A Time to Save (on insurance and long-term financing)

In today’s world, there are a lot of uncertainties. With the COVID-19 threatening life as we know it, we sit here on the precipice of time wondering: “what next?” With the slowing down of the economy and for many of us, the slowing down on the amount of workload as a result, we are left with a lot of TIME to THINK.

I live in Carolina Park in Mount Pleasant, South Carolina and I think about my neighbors often.  I think about how I can help them during this time of need beyond saying “it’s going to be ok” or “we will get through this together”.  We certainly believe those things, but what can I do with greater purpose to help them?  

One thing I know I think about is finances, and right here, right now, there is a great opportunity to save money! The best part is, you might not have to leave your house and you could be saving yourself THOUSANDS of dollars a year!

Even if mortgage rates are temporarily higher than the ideal refi point right now, I fully believe that they will come back down in order to encourage a major boost to our economy as we work out of the natural recession our world has fallen into as a result of COVID-19. Although we still believe now is a great time to save, when mortgage interest rates do come back down, there will be an even greater opportunity for you to save some money on your mortgage and annual family expenses.

In the meantime, there is another way you and other Mount Pleasant homeowners can be saving money, and for this, you definitely don’t even have to leave your home. I am talking about homeowner’s insurance. Yes, homeowners insurance…you know that policy you pay for each year that you probably forgot about?  

On average, my team and I save people over 37% when they allow our independent agency, Mappus Insurance, to shop their homeowner’s insurance for them. Many people move to coastal South Carolina, specifically Mount Pleasant, Daniel Island, and Isle of Palms from places where hurricanes are not overly prevalent and their mortgage lenders did not require that they carry “wind/hail insurance” OR the cost of wind/hail coverage was pennies compared to what they are paying here along the coast.

Furthermore, most Mount Pleasant homeowners aren’t aware that there are options outside of the large “well known” insurance companies such as State Farm, USAA and Allstate, and so they go with what they know, which is understandable. The bigger issue the looms is that many of these “well known” insurance companies that write all across the United States do not understand coastal insurance (nor want to), and therefore they either don’t provide insurance for the wind portion of the policy OR they increase their rates. In some cases, they “farm out” the wind coverage to a third-party insurance company, which can cost your hundreds or thousands more each year with barebones coverage.  (You can read more about the four critical homeowners insurance mistakes you do not want to make)

The other major issue that these larger “well known” insurance companies have is that they do not have a strong grasp on flood insurance, which is a whole other conversation. Our independent agency, Mappus Insurance, has access to over 10-different private flood insurance options that we work with in addition to FEMA/National Flood Insurance Program (NFIP). In short, FEMA has historically been the only option for flood insurance, however, over the last few years, several private flood insurance companies have entered the flood market recognizing the need to provide better options for the same people that they are providing homeowners insurance. (You can read more about the five ways to save on your flood insurance)

If you are interested in saving hundreds (or thousands) of dollars each year and you are tired of stroking that insurance check, then click below to get started or even simpler, text us at 843-763-4200.  The process is easy, costs you nothing, and what is there to lose?