The Cost of Home Insurance on Fripp Island
Fripp Island Insurance
Things to know regarding obtaining insurance on Fripp Island and ways to save money:
Home Insurance
All of our companies will cover wind, hail, hurricane, etc. within the standard home policy. Therefore, you will not need a separate wind policy.
Some items that can lower the home insurance premium:
- Homes built after 2005 will usually have a lower rate with the newer homes having the greatest discount.
- Most companies will require the roof to be replaced within the last 15 years. The biggest discounts are given to roofs less than 5 years old.
- Having hurricane shutters, alarm system, etc will also allow small discounts. However, the credits for these are usually minimal.
- You can lower your personal property coverage (furniture, clothing, etc.) to help reduce the annual premium, especially if the home is a secondary or rental home. Some companies include upwards of 50% for personal property. This means for a $400,000 home, you will receive $200,000 in personal property coverage. However, if you feel $50,000-$75,000 will replace the personal property, you could see savings of $500-$750 per year.
Flood Insurance
Flood insurance on Fripp Island can change drastically from house to house. Most homes are located in an AE flood zone with a required elevation of 13 feet above sea level.
Some items that will affect the flood premium:
- Enclosures built after the construction of the home (enclosed storage closet, etc.) could have a negative impact on the annual premium.
- Elevators could slightly increase the cost of flood insurance.
- Like home insurance, reducing the personal property could save hundreds of dollars per year.
For homes built prior to 1985, we have found a way to lower the standard flood premium. This is the case for most homes on the island, particularly along Remora Drive, Dolphin Drive, and all roads in the middle of the northern part of the island. During construction these homes were located in a B zone. Therefore, if you are purchasing one of these homes, we can use historical maps to help lower the flood premium by grandfathering the home into a zone that is less expensive. This could be the difference in paying $2,500 per year in flood insurance or paying $1,200 per year in flood insurance.
Fripp Island home and flood insurance is unlike insurance inland. Our agency is set up to insure property along the coast of South Carolina, including Fripp Island. We insure up to 7-10 homes per month at Fripp Island. We work closely with the best realtors on the island and will have the best premiums 90% of the time and will have the best service 100% of the time.
If you have any other questions regarding insurance at Fripp Island, please do not hesitate to give us a call or contact us through the website.