On average, your neighbors pay $107 a month.See Your Rates
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.
How much is home insurance in South Carolina? South Carolina’s homeowners insurance premiums are slightly higher than the rest of the country. The average cost of homeowners insurance in the state of South Carolina is $1,284. That's slightly higher than the national average of $1,173. Fifteen states have higher average home insurance rates than South Carolina.
|South Carolina Annual Average||$1,214||$1,240||$1,284|
|South Carolina Price Per Month||$101||$103||$107|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average South Carolina home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, South Carolina homeowners insurance rates increased from $1,091 in 2011 to $1,240 in 2015, a jump of $193 dollars, or 17.69 percent.
Choosing a homeowners insurance company in South Carolina should be easier. Actually, it’s already easy. The key to finding the best rates is to compare homeowners insurance quotes comparison in South Carolina from multiple companies.
These were the most common home insurance companies reported by QuoteWizard users in South Carolina last year. Out of the 14,475 South Carolina homeowners that used QuoteWizard to request insurance quotes last year, 1,213 had no home insurance.
The above list shows South Carolina’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the best homeowners insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Rating||Market Share|
|5||SC Farm Bureau Mutual Insurance||A||4.8%|
|7||Farmers Insurance Group||A+||3.3%|
How much is homeowners insurance in South Carolina? Insurers look at many different factors when putting together a homeowners policy for you. While some points will of course be based on your house, others are based on the region your house is in.
There are many factors an insurance company considers when figuring out coverage for your home. First, they’ll start with your house, specifically:
The age of your house is a big factor. The older your home, the higher your rates. This is because as your house ages, the odds of needing to file a claim increase. That’s especially true if the house hasn’t been taken care of.
While a large percentage of homes in SC (58 percent) were built between 1970 and 2009, 13 percent of the houses there were built before 1939. Houses of that age will no doubt see higher premiums.
Your roof is extremely important to your home insurance rates. An old or lousy roof can turn a standard storm into an extremely expensive home insurance claim.
An average asphalt shingle roof is going to last you anywhere from 15 to 25 years, depending on the climate where you live. Weather can have a huge effect on your roof, which is a good reason to consider other materials to build it with. If you have an old or poorly maintained roof, you’re going to pay more for home insurance.
In the wintertime, South Carolina does not get as much snow as its neighbor North Carolina, but it makes up for it in rainfall. SC sees an average of 44.29 inches of rainfall per year. This is well above the national average of 31.2 inches. Correct weatherproofing for your roof is crucial.
Cement tiling is an excellent option for weather like this. Due to its water resistance, cement can withstand rain years longer than other forms of roofing. This means less replacement for water damage and cracking. All in all, you can expect 40 to 75 years of life with a cement roof.
Replacement cost refers to the amount it costs to rebuild your home after a disaster. You should purchase enough dwelling/structure coverage to match that amount.
It’s important to know that your home’s market value and its replacement cost are two separate things. It could cost more to replace a $135,000 home in Florence than a $235,000 home in Myrtle Beach. Replacement cost is calculated based on factors like home structure as well as interior and exterior features. It doesn’t account for the value of the land.
If you file a homeowners claim, you’ll see an increase in your rates afterwards. Claims remain on your record for about five to seven years. If you make any other claims during that time, you can expect your rates to rise even higher. You may even face policy cancellation. Consider it carefully before filing a claim. While homeowners insurance is there when you need it, it can be less expensive long-term to pay for minor repairs out of pocket.
Charleston was recently named the most dog friendly city in America, according to Realtor. Nearly 70 percent of Charleston households own a dog. If you’re a dog owner, be aware that certain 'risky' breeds can affect your premium.
Your insurance company will look at your credit score when putting together a quote for you. Your credit debt, history, and limit are all elements factors they will consider. The average credit score in South Carolina is 671. This is a bit below the national average of 682.
Weather is an interesting factor in homeowners rates because it plays a major part in your rate, yet it is a regional factor rather than an individual one. In other words, it’s out of your hands. If you live in an area with a history of weather hazards, the rate increase would affect you and your neighbors.
Like other East Coast states, South Carolina laws require homeowners to have a hurricane deductible. In South Carolina, it’s anywhere from one to ten percent of your home’s coverage amount. For example, if you have a $300,000 policy and a two percent hurricane deductible is in effect, you would have to pay the first $6,000 of the repairs before your insurance kicks in.
There are specific criteria for when the deductible triggers. A higher percentage amount is applied for damages that occur between 12 hours before or 12 hours after a named storm or hurricane makes landfall.
If you can’t find affordable home insurance for windstorm or hail damage from a windstorm coverage, the South Carolina Wind and Hail Underwriting Association can probably help.
Like weather, living in an area with a high property crime rate can lead to higher rates for all residents. Property crime rates vary from city to city in South Carolina. Lexington has a property crime rate of 3,300 per 100,000 residents, while Charleston has a property crime rate of 2,581 per 100,000 residents. Charleston homeowners have a lower risk of property crimes. .
Prevention is the best way here to keep your rates low. Installing home security can help your peace of mind and reduce your home insurance costs.
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