Need Info On Isle Of Palms Please (Charleston, Mount Pleasant: homeowners insurance, vacation home)
Charleston areaCharleston - North Charleston - Mt. Pleasant - Summerville - Goose Creek
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Can anyone give me any info on The Isle of Palms. I was searching for houses and there seems to be a lot of very affordable homes there. Whats the catch it seems to good to be true .
Anything on the Isle of Palms in the $164,000 range is probably going to be for a 1/13th ownership, much like a time share. Property on the Isle of Palms is some of the highest in the area.
Also for you info..Govenor just signed a new Coastal Insurance bill. People are not moving out of here for Insurance issues. It is still very much a desirable area and a Destination City.
Anything under $800,000 is a timeshare, tear down or typo.
Does anyone know what the new insurance bill will do to lower the cost of insurance in places like Mt. Pleasant? We looked at a houses there last December but could not afford the unbelievable homeowners policy quotes.
The bill will basically provide tax brakes to homeowners that make hurricane improvements to their homes and to the companies that provide coverage. It allows for tax-deductible savings accounts to be used towards deductible payments. It is for primary homes only, not vacation homes. The bill covers areas in Mount Pleasant east of highway 17, but according to the news article it is not "permanent". Which from what I understand means is if the larger wind pool undercuts the insurance market, it will allow for it to be rolled back. Which means that you will have to find coverage in that area through a private carrier again if that happens.
Charleston, SC Latest Business News: Insurance alternative expanded to East Cooper coastal properties (http://web.charleston.net/news/2007/may/24/insurance_alternative_expanded_east_cooper_coast/ - broken link)
Charleston, SC Latest State and Regional News: Senate acts on insurance (http://web.charleston.net/news/2007/jun/01/senate_acts_on_insurance/ - broken link)
Last edited by scjj; 06-15-2007 at 04:12 PM..
Reason: added
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