Sample report — illustrative only. Fictional South Carolina property used for demonstration.

Sample report — South Carolina

Palmetto Cove at Charleston, SC

86-unit barrier-island condominium, built 1997

Overall riskElevated

Wind coverage is placed through SCWHUA at a 7% deductible, no flood coverage protects common elements against storm surge, and the reserve balance is well below what a barrier-island building typically needs. Short-term-rental occupancy is heavy and the reserve study assumes owner-occupied use — the assumption isn't realistic.

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Key findings

South Carolina-specific findings

Elevated

SCWHUA Wind Policy + Master Policy Declarations

SCWHUA wind placement at 7% named-storm deductible

What we found: Admitted carriers declined to renew wind coverage in 2024. Wind/hail placed through the SCWHUA Beach Plan at a 7% named-storm deductible — approximately $1.6M exposure against the $23M wind-rated replacement value. Underlying property coverage (non-wind perils) remains with an admitted carrier.
Why it matters: Charleston, Myrtle Beach, and Hilton Head increasingly rely on SCWHUA as the carrier of last resort. The 7% deductible exceeds Fannie Mae's 5% threshold for project eligibility — a financing constraint as well as a financial-exposure issue.
What to ask: Has the board confirmed the building remains Fannie Mae eligible? What's the loss-assessment limit needed on the HO-6?

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Elevated

Master Policy Schedule + S.C. Flood Zone AE

No common-element flood coverage; storm surge is flood

What we found: Building is in FEMA flood zone AE. The master policy excludes flood. No NFIP or private flood policy covers common elements. Owners individually carry NFIP on their unit interiors.
Why it matters: Storm surge from a hurricane is flood, not wind. Common-element flood losses pass through to owners via loss-assessment if uncovered. Many coastal South Carolina associations skip common-element flood coverage as a budget choice.
What to ask: Why is there no common-element flood policy? Has the board modeled the post-event assessment scenario?

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Elevated

Rental Disclosure + 2024 Reserve Study, p. 4

STR occupancy heavy; reserve study assumes owner use

What we found: Estimated 64% of units are listed on STR platforms during peak season. The 2024 reserve study assumes standard owner-occupied wear curves. Common-area surfaces, HVAC, elevators, and amenities are sized to that assumption.
Why it matters: Heavy STR occupancy materially accelerates wear on common-area components. A reserve schedule that assumes owner use will understate the capital trajectory by 15–30% in heavily rented buildings.
What to ask: When will the reserve study be updated to reflect STR occupancy? What's the trailing replacement-cycle experience versus the study's assumption?

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Moderate

Status Statement + S.C. Code §27-31-210

Junior assessment lien; status statement complete

What we found: Unit is current. Seller-provided status statement is complete and includes 12 months of dues, transfer fee, and any pending assessment. South Carolina has no statutory super-lien — the association's lien is junior to first mortgages.
Why it matters: South Carolina's lien position limits HOA-driven title surprises at foreclosure, but the seller's voluntary disclosure (no statutory mandate) is the only structured information in many resales.
What to ask: Will the seller provide the most recent annual financials and audit (if any) in addition to the status statement?

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