Insurance can also play a big role in the affordability of the homes you consider. Insurance is not as expensive in areas that are further inland (like Summerville, for example, where flood insurance is rarely required). However, in the areas closer to the coast (the beaches, of course, along with James Island, West Ashley, downtown Charleston, and Mt. Pleasant), many of the homes require flood insurance if they are located in certain flood zones. In some of the lighter flood zones, the homes don’t require flood insurance, but it’s recommended that you get it (and the policies are quite low in cost).
Insurance prices vary according to where the home is located and which company you choose. When our clients are ready to make an offer on a home, we always encourage them to get quotes from several companies for a comparison so that they’ll know how much they can expect to pay before they make their offer on a particular home. Although it takes more time to get multiple quotes, we’ve found that it can really help in saving clients money in the long run. And, we’re always happy to recommend companies in Charleston for you to compare.
Lastly, we can make your satisfaction with the insurance policy a contingency on your offer so that – if you find that you’re not comfortable with the insurance costs – you can get out of the contract and find another home to buy. But, be sure to let your agent know if you want to do this before you’re ready to make an offer. And, as always, be sure to talk with your Charleston real estate agent
about home insurance before you make an offer to buy real estate. If your agent can’t answer your questions, he or she should be able to recommend a good insurance agent for you to talk to.