What to do about Wind and Hail Insurance?

As the weather turns toward spring, we find a lot of conversation from homeowners concerning Wind and Hail insurance coverage.  Some homeowners policies are written with the wind/hail coverage included within the policy or more often for properties on the Island the wind coverage is written as a separate policy issued by the South Carolina Wind Hail Underwriting Association (SCWHUA or Wind Pool).

SCWHUA is not inferior coverage.

Back in the 1970’s, the South Carolina Legislature essentially ordered the formation of the SCWUA when it required the insurance industry to make available wind and hail insurance to homes and businesses located along the beach areas.  This residual market was necessary because the coverage was not available or affordable for many properties close to the coastline.  The Wind Pool has served a great benefit to many who live in the beach region.   All property and casualty insurance companies conducting business in the State are required to participate in funding the program and share in any losses or profits.

Want to save some money on you wind and hail insurance? 

Consider raising the deductible! The wind coverage contains a deductible clause that is based on a percentage of the amount of insurance.  Options include 3%, 4%, 5% and 10%.  The premium savings are substantial and you have the benefit of a lower deductible should a loss occur from a non-named storm.  In other words, covered losses not arising out of a named storm carry only a 1% deductible of the limit on the policy, not the higher deductible listed for a named hurricane or tropical storm.   

One final thought from our Insurance Expert. 

Remember if you want replacement cost coverage for your home from the SCWHUA, you must have flood insurance in force at the time of loss.

Please contact:
Jeff Althoff, Agent
Beaufort County Farm Bureau
PO Box 4488
281 Parris Island Gateway
Beaufort, SC 29903
Ph:   843-522-0031 Ext. 234
Cell: 843-812-2921
Fax: 843-522-0785
jeffalthoff@scfbins.com

Rental properties never looked sooo good on Hilton Head!

Rental properties may have taken a beating in value but have kept on ticking when it comes to rental income.  While some values have dropped on rental properties as much as 30% on Hilton Head Island, the gross rental income has stayed fairly constant as vacationers recharge their batteries.  Recently purchasers have warmed up to rental properties as they negotiate some very sweet deals on some of the best properties. 

Short term rental properties are defined as weekly or nightly rentals on Hilton Head Island.  Many owners sign up with a rental company to manage and rent their property and subsidize their rental income with a VRBO type internet site.  Here is a sample rental proforma from a great oceanfront villa we offer for sale.  Whether long or short term rental is chosen, we can help you choose the right rental company for you and your property, simply email us at islandrealtor@hargray.com .

Short Term Rental Properties on Hilton Head Island

1. Villas offer peace of mind as regimes or condo associations actively manage and care for the properties.  We refer to both townhomes and condos as “villas” on Hilton Head.  Most often these properties are owned by out of state owners that rent these properties on the short term rental market when they are not using the property themselves.  The Island offers 1,2,3 and 4 bedroom villas in rental areas including Sea Pines, Palmetto Dunes, Forest Beach, Shipyard and Folly Field. 
2. Buy a rental home on Hilton Head Island.  Many villa owners later sell their villas and purchase a rental home that they rent short term until they move permanently to the Island.  Restrictive Covenants in communities often will dictate whether a home owner can rent their property by the week.  On Hilton Head Island, short term rental homes can be found in Sea Pines, Forest Beach, Shipyard, Palmetto Dunes and Folly Field.(please click on the links in villas to see the top ten reasons to buy property in each of these communities)
3. Buy a Quarter Ownership on Hilton Head Island and use two or three weeks(or more) and rent out the rest.  Quarter-ownership includes 13 weeks of ownership with premier locations in Shipyard, Port Royal and Shelter Cove.  These are both hassle free and headache free as the management company handles all the details.
4. Buy a Bond on the Beach.  While the Condo units at the Oceanfront Hilton Resort in Palmetto Dunes are a registered security, they offer owners the possibility of visiting the Island during owners meetings and upon availability.  Email for price and information details or visit www.dunessecurities.com for further details.

Long Term Rental Opportunities on Hilton Head Island

1. If you could freeze time, their would never be a better time to buy a home or villa on Hilton Head Island.  The values have been beaten down and some of our properties offer premier locations, pricing below replacement costs and are simply priced to sell.  Buying a home and renting it until you are ready to move or retire with prices below replacement on Hilton Head make sense.  what are you waiting for? 
2. Buy a lot, build a home and rent it until you retire.  I have a friend that was a teacher up the north that did just this.  During the 80’s she purchased a home site and built a home.  For the next 10 years she than rented her home until she was ready to retire.  Given lot costs that are lower than I can even remember(1999 prices) and competitive building costs, timing has never been better.

Buy when everyone is selling and sell when everyone is buying!

These resort properties are located in some of the best areas of the Island and are either priced with immediate sale pricing or offer some negotiation.  Many of these sellers and their agents have realized to create a sale, the property must offer compelling pricing to attract a potential buyer.  Unfortunately there is a very limited supply of homes and villas on an Island, so it is better to be here now, than to show up later!

Partnership programs are now available on Hilton Head Island!

We now have partnership programs available on homes and villas around the island.  These programs are offered by existing owners or are groups being set up to buy properties in these premier locations.  For more information, please email us at islandrealtor@hargray.com

Are you looking for a villa on Hilton Head Island?

This is a sweet deal we just listed.  This upgraded two bedroom villa is being offered for sale for $59,000.  Located in Palmetto Commons, this villa offers an unbeatable value today on Hilton Head Island!  Email us at islandrealtor@hargray.com for more information. 

Posted via web from Hilton Head Real Estate

Real Estate is moving again on Hilton Head Island!

We guage our business by our phone.  The phone is ringing again and already this year we have sold 4 properties.  Every indication shows that the pent up demand and consumer confidence will drive the market forward in the first six months on Hilton Head Island. 

Inventory levels will start dropping on Hilton Head by summer!

The market will most likely level off by summer, as we eat through some of this incredible inventory.  We will have difficulty meeting demand in the under $400,000 price point for Hilton Head Island villas and homes by summer.  As the market is building from the bottom up, we expect greater activity in the $400,000-plus market as more homeowners realize the stimulus is for them.  In fact, the high-end luxury market has shown an increase over the last 30 days and we should see these sales steadily climb into 2010. 

The statistics show the market is improving on Hilton Head!

Below are the sales comparisons for 2008 and 2009 for Beaufort County.  Although the year end totals are lower for 2009, it is clearly evident that the market has made the turn based on the last few months of sales and is building momentum.

Sales Statistics for BEAUFORT County South Carolina

Realist’s most recent recording date for this county is 01/05/2010

 Single Family Residences in Beaufort County

Sales Statistics for BEAUFORT County SC
Realist’s most recent recording date for this county is 01/05/2010

Single Family Residence Sales for Beauforty County

Time Period           Number of Sales 
 Nov 2009               229 
 Nov 2008               160 
 Oct 2009                270 
 Oct 2008                266 

 Condominium Sales for Beaufort County
 Time Period          Number of Sales 
 Nov 2009               69 
 Nov 2008               43 
 Oct 2009                56 
 Oct 2008                55 
 

We see opportunity everywhere on Hilton Head Island. 

My company is selling Real Estate on Hilton Head Island!  With over $10 million per month for the last four months we are building momentum.  There are currently properties offered for sale that are priced significantly less than they were two years ago and are priced below market today.  If you would like to recieve a list of these properties, please email us at robbie@robbiebunting.com .  2010 is all about timing and we look forward to working with you to achieve satisfaction and results.

All the best,

Robbie Bunting & Jane Hyers

www.robbiebunting.com

800-932-3652

Our real estate market is changing on Hilton Head Island!

Contrary to popular belief, properties are selling everyday on Hilton Head Island in this changing real estate market.  Do not assume the real estate market on Hilton Head Island is not active!  We are selling on average 3 Island properties per day!

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