Average Cost of Homeowners Insurance in South Carolina (2024)


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The average cost of homeowners insurance in South Carolina in 2024 is $2,708. That's higher to the $2,423 national average.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums in South Carolina, with a difference between the lowest and highest premium amounts reaching $11,983 on average. If your rates have recently increased, we've also analyzed the cheapest plans in the state to help you find a more favorable option.

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Rates updated:

Dec 06, 2024

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To establish the average cost of homeowners insurance in South Carolina, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in South Carolina as of 2024.

1.4 MQuotes Analyzed
 
8Companies Compared
 
11ZIP Codes

Average Cost of Home Insurance in South Carolina by Coverage Amount

In South Carolina, the average homeowners insurance premium is $2,708 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. That's more than the $2,423 national average home insurance rate.

Determining how much coverage you need is crucial. Your policy should cover the complete rebuilding of your home and replacement of your belongings after a total loss.

For example, a policy with $100K in dwelling coverage costs an average of $1,403 annually. If you own a larger property and require $500K in dwelling coverage, the average premium is $4,851.

Average Annual Home Insurance Premium South Carolina by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K Liability$1,403
$250K Dwelling / $125K Personal Property / $200K Liability$2,708
$500K Dwelling / $250K Personal Property / $300K Liability$4,851
$750K Dwelling / $375K Personal Property / $500K Liability$7,217

Average Cost of Home Insurance in South Carolina by Insurer

Premiums for homeowners insurance in South Carolina show significant variation among providers for comparable coverage. For example, Chubb offers an annual premium significantly lower than Travelers' regardless of having a similar protection level for your home.

Differences in underwriting can lead to diverse pricing. That's why it's empirical to compare quotes when in the market for the best homeowners insurance in South Carolina.

Average Annual Home Insurance Premium South Carolina by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Chubb$1,645
State Farm$1,813
USAA$1,997
Auto-Owners Insurance$2,442
Allstate$2,488
Foremost Insurance$3,133
Nationwide$3,788
Travelers$4,362

Average Cost of Home Insurance in South Carolina by Credit Score

Homeowners in South Carolina with poor credit pay an average of $13,805 annually, which exceeds the state average by $11,097. Conversely, those with excellent credit pay $1,822 annually in home insurance. This stark contrast highlights how credit scores directly affect insurance rates.

While you may not be able to improve your credit score immediately, you can enhance it over time to lower your rates. In the short term, comparing insurers is a savvy move to find more affordable coverage. It takes less than 15 minutes to see which South Carolina insurers will save you the most.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Poor$13,805
Below Fair$6,629
Fair$3,980
Good$2,708
Excellent$1,822

Average Cost of Home Insurance in South Carolina by Construction and Roof Type

The type of roof on a home can influence the cost of homeowners insurance. In South Carolina, homeowners with tile roofs may see lower premiums due to the material's durability. Conversely, shake-treated roofs, which may be less resistant to weather-related damage, could lead to higher insurance costs.

Construction materials also play a role in insurance premiums. Homes built with superior construction materials more resistant to fire and other perils often qualify for lower insurance rates. On the other hand, standard frame constructions might carry higher premiums due to being less robust.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Average Annual Home Insurance in South Carolina by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K Liability$1,403
$250K Dwelling / $125K Personal Property / $200K Liability$2,708
$500K Dwelling / $250K Personal Property / $300K Liability$4,851
$750K Dwelling / $375K Personal Property / $500K Liability$7,217
$1M Dwelling / $500K Personal Property / $1M Liability$9,819

Average Cost of Home Insurance in South Carolina for Newly Constructed Homes

Insuring a newly constructed home in South Carolina costs $1,534 annually, $1,174 lower than the $2,708 average for existing homes. This is mainly due to the modern materials used in the new homes and adherence to current building standards. The table below displays the premium differences for varying coverage levels for existing and newly built homes.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)$2,708
New Construction (2023)$1,534

Average Cost of Home Insurance in South Carolina by Claims History

In South Carolina, homeowners with a claim-free record for five or more years pay an average annual premium of $2,708. Those who have made one claim in the past five years typically face a premium of $3,108, while two claims within the same period can raise the average premium to $3,402. This data illustrates a clear trend: a history of claims can significantly impact insurance costs.

Average Annual Home Insurance in South Carolina by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ years$2,708
1 claim in past 5 years$3,108
2 claims in past 5 years$3,402
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SOUTH CAROLINA NATURAL DISASTERS AND HOME INSURANCE

In South Carolina, hurricanes and tornadoes pose the greatest risk to properties. Homeowners insurance typically covers wind-related damages. However, it often excludes flood damage.

Average Cost of Home Insurance by City in South Carolina

For the cities we analyzed, we found premiums ranging from $1,968 to $4,772. In Columbia, homeowners may pay around $1,968 annually. Charleston's average is at $3,270. Myrtle Beach residents could see rates as high as $4,772.

Premiums vary by city due to factors like local crime rates, weather patterns and the cost of rebuilding homes. Location is a significant factor, but credit rating and coverage amount also greatly influence premiums.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
Charleston$3,270
Columbia$1,968
Myrtle Beach$4,772
North Charleston$3,040
Sumter$2,228

How to Shop for Home Insurance in South Carolina

Getting a good homeowners insurance deal in South Carolina is within reach when you know how the system works. Here's how to find the best deal for you.

  1. 1
    Assess Your Coverage Needs

    Determine how much coverage you need for your home and personal properties.

  2. 2
    Compare Quotes

    Look at different prices online and compare home insurance quotes to find the best deal for your unique situation.

  3. 3
    Consider Bundling Policies

    Save money by bundling home and auto insurance.

  4. 4
    Look for Discounts

    Ask about discounts from insurers. Some insurance providers lower their quotes for being claim-free and having security systems installed in your home.

  5. 5
    Choose a Deductible

    Decide on a deductible that fits your budget.

  6. 6
    Review Company Reputation

    Check the insurers for customer service and claims ratings. The higher their scores are, the better your chances of getting a good insurance policy.

Bundling Home Insurance With Auto Insurance in South Carolina

In South Carolina, homeowners can potentially save 10% on insurance costs by bundling their home and auto policies. On average, a multipolicy bundle can lead to savings ranging from $70 to $980. To maximize discounts, check out the best home and auto bundle in South Carolina.

Home Insurance Discounts in South Carolina

South Carolina residents can benefit from various homeowners insurance discounts, including.

  • Impact-Resistant Roof Discount: Upgrading to an impact-resistant roof may lower premiums.
  • Home Safety Features Discount: Installing security systems and smoke detectors can lead to savings.
  • Loyalty Discount: Long-term policyholders may receive discounts for their dedication.

Remember to inquire about all eligible discounts when obtaining a quote to maximize your savings potential.

FAQ: Homeowners Insurance in South Carolina

On average, what is the cheapest insurer in South Carolina?

Is hurricane coverage included in South Carolina homeowners insurance?

What is the biggest factor that impacts the price of homeowners insurance in South Carolina?

How much can I save bundling my home and auto insurance in South Carolina?

Additional Resources for Homeowners Insurance in South Carolina

South Carolina homeowners seeking information about insurance regulations, affordable coverage options and tools to estimate insurance costs can explore the following resources:

About Mark Fitzpatrick


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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.