Why Myrtle Beach Condo Owners Need Their Own Insurance

Condo insurance protects what your HOA's master policy leaves out. Many condo owners in Myrtle Beach assume their association's insurance covers everything, but that master policy typically protects only common areas and the building's exterior structure. Everything inside your unit, your personal belongings, your liability exposure, and improvements you have made to your space require a separate HO6 policy.

Myrtle Beach has thousands of condominiums lining the oceanfront, along the Intracoastal Waterway, and throughout inland communities. Each building has different HOA coverage, and understanding where that coverage stops and your responsibility begins is essential for protecting your investment in coastal South Carolina real estate.

Understanding Your HOA's Master Policy

Before purchasing condo insurance, you need to understand what your homeowners association's master policy covers. HOA master policies in Myrtle Beach typically fall into one of two categories, and the type your building carries dramatically affects how much personal coverage you need.

Bare Walls Coverage

Bare walls policies cover only the building's structure as it was originally built. This includes exterior walls, the roof, hallways, elevators, and common amenities like pools and fitness centers. Everything from the drywall inward becomes your responsibility.

Under bare walls coverage, you are responsible for insuring:

• Interior walls, flooring, and ceilings within your unit
• Cabinets, countertops, and built in fixtures in kitchens and bathrooms
• Plumbing and electrical fixtures serving only your unit
• Appliances whether original or upgraded
• Any improvements or upgrades you have made since purchasing

Most oceanfront condo buildings in Myrtle Beach, North Myrtle Beach, and Surfside Beach carry bare walls coverage. This approach keeps HOA fees lower but shifts more insurance responsibility to individual unit owners.

All In or Single Entity Coverage

All in policies cover the building structure plus all fixtures and installations within individual units as they were originally built. This includes standard cabinets, flooring, appliances, and fixtures that came with the unit.

Under all in coverage, you are responsible for insuring:

• Upgrades and improvements beyond original construction
• Personal property including furniture, electronics, and clothing
• Betterments such as upgraded flooring, custom cabinetry, or renovated bathrooms

Even with all in coverage, you still need an HO6 policy to protect personal belongings, cover improvements, and provide liability protection. The difference is how much dwelling coverage your personal policy needs to carry.

How to Find Your HOA's Coverage Type

Request a copy of your association's master policy or certificate of insurance from your HOA management company. Review the declarations page to determine whether coverage is bare walls or all in. Pay attention to the deductible amount as well, since large HOA deductibles may be assessed to individual unit owners after a claim.

What Condo Insurance Covers

An HO6 condo insurance policy provides several coverage components designed specifically for condominium ownership.

Dwelling Coverage (Coverage A)

Dwelling coverage protects the interior structure of your unit and any improvements you have made. This includes walls, flooring, ceilings, built in cabinets, countertops, light fixtures, plumbing fixtures, and other permanent installations. If your building has bare walls coverage, your dwelling limit needs to cover essentially everything inside your unit.

Calculate your dwelling coverage by estimating the cost to rebuild your unit's interior from bare studs. Include any upgrades like hardwood floors, granite countertops, custom tile work, or renovated bathrooms. Myrtle Beach condos with extensive upgrades may need $50,000 to $150,000 or more in dwelling coverage.

Personal Property Coverage (Coverage C)

Personal property coverage protects your belongings inside the condo. This includes furniture, electronics, appliances that are not built in, clothing, kitchen items, and decorative pieces. Coverage typically applies whether items are damaged by fire, theft, vandalism, water damage, or other covered perils.

Create a home inventory to determine how much personal property coverage you need. Walk through your condo and document everything you own with photos and estimated replacement values. Most Myrtle Beach condo owners need $30,000 to $75,000 in personal property coverage, though units with high value furniture, art, or electronics may require more.

Liability Coverage (Coverage E)

Liability coverage protects you when someone is injured in your condo or when you accidentally damage someone else's property. If a guest slips in your bathroom and requires surgery, liability coverage pays their medical bills and your legal defense if they sue. If water from your unit leaks into the condo below and damages their ceiling, liability coverage responds.

Standard policies include $100,000 in liability coverage, though limits of $300,000 or $500,000 are available for modest additional premium. Given the potential cost of injury claims, higher liability limits provide valuable protection for most Myrtle Beach condo owners.

Medical Payments Coverage (Coverage F)

Medical payments coverage pays for minor injuries to guests regardless of fault. If a visitor cuts their hand in your kitchen or trips over a rug, medical payments coverage handles their immediate medical expenses without requiring a liability claim. This coverage typically ranges from $1,000 to $5,000 and helps resolve small incidents before they become disputes.

Loss of Use Coverage (Coverage D)

When covered damage makes your condo uninhabitable, loss of use coverage pays for temporary housing and additional living expenses. If a fire forces you out for three months while repairs are completed, loss of use coverage pays for hotel stays, restaurant meals, and other expenses above your normal cost of living.

This coverage proves especially valuable for Myrtle Beach condo owners whose units serve as primary residences. After a hurricane or major water damage event, temporary housing along the coast becomes scarce and expensive.

Loss Assessment Coverage

Loss assessment coverage is unique to condo insurance and often overlooked. When damage to common areas exceeds your HOA's master policy limits or falls within the master policy deductible, the association assesses individual unit owners for their share of the cost.

After a major hurricane damages a Myrtle Beach condo building, the master policy deductible alone could reach $100,000 or more. Divided among unit owners, each assessment might total several thousand dollars. Loss assessment coverage pays your share of these assessments up to your policy limit.

Standard HO6 policies include minimal loss assessment coverage, often just $1,000. Given the hurricane exposure along the South Carolina coast, increasing this coverage to $25,000 or $50,000 provides important protection against post storm assessments.

Coastal Considerations for Myrtle Beach Condos

Condo insurance in Myrtle Beach involves additional complexities that inland properties do not face. Understanding these coastal factors helps ensure adequate protection.

Hurricane Deductibles

Like homeowners insurance policies, condo insurance in South Carolina often includes separate hurricane deductibles calculated as a percentage of your dwelling coverage. A 2% hurricane deductible on a policy with $100,000 in dwelling coverage means you pay the first $2,000 of any hurricane related claim.

Hurricane deductibles typically apply when the National Weather Service issues a hurricane watch or warning for Horry County. The deductible may apply for a specified period before and after the storm. Discussing deductible options with your Myrtle Beach condo insurance agent helps you balance premium costs against potential out of pocket expenses.

Wind and Windstorm Coverage

Wind damage represents the most significant peril for Myrtle Beach condos during hurricanes and tropical storms. Most condo insurance policies include wind coverage, but verify this explicitly. Some coastal properties, particularly those closest to the ocean, may require separate windstorm coverage through the South Carolina Wind and Hail Underwriting Association.

Your HOA's master policy should cover wind damage to the building exterior and roof. Your HO6 policy covers wind damage to your unit's interior and contents when wind driven rain enters through broken windows or damaged exterior walls.

Flood Insurance

Standard condo insurance does not cover flood damage. Flooding from storm surge, heavy rainfall, or rising water requires a separate flood insurance policy. Myrtle Beach condo owners, especially those in oceanfront or low lying buildings, should seriously consider flood coverage.

NFIP flood insurance for condos works differently than for single family homes. Your building's HOA may carry a Residential Condominium Building Association Policy (RCBAP) that provides some flood coverage for common areas and potentially individual units. You can purchase a separate contents only flood policy or a dwelling and contents policy depending on your building's RCBAP coverage.

Check your flood zone designation using FEMA's Flood Map Service Center to understand your property's flood risk and insurance requirements. For a detailed overview of how flood coverage works along the South Carolina coast, including NFIP vs private flood insurance options and the 30 day waiting period, read our guide to flood insurance in Myrtle Beach.

Water Damage from Unit Above

One of the most common condo insurance claims involves water damage from units above. A neighbor's overflowing bathtub, broken washing machine hose, or leaking water heater can send water cascading into your unit, damaging ceilings, walls, flooring, and personal property.

Your condo insurance covers damage to your unit and belongings from water originating elsewhere in the building. You do not need to prove the upstairs neighbor was negligent to file a claim on your own policy. Your insurer may then pursue the responsible party through subrogation.

What Condo Insurance Does Not Cover

Understanding exclusions prevents surprises when filing claims. Standard condo insurance policies in Myrtle Beach exclude:

• Flood damage from rising water, storm surge, or surface water runoff
• Earthquake damage which requires a separate policy or endorsement
• Gradual water damage from slow leaks, seepage, or maintenance issues
• Mold damage unless directly resulting from a covered water event
• Normal wear and deterioration from age, use, or lack of maintenance
• Damage from your own negligence such as leaving windows open during a storm
• Building exterior and common areas which fall under the HOA master policy

High value items like jewelry, art, and collectibles may have coverage sublimits requiring scheduled personal property coverage for full protection.

Condo Insurance for Rental Units

Many Myrtle Beach condos are purchased as investment properties and rented to vacationers or long term tenants. Using your condo as a rental changes your insurance needs significantly.

Short Term Vacation Rentals

If you rent your condo through Airbnb, VRBO, or other vacation rental platforms, standard HO6 coverage may not adequately protect you. Short term rentals involve higher liability exposure from constant guest turnover and commercial activity that personal condo policies often exclude.

Vacation rental condos typically need a dwelling fire policy or specialized short term rental coverage rather than a standard HO6. These policies address the commercial nature of rental activity and provide appropriate liability protection for guest injuries.

Long Term Rentals

Condos rented to long term tenants on annual leases may qualify for landlord or dwelling fire coverage rather than an HO6 policy. These policies protect the unit structure and your liability but do not cover tenant belongings. Tenants need their own renters insurance for personal property protection.

How Much Does Condo Insurance Cost in Myrtle Beach?

Condo insurance premiums in Myrtle Beach depend on several factors specific to your unit and building.

Factors Affecting Premium

• Building location: Oceanfront condos in North Myrtle Beach or Surfside Beach cost more to insure than inland units in Conway due to hurricane exposure
• Floor level: Upper floor units may have lower flood risk but similar wind exposure; ground floor units face higher water intrusion risk
• Building construction: Concrete and steel construction typically costs less to insure than wood frame buildings
• Coverage amounts: Higher dwelling and contents limits increase premiums proportionally
• Deductible selection: Higher deductibles reduce premiums but increase out of pocket costs after a claim
• Building age and condition: Newer buildings with updated electrical, plumbing, and roofing often qualify for better rates
• Claims history: Both your personal claims history and the building's overall claims history affect pricing
• HOA master policy: Buildings with comprehensive master policies and lower deductibles may result in lower individual unit premiums

Typical Premium Ranges

Myrtle Beach condo owners typically pay $500 to $2,000 annually for HO6 coverage, though oceanfront units with high dwelling limits and comprehensive coverage can exceed this range. Adding flood insurance increases total costs by several hundred to several thousand dollars depending on flood zone and coverage amounts.

Bundling condo insurance with auto insurance often qualifies for multi policy discounts that reduce overall costs. Comparing quotes from multiple carriers through an independent agent helps find competitive rates for your specific situation.

Filing Condo Insurance Claims

Knowing how to navigate the claims process helps ensure fair settlement when damage occurs.

Determining Responsibility

After damage to your condo, determining whether to file with your HO6 insurer or the HOA's master policy carrier can be confusing. Generally, damage to building common areas and exterior goes through the master policy. Damage to your unit interior and personal property goes through your HO6 policy.

Water damage claims often involve both policies. If a roof leak damages multiple units, the master policy covers roof repair while individual HO6 policies cover interior damage to each affected unit.

Documentation

Document all damage thoroughly with photos and video before beginning cleanup. Create a detailed inventory of damaged personal property with descriptions and estimated values. Keep receipts for any emergency repairs or temporary housing expenses.

Report claims promptly to your insurance company. Provide requested documentation quickly and keep copies of everything you submit. If your claim involves the HOA master policy as well, coordinate with your building manager to ensure both claims are filed properly.

Why Work with Moore and Associates

Moore and Associates has helped Myrtle Beach condo owners protect their investments since 1979. As an independent insurance agency, we work with multiple carriers to find HO6 coverage that fits your specific unit, building, and budget.

Our local agents understand the condo market throughout Horry and Georgetown counties. We review your HOA's master policy to identify coverage gaps, recommend appropriate dwelling and liability limits, and help coordinate your personal coverage with your building's insurance program.

Get a Condo Insurance Quote in Myrtle Beach, South Carolina

Our condo 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 and Associates today for a free quote and protect your condo investment with coverage designed for coastal South Carolina properties.