The Cheapest and Best Homeowners Insurance in Charleston
The Cheapest Home Insurance Companies in Charleston
The main coverages offered by most homeowners insurance companies are generally the same. Comparing quotes from several insurers makes it easy to find the cheapest insurers in the city.
On average, the following two companies give the lowest home insurance quotes in Charleston for a $100,000 dwelling policy:
- Erie: $686 per year
- USAA: $742 per year (only serves military families)
- USAA: $6,176 per year (only serves military families)
- Allstate: $9,138 per year
Your policy's dwelling coverage has a significant impact on the cost of your homeowners insurance. The table below shows how the cost of insurance varies depending on your coverage limits.
The Cheapest Home Insurance in Charleston, Ranked
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MoneyGeek’s study evaluated home insurance policies with a minimum of $100,000 in dwelling coverage and $40,000 in personal property coverage. Personal property coverage was increased to $800,000 for plans that included $2 million in dwelling coverage. All policies, however, included a $100,000 liability limit.
People in other areas of West Virginia may compare home insurance quotes from various insurers.
The Average Cost of Homeowners Insurance in Charleston for 2022
The cost of a year's worth of homeowners insurance in Charleston is around $843 or $70 a month. This is the same as West Virginia's state average. It is also much lower than the national average of $2,103.
Calculate the Cost of Home Insurance in Charleston
Your home insurance prices are influenced by other factors, including where you live, your credit score and the personal items you choose to insure. MoneyGeek's home insurance calculator helps West Virginia's homeowners compare quotes from different insurance companies.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Charleston
Homeowners insurance companies in Charleston should be evaluated not just for how much they charge but also for how good their customer service and financial strength ratings are. Selecting a financially stable insurer can help ensure that your claim will be quickly and fairly processed.
According to MoneyGeek, the best home insurance providers in Charleston that balance these factors include:
- Best Overall: USAA (only serving military families)
- Runner-up: Erie
Our research looked at the affordability, customer satisfaction and financial strength of insurers in Charleston.
Due to its perfect J.D. Power customer satisfaction and AM Best financial stability ratings, USAA is MoneyGeek's top-rated company in Charleston. However, the insurer only covers the homes of military families.
Under the terms of a USAA homeowners insurance policy, active military members are covered for the loss of their uniforms without having to pay a deductible. Additionally, homeowners that install protective security devices and maintain a claim-free record may qualify for discounts. USAA also offers home-sharing coverage, which covers the costs associated with renting out a room or an entire property.Read MoneyGeek's USAA home Insurance Review
MoneyGeek ranked Erie second due to its perfect affordability scores and high financial stability rating. All Erie policies feature guaranteed replacement cost coverage, which means the insurers will not reduce the value of your home due to depreciation.
Erie policyholders have the option of adding on water backup and sump overflow protection coverage as well as service line protection. This covers items not included in a standard home insurance policy. Its identity recovery coverage protects against the costs of identity theft or fraud.Read MoneyGeek's Erie home Insurance Review
Cheapest Home Insurance Companies in Charleston for Newly Constructed Homes
Newer homes in Charleston have lower insurance premiums than older homes. Insurers believe that new homes can withstand damage because of their use of modern materials. In addition, materials can be replaced more affordably.
It costs around $589 per year to cover new homes in Charleston, while it's approximately $843 to insure a home built in 2000.
On average, the two cheap homeowners insurance companies in Charleston for newly built houses with $250,000 in dwelling coverage are:
- USAA: $502 per year (only covers military families)
- Nationwide: $533 per year
The Cheapest Home Insurance in Charleston for New Homes, Ranked
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Cheapest Home Insurance Companies in Charleston if You Have a Lot of Personal Property
Your homeowners insurance will insure the structure of your home as well as the personal property you include in the policy. If you insure additional personal belongings, your premium will increase.
In Charleston, you can expect an average annual premium of $894 for a policy with a higher personal property coverage limit of $250,000. A policy covering $40,000 in personal property costs around $843 per year.
On average, the two insurers that offer the cheapest insurance in Charleston for residences with $250,000 in personal property coverage are:
- USAA: $774 per year (only serves military families)
- Erie: $799 per year
Cheap Companies in Charleston for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Charleston for High Deductibles
Your deductible is how much you pay when filing a claim before your insurance coverage kicks in. The amount of the deductible you have on your policy affects how much your policy costs. Insurance premiums will be lower for policies with higher deductibles and vice versa. However, a higher deductible means more out-of-pocket costs when you file a claim.
In Charleston, if you have a $2,000 deductible on your home insurance policy, your premium will be about $714 per year. The average annual price for a $1,000-deductible policy is $843.
On average, the following two insurance companies offer the lowest rates for a $2,000 deductible on your home insurance policy in Charleston:
- Erie: $484 per year
- USAA: $635 per year (only serves military families)
The Cheapest Companies in Charleston for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Charleston if You Have Poor Credit
Your credit score has an impact on the cost of homeowners insurance in Charleston. Insurers view individuals with bad credit histories as higher risk and think that they are more likely to file a claim. People who have bad credit scores pay more for home insurance than people who have good credit scores.
Those who have bad credit pay an average of $2,779 a year for home insurance in Charleston. On the other hand, those who have good credit scores pay less than half the price of the same insurance plan at $843 per year.
On average, if you have bad credit, the following two companies in Charleston will give you the cheapest home insurance quotes:
- Nationwide: $1,840 per year
- State Farm: $2,151 per year
The Cheapest Companies in Charleston for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Charleston
It's easy to get a home insurance quote online in Charleston. Depending on the insurer, you'll be asked the following questions and more to generate a personalized quote:
- Home replacement cost: The cost of rebuilding your house after it has been damaged by a covered event is the home replacement cost. This estimate is used by insurers to figure out how much dwelling coverage your home needs. A contractor or construction professional may provide you with a replacement cost estimate.
- Personal property value: Your insurance policy includes a personal property limit that is equal to the value of the personal goods you want to cover.
- Personal information: For a more personalized quote, insurers will ask for information such as your age, residence, credit rating, claim history and social security number.
- Details about your home: You need to provide the insurer with your home particulars, like when it was built, how big it is and whether or not you have installed any security measures.
Homeowners Insurance in Charleston Analysis: Methodology
MoneyGeek used data from Quadrant to analyze five home insurance providers in Charleston. A sample home with varying degrees of coverage was used to assess the companies' affordability. Each company's level of customer satisfaction was determined using J.D. Power's customer satisfaction surveys.
An average 2,500-square-foot home built in 2000 was used as a baseline for this study. The home had $100,000 in dwelling coverage, $40,000 in personal property insurance and $100,000 in liability insurance. Regardless of the level of coverage, all plans examined included a $1,000 deductible.
Additionally, the study looked at homeowner profiles with newly constructed homes, poor credit, higher deductibles and a lot of personal property to insure.
About Mark Fitzpatrick