Average Cost of Homeowners Insurance in South Carolina (2024)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

• South Carolina Department of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in South Carolina: Find cost-effective options for your home.
• South Carolina Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in South Carolina: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.