Homeowners in the Palmetto State understand that home insurance is about more than protecting structures. The best policies also protect their property and possessions from whatever life throws at them. To give homeowners the advantage, MoneyGeek researched several insurance companies in South Carolina and scored them based on three factors, so you can get the best price for the right amount of coverage to fit your lifestyle.
The Best Homeowners Insurance Companies and Cheapest Quotes in South Carolina for 2022
The 5 Best Homeowners Insurance Companies in South Carolina
To get the best homeowners insurance package in South Carolina, you could evaluate a shortlist of firms on important factors such as their ability to pay claims, coverage options, customer support quality, cost and others. Pick a provider that gives you the confidence that it can swiftly process your claim and pay out for any losses.
MoneyGeek ranked the top five insurance companies in the state based on their ability to pay claims as indicated by their AM Best’s financial stability rating, J.D. Power’s customer satisfaction score and their average cost of their plans to help you find comprehensive, yet cheap, home insurance in South Carolina.
Allstate's standard homeowners insurance coverage includes replacement cost, dwelling coverage, personal property, liability protection, other structures and guest medical protection. Additional coverage options include reimbursement extended limits, water backup, scheduled personal property, extended coverage, sports equipment, earthquake, flood insurance, identity theft, increased coverage on business property, Claim RateGuard and Claim-Free Rewards.Read MoneyGeek's Allstate home Insurance Review
Besides standard coverage options, State Farm also offers features like identity theft, energy efficiency upgrades, equipment breakdown coverage, scheduled personal property, water backup, inflation protection and expanded replacement cost. State Farm benefits include good customer satisfaction ratings, useful mobile app and a wide network of agents.Read MoneyGeek's State Farm home Insurance Review
USAA's home insurance policies include dwelling coverage, loss of use, personal belongings coverage, personal liability coverage and additional structure coverage. Earthquake coverage is offered in select states. USAA also offers other kinds of home insurance such as farm and ranch, renters and rental property, condos and manufactured and mobile homes.
Nationwide's homeowners insurance policies offer several types of protection, including dwelling coverage, personal property coverage, personal liability and medical payments, loss-of-use coverage, ordinance or law coverage and inflation protection coverage. Flood insurance and extended replacement coverage are also offered. Nationwide's Valuables Plus plan provides protection for high-value items.Read MoneyGeek's Nationwide home Insurance Review
Apart from standard coverage, Auto-Owners offers optional features such as flood insurance, Homeowners Plus, service line coverage, appliance seepage or leakage and enhanced coverage. Auto-Owners presents three main discounts which are payment history, protective devices and multi-policy rebates.
What Is the Average Cost of Homeowners Insurance in South Carolina?
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The average yearly home insurance rate in South Carolina is $3,377 for a dwelling coverage baseline amount of $250,000. This average annual price is 60.6% more than the nationwide average of $2,103. Home insurance costs may be higher in South Carolina because the state is exposed to the risk of hurricanes, floods and hail events.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in South Carolina
Homes in certain areas may have higher home insurance costs as they could be more exposed to dangerous natural disasters. To compute the cost of homeowners insurance in South Carolina, carriers will analyze several factors, including your home’s location, age, roof quality, dwelling value and credit score, among others.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in South Carolina
Homeowners insurance premium in South Carolina is also based on elements like dwelling coverage. This feature covers repair costs if your house gets damaged by a natural disaster, fire or other event included in your policy. Allstate offers the cheapest option in South Carolina for an average dwelling coverage amount of $250,000. Its average annual rate is $833, which is about $2,544, or 75.3%, less than the state average. You could aim to compare homeowners insurance quotes to find the most affordable coverage for your residence.
Cheapest Homeowners Insurance by Dwelling Coverage
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Best Cheap Homeowners Insurance Companies for Expensive Homes
For an expensive residence, Allstate presents cheap home insurance in South Carolina. Its average annual premium is $5,001 for a property worth $2 million. The costliest provider in the state is Auto-Owners Insurance Co whose average yearly rate is $97,342. Therefore, it’s smart to compare quotes to find the most affordable option.
Cheapest Homeowners Insurance Companies for High-Value Homes
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Best Homeowners Insurance Companies if You Have a Pool
A pool is an excellent recreation and relaxation option but it can hike your home insurance price. Allstate offers a cheap homeowners insurance policy in South Carolina with an average yearly premium of $833 for pool homes with an average dwelling cost of $250,000.
Cheapest Homeowners Insurance for Pool Home
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Cheapest Home Insurance in South Carolina if You Have Poor Credit
A good credit score can assist in reducing your home insurance premium. You can boost your credit score by keeping your credit use rate below 30% and making timely debt payments. Allstate is an ideal provider for cheap homeowners insurance in South Carolina for those with poor credit. Its average price is $1,796 per year for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
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How to Get Homeowners Insurance Quotes in South Carolina
To get home insurance quotes in South Carolina, you need to provide necessary personal details as well as the estimated value of your property, belongings and any installed add-ons to the provider. The carrier may ask other relevant questions about your home and its features, and based on your responses will give you a customized quote.
Other Considerations for Homeowners Insurance in South Carolina
Insurance firms will analyze the average home value, crime figures and weather risks in your region to determine your home insurance rate in South Carolina. This state ranks fifth in the U.S. for the number of crimes. The FBI reveals that there were a total of 153,421 property crimes and 24,825 violent crimes in the state in 2018.
Arizona ranks 37th for home value with an average property cost of $185,749. Your residence can be exposed to hazardous weather conditions if you live in an area prone to natural disasters. You can prepare for emergencies by getting details about the frequency of natural calamities in your region and obtaining adequate home insurance coverage beforehand.
Expert Advice on Home Insurance in South Carolina
- How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?
- Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?
Assistant Professor, Finance and Economics at Coastal Carolina University
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in South Carolina that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across South Carolina. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
About the Author
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- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed July 10, 2020.
- FBI. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed July 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 10, 2020.