Compare Homeowners Insurance Quotes In South Carolina

On average, your neighbors pay $103 a month.

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Best Home Insurance Rates In South Carolina

The Palmetto State was the birthplace of the seventh president, Andrew Jackson. In more modern times, South Carolina has produced such greats as Chubby Checker, Stephen Colbert, and Vanna White. South Carolina was also the first state to declare independence from Britain at the start of the Revolutionary War. Because of its climate, South Carolina is also the home to a number of homeowners insurance risks.

Average South Carolina Homeowners Insurance Rates

South Carolina’s average insurance premiums are slightly higher than the rest of the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of South Carolina was $1,240, slightly higher than the national average of $1,132. Thirteen states have higher average home insurance rates than South Carolina.

South Carolina Average Annual Homeowners Insurance Rates
  2012 2013 2014
South Carolina Annual Average $1,134 $1,214 $1,240
South Carolina Price Per Month $94 $101 $103
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 13 12 14
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in South Carolina should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance quotes comparison in South Carolina from multiple companies.

Best South Carolina Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of South Carolina. Out of the 14,475 South Carolina homeowners that used QuoteWizard to request insurance quotes last year, 1,213 had no home insurance.

  1. Allstate Insurance
  2. Nationwide
  3. Geico
  4. Liberty Mutual
  5. Progressive Casualty
  6. USAA
  7. Travelers Insurance
  8. American Family
  9. Farmers
  10. Safeco
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Why contact every individual company in South Carolina that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Best South Carolina Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $161,093 11.0%
2 USAA Insurance Group $107,726 7.4%
3 Nationwide Mutual Group $90,965 6.2%
4 Travelers Companies Inc. $86,148 5.9%
5 SC Farm Bureau Mutual Insurance Co. $70,208 4.8%
6 Liberty Mutual $68,389 4.7%
7 Farmers Insurance Group of Cos. $48,701 3.3%
8 American International Group $41,394 2.8%
9 Auto-Owners Insurance Co. $41,187 2.8%

Financial Strength Ratings of Top South Carolina Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • Allstate: A+
  • USAA Insurance Group: A++
  • Nationwide Mutual Insurance Co.: A+
  • Travelers Companies Inc.: A+
  • SC Farm Bureau Mutual Insurance Co.: A
  • Liberty Mutual: A
  • Farmers Insurance Group of Cos.: A+
  • American International Group: A
  • Auto-Owners Insurance Co.: A++
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Rating Guide

South Carolina Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $613,985 8.1%
2 Nationwide Mutual Group $494,725 6.5%
3 Liberty Mutual $417,687 5.5%
4 Travelers Companies Inc. $375,209 4.9%
5 United Service Automobile Assurance Co. $356,425 4.7%
6 Geico $333,024 4.4%
7 American International Group $252,754 3.3%
8 Progressive Group $216,083 2.9%
9 SC Farm Bureau Mutual Insurance Co. $198,842 2.6%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in South Carolina.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For South Carolina, the average listing price is $261,829 as of July 2015, slightly lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, South Carolina’s average burglary rate was 857.8 per 100,000 people, which is much higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In South Carolina, there are 44.8 law enforcement personnel per 100,000 total citizens, which is much higher than the national median of 32 per 100,000.

Home Insurance Hazards

South Carolina’s climate is typical of the South, with hot, humid summers, mostly mild winters, and a propensity for thunderstorms, tornadoes, and hurricanes. Rain is fairly common all year-round. All of these weather events combined make South Carolina a place with a lot of home insurance hazards to be concerned about.

Hot, humid summers: South Carolina is the lighting capital of the US, where storms occur about 100 days of the year. The central region of the state is the most at risk, due to its typical combination of high heat, humidity, and rain clouds. These brief flashes of electricity are five times hotter than the surface of the sun. As such, good preparation is required, because lightning can cause power outages, wildfires, and even death. The risk of wildfire is especially high with La Niña conditions, when South Carolina is abnormally dry through winter and into spring.

Humidity is also incredibly high during the summers. In August, the average humidity throughout the state is about 90%. When heat and humidity combine, the temperature feels even hotter. This effect calculated using the heat index, a table that calculates how hot it really feels. For example, if it’s 90 degrees with 90% humidity, it really feels like 122 degrees. Because the human body is not able to cool itself as effectively, extremely humid heat is a serious hazard, especially to young children and adults over 65. It can also cause damage to your home, because moisture is often trapped inside, leading to possible mold and mildew development.

Rain and thunderstorms: South Carolina is one of the wettest states, with an average of about 50 inches of rain per year. Much of this precipitation comes in the form of thunderstorms, and South Carolina sees about 50 days of the year with some thunderstorm activity. Rain is fairly evenly distributed throughout the state, but is a bit higher in coastal regions. Charleston, near the Atlantic Coast, averages 113 days and 51 inches of rain annually. Further west, Anderson only receives 93 days of rain, and about 48 inches, on average. Thunderstorms are most common during summer, and almost half of the days in July and August see some precipitation. These thunderstorms bring heavy rains, strong winds, lightning, flash floods, sometimes hail, and can even produce tornadoes. It is important to properly prepare for this weather, and all its consequences. As such, the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: According to the National Oceanic and Atmospheric Administration, South Carolina averages 10 tornadoes per year, and in 2012, the National Weather Service ranked South Carolina the #17 most tornado-prone state. In 1984 South Carolina experienced its worst tornado outbreak in modern history. Multiple tornadoes, including several F4 tornadoes killed 17 people and injured hundreds.

Hurricanes: Sitting on the Atlantic Coast, South Carolina is no stranger to hurricanes. According to NOAA, South Carolina has been hit by 30 hurricanes, including 6 that are considered “major hurricanes,” meaning category 3 or above. Hurricanes can completely devastate whole towns at a time, bringing with them extreme winds, heavy rains, flood, tornadoes, and can force people to evacuate their homes, cause power outages and consequently spread disease. They can destroy personal property, infrastructure, and farmland. So, they are extremely expensive, costing the US about $5 billion every year in damage, on average.

South Carolina Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Ray Farmer
Insurance Hotline:
(803) 737– 6160
Office Hours:
Monday - Friday
8:30 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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