Saturday, October 31, 2009

What You Need to Know When Insuring Property on the Coast

This guest article was written by Elizabeth Johnson, who regularly writes on the topic of online construction management degrees . She welcomes your comments and questions at her email address:

In a world full of uncertainties, you would be a fool not to insure your valuables and assets. And when it comes to buying insurance for property, there are certain aspects that you must be aware of, especially when your home is on the coast, in the mountains or in any other special location. If you have just invested in oceanfront property on the coast, here is what you need to know before purchasing insurance:
  • If you are going to live in the home full time, then you may have to go about insuring it against the usual factors like theft, damage and destruction caused by the elements of nature, and of course, accidental destruction because of human negligence or carelessness.

  • Homes near the coast may be more prone to damage and destruction because of hurricanes or tsunamis (if you live in an area that is prone to huge waves or earthquakes), so ensure that your policy takes care of all these details as well.

  • Ensure that your policy is detailed and includes every kind of damage possible. To give you an example, someone I know took out a policy insuring their home against damage from a storm. Unfortunately, the insurance company refused to pay up because even though there was a storm, the damage was caused by rising flood water. So be very specific in order to avoid both having to pay for insurance and not being able to make use of it. Be as conscientious about insuring your home as you are about your own health when buying a health insurance policy.

  • If your home on the coast is more like vacation property that you visit once in a while, your homeowners policy may need more coverage to safeguard your home from theft and vandalism as well as the usual perils. An unguarded, empty home is a haven for miscreants who are looking for easy money. Some insurance companies insist on insuring your primary home as well if you want to buy a policy for your seasonal or vacation home, so discuss this with your agent before you sign up.

Speak to a reliable insurance agent and know all your options before you decide on a policy. Our Myrtle Beach Allstate agent, Scott Todd is one of the best. Visit his website at and take advantage of his "Ask an Insurance Expert" service. You can find the answer to many of your questions about South Carolina Homeowners Insurance, HO6 insurance, or Renters Insurance in SC.

SC Insurance

Our thanks to Elizabeth for her great article!

Saturday, October 24, 2009

Myrtle Beach Condos at Barefoot Resort Face Problems

Barefoot Resort in North Myrtle BeachOne of the most beautiful resorts on the Grand Strand is the Barefoot Resort Yacht Club. Just a notch or two below the famous Grande Dunes Marina Inn, I've watched these units sell for more than a year now. They are priced higher than most all of the oceanfront condos in Myrtle Beach, which seems to follow the pattern of the waterway condos in Miami - down there, oceanfront condos are a dime a dozen, and those on the Intracoastal Waterway are in the millions.

And now it seems that the on-site rental management company Barefoot chose to represent itself has absconded with the rental money and disappeared. Premier Resorts out of Utah closed down last week and even left the owners with no keys to get into their own units!

Carolina First Bank filed foreclosure proceedings in September, along with a lawsuit against the company for defaulting on two loans totalling $6.75 million dollars. The company also owns the wonderful marina in front of the resort, the restaurant Docksiders, and 70 acres of land in the Barefoot Resort community. They even owe owners of the boat slips for rental monies due them.

Barefoot Resort PoolAbout 35 of the owners met to discuss the situation and try to decide on the next course of action. The court has appointed our local Noble Company as receiver of the property, changing locks and going through financial records. A representative of Noble states they are NOT going to take over the rental management of the units, however.

Myrtle Beach has several longtime rental management companies such as CondoLux and Condo-World, and they have a stellar record, as well as having been in the business for 20 plus years. Either of these companies is a good choice for these beleaguered owners. There are also many small North Myrtle Beach real estate agencies that handle rentals. Hopefully these owners will find the best company for their needs and eventually recover their lost rental money. It just goes to show that on-site rental management is not the best or easiest course of action.

Maintaining a profitable rental property, whether it's a Myrtle Beach waterway condo or on the ocean, requires a good rental management situation, maintaining good SC Condo insurance coverage, and a pro-active and diligent HOA to monitor it all. It's a shame that these owners have to go through this, though. Barefoot Resort is one of the finest properties on the Grand Strand.