A guide to Hilton Head Island and Bluffton area real estate, rentals and lifestyle
Issue link: https://www.e-digitaleditions.com/i/922373
e State of South Carolina has a number of incentives and tax credits that were enacted to help homeowners living in coastal communities save for catastrophic losses and/or mitigate the damage caused by high winds or rising fl oodwaters. ese include the following: • Catastrophe Savings Accounts – Similar to an HSA, these accounts help you save for out-of-pocket catastrophe expenses through a state income tax credit based upon your homeowners insurance deductible. • Excess Premium Tax Credit – If the cost of insuring your property is more than 5% of your income, then you may be eligible for a state income tax credit. • Fortifi cation Measures Tax Credit – State income tax credits are available to homeowners incurring costs to fortify their homes against wind damage. • SC Safe Home Program – is grant program, which is administered by the SCDOI, is designed to help make homes more resistant to wind damage by providing grants of up to $5,000 for qualifying homeowners and mitigation projects. For more information about these programs and incentives, visit www.doi.sc.gov/coastal. It's important to remember that fl ood insurance and earthquake insurance are not covered by a standard homeowners insurance policy. Regardless of where your property is located, it is a good idea to ask your insurance agent about fl ood insurance coverage. e National Flood Insurance Program (NFIP) as well as some private insurance companies provide fl ood insurance coverage. Earthquake coverage is available through most insurance companies for an additional fee. It is a good idea to also complete an annual review of your policy and property. It is important to meet with your insurance agent to review your insurance policy limits and determine if you have the appropriate amount of coverage for your home and property. If you have purchased expensive items over the year such as jewelry, antiques or fi ne art, you may need to update your information so these items are also covered. Should you have a claim, knowing what's damaged can help you recover. Completing an annual home inventory is a good way to track your belongings and property. ere are many free apps available that can help you photograph your property with your smart phone and keep track of important product information such as manufacturer codes and serial numbers. If you have questions about your policy, you should not hesitate to contact your agent or company. If we can be of assistance, please contact the SCDOI Offi ce of Consumer Services by calling 1-800-768-3467 or emailing consumers@doi.sc.gov. Our staff is available Mondays through ursdays from 8:00 a.m. to 6:00 p.m. and from 8:00 a.m. to 5:00 p.m. on Fridays. Provided by The South Carolina Department of Insurance Save More on Your Homeowners Insurance Costs FOR MORE INFORMATION CONTACT SCDOI OFFICE OF CONSUMER SERVICES AT 8007683467 Hilton Head Area Association of Realtors ® inking About a Career In Real Estate? As you browse through the Lowcountry Living & Real Estate Magazine does it make you think about a career in real estate? It looks fun, glamorous and easy, but that is farthest from the truth and I say this from experience. When I moved to Hilton Head Island, it was a career change for me from 25 years in the travel industry to becoming a Realtor. After passing the state real estate exam, I worked with a mentor who shared with me her knowledge, skills and experience. My mentor prepared me with the start up costs of the business, which include Realtor Association membership dues, multiple listing fees, advertising costs to get my name out in the public. She also said that I would probably not receive a paycheck for six to nine months. I was confi dent, poised and ready for my new career. I loved previewing houses and learning the inventory. Meeting new people and hearing their stories, wants and wishes for their home just made me feel humbled to help them achieve their goals. However, the reality was it was diff erent work than I expected. Realtors make it look very easy to their clients and customers; but they are in the background orchestrating negotiations, attorneys, home inspectors, repairs, emotions and much more. I have had Realtors tell me they have cleaned yards, climbed under houses, vacuumed living rooms, and mowed lawns to get a house ready to sell. According to a new report from the National Association of Realtors 64 percent of Realtors say that the fl exible hours are the most attractive part of being a real estate agent, followed by interest in the industry (at 64 percent) and working with people (at 54 percent). e report also asked Realtors what skills are necessary to succeed in residential real estate; they named people skills, self-motivation and negotiation skills as the top three most important traits and talents. I worked as a Realtor for three years and was beginning to my business start to take off but, I decided this was not the career for me. I needed to get back to my passion of management and again had a mentor who helped me achieve my goal and become the CEO of the Hilton Head Area Association of REATLORS. My advise to those looking to start a career in real estate is this: • Be fi nancially prepared and disciplined, you must run it like a business and have a budget and marketing plan • Recognize this is a very competitive business and there are going to be disappointments • Talk with an experienced professional and seek their advice about getting started Real estate can be very rewarding and I applaud all of those who give themselves to this industry to help others achieve the American Dream of Homeownership. If you are looking to buy or sell real estate, ask if your agent is a Realtor and a member of the Hilton Head Area Association of Realtors. Jean Beck Executive Vice President 22