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

Hi Robbie,

I just wanted to take a moment to give you a quick update on the current market. We are seeing an unbelievable number of new clients in the last six weeks. People are buying and are excited to be taking advantage of the amazing prices available in our market. Deals are going smoothly and rates are still at record lows on conforming and jumbo mortgages.

The single biggest difference we have noticed is that we are now meeting with clients prior to them shopping for a property. This is working extremely well. The clients know what they can comfortably spend. Their realtor knows the clients are pre-approved and that there is financing available for the price range they are shopping in. We can even help with how the contract needs to be constructed for financing purposes. It basically eliminates unwanted “surprises” that can be deal killers in this environment.

Please encourage your clients to get their financial strategy in order prior to signing a contract. It really helps us be more effective as lenders and helps us get deals closed in a smooth and timely fashion.

We are looking forward to a fantastic 2010!

David

David Crowell
dcrowell@mortgagenetwork.com
Senior Loan Officer
Mortgage Network, Inc.
1000 William Hilton Parkway
Suite 205
Hilton Head Island, SC 29928
Office: 843-842-4004
Fax: 843-785-6404

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. 

Here is a great formula that helps your local community stay local and it is not too difficult.  When was the last time you visited a local studio, attended a gallery hop or spent $50 in a local market or shop.  These shops are the backbone to our tourism industry.  So attend the gallery hop or this weekend enjoy the local shops.  You will make a difference.

Have you heard about the 3/50 Project? 

An amazingly easy formula designed to save the brick and mortar our nation is built on.
 
Here’s how it works:

3:

Pick three locally-owned businesses you’d hate to see disappear, and visit them. Pick up a little something that makes you happy.  You are keeping the shop in business today.

50:

Commit $50 each month to supporting locally-owned businesses, shops or restaurants.  If half of the employed in the US would do that, we’d generate more than $42 billion each year for our local entrepreneurs.

68:

With each $100 we spend in locally-owned businesses, $68 stays within our community.  Big box stores? Only $43.  Internet shopping?  You guessed it… nada. 

It’s that simple.

All companies are not the same on Hilton Head Island. 

Many of the boutique real estate companies are listing companies and not selling companies.  Their company profile is typically 25% sales, 75% listings.  Right now these companies are having difficult times because they carry a lot of inventory.  They typically do not have the ability or people to sell their own inventory and rely on the MLS.  My company and our production is closer to 50/50 with a strong focus on selling.  In fact, that is how we personally finished up 2009.

All salespeople are not the same on Hilton Head Island. 

No one within or outside of our company can provide you a higher level of service, better market exposure and better results than Jane and I.  We are focused, we are positive and we can get agents to make a move.  We also email all agents weekly on your property and push them to stay focused and make a sale (sometimes these agents need a boost to get the job done).

Jane Hyers and Robbie Bunting offer you the following advantages:
• Magnificent Communication
• True Focus
• Better Exposure/Marketing
• Great systems and work philosophies
• Results

The benefits to you include:
• More agents in your villa
• More Potential Buyers
• Shorter Days on the Market
• Faster adjustments to meet market changes

Our unique relationship works  in this changing market. 

We know what we want and we work our very best to achieve it.  I personally have been selling real estate for 25 years with Dunes Marketing Group.  Jane Hyers worked for the Hilton Head MLS for 3 years before we started working together 5 years ago.   We know the agents very well, we know the Island and we know real estate.  Our relationship with Island Realtors is better and we are always pushing ourselves to become better.  We want to create raving fans by helping our buyers and sellers succeed by providing exceptional service.  We look forward to your inquiries.

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

Interested in a free Medical and Fire Alarm on Hilton Head?

A note from Mark Zoran:

As a Fire Fighter I see many issues daily the could be prevented or lessened, only if measures had been in place to monitor a person or dwelling.

Why? First many people today NEED these items,  but they create a financial burden. Not only to the user but also their family. Some people may not need a medical alarm but have always wanted a monitored Smoke Alarm to speak for them when they can’t or are not home. 

I believe that Fire Damage and Injury can be costly, preventing it shouldn’t be.  So, with that said the alarm is FREE. What’s included? The base unit (about the size of an answering machine), an emergency button (worn as a pendant, wrist band, or a belt clip), and if requested, a Smoke Detector. Because of the nature of this setup, renters have an advantage. The system is wireless and does not require any permanent installation. So if you happen to move you can bring the alarm with you!

There is a monitoring fee that works out to about $0.83 a day or 24.99 monthly. (Many other companies charge between $35 and $50 monthly) This fee is Tax deductible as a medical expense and if the smoke detector is opted for, it may reduce Home Owners Insurance up to 26% in some cases (Please contact your Insurance Agent for details).

Obviously not everyone needs a Medical Alert System for their home, that is why we are offering the monitored smoke detector FREE as well. Many people have wanted a monitored smoke detector but were unable to justify the high initial costs incurred. Now people won’t have the worries of an initial investment.

This system may not apply to you. But how about your family, parents or friends. As we can ship these units anywhere, they don’t have to live in Beaufort County. It is my goal to supply all who want and need these alarms are allowed to have access to them. You can’t put a price on life safety. So I won’t.

Thank You
 
Mark Zoran
Owner / Operator
www.ImperialSecurityandWiring.com

888.479.3678 or 888.479.2329 

 Imperial Security & Wiring
Technically Driven. Totally Easy. IT made simple.

Dear Palmetto Hall Property Owners, Friends and Clients~
 
Linked below, is the Palmetto Hall Market Update .  This report shows the active listings, the current pendings and the sold properties.  Please note the average price per square foot for the actives, pendings  and solds.  This can help in determining a quick valuation by mulitplying this number times your heated square footage.  Simply click on the link below to open this report: