Most homeowners prioritize saving money on their home insurance policies. The best way to find affordable insurance is by comparing costs. We analyzed average rates to help you find the best homeowners insurance in South Carolina.

Cheap Home Insurance in South Carolina Cost Comparison

It’s smart to get multiple quotes for home insurance when hunting for cheap homeowners insurance. Our analysis shows that home insurance costs can vary significantly from one insurance company to another. You won’t know how much you can save until you shop around.

Home insurance company Average annual home insurance cost in South Carolina
$1,207
$1,419
UPC
$1,444
$1,531
$1,566
$1,583
$1,736
Assurant
$1,931
$1,977
Source: Quadrant Information Services, based on dwelling coverage of $300,000

Pay attention to what companies have to offer beyond price. The best home insurance company for you will also provide coverages and discounts that match your needs.

Homeowners Insurance Cost Factors in South Carolina

Your ability to find cheap home insurance in South Carolina will depend on several factors, such as:

  • The age of your home
  • The materials that make up your home
  • The cost to rebuild your home
  • The fire rating of your location
  • The claims history of your location
  • Your personal claims history
  • Your credit
  • Your coverage amount, policy limits and deductible amount

When shopping for home insurance quotes, all of these factors will play a part in what a company provides as your price.

What Does Homeowners Insurance in South Carolina Cover?

A standard home insurance policy (also called an HO-3) covers your house for any problem that’s not excluded in your policy.

Your belongings (personal property) are covered for specific “perils” in a standard homeowners insurance policy. Vandalism, theft, explosions and fires are just some of the problems covered by home insurance.

It’s prudent to review how homeowners insurance works to protect you so you can determine how much home insurance you need.

A standard homeowners insurance policy can be broken down into several coverage types:

  • Dwelling: This coverage pays to rebuild or repair your house if it’s damaged. It also covers attached structures, such as a porch or deck.
  • Other structures: This pays to rebuild or repair structures that are not attached to your house, such as a shed or fence.
  • Personal property: This type of homeowners insurance pays to repair or replace your belongings after a problem like a theft or fire. Items covered include your clothing, jewelry, artwork, furniture, rugs, pots and pans, sports equipment and other types of items.
  • Liability: This pays for injuries and property damage you accidentally cause to others. For example, if your dog bites a guest, your liability insurance can pay for a settlement or court judgment against you. It also pays for your legal defense.
  • Medical payments to others: This covers smaller medical claims made by people who do not live in your household, regardless of who is at fault for the accident. For example, if a guest trips over a rug, you can tap this coverage to pay for an emergency room visit. This coverage is usually sold in small amounts, like $1,000.
  • Additional living expenses: If you are displaced from your home because of a problem covered by your policy (such as a fire), additional living expenses pays for costs like restaurant meals, laundry services and hotel bills.

 

What’s Not Covered by South Carolina Homeowners Insurance?

Common exclusions found in a standard home insurance policy include problems like nuclear hazard, power failure, vermin and insect infestations, war, wear and tear, earthquakes, sinkholes and floods.

Make sure you review your policy closely to understand what is excluded from coverage.

Flood Insurance in South Carolina

In certain years, South Carolina can see more than a hundred floods. But a standard home insurance policy won’t cover flood damage. If your property is at risk, you should consider buying flood insurance.

Financial help from the government can be limited or unavailable. It’s wise to have your own flood insurance to rely on. Most people who have flood insurance buy it through the National Flood Insurance Program (NFIP), a federal program. You can also get flood insurance through the private market.

FEMA’s Individuals and Households Program (IHP) can provide monetary and direct assistance after a major disaster or emergency, if you are eligible. This program helps folks find housing after a problem directly caused by a disaster, provided it’s not covered by insurance or other sources.

Earthquake Insurance in South Carolina

While South Carolina has not had any declared disasters for earthquakes, the state has moderate to high risk, according to the 2018 Long-Term National Seismic Hazard Map from the U.S. Geological Survey.

The state records 10 to 20 earthquakes per year, according to the South Carolina Emergency Management Division. About two to five earthquakes are felt each year.

But a standard home insurance policy won’t cover you for earthquake damage. If you want coverage for earthquakes, you’ll need to buy a separate earthquake insurance policy.

Earthquake insurance typically covers:

  • Dwelling
  • Other structures
  • Personal property
  • Additional living expenses

Earthquake insurance often has a separate deductible from your home insurance, usually between 10% to 25% of your dwelling’s policy limit.

Catastrophe Savings Accounts in South Carolina

South Carolina is one of only three states that allow Catastrophe Savings Accounts (CSAs). These accounts let you set aside tax-free money to help pay for damage if a disaster strikes, such as a hurricane. They are somewhat like an HSA for health care costs, but CSAs help you recover after a disaster.

In order to qualify for withdrawal from a Catastrophe Savings Account, expenses must be connected to a major disaster that the governor declares by emergency order. Eligible expenses include paying insurance deductibles and other uninsured losses due to a hurricane, flood or other catastrophic event.

You must label the CSA as a “Catastrophe Savings Account” in a state or federally chartered bank. The CSA must be separated from other accounts, such as your main checking or savings accounts.

Money in a CSA and its interest earnings aren’t subject to state income taxes, but you can’t use the amounts to reduce federal income at tax time.

You’re limited to how much you can contribute to a CSA:

  • If your homeowners insurance deductible for your legal residence is $1,000 or less, you can contribute up to $2,000. You don’t have to contribute all $2,000 at one time. You can contribute over a multiple years up to $2,000.
  • If your deductible is more than $1,000, you can contribute an amount equal to twice the amount of your deductible, not more than $15,000.
  • If you self-insure your legal residence, you can contribute up to $250,000 to a CSA, but it can’t exceed the home’s value.

Withdrawals for qualified catastrophe expenses aren’t taxed. However, if you withdraw money for non-qualified expenses, the state will tax the money as income. Also, withdrawals may face a 2.5% additional tax for non-qualified expenses unless it meets an allowed exception, such as if you’re age 70 or older, you no longer own a residence or the account holder dies.

Find out more about South Carolina’s Catastrophe Savings Accounts.

Tips for Buying South Carolina Homeowners Insurance

Whether you are a longtime homeowner looking for a new insurance company or you’re about to close on your first house, you want to buy a policy at a good price without sacrificing on coverage. Here are guidelines for both home insurance veterans and newbies alike:

  • Evaluate how much liability coverage you need. You should buy an amount that matches the value of what you could lose in a lawsuit, or at least $300,000.
  • Assess your rebuilding costs. You want your dwelling coverage amount to equal the cost to rebuild your home with equitable materials, based on labor costs in your area. You can ask your home insurance agent or a trusted contractor to help you determine the amount.
  • Get replacement cost coverage. If your personal belongings are damaged, replacement cost coverage pays for new items. Actual cash value only pays the depreciated value of your items.
  • Cover your pricey possessions. Certain items, like jewelry, may have “special limits” that cap how much your policy will pay if they are stolen. It’s a good idea to schedule personal property so your high-value items are insured for their worth.
  • Ask for discounts. Make sure you’re getting all the discounts you qualify for, such as home security and multi-line discounts.
  • Research financial ratings. Check the financial strength of your potential insurer with companies like A.M. Best or Standard & Poor’s.
  • Get multiple quotes. Since prices for the same policy can vary significantly, comparison shopping is the key to finding good value. Get homeowners insurance quotes for the same level of coverage from multiple insurance companies.

Methodology

Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.

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