The Cheapest and Best Homeowners Insurance in Columbia
The Cheapest Home Insurance Companies in Columbia
Where you live and how much coverage you buy will affect the price of your homeowners insurance. However, most home insurance companies offer the same core coverages, so it’s important to select a provider that balances affordability and customer service.
In Columbia, MoneyGeek found the following companies to be the top two cheapest homeowners insurers for policies of $250,000 in dwelling coverage:
- Chubb: $697 per year
- Universal North America: $832 per year
Meanwhile, both insurers are also the cheapest for more expensive homes in Columbia, offering $2 million in dwelling coverage for a cost of:
- Chubb: $6,138 per year
- Universal North America: $6,656 per year
Homeowners insurance rates vary from insurer to insurer and are usually determined by your specific coverage needs. You can see how prices change by adjusting your dwelling coverage limits in the table below.
The Cheapest Home Insurance in Columbia, Ranked
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Keep in mind that all policies with basic baseline dwelling coverage of $250,000 have $100,000 in personal property limits, whereas all policies with dwelling coverage of $2 million have $800,000 in personal property limits. All policies include $100,000 in liability insurance.
If you reside in another city, you can compare home insurance companies in South Carolina.
The Average Cost of Homeowners Insurance in Columbia for 2022
MoneyGeek found home insurance costs in Columbia averaged $1,350 per year, which is cheaper than the national average of $2,103 and the state average of $3,377.
Calculate the Cost of Home Insurance in Columbia
When determining your home insurance premium, insurance companies often take into account a variety of factors, such as your desired coverage level, creditworthiness and other variables. Insurers will want to know whether your home is in an area that is prone to natural disasters, theft, vandalism or other risk factors.
Using MoneyGeek's home insurance calculator, you can compare quotes in Columbia, SC. Adjust the calculator to discover how your rates differ depending on where you live.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Columbia
Homeowners shopping for insurance in Columbia often let cost be the deciding factor. But you should also consider other important indicators, including the provider’s customer service ratings, financial stability, claim ratings, response time and more.
MoneyGeek ranks the top two best home insurance companies as:
Keep in mind that USAA only serves military members and their families. The second best widely available home insurance provider is Allstate.
MoneyGeek ranked the best home insurance providers in Columbia based on several factors including, customer service, affordability, financial stability and user satisfaction.
Chubb received perfect scores for both affordability and stability but had a lower overall customer satisfaction rating. The company offers home insurance for an average yearly premium of $697 and will pay to rebuild your home to its original condition, even if the cost exceeds your policy limit. Chubb also offers a rare add-on coverage called risk consultancy.
If you add risk consulting to your homeowner's policy, Chubb's highly skilled risk advisors will visit your home to carefully examine your personal belongings and make sure you are properly covered. If your home is considered a total loss, Chubb offers customers the option to take a cash settlement vs. rebuilding.Read MoneyGeek's Chubb home Insurance Review
A USAA home insurance policy costs around $1,373 annually. This insurer scored a perfect 5 out of 5 for customer satisfaction and stability, but lower in affordability. USAA offers a rare home rental add-on coverage.
USAA offers unique home rental add-on coverage that protects you and your guests if you rent out a room or your entire house. USAA offers discounts for remaining claims-free and having home security systems.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Columbia for Newly Constructed Homes
Compared to older properties, newly constructed homes are less expensive to insure. Newly constructed homes are outfitted with contemporary materials, which tend to be more resistant to damage and readily replaceable.
A newly constructed home costs an average of $1,105 to insure, while insurance for a home built in 2000 costs an average of $1,350.
MoneyGeek identified the following insurers as the cheapest in Columbia for newly built homes, with $250,000 in dwelling coverage:
- Chubb: $635 per year
- Universal North America: $681 per year
The Cheapest Home Insurance in Columbia for New Homes, Ranked
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Cheapest Home Insurance Companies in Columbia if You Have a Lot of Personal Property
Home insurers also provide coverage if the personal property inside your home is damaged. The more personal property you wish to cover, the higher the insurance cost.
In Columbia, insurance costs an average of $1,489 for personal property limits of $250,000, compared to an average of $1,350 for $100,000 in personal property coverage limits.
We found the two companies below to be the cheapest insurers for homeowners with high personal property limits:
- Universal North America: $917 per year
- Chubb: $942 per year
Cheap Companies in Columbia for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Columbia for High Deductibles
Your deductible significantly affects your home insurance cost. If you have a higher deductible, your home insurance will be less expensive. However, you will spend more out of pocket if you file a home insurance claim. In Columbia, insurance with a $2,000 deductible costs an average of $1,217, while a policy with a $1,000 deductible costs an average of $1,350.
The top two cheapest home insurance providers for high deductibles are:
- Chubb: $576 per year
- Universal North America: $750 per year
The Cheapest Companies in Columbia for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Columbia if You Have Poor Credit
Columbia insurance companies consider a person’s credit score when they calculate insurance premiums. Homeowners with bad credit will pay more for home insurance each year. In Columbia, home insurance costs an average of $1,744 if you have bad credit, compared to $1,350 if you have good credit.
The top two cheapest home insurance providers for homeowners with bad credit in Columbia are:
- Chubb: $697 per year
- Universal North America: $1,299 per year
The Cheapest Companies in Columbia for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Columbia
When shopping for home insurance in Columbia, insurers will ask you a series of detailed questions. Your responses to these questions will help insurers generate accurate quotes customized to your home insurance needs. Some of these questions include:
- The replacement cost of your home: This is an estimate of the cost of rebuilding your home. A building contractor or construction professional can provide you with an accurate quote.
- The value of your personal property: This is the actual cash value of your personal property and is used by insurers to determine your personal property coverage limit.
- Personal information: Personal information may include your age, contact information, marital status, education, employment history, identification and financial details.
- Information about your house: Home insurers will ask when your house was constructed, the type and age of the roof, the design of the property, the exterior finish and whether or not you have a garage, among other questions.
Homeowners Insurance in Columbia Analysis: Methodology
MoneyGeek analyzed homeowners insurance premiums from 10 of Columbia's major insurance companies in partnership with Quadrant. Quotes were collected for various coverage levels to produce affordability scores, and customer satisfaction ratings were obtained using J.D. Power surveys. The base profile was for a home of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000, personal property coverage of $100,000 and a $1,000 deductible policy.
MoneyGeek also gathered quotes for different types of homeowners, including homeowners with newly constructed homes, increased dwelling or personal property coverage needs, higher deductibles and poor credit scores.
About Mark Fitzpatrick