Best Home Insurance Rates In South Carolina

On average, your neighbors pay $107 a month.

See Your Rates

Compare Home Insurance 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

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 (SC) Average Annual Homeowners Insurance Rates
  2013 2014 2015
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
National Rank 12 14 16
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.

South Carolina average homeowners insurance rates

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.

Most Popular South Carolina Home Insurance 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.

  1. Allstate
  2. Nationwide
  3. Geico
  4. Liberty Mutual
  5. Progressive
  6. USAA
  7. Travelers
  8. American Family
  9. Farmers
  10. Safeco
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Best Homeowners Insurance Companies in South Carolina

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:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

South Carolina Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Allstate A++ 11.0%
2 USAA Insurance A++ 7.4%
3 Nationwide Mutual A+ 6.2%
4 Travelers Companies A+ 5.9%
5 SC Farm Bureau Mutual Insurance A 4.8%
6 Liberty Mutual A 4.7%
7 Farmers Insurance Group A+ 3.3%
8 AIG A 2.8%
9 Auto-Owners Insurance A++ 2.8%
Get affordable homeowners insurance in South Carolina
Ready to see if you're eligible?
Get Quotes

South Carolina Home Insurance Rate Factors

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.

Your Personal Rate Factors

Your House

There are many factors an insurance company considers when figuring out coverage for your home. First, they’ll start with your house, specifically:

Your home’s age

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.

Roof quality

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.

Your home’s replacement cost

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.

Claims History

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.

Pets

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.

Credit Score

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.

South Carolina Rate Factors

Weather

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.

Property Crime

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.

Types of Home Insurance Policies

  • HO-1: A very basic policy that covers named perils like fire, hail, and theft.
  • HO-2: This policy provides the same named peril coverage as the HO-1 but also includes risks such as falling objects, frozen pipes, and smoke damage.
  • HO-3: This the most common type of home coverage due how comprehensive it is. HO-3s covers everything unless excluded in writing. It covers your home structure and attached structures such as decks or garages. Furthermore, it covers liability and your belongings.
  • HO-5: This is a premium plan. A HO-5 is an open peril policy with fewer exclusions than the HO-3
  • HO-6: This provides coverage for condo liability. It also covers the interior of the unit and belongings.
  • HO-7: This is coverage specifically for manufactured or mobile homes.
  • HO-8: This policy type is specifically for much older. It provides coverage for replacement costs that would be higher due to out-of-date materials or methods used. Coverage is given based on the cash value of the home, reducing costs a lot.

South Carolina Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Raymong G. 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:

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.