Many of our Myrtle Beach Real Estate clients ask, "When it comes to homeowners insurance, what's covered and what's not?"  Here's a quick guide:

With the recent flooding in South Carolina, many homeowners were surprised to discover their homeowners insurance policy doesn't cover flood damage. With this in mind, it's a good idea to review your homeowners policy to make sure you understand what it covers and what it doesn't. For most items not covered, homeowners can purchase a supplemental policy to add that coverage.

Generally Covered by Homeowners Insurance:
Most insurance policies cover the basics like fire, lightning, hail, theft, vandalism, and liability should an injury occur on your property. Should damage to your home occur, insurance policies generally cover the repairs or rebuilding of your home or other structures like garages, sheds, and fences, as well as replacing your personal property like furniture, clothing, electronics, and other household goods or valuables. Many policies will also pay for temporary housing if you are displaced from your home during repairs.

Generally NOT Covered by Homeowners Insurance:
There are a plethora of damages that most insurance policies do not cover - and most homeowners don't even realize it! Most insurance policies will not cover flood damage, earthquake damage or sinkhole damage (earth movement damages), mold damage, sewer back-ups, termite damage, acts of terrorism or war, or nuclear plant accidents. Some of these may be covered by federal laws such as the Price-Anderson Act of 1957 that provides funds for homeowners in the event of nuclear plant accidents that result in property loss or damage, bodily injury, sickness, and so on.

May or May Not be Covered Depending on Region:
Depending on what region of the country you live in, there are additional provisions that may or may not be covered. For example, if you live in a coastal area, wind damage may require additional supplemental insurance depending on how close to the ocean your home is. In non-coastal areas, windstorms and wind damage may be covered under a general homeowners policy. Have a thorough discussion with your insurance agent to make sure you address any regional coverage limits or exclusions.

Whether or not your home was impacted by the recent floods, it is a good time to review your homeowners policy to make sure you're clear on what it covers and what it doesn't. The worst time to discover your policy doesn't cover something is after the damage has already occurred!