Condo Insurance Basics in North Myrtle Beach

Wondering what condo insurance you actually need in North Myrtle Beach? With oceanfront views come coastal risks, and the rules for condos can feel confusing at first. You want simple, solid coverage that protects your place and your budget. In this guide, you’ll learn how HOA master policies and HO-6 policies work together, when you need flood insurance, how hurricane deductibles apply, and the steps to take before you buy or sell. Let’s dive in.

North Myrtle Beach risk basics

North Myrtle Beach sits on the Atlantic, so condos face higher wind, hurricane, and flood exposure than inland areas. Flood risk is a key factor, especially for buildings in FEMA Special Flood Hazard Areas such as Zones A, AE, V, or VE. You can check a specific address using the FEMA Flood Map Service Center to see the official flood zone and base flood elevation. For storm awareness and seasonal outlooks, follow updates from the National Hurricane Center during hurricane season.

• Review flood maps: visit the FEMA Flood Map Service Center to confirm a unit’s flood zone.
• Track storms: use the National Hurricane Center for forecasts and advisories.
• Check local resources: Horry County’s Floodplain Management page offers local mapping and elevation resources.

Master policy vs. HO-6

Condo coverage has two layers. Your association buys a master policy that covers items defined in the CC&Rs and the policy itself. You buy an HO-6 policy to cover what falls to you.

The master policy

The HOA master policy usually insures the building structure, roof, and common elements. Some master policies are written as “bare walls” where the association insures the exterior shell and common areas, and you insure interior finishes. Others may be more “all-in,” which can include some interior components. There is no single standard, so always verify what the documents say.

Your HO-6 policy

Your HO-6 covers your personal property, your liability, and the interior items you are responsible for under the governing documents. It can also include additional living expenses if a covered loss makes your unit uninhabitable. For a clear overview of HO-6 coverage, the Insurance Information Institute offers consumer guidance on condo insurance.

How to confirm who insures what

Ask for the association’s CC&Rs and the master policy declarations before you buy. Look for the coverage type, building limits, named-storm or hurricane deductible details, and whether the association carries flood insurance. This is the only way to know the exact handoff between association and unit owner.

What HO-6 typically covers

Every policy is different, but you will often see these parts:

• Personal property coverage for your contents (replacement cost is often available).
• Building property coverage for interior finishes, fixtures, and improvements you are responsible for.
• Personal liability and medical payments.
• Additional Living Expenses if you cannot live in the unit after a covered loss.
• Loss assessment coverage to help pay your share if the association assesses owners after a covered loss to common elements.
• Optional endorsements: ordinance or law, water and sewer backup, scheduled personal property, and limited mold coverage.

Flood insurance is separate

Standard HO-6 policies do not cover flood from rising water. If your unit is in a FEMA Special Flood Hazard Area and you have a federally backed mortgage, your lender will require flood insurance. Flood coverage can be purchased through the National Flood Insurance Program or private insurers. Start with the NFIP’s consumer site to learn how building and contents coverage works, then use the FEMA Flood Map Service Center to confirm your unit’s flood zone. Some associations buy a building flood policy, but many owners still need contents coverage for belongings inside the unit.

• Learn the basics: see the National Flood Insurance Program overview for coverage options.
• Check your address: use the FEMA Flood Map Service Center for parcel-specific maps.

Deductibles and costs

Coastal policies often have hurricane or named-storm deductibles that use a percentage instead of a flat dollar amount. This percentage is applied to the covered building limit, which can create higher out-of-pocket costs after a storm. For example, a 2 percent hurricane deductible on a 200,000 dollar building limit equals a 4,000 dollar deductible. The South Carolina Department of Insurance provides helpful guidance on how hurricane deductibles work.

What drives your cost in North Myrtle Beach:

• Proximity to the ocean and your building’s elevation and flood zone.
• Building materials, age, and overall condition.
• Claims history for the building and area.
• Coverage choices such as higher limits, loss assessment, ordinance or law, and water backup endorsements.

Buyer checklist

Use this step-by-step list before you purchase a condo in North Myrtle Beach:

1. Get the CC&Rs and bylaws to confirm who insures what.
2. Request the HOA master policy declarations and recent renewals. Note coverage type, building limits, deductibles, and any flood policy.
3. Ask for claims history and any planned assessments. Review recent meeting minutes.
4. Check the FEMA flood map for the property. Confirm if the unit is in a Special Flood Hazard Area and whether the association carries NFIP or private flood coverage.
5. Shop HO-6 quotes. Ask about loss assessment, improvements and betterments, ordinance or law, water and sewer backup, flood contents if needed, and higher liability limits.
6. Confirm named-storm or hurricane deductible type and percentage. Estimate your potential out-of-pocket using the association’s building limit.
7. Document your belongings with photos or video and gather receipts for high-value items.

Selling your condo

Help your buyer and their insurer move quickly by preparing:

• Association insurance declarations, CC&Rs, recent minutes, and assessment history.
• A record of past claims on your unit and any maintenance items that could affect coverage.
• An inventory of improvements and upgrades that should be insured as betterments.

After a loss

Act fast and notify both the association and your HO-6 insurer if damage affects your unit and common elements. File parallel claims if the master policy and your HO-6 both apply. Document everything with photos, video, estimates, and repair records. For flood losses, report the claim to your flood insurer promptly, since flood claims follow different rules under NFIP or private policies. If there is a dispute about responsibility, the CC&Rs and master policy control. Consider professional review for large or complex claims.

Mistakes to avoid

• Assuming the HOA covers your interior finishes without reading the CC&Rs and master policy.
• Forgetting that flood is excluded from HO-6.
• Overlooking named-storm or hurricane deductibles that could create large out-of-pocket costs.
• Skipping loss assessment coverage when your building carries a high master deductible.
• Ignoring ordinance or law coverage for code-required upgrades after a loss.

Getting condo insurance right gives you peace of mind at the beach. If you want help reviewing documents before you buy or need local guidance on buildings and neighborhoods, reach out to us anytime. You can start your search or connect with us through Jan and Dan Sitter | Coastal Beach Homes.

FAQs

Does HO-6 cover flood for North Myrtle Beach condos?

• No. Standard HO-6 policies exclude flood from rising water. Consider a separate flood policy through the National Flood Insurance Program or a private insurer if your lender requires it or your risk warrants it.

What is loss assessment coverage on a condo policy?

• Loss assessment coverage helps pay your share if the association assesses unit owners after a covered loss to common areas, such as to cover the master policy deductible or an uncovered portion, subject to your policy limits.

How do hurricane deductibles work in South Carolina?

• Many coastal policies include a percentage hurricane or named-storm deductible applied to the covered limit, which can mean higher out-of-pocket costs after a storm. Review your policy and the South Carolina Department of Insurance guidance.

Who insures interior fixtures in my unit?

• It depends on your association’s governing documents and master policy. Some associations insure only the building shell, while others include certain interiors. Read the CC&Rs and master declarations to confirm.

Do I need ordinance and law coverage on my HO-6?

• It is often recommended, because after a loss you may be required to bring parts of your unit up to current building codes. Ordinance and law coverage helps pay for those mandated upgrades when standard coverage would not.

Where can I check my condo’s flood zone?

• Use the FEMA Flood Map Service Center to look up your address and view official flood maps and designations.