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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.


1

AllstateScore: 93

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability


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

2

State FarmScore: 93

4.9/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


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

3

USAAScore: 92

4.2/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability


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.

4

NationwideScore: 88

4.4/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability


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

5

Auto-Owners Insurance CoScore: 80

3.4/5

Affordability

4.5/5

User Satisfaction

5/5

Financial Stability


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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$0

home insurance is 0.0% more than the average.

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.

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Home Insurance Calculator

State

South Carolina

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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low end

on average

high end

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

Dwelling Coverage:

$250,000

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  • Company
    Amountper year
  • 1. Allstate
    $833
  • 2. Universal North America
    $1,182
  • 3. State Farm
    $1,269
  • 4. Nationwide
    $2,844
  • 5. Heritage
    $2,933

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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  • Company
    Amountper year
  • 1. Allstate
    $5,001
  • 2. State Farm
    $7,471
  • 3. Universal North America
    $9,564
  • 4. Heritage
    $18,190
  • 5. Nationwide
    $24,845

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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  • Company
    Amountper year
  • 1. Allstate
    $833
  • 2. State Farm
    $1,257
  • 3. Nationwide
    $2,844
  • 4. USAA
    $3,722
  • 5. Chubb
    $4,249

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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  • Company
    Amountper year
  • 1. Allstate
    $1,796
  • 2. Universal North America
    $1,845
  • 3. State Farm
    $2,857
  • 4. Heritage
    $2,933
  • 5. Nationwide
    $3,460

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.

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Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

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.


Do You Need Flood Insurance in South Carolina?This is an icon

In South Carolina, about 271,500, or 10.6%, of homes are exposed to the risk of floods. To prepare for this event, you could consider buying a government-supported National Flood Insurance Program (NFIP) policy. You could also look to enhance the coverage amount by investing in an incremental private policy.

Do You Need Hurricane Insurance in South Carolina?This is an icon

South Carolina ranks sixth in the U.S. for hurricane risk with about 219,420 homes exposed to a category 3 storm. The average reconstruction cost is $55,589 for this category of storm. To get proper protection, you could aim to get separate windstorm and flood policies in addition to hurricane coverage.

Do You Need Hail Insurance in South Carolina?This is an icon

South Carolina ranks 18th for the number of hail events, so it’s wise to be prepared for potential hail damage by getting home insurance coverage beforehand.

Expert Advice on Home Insurance in South Carolina

  1. How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?

    South Carolina, known for true southern charm, is a great place to visit. From beautiful beaches to the breathtaking foothills of the Blue Ridge Mountains, it is an even better place to live. There is no state minimum coverage required by SC homeowners insurance laws, however, if your home is financed with a mortgage, your lender may require some type of homeowners insurance coverage. Your mortgage lender may require homeowners insurance that provides hurricane coverage. Flood insurance is an optional coverage, but depending on where you live, your mortgage provider may require it. South Carolina state laws govern the cancellation and non-renewal of homeowners insurance policies. Under these laws, an insurer may cancel a new policy within the first 120 days for any reason by giving the insured a 10-day written notice of cancellation (if the reason is non-payment of premium) or 30-day notice (if the reason is any other reason than no-payment of premium). After the first 120 days that a policy is in force, an insurer may only cancel the policy for the following reasons during the policy period: (i) Non-payment of premium; (ii) Material misrepresentation of fact; (iii) Substantial change in the risk since the writing of the policy; (iv) Substantial breaches of contractual duties, conditions, or warranties; and (v) The loss of the insurer’s reinsurance coverage for all or a significant portion of the particular policy.

  2. Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?

    South Carolina homeowners who reside in either the coastal or mountainous regions of the Palmetto State, where the likelihood of certain types of natural disasters like tornadoes and hurricanes occurring are very high, should consider at least extended replacement cost coverage options to safeguard against volatile coastal weather. Flooding associated with hurricanes is not covered in homeowners policies. Floods occur more often than any other natural disaster depending on where the home is located. Homeowners in those flood-prone areas are recommended to carry additional flood insurance through any company that participates in the National Flood Insurance Program (NFIP) or from any private insurance company that sells it.


Sourav Batabyal
Sourav BatabyalAssistant Professor, Finance and Economics at Coastal Carolina University

Methodology

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.

sources