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South Carolina Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
According to 2021 rates, the average cost of homeowners insurance in South Carolina is $2026 per year and $169 per month. South Carolina homeowners insurance rates are $628 per year more then the national average and about 45% more annually. When compared to the other US states that makes the cost of homeowners insurance in South Carolina the 7th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in South Carolina is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in South Carolina in minutes.
South Carolina Average Homeowners Insurance Rates | |
---|---|
Average Cost Per Month | $169 |
Average Annual Premium | $2026 |
State Rank (Most Expensive) | 7th |
For homeowners in South Carolina, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in South Carolina. The following are the best insurance rates from carriers that offer homeowners insurance in South Carolina.
Cheapest Companies | Quotes |
---|---|
Allstate | $2,215 |
Chubb | $790 |
Nationwide | $1,841 |
State Farm | $1,458 |
Travelers | $3,761 |
Buying a home is a huge financial commitment, and, inevitably, the decision to do so involves some level of risk. While this is unavoidable, homeowners can take steps to minimize this risk and protect their property from unforeseen disasters.
The first step in protecting oneself is purchasing homeowners insurance. Though not required by law, home insurance protects your personal belongings from natural disasters or theft. Different coverage options are available for different property types, locations, and other factors.
For more specific location information, check out our Columbia homeowner insurance guide.
Home insurance rates will differ from customer to customer based on the specific insurance products purchased, the bundling of those products, and the risk profile of the property being insured.
Insurance companies decide a customer’s risk profile based on ZIP code–specific variables like the number of nearby claims that have been filed, local crime rates, property values, and weather patterns. For this reason, premiums can vary by city and even neighborhood.
Rates in South Carolina can be relatively high or low compared to the national average; it all depends on where you live. Here are the ZIP codes in South Carolina where home insurance is the most and least expensive.
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Home insurance rates will differ from customer to customer based on the specific insurance products purchased, the bundling of those products, and the risk profile of the property being insured.
Insurance companies decide a customer’s risk profile based on ZIP code–specific variables like the number of nearby claims that have been filed, local crime rates, property values, and weather patterns. For this reason, premiums can vary by city and even neighborhood.
Rates in South Carolina can be relatively high or low compared to the national average; it all depends on where you live. Here are the ZIP codes in South Carolina where home insurance is the most and least expensive.
County | Average Annual Cost |
---|---|
Charleston County | $2,951 |
Greenville County | $1,117 |
Horry County | $2,338 |
Lexington County | $1,609 |
Richland County | $2,535 |
Spartanburg County | $1,427 |
York County | $2,451 |
There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems including:
Broad form homeowners insurance policies include all basic form coverage, plus:
Mobile homes make up a higher percentage of total households in South Carolina than in any other state except New Mexico. In fact, there were nearly 300,000 occupied mobile homes in the state in 2018, according to the U.S. Census Bureau.
Unfortunately, given their vulnerability to extreme weather events, mobile homes are considered a higher risk by home insurance companies and can be difficult to insure. A standard home insurance policy will not cover a mobile home. Instead, you’ll need a specialized policy. Not all providers offer these policies and those that do sometimes do so only through affiliates.
Whichever company you choose, remember that a standard policy usually will cover your home only while it is stationary. If you want to be protected during transit, you’ll need to buy additional coverage.
South Carolinians are no strangers to severe weather events. Hurricanes and floods are both common, and they’ll only become more so as the climate continues to warm. This fact was brought into tragic relief when the state was hit with a so-called “thousand-year flood” in 2015. According to the National Weather Service, the disaster cost the state 19 lives and $1.5 billion in flood damage.
How do you protect against such disasters? Contrary to popular belief, “hurricane insurance” is not the answer. In fact, it doesn’t even exist. Instead, storm damages are covered under two discrete hazards: “windstorm” and “flood.” If you live on or near a coastline, neither of these will likely be included in your standard homeowners insurance policy.
You can often purchase supplementary windstorm coverage either from your existing insurance provider or through a separate, state-sponsored program. You can purchase flood coverage through the National Flood Insurance Program (NFIP). The law requires that property owners purchase flood insurance for some homes, especially those in high-risk areas.
Talk to your insurance agent to learn what options are available.
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in South Carolina.
Swimming pools fall under a category called attractive nuisances. Sure, they offer a fun way to cool off during warm summer months, but they also pose a major injury risk. For that reason, having a swimming pool in your yard could increase rates.
Insurance Company | Average Annual Premium |
---|---|
Nationwide | $851 |
Homeowners of America | $850 |
Universal | $819 |
Cincinnati | $1,890 |
The age of your home and its major systems may affect the policy rate you're quoted by insurance companies
Insurance Company | Average Annual Premium |
---|---|
American National P&C | $380 |
Bankers | $407 |
Encompass | $2,828 |
USAA | $985 |
Just like with groceries or clothes, you can find a good bargain on home insurance. With a little research and the right tools, you’ll be on your way to big savings.
Use Insurify to compare home insurance quotes for your property in South Carolina.
The average cost of homeowners insurance is higher in South Carolina than many other states—mainly due to its proximity to the coast. As discussed above, hurricanes and floods are commonplace, and insurance companies charge higher premiums to account for this risk. The only way to avoid paying this premium entirely is to avoid buying property close to the water. However, if an ocean view is non-negotiable, you can still save money by comparing quotes from multiple providers. Online tools like Insurify make it easy to find the best deal—no matter where you live.
The South Carolina Wind and Hail Underwriting Association (SCWHUA) —commonly called the “wind pool”—is the residual property insurance market in South Carolina. State lawmakers established the pool in 1971 to provide wind and hail coverage for the state’s coastal property owners, many of whom had struggled to find coverage up until then. While the wind pool is a much-needed safety net for many, it’s not always the cheapest option. Officials recommend that homeowners consider all options before purchasing coverage through the pool. Online tools like Insurify make it easy to compare policies.
Insurance can be very expensive, especially if you live in a state that is prone to natural disasters. Fortunately, some state governments offer special incentives to reduce these risks and encourage people to invest in property within their borders.
In South Carolina, homeowners can claim an income tax credit of up to $1,250 if they spend more than five percent of their income on home insurance. Any unused credit can be carried forward for five years. This provision, known as the “Excess Insurance Premium Tax Credit,” applies only to state income tax and is only applicable to your legal residence.
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.