Underwriting and providing homeowners/condo coverage is an area in which PC&L Agency, Inc. is especially proud. With offices in Charleston, Myrtle Beach and Hilton Head we are experts in coastal insurance needs and have developed the needed relationships with insurers to meet the demand.
PC&L Agency WRITES WIND COVERAGE for houses in the SC Wind Pool Zones. Property is covered including wind and hail. Flood and Excess Flood are available.
PC&L Agency is the most competitive homeowner's insurance agency in the Charleston, Hilton Head and Myrtle Beach areas. PC&L Agency competes each and every day against State Farm, AllState, Nationwide, Farm Bureau, USAA, Travelers, Hartford, Lloyds of London and other insurers while maintaining or expanding current coverage limits and doing so at a much lower price!
The South Carolina Wind and Hail pool offers inferior coverage at a higher price with higher and more confusing deductibles. Many carriers are placing your wind coverage in the SC Wind & Hail pool, but that may not be your best option.
Insurance policies provide protection for your home, contents, loss of use, guest medical payments and liability. Homes are insured on a replacement cost basis. Contents and personal belongings are also insured on a replacement cost basis. The South Carolina Wind and Hail pool does not cover personal property on a replacement cost basis.
Within the ranks of State Farm, Allstate, Nationwide, Farm Bureau and others, some companies are now writing roof coverage on the basis of "ACTUAL CASH VALUE" vs. replacement cost. "ACTUAL CASH VALUE" or "ACV" factors depreciation into the value of the item that is to be replaced. In most cases, this reduces the amount you will receive toward yourreplacement item. Several of these companies also exclude wind altogether, or cover wind with a very high deductible. Many of these companies are simply non-renewing homeowners and wind coverage altogether.
If you are insured with State Farm, Allstate, Nationwide, Farm Bureau you are doing business with an agent that is an employee of that particular insurance company. That agent works for and represents the insurance company, not the client. You are paying for their amusing and expensive television/radio/print ads that offer a slanted view of their product. As independent agents, PC&L Agency is beholden to no carrier in particular. We will place you with the best insurance company for you and your family. As insurance agents and brokers with many insurance companies to access we will assist you in determining what your home should be covered for in order to avoid co-insurance penalties. Homes are insured for the replacement cost of the structure, NOT the sales price or market value of the home/property.
Loss of use provides funds for additional expenses incurred in the event of a covered loss and if you are not able to live in your home until it is repaired. Included items are motel, dining, and laundry.
Guest medical payments and Liability coverage protect you from claims alleging damage as a result of homeowner negligence. The medical payment is a no-fault coverage in order to foster good will.
The theory of insurance is equitable sharing of losses. Like kind and quality are to be treated as such. Coinsurance provisions respond to the policy requirements of insurance to value.
Illustration with premiums and limits chosen for simplification:
Neighborhood with 100 Houses (all similar in replacement costs)
|Group A||Group B|
|(50 people want $50,000 coverage)||(50 People want $100,000 coverage)|
|$500 Annual Premium||$1,000 Annual Premium|
Fact: Over 99% of all claims are partial claims. Is it equitable for Group A to receive the same settlement on a partial loss as Group B? The answer is obvious...NO.