The Cheapest and Best Renters Insurance in Charleston
The Companies With the Cheapest Renters Insurance in Charleston
The cost of renters insurance in Charleston is an important factor to consider when choosing a policy, as most companies in the city offer similar coverage. To find the best policy, compare renters insurance quotes from various carriers. MoneyGeek found the most affordable rates for Charleston renters looking for cheap renters insurance. These are:
- State Farm: $115 per year
- USAA: $140 per year (only available to current and former military members and their families)
Generally, USAA offers policyholders better value for their money as the company pays reimbursements at replacement cost. All of their policies also cover flood and earthquake damage.
All prices used in MoneyGeek’s study are for policies with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. Check the table below to see how prices change depending on the personal property coverage limits. If you are renting a home in a South Carolina city outside of Charleston, you can compare renters insurance in South Carolina as a whole.
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What Are the Best Renters Insurance Companies in Charleston?
MoneyGeek ranked the top renters insurance companies in the city. Based on MoneyGeek’s study, the best car insurance carriers in Charleston are:
- Best Overall: State Farm
- Runner-up: USAA (only available to current and former military members or their families)
MoneyGeek rated insurance carriers in Charleston based on a unique scoring system, including affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. These two got the highest scores, and they also offer unique coverages.
State Farm is consistently among the cheapest options for renters insurance across the country. The company also has some unique features not always found with other carriers. Policyholders can include restoration coverage to protect themselves against possible expenses due to identity fraud by adding $25 more per year. State Farm also offers earthquake coverage to those living in areas susceptible to earthquakes.
State Farm is MoneyGeek’s top pick for renters insurance in Charleston. The company scored well across most categories.Read MoneyGeek's State Farm renters Insurance Review
USAA is also almost always one of the companies with the most affordable renters insurance rates nationwide. Policyholders can get wide-ranging coverage, as USAA policies cover flood and earthquake damage. The company also reimburses policyholders at replacement cost, which means you will get items of similar quality to the ones you lost due to a covered peril.
USAA got high ratings across several categories, making it the second-best carrier in the city. However, only military members and their families are eligible to buy USAA policies.Read MoneyGeek's USAA renters Insurance Review
The Average Cost of Renters Insurance in Charleston for 2023
renters insurance is equal to the average.
The cost of renters insurance in Charleston is $132 per year on average or around $11 per month. The national average renters insurance cost is $159 per year. That means Charleston renters typically pay $27 less than other renters in the country.
What Factors Impact Renters Insurance Costs in Charleston?
While there are several factors that impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount – This is the most important factor that affects the cost of renters insurance in Charleston. The more property you own, the higher your rates will be for personal property coverage.
- Location within a city – Crime is a factor that affects renters insurance rates. Depending on the neighborhood, the cost of renters insurance can vary. However, this factor tends to only have a minor effect.
- Deductible – How much deductible you agree to pay the insurance company when covering a claim will impact the cost of your renters insurance. The higher the deductible, the lower the premium. That is because you will be paying more out of pocket in case of a claim.
- ACV vs. RCV – Generally, there are two types of insurance in terms of reimbursements. The first one is actual cash value (ACV), wherein your carrier pays for the depreciated value of your used items. The second type is replacement cost value (RCV). In this case, the insurer pays for the cost to replace the damaged item with a new one of similar quality and type. Depreciation is not considered. RCV policies tend to cost more than ACV plans because they have higher payouts.
- Liability coverage amount – The coverage level you choose only has a minor effect on the cost of your policy. Adding thousands of dollars to the policy limits will only cost a few dollars more per year.
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Does My Charleston Neighborhood Impact Cost of Renters Insurance?
Where you live in the city will have an impact on your renters insurance cost. However, the effect is limited. Based on MoneyGeek’s study, neighborhood locations will only impact the cost of renters insurance by a couple of dollars per month.
Understanding Renters Insurance in Charleston
While purchasing renters insurance in Charleston is not a legal obligation, MoneyGeek strongly encourages renters to purchase a policy. It protects you from unexpected expenses due to damages caused by certain perils. It is also affordable. Additionally, your landlord may require it as a term of your lease.
What Does Renters Insurance Cover in Charleston?
Renters insurance offers you protection against expenses due to covered perils. However, you have to make sure you are getting enough coverage based on your needs. Standard policies cover unexpected damages and theft. Based on the FBI’s 2019 report, there were around 1,900 property crimes per 100,000 residents. That is 1% above the national average.
Charleston apartment and rental home residents can also get additional insurance for various risks that can happen anywhere, such as fires and water damage. Standard policies by most insurance carriers in the city only include the following:
- Personal property coverage – This coverage is for all the contents of your rented home. It helps with expenses related to damages from covered perils like fire, vandalism, theft, plumbing issues, electrical malfunctions and some weather-related damages.
- Additional living expenses – If a covered peril causes damages that make the rented unit uninhabitable, this coverage will take care of temporary housing expenses.
- Liability insurance – If an accident in your rented property causes damages or injuries to other people, liability insurance ensures your legal expenses and court judgment payments are covered.
- Medical payments coverage – If someone is injured due to an accident in your rented unit, your insurance carrier will pay out medical expenses related to said injury.
What Is Not Covered by Renters Insurance in Charleston?
Renters insurance covers the policyholder’s property but does not cover the structure of the home. That is the responsibility of the owner. Some other perils are also not included in renters insurance policies. For these risks, getting additional coverage is the best option.
If you live in an area prone to flooding, you may need to buy incremental insurance through the National Flood Insurance Program (NFIP) to cover water damage caused by flooding.
Your renters insurance policy will also not cover your roommates’ possessions, damage from earthquakes, damage to your car and jewelry or similar items that are more valuable than policy limits.
Always read the policy carefully before finalizing your decision, as not all policies are the same.
Frequently Asked Questions About Renters Insurance in Charleston
When looking for the best renters insurance in Charleston, it pays to shop around. Look for a company that balances low costs and high-quality service. Here are some of the most common questions about renters insurance to help you get started.
Renters Insurance in Charleston Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Charleston to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.