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Are you planning to buy the most affordable homeowners insurance in South Carolina? Our review of homeowners insurance in SC will give you a clear idea of the cost of average homeowners insurance rate.
Key Takeaways
- Flooding, extreme weather, and tropical cyclones are frequent causes of loss in South Carolina.
- On average, homeowners insurance in South Carolina costs $1,494 annually.
- The rate of homeowners insurance in South Carolina starts at $855 for a year.
South Carolina homeowners insurance: what you need to know
The average homeowners insurance in South Carolina costs around $1,494 yearly. The rate is slightly lower than the national average rate, and the state offers affordable rates compared to neighboring states. Due to its coastal location, the state frequently encounters tropical storms and hurricanes, which can seriously damage homes.
As a resident, you must find affordable homeowners insurance in South Carolina that covers all weather-related damages. Finding cheap home insurance in South Carolina begins with shopping around and comparing rates from various insurers. Don't worry, our review will help you find the best homeowners insurance in SC. Continue reading to know more!
What does a homeowners insurance policy cover?
A standard home insurance policy includes coverages like Dwelling, Personal Property, Liability, Other structures, Medical payments to others, and Additional living expenses. However, while buying South Carolina home insurance, you must always ensure whether the insurers offer these coverages or not. The following are some coverages you can buy extra in the state to strengthen your home's protection.
- Flood insurance: Ideally, standard home insurance policies do not cover flooding damage. Typically you must purchase a separate flood insurance policy through FEMA's National Flood Insurance Program (NFIP) or other commercial flood insurers.
- Earthquake coverage: Although South Carolina does not experience many big earthquakes, they can occur anytime. Suppose you live in an area with a high risk of earthquakes. In that case, many homeowners insurance in SC offers earthquake coverage as extra coverage.
- Identity theft protection: Many home insurance companies provide coverage for identity theft, which can assist you in covering the costs of having your identity stolen. The coverage also pays the lawyer fees and expenses for credit monitoring.
What isn't covered by a typical homeowners insurance policy?
Before buying homeowners insurance in South Carolina, it is important to know what your policy doesn't cover. For instance, most insurance policies don't cover earthquakes, nuclear threats, floods, power outages, insect and vermin infestations, sinkholes, war, wear, and tear, or purposeful loss. Therefore, to ensure what coverages you get, it is better to check your South Carolina homeowners insurance policy before buying.
The cheapest home insurance companies in South Carolina
Residents will always look for the cheapest insurance company to insure their homes. With a yearly average rate of $855, Universal Insurance offers the most affordable homeowners insurance in SC. Safeco offers the next best insurance with an annual average rate of $1,365. Both these insurers offer rates less than the state average rate.
The following are the rates of the cheapest home insurers in South Carolina.
| Insurer | Average annual rate |
|---|---|
| Universal Insurance | $855 |
| Safeco | $1,365 |
| State Farm | $1,471 |
| AAA | $1,472 |
| United | $1,757 |
The best homeowners insurance in South Carolina for poor credit
A few late payments might significantly lower your credit score and increase your insurance costs. Insurance firms view poor credit as a sign of risky behavior and a higher likelihood of making an insurance claim; hence charge higher premiums.
Allstate offers the most affordable house insurance rates in South Carolina for a homeowner with bad credit, with an average annual rate of $1,513. However, with a yearly premium of $9,254, Travelers has the highest rates for South Carolina residents with poor credit.
| Insurer | Average annual rate |
|---|---|
| Allstate | $1,513 |
| USAA | $1,813 |
| South Carolina Farm Bureau Insurance | $3,000 |
| State Farm | $3,574 |
| Travelers | $9,254 |
The best homeowners insurance in South Carolina for pool owners
Those with swimming pools pay more for home insurance. Most insurers consider swimming pools high risk, meaning liability claims are more likely to occur.
The least expensive home insurance company for South Carolina homes with swimming pools is USAA, with a yearly average rate of $738.
| Insurer | Average annual rate |
|---|---|
| USAA | $738 |
| Allstate | $940 |
| State Farm | $2,086 |
| South Carolina Farm Bureau Insurance | $2,264 |
| Travelers | $4,083 |
Homeowners Insurance deductibles in South Carolina
Where you choose to put your deductible might have a significant impact on the cost of your South Carolina home insurance. When choosing a deductible, remember that your rates will be less expensive the larger your deductible is. Therefore, you should raise your deductible if you want a house insurance policy at a lesser cost. The typical deductibles included in most homeowners insurance in SC are listed here, along with the typical insurance rates that go along with them.
| Deductible Level | Average annual rate |
|---|---|
| $500 | $1,827 |
| $1,000 | $1,691 |
| $1,500 | $1,621 |
| $2,000 | $1,499 |
| $5,000 | $1,318 |
South Carolina home insurance prices by coverage levels
The amount of homeowners insurance coverage you select will affect your insurance rates. In South Carolina, the average cost of carrying $100K in dwelling coverage is $852 a year, while the average cost of carrying an extra $400K in coverage is $2,605 yearly.
| Dwelling coverage cost | Average annual rate |
|---|---|
| $100,000 | $852 |
| $200,000 | $1,475 |
| $250,000 | $1,691 |
| $400,000 | $2,605 |
South Carolina Homeowners insurance costs by city
The cost of homeowners insurance in SC differs by city. In addition, your ZIP code significantly impacts the policy premiums because they consider location-specific factors like the volume of claims in your neighborhood. Also, the crime rate of your area can affect the rates.
Be ready to pay higher premiums if you live in a city with a high crime rate. The following are the insurance rates of various cities in SC.
| City | Annual Average Rate |
|---|---|
| Abbeville | $1,239 |
| Adams Run | $1,726 |
| Aiken | $1,239 |
| Alcolu | $1,381 |
| Allendale | $1,322 |
| Anderson | $1,194 |
| Andrews | $1,678 |
| Arcadia | $1,090 |
| Arcadia Lakes | $1,196 |
Home and auto insurance bundling in South Carolina
Bundling your house and auto insurance policies is one way by which you can lower the cost of homeowners insurance in SC. Bundling these policies will help you save nearly $128 yearly on South Carolina home insurance rates.
| Average annual rate (without bundling) | Average annual rate (with bundling) | Yearly savings (in $) | Yearly savings (in percent) |
|---|---|---|---|
| $1,494 | $1,366 | $128 | 8.6% |
Home Insurance Discounts in South Carolina
Using the discounts your insurer offers is the best way to lower homeowners insurance rates in SC. The following are the discount offered by major insurers in the state.
| Insurer | Bundling Discounts | Loyalty Discounts | Military Discounts | New Home Credit Discounts | Claim-Free Discounts | Protective Devices Discounts |
|---|---|---|---|---|---|---|
| Farmers | ✓ | ✓ | - | ✓ | ✓ | ✓ |
| Allstate | ✓ | ✓ | - | ✓ | ✓ | - |
| State Farm | ✓ | - | - | - | ✓ | ✓ |
| USAA | ✓ | ✓ | ✓ | - | ✓ | ✓ |
| Nationwide | ✓ | - | - | ✓ | ✓ | ✓ |
| Liberty Mutual | ✓ | - | - | - | - | - |
| Progressive | ✓ | - | - | ✓ | - | ✓ |
| Amica | ✓ | - | - | ✓ | ✓ | ✓ |
| Chubb | ✓ | - | - | ✓ | ✓ | ✓ |
Comparing Common Features Across Top Companies
Are you looking to buy the best homeowners insurance in South Carolina? Then check whether your insurer offers these features.
| Insurer | Identity Theft Protection | Valuable Possessions | Water Backup | Other Structures Coverage | Dwelling /Personal Property Replacement |
|---|---|---|---|---|---|
| Farmers | Optional | ✓ | No | Optional | Optional |
| Allstate | Optional | Optional | Optional | ✓ | Optional |
| State Farm | Optional | Optional | Optional | ✓ | Optional |
| USAA | ✓ | Optional | No | ✓ | ✓ |
| Nationwide | Optional | Optional | Optional | ✓ | Optional |
| Liberty Mutual | Optional | Optional | Optional | ✓ | Optional |
| Progressive | No | Optional | Optional | ✓ | ✓ |
| Amica | Optional | Optional | Optional | ✓ | Optional |
| Chubb | Optional | Optional | ✓ | ✓ | ✓ |
Common Causes of Home Insurance Claims in South Carolina
The damage from tropical cyclones, flooding, and wind leads residents to claim home insurance in SC.
Natural disaster coverage in South Carolina
Does homeowners insurance cover hurricanes in South Carolina?
Insurance companies are still hesitant to take on the entire risk associated with hurricanes because hurricanes can leave behind severe wreckage and destroy structures. However, in South Carolina, there may be a higher chance that hurricanes will cause damage to your home. South Carolina has a significant chance of hurricane damage to 35,934 single-family houses.
Since a basic policy won't be adequate to cover the costs of repairing damage caused by hurricanes, you must buy extra coverage to cover repairs or replacements. In addition, if you reside in a place at high risk for hurricanes, your insurer needs a different deductible for storms depending on your state. The following are the hurricane deductible rates in SC.
| Insurer | Average annual rate with a hurricane deductible |
|---|---|
| Universal Insurance | $970 |
| Liberty Mutual | $996 |
| State Farm | $1,070 |
| United | $1,312 |
| AAA | $1,373 |
Does homeowners insurance cover flooding in South Carolina?
No. Ideally, a homeowners insurance policy won't cover damages related to flooding. Therefore, you must buy additional coverage to safeguard your house from flooding. For that, you can buy coverage via the National Flood Insurance Program (NFIP) of FEMA or a commercial insurer. Though NFIP flood insurance offers the following coverage, the coverage of commercial flood insurance policies can vary.
- Your home's structure - $250,000
- Personal property - $100,000
Factors that Affect Home Insurance Rates in South Carolina
Are you planning to buy the best homeowners insurance in South Carolina? Then consider these factors before buying one.
- Your location: If you live in a South Carolina neighborhood with a high crime rate, your homeowners insurance premiums will be high.
- Replacement cost: Your insurance costs will vary depending on the cost of labor and building materials in your location.
- Age/condition: Newer homes in South Carolina always cost less to insure than older ones.
- Claims history: Insurers may see you as a risk if you file claims regularly. Expect to spend more on South Carolina homeowners insurance if you make claims frequently.
- Credit history: Most insurers will check your credit score before issuing a home insurance policy. If your credit score is low, your rates will be higher.
- Dog breed: Some insurance companies consider some dog breeds 'dangerous.' Owning a dog the company identifies as 'dangerous' will surge your homeowners insurance rate in SC.
Tips for Buying Homeowners Insurance
Follow these tips to buy the best homeowners insurance in South Carolina.
- Assess your rebuilding costs: Speak with your insurance agent or a builder to find out how much it may cost to rebuild your house using low-cost materials and local labor.
- Review the advantage of replacement cost over actual cash value: For your home and personal goods, consider getting replacement cost insurance.
- Consider add-on coverage for your expensive items: Personal property coverage could be necessary if you own costly possessions like high-end electronics, sporting equipment, musical instruments, or even antiquities.
- Evaluate your liability coverage needs: Calculate the liability insurance you need.
- Assess coverage gaps: Some insurance companies offer higher limits for landscaping items like trees and bushes.
- Check financial ratings: All home insurers might have insurance ratings from organizations like AM Best and Standard & Poor's. For instance, some businesses won't let you apply for a mortgage if your insurer doesn't have a minimum 'A' financial strength rating.
- Check for discounts: Verify that you are utilizing all of the discounts offered by your insurance.
- Compare quotes from various insurance companies: The cost of homeowners insurance in SC may vary between insurers. To get South Carolina homeowners insurance at the best rate, you should compare quotes from different insurers.
Most Common Disasters in South Carolina
In South Carolina, hurricanes are the most frequently reported disaster. These are some of the common disasters that affect the state.
- Wildfires: In South Carolina, late winter and early spring are prime times for wildfires.
- Tornadoes: Tornadoes with damaging winds, rain, and hail anywhere in the state can result in significant property damage.
- Theft: Although theft is not a frequent cause of loss, it does occur, especially in regions of the state where the crime rate is higher than normal.
- Earthquakes: You might be surprised to discover that South Carolina experiences 10-15 earthquakes annually. Only three to five are powerful enough for inhabitants to feel them. Still, South Carolina is at high risk for earthquakes.
Disasters by month
According to FEMA, September and October are the busiest months for declared disasters.
| Month | Number of disasters |
|---|---|
| January | 3 |
| February | 2 |
| March | 5 |
| April | 1 |
| May | 1 |
| June | 1 |
| August | 2 |
| September | 13 |
| October | 8 |
| November | 2 |
Disasters by year
According to FEMA, an average year in South Carolina has one declared disaster; however, some years are busier than others.
| Year | Number of disasters |
|---|---|
| 2001 | 1 |
| 2002 | 1 |
| 2003 | 1 |
| 2004 | 4 |
| 2005 | 1 |
| 2006 | 1 |
| 2007 | 0 |
| 2008 | 0 |
| 2009 | 1 |
| 2010 | 0 |
| 2011 | 0 |
| 2012 | 0 |
| 2013 | 0 |
| 2014 | 2 |
| 2015 | 2 |
| 2016 | 3 |
| 2017 | 2 |
| 2018 | 2 |
| 2019 | 2 |
| 2020 | 4 |
How to Get South Carolina Home Insurance with Way.com
Are you looking a low cost homeowners insurance in South Carolina? The state average rates are ideally less than the neighboring states. Still, are you looking for the best homeowners insurance in South Carolina? How can you get it?
That's where Way.com can help you. Use our website or app, compare the quotes from various insurers, and buy the one with the lowest quote. Also, our homeowners insurance agents in South Carolina can help you. They will help you understand the state's most complex homeowners insurance rules, terms, coverages, and discounts. So, contact our agents if you want to buy the cheapest South Carolina home insurance.
Home Insurance Data Methodology
The home insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.
Quotes are typically based on a full coverage policy average unless otherwise noted within the content.
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com
FAQs
How much is homeowners insurance in SC?
On average, a South Carolina home insurance costs you $1,494 yearly.
Is homeowners insurance required in South Carolina?
No, South Carolina doesn't have a law requiring homeowners insurance. Still, your mortgage company most certainly will if you want a loan.
What is the cheapest homeowners insurance in South Carolina?
With an annual average rate of $855, Universal Insurance offers the cheapest home insurance in SC.
Does my homeowners insurance cover hurricane damage?
No. a standard policy doesn't offer coverage for all hurricane aspects. So, you must buy it as extra coverage in SC.
Do I need hurricane and flood coverage in South Carolina?
Yes. The state is prone to both. Since standard coverages don't cover it, you should buy these coverages additionally.
Why does the type of dog I have determine my homeowners insurance rates?
If you own a dog that your insurer finds 'dangerous,' be ready to pay higher home insurance premiums.
When can a company cancel my homeowners insurance policy?
Insurers can cancel your policy if you've held it for fewer than 60 days. As a result, they will probably decide not to renew your insurance after your coverage's term expires. An insurance provider must provide you with a letter explaining their decision not to renew your coverage.
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