Who is the Charleston Insurance Lady?
It all begins with an idea.
Like many of us in the insurance industry, I did not set out to start a career in insurance. But, in 2016, as a recent college graduate, I took a chance on a part time position at Mappus Insurance Agency. The job was supposed to be focused on social media and marketing. I soon began assisting the agents in quoting policies and putting together proposals for clients. It didn’t take me long to realize that I really enjoyed talking with people, helping them with the insurance piece of their home purchase, and educating them on what they were buying. I found that many people simply bought the cheapest policy, but I sought to provide true value in talking through the various policy options so that the insured can find the policy that best suits their needs and objectives.
As I began to strategize about how I could make the biggest impact in my industry, it became obvious that I should start with the insureds that are just like me. Young professionals buying their first homes. I have always loved working with first time home buyers because it gives me the opportunity to help them understand how the policies work and how this major asset they are purchasing will be protected. Over time, many of my first time home buyers have grown to become second, third, and fourth time home buyers. Many have gone on to purchase investment properties and second homes as well. As cheesy as it may sound, when they grow, it feels like I’m getting to grow with them.
Over the last 10 years, I’ve been fortunate to help over 1000 families insure their homes in Charleston. Reach out to me here to see if I can help you with your insurance needs too!
What is homeowner’s insurance?
It all begins with an idea.
We’ve all heard the term “homeowners insurance”, but what does that actually mean? To put it simply, homeowners insurance is a policy that protects your home, personal property, and personal liability.
Homeowners insurance, or hazard insurance as lenders call it, is broken into two sections. Section I coverages provide protection against damage that could be sustained by your home or personal property. Think damage from a fire, burst pipe, or wind/hail. One of the biggest exposures we have in the Charleston area is the risk of a hurricane or tropical storm. Every policy I write includes coverage for wind/hail, tornadoes, tropical storms, and hurricanes.
Section I coverages are subject to your policy deductible. Every carrier structures their deductibles differently, so it is important to carefully review that information with your trusted agent.
Section II coverages provide liability protection for you and your family. If someone slips and falls on your property or is bitten by your dog, liability coverage will pay the injured party for their bodily injury.
If you want me to review your current insurance or provide a proposal for your new home purchase, reach out to me at savannah@mappusinsurance. or fill out my contact form here.
What is a deductible?
It all begins with an idea.
Your deductible is a part of your policy that can have a major impact on your claim experience. So, what is a deductible?
To put it simply, your deductible is the out of pocket expense that you’re responsible for before insurance will provide coverage. If you have a $1000 deductible, that means that you are responsible to pay for any damages that are less than $1000. If damage from a covered cause of loss exceeds $1000, then you would file a claim and the insurance company would pay the repair or replacement amount that is over $1000.
Where it can get particularly confusing in the Charleston area is that policies usually have two deductibles - your All Other Perils Deductible (typically a flat dollar amount like what is described above) and a percentage deductible. Typically, policies in our area have a wind/hail, named storm, or hurricane deductible that is 2% or more. That 2% is calculated as a percentage of the Dwelling Coverage, not the loss amount. So, if you have a $500,000 Dwelling Coverage limit, a 2% deductible is actually $10,000 out of pocket.
Depending on your carrier’s deductible structure, you could be responsible for that 2% in the event of a hurricane, tropical storm, or wind/hail claim.
Hurricane Deductible - hurricane deductibles are ONLY applicable to damage caused by hurricane. Damage caused by a tropical storm or other non-hurricane wind/hail would be subject to your All Other Perils (AOP) Deductible.
Named Storm Deductible - named storm deductibles apply to damage caused by hurricanes AND tropical storms. Other non-named storm wind/hail is still subject to your AOP Deductible.
Wind/Hail Deductible - this type of deductible is applicable to any sort of wind/hail damage, regardless of it is caused by hurricane, tropical storm, tornado, or any other wind/hail event.
Overall, a hurricane deductible is the most advantageous deductible available in the market as it limits your higher out of pocket expense to one, very specific type of event.
To have me review your policy and help navigate your deductible options reach out here!
What is the best homeowners insurance company in Mount Pleasant?
It all begins with an idea.
In Mount Pleasant, there are many options for homeowners insurance. The “best” carrier will depend on the specifications of your home, your personal risk, and what you place value in?
Updates - some carriers will only write insurance on homes with roofs up to a certain age. Others require plumbing, water heater updates, and electrical updates if a home is over a certain age.
Animals - do you have a dog that is considered an “aggressive breed”? That could preclude you from purchasing coverage with certain carriers.
Your personal risk - have you had a prior claim? Have you had a prior bankruptcy? This can also steer us toward and away from certain carriers based on their underwriting guidelines.
Value - do you prefer to have a lower deductible even if you pay a little more premium? Would you rather pay less premium but be responsible for more out of pocket expense in the event of a claim?
All of these criteria factor into our analysis of the market and our recommendation for the best carrier for your needs.
To start a conversation about your insurance needs and finding the best carrier for you, reach out here!