open-peril protection at replacement cost, covering any cause of loss not specifically excluded.

Other Structures Coverage

Detached garages, storage sheds, fences, and other structures on your rental property are covered separately from the main dwelling. This coverage typically equals 10% of your dwelling limit but can be adjusted based on what structures exist on the property.

Landlord Personal Property

If you provide appliances, furniture, lawn equipment, or other personal property for tenant use, landlord insurance covers these items. This doesn't include tenant belongings—tenants need their own renters insurance for personal property protection.

Liability Coverage

Premises liability protection covers claims when someone is injured on your rental property. If a tenant falls on broken stairs, a guest slips on an icy walkway, or a child is injured by a hazardous condition, liability coverage pays medical expenses and legal defense costs. It also covers property damage claims—if a tree from your rental property falls on a neighbor's car, liability responds.

Standard landlord policies include $100,000 to $300,000 in liability coverage. Many Myrtle Beach landlords carry higher limits or add an umbrella policy for additional protection.

Loss of Rents Coverage

When covered property damage makes your rental uninhabitable, loss of rents coverage—also called fair rental value coverage—replaces the income you lose during repairs. If a kitchen fire forces tenants to relocate for three months, loss of rents coverage pays what you would have collected in rent during that period.

This coverage is particularly valuable for Myrtle Beach landlords with vacation rentals or seasonal properties where lost peak-season income can be substantial.

What Landlord Insurance Does Not Cover

Understanding exclusions helps you avoid surprises:

• Tenant belongings. Your landlord policy covers the building and landlord-owned property, not tenant possessions. Tenants need renters insurance for their belongings.


• Flood damage. Standard landlord policies exclude flooding. Separate flood insurance is essential for Myrtle Beach rental properties, especially those in flood zones.


• Normal wear and tear. Gradual deterioration, deferred maintenance, and ordinary wear from tenant occupancy aren't covered losses.


• Vacancy exclusions. Most landlord policies limit or exclude coverage when properties sit vacant beyond 30 to 60 days. If you're between tenants for an extended period, notify your insurer.


• Intentional tenant damage. Standard policies may exclude deliberate destruction by tenants. Vandalism coverage endorsements can address this gap.

Landlord Insurance for Different Property Types

Coverage needs vary based on what type of rental property you own:

Single-family rentals. The most straightforward landlord insurance scenario. A standard DP-3 policy covers the dwelling, other structures, and provides liability and loss of rents protection.

Condos and townhomes. Rental condos need landlord coverage coordinated with the HOA's master policy. Your policy covers interior improvements, landlord-owned contents, liability, and loss of rents. The association's policy covers common areas and the building structure.

Multi-family properties. Duplexes, triplexes, and small apartment buildings may qualify for residential landlord policies up to a certain number of units. Larger properties typically require commercial rental property coverage.

Short-term and vacation rentals. Properties rented through Airbnb, VRBO, or other short-term platforms face different exposures than traditional rentals. Higher guest turnover increases liability risk. Specialized short-term rental policies or endorsements address these unique exposures.

Landlord Insurance vs. Homeowners Insurance

These policies serve different purposes and aren't interchangeable:

Homeowners insurance covers owner-occupied residences. The moment you rent your property to tenants, homeowners coverage typically no longer applies. Claims can be denied if your insurer discovers you've been renting without proper coverage.

Landlord insurance is designed specifically for rental properties. It includes coverages homeowners policies don't need—like loss of rents—and excludes coverages that don't apply, like personal property coverage for your belongings (since you don't live there).

If you're converting a home you previously lived in to a rental property, notify your insurance agent immediately. You need to switch from homeowners to landlord coverage before tenants move in.

How Much Does Landlord Insurance Cost in South Carolina?

Landlord insurance typically costs 15% to 25% more than homeowners coverage for equivalent properties. Premium factors include:

• Property value and construction. Higher dwelling values and frame construction increase premiums.


• Location. Proximity to the coast, fire department response times, and neighborhood characteristics affect rates. Myrtle Beach oceanfront properties cost more to insure than inland Conway rentals.


• Coverage limits and deductibles. Higher dwelling limits and lower deductibles increase premium costs.


• Claims history. Prior losses on the property or your insurance record affect pricing.


• Rental type. Short-term vacation rentals typically cost more to insure than long-term tenant situations.

A Myrtle Beach single-family rental might cost $1,200 to $3,000 annually for landlord coverage, depending on these factors. Properties closer to the beach or with higher values pay more.

Why Work with Moore & Associates for Landlord Insurance

Moore & Associates has served Myrtle Beach property owners since 1979. As an independent insurance agency, we work with multiple carriers offering landlord coverage in South Carolina. This lets us compare options and find policies that fit your rental property and budget.

Our local agents understand the rental market along the Grand Strand. We help landlords from North Myrtle Beach to Pawleys Island structure coverage that protects their investment properties—whether you own one rental house or a portfolio of vacation condos.

Get a Landlord Insurance Quote in Myrtle Beach, South Carolina

Our landlord insurance agents serve Myrtle Beach, South Carolina and surrounding areas including North Myrtle Beach, Atlantic Beach, Conway, Surfside Beach, Murrells Inlet, Litchfield, Pawleys Island, and Georgetown. Contact Moore & Associates today for a free quote.