The Best Cheap Homeowners Insurance in Myrtle Beach, South Carolina for 2022: Quotes and Reviews
In Myrtle Beach, South Carolina, homeowners insurance costs an average of $3,556 per year for $250,000 in dwelling coverage. Universal North America is the cheapest home insurance carrier in the city, with an average annual cost of $873, while Travelers is the most expensive, with an average yearly cost of $8,628. By shopping around, homeowners can save up to $5,072 per year.
MoneyGeek researched home insurance companies in Myrtle Beach for homeowners shopping for an insurer that offers a balance of affordability and excellent service.
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The Cheapest and Best Homeowners Insurance in Myrtle Beach
The Cheapest Home Insurance Companies in Myrtle Beach
When shopping for the cheapest home insurance policy in Myrtle Beach, assess the insurer's average annual rate and compare it to other providers to ensure you're getting the best deal. This is important since many Myrtle Beach home insurers offer the same coverage at varying costs.
The following insurance companies in Myrtle Beach offer the cheapest rates for home insurance with $250,000 in dwelling coverage:
- Universal North America: $873 per year
- Allstate: $965 per year
For homeowners with expensive dwellings in Myrtle Beach, the following insurers provide the cheapest policies with $2 million in dwelling coverage:
- Allstate: $6,391 per year
- Universal North America: $6,998 per year
You can adjust the dwelling coverage amounts in the table below to see how your rate changes.
The Cheapest Home Insurance in Myrtle Beach, Ranked
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All plans with basic baseline dwelling coverage of $250,000 have $100,000 personal property coverage caps, and policies with $2 million in dwelling coverage have $800,000 personal property coverage limits. All policies include $100,000 in liability insurance.
Homeowners in other South Carolina cities can refer to the MoneyGeek guide on home insurance in South Carolina.
The Average Cost of Homeowners Insurance in Myrtle Beach for 2022
The average cost of homeowners insurance in Myrtle Beach is $3,556 annually, whereas the national average is $2,103 and the state average is $3,377. This means Myrtle Beach's insurance premiums are higher than the national average.
Calculate the Cost of Home Insurance in Myrtle Beach
Insurance companies consider various items when calculating your home insurance premium, such as your desired coverage level, credit score and your home’s location. Insurers want to know whether your home is in a high-risk area exposed to environmental hazards, theft, vandalism or other issues.
You can compare Myrtle Beach home insurance rates with MoneyGeek's home insurance calculator. Modify the calculator to see how your rates vary based on your dwelling’s location.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Myrtle Beach
When shopping for home insurance, many homeowners consider cost to be the primary decision-making factor. However, other important points to examine include the provider's customer service ratings, financial stability, claim ratings and response time.
The top two best home insurance companies in Myrtle Beach are:
- Auto-Owners Insurance Co
- State Farm
MoneyGeek evaluated the best home insurance carriers in Myrtle Beach based on a variety of factors such as J.D. Power customer satisfaction ratings, affordability and financial stability.
Auto-Owners Insurance Co received a perfect score for stability and has an above-average overall customer satisfaction rating. The company offers a rare equipment breakdown add-on.
If you add equipment breakdown coverage to your homeowners insurance, Auto-Owners Insurance Co will cover electrical and mechanical equipment failures in your home for items such as air conditioners, heating units, computers and major appliances. Homeowners who own their homes in full can take advantage of the company’s mortgage-free discount.Read MoneyGeek's Auto-Owners Insurance Co home Insurance Review
State Farm tied with Auto-Owners Insurance Co in terms of stability and ranked better in terms of affordability. The company offers rare add-on options, including mold coverage.
State Farm offers add-on coverage of up to $20,000 for fungus such as mold. It also offers a service line coverage add-on that protects against damage to underground pipes and electric utility lines.Read MoneyGeek's State Farm home Insurance Review
Cheapest Home Insurance Companies in Myrtle Beach for Newly Constructed Homes
When compared to older homes, newly built homes are less costly to insure. This is because modern materials are more resistant to damage and easily replaced if damaged.
A newly built home costs an average of $2,910 to insure, whereas a home built in 2000 costs an average of $3,556 to insure in Myrtle Beach.
MoneyGeek found the following insurers offer the cheapest policies in Myrtle Beach for newly built homes with $250,000 in dwelling coverage:
- Allstate: $631 per year
- Universal North America: $715 per year
The Cheapest Home Insurance in Myrtle Beach for New Homes, Ranked
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Cheapest Home Insurance Companies in Myrtle Beach if You Have a Lot of Personal Property
Damage to personal property in your home is also covered by home insurance, although those with more personal belongings to insure will pay higher rates. Insurance in Myrtle Beach costs $3,921 for personal property limits of $250,000, compared to an average of $3,556 for personal property coverage limits of $100,000.
The following providers offer the cheapest insurance for homeowners with high personal property limits:
- Universal North America: $963 per year
- Allstate: $985 per year
Cheap Companies in Myrtle Beach for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Myrtle Beach for High Deductibles
Your deductible has a big impact on the cost of your home insurance. Your home insurance will cost less if you have a higher deductible, but if you file a home insurance claim, you will pay more money out of pocket. Insurance with a $2,000 deductible costs an average of $3,206 in Myrtle Beach, while a policy with a $1,000 deductible costs an average of $3,556.
The topmost affordable home insurance companies for high deductibles are:
- Universal North America: $787 per year
- Allstate: $827 per year
The Cheapest Companies in Myrtle Beach for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Myrtle Beach if You Have Poor Credit
Your credit score is used by Myrtle Beach insurance companies to calculate home insurance rates. If you have bad credit, home insurance will cost you an average of $4,593 in Myrtle Beach, compared to $3,556 if you have good credit.
The top cheapest home insurance companies in Myrtle Beach for homeowners with bad credit are:
- Universal North America: $1,363 per year
- Auto-Owners Insurance Co: $1,439 per year
The Cheapest Companies in Myrtle Beach for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Myrtle Beach
Insurers in Myrtle Beach will ask you a variety of comprehensive questions while you're shopping for home insurance coverage. Insurance companies will use this information to provide you with precise and personalized quotes. Some questions to expect are:
- The replacement cost of your home: What is the total cost of rebuilding your home? A contractor or real estate agent can provide you with a quote.
- The value of your personal property: Your personal property’s value will determine the coverage amount you need.
- Personal information: Personal information may include your age, contact info, marital status, employment status and credit history.
- Information about your house: Home insurance companies will need to know the year your home was built, the type and condition of the roof, the layout of the home, the exterior finish and whether or not you have a garage, among other factors.
Homeowners Insurance in Myrtle Beach Analysis: Methodology
MoneyGeek reviewed homeowners insurance rates from ten of Myrtle Beach's leading insurance providers in partnership with Quadrant. Quotes for homes with varying coverage levels were reviewed to obtain affordability scores. Customer satisfaction ratings were gathered from J.D. Power surveys. MoneyGeek obtained quotes for a 2,500-square-foot home constructed in 2000, with an average dwelling coverage of $250,000, $100,000 in liability coverage, $100,000 in personal property coverage and a $1,000 deductible.
MoneyGeek also collected quotes for other types of homeowners, such as those with newly built homes, higher dwelling or personal property coverage needs, higher deductibles and poor credit scores.
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