The Best and Cheapest Renters Insurance in South Carolina for 2022: Rankings, Reviews and Rates
Renters insurance can help protect your property from damage and theft at a low cost. According to MoneyGeek’s research, the cheapest renters insurance in South Carolina costs an average of $115 per year, while the most expensive option costs $149 annually. This means renters can save around $34 per year by shopping around. The average cost of renters insurance in South Carolina is $11 per month.
MoneyGeek scored renters insurance companies in South Carolina by affordability, customer service and financial strength. If you are looking for the best renters insurance in the state, our scoring system can help you find the best provider for your needs.
Cheap Renters Insurance Companies in South Carolina
Most renters think cost is the most important factor when choosing an insurance policy. Two of the cheapest companies in South Carolina are State Farm and USAA.
A policy with State Farm costs an average of $115 per year or $10 per month. Plans with USAA cost an average of $140 per year or $12 per month. However, USAA policies are only available to military members, veterans and their eligible family members.
These average monthly and annual premiums are calculated based on quotes from different ZIP codes throughout South Carolina for a policy with $20,000 in personal property coverage, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in South Carolina
Cost is not the only criteria renters should consider when choosing renters insurance in South Carolina. It can bring peace of mind knowing that your insurance company can provide timely service at an affordable price.
MoneyGeek scored the best renters insurance providers in South Carolina based on customer service scores from J.D. Power and Associates, financial stability ratings from AM Best and affordability.
According to this research, State Farm ranks the best with a score of 95 out of 100. USAA, which only offers insurance for military personnel and their families, comes in second with a score of 82.
More About State Farm
In addition to its standard renters insurance plan, State Farm provides the ability to purchase additional coverage for events like earthquakes and identity theft.
Customers can receive discounts by bundling policies and installing security systems.
It’s easy to request a quote through the company’s website.
More About USAA
USAA provides comprehensive policies for members of the military, veterans and their eligible family members.
What sets USAA apart from other companies is that it includes flood and earthquake coverage in its standard policy. Coverage is provided on a replacement cost value basis.
USAA also provides coverage for moving and storage.
More About Allstate
In addition to including identity theft coverage in their standard policy, Allstate allows customers to add protection for flooding and personal umbrella insurance to their plan for an extra cost.
The company has a mobile app that enables policyholders to create a photo log of their property.
Allstate offers several discounts, including one for seniors and renters who are claim-free. You can also get a discount of up to 15% if your home has a security system installed.
Largest Renters Insurance Companies in South Carolina
In South Carolina, the largest renters insurance carriers based on market share are State Farm with a market share of 20%, Allstate (10%), USAA (9%), Travelers (6%) and Nationwide (4%). These companies make up over 49% of South Carolina’s renters insurance policies.
Purchasing your policy from a large insurer means that your policy is backed by a financially stable company with a high probability of being able to pay your claim.
Southern Farm Bureau
Auto-Owners Insurance Co
Average Cost of Renters Insurance in South Carolina
renters insurance is equal to the average.
The average cost of renters insurance in South Carolina is $132 per year. This is $28 less than the national average. Renters pay an average of $11 per month, which is $2 less than the monthly national average. The costs are for a policy with personal property coverage of $20,000, liability insurance of $100,000 and a $500 deductible.
By comparing renters insurance prices from different companies, you can save money. For example, MoneyGeek’s sample renter could save $34 annually or $3 per month by selecting the cheapest provider in South Carolina, State Farm, instead of the most expensive option, Allstate.
What Factors Impact Renters Insurance Cost in South Carolina
Many different factors influence how much you pay for renters insurance. These can include your location, coverage amount and deductible. Keep these factors in mind when shopping for cheap renters insurance in South Carolina.
Location: Your ZIP code impacts the cost of your renters insurance. If your rental is located in a neighborhood where crime and severe weather conditions are prevalent, you could pay more for renters insurance.
Coverage Amount: How much you pay for renters insurance is influenced by the amount of coverage you choose. Carrying out an inventory of your property before shopping around can help you estimate what it would cost to replace your property.
Deductible: Your deductible is the amount you pay out of pocket when your insurer agrees to replace your damaged items. Policies with higher deductibles charge smaller premiums but require you to pay more out of pocket if you file a claim. A policy with smaller deductibles will charge you a higher premium but pay more of the cost to replace your damaged items.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Your renters insurance provider will reimburse you based on either the actual cash value (ACV) or replacement cost value (RCV) of your items. Policies that utilize the ACV method reimburse less because they consider that your belongings have depreciated in value over time. RCV policies reimburse you an amount that is equal to the cost of a new item of the same type and quality. ACV policies are good for saving on monthly renters insurance premiums but pay less in the event of property damage. RCV policies cost more but will provide higher payouts if you file a claim.
Credit Score: Insurance companies may use your credit score to determine how likely you are to file a claim for damaged property. Since renters with low scores are more likely to file a claim, their premiums will likely be higher than people with good credit scores.
Renters Insurance in South Carolina: What You Need to Know
Renters insurance is essential because it provides an affordable way of safeguarding your property from damage caused by bad weather, theft or fires.
In South Carolina, 28.7% of the population are renters. The average monthly rent price is $922. For a standard insurance policy that offers $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500, renters pay an average of $11 per month. This is about 1.19% of the monthly rent.
What Renters Insurance Typically Covers in South Carolina
If you are looking for cheap renters insurance in South Carolina, it is important to find out what your policy covers and what it doesn’t. Most insurers provide standard plans that cover personal property, liability insurance, medical expenses and additional living costs.
Insurance policies in South Carolina may cover damages caused by severe weather such as hail, lightning, wildfires and tornadoes.
What Renters Insurance Typically Does Not Cover in South Carolina
Renters insurance in South Carolina covers most unexpected events and damage. However, it does not protect your property in all situations. Here are some situations when your policy might not provide coverage.
Flooding: Your insurance policy likely covers damage caused by water from faulty pipes and water mains. However, it excludes flooding from natural disasters such as rainstorms and hurricanes. Floods do occur in South Carolina, so you may want to purchase additional coverage from the National Flood Insurance Program (NFIP).
Structural Destruction: Renters insurance policies cover damage to your personal property but exclude any structural damage to your rental. Repairing this type of damage is your landlord’s responsibility.
Expensive Items: Valuables like computers and jewelry are excluded from most renters insurance policies. You might want to purchase additional coverage for these items.
Roommate Property: If you have a roommate, your insurance policy will not replace their property unless their name is included in your plan. They should consider getting their own coverage.
Earthquake Damage: Earthquakes can happen in South Carolina but are not included in standard renters insurance plans.
Be sure to go through the terms of your policy to understand what it covers and what it does not. If you have questions, ask your agent so you have a better chance of your claims getting approved.
FAQs About Renters Insurance in South Carolina
Renters insurance is not legally required in South Carolina. That said, your landlord may require it as a condition of your lease.
Although you do not legally need renters insurance in South Carolina, purchasing it can protect your property at an affordable price.
Yes, your landlord can require you to have renters insurance to rent their property.
According to MoneyGeek’s data, the average cost of renters insurance in South Carolina is $11 per month for a policy with $20,000 in personal property coverage and $100,000 in liability coverage.
MoneyGeek’s data shows that State Farm offers the cheapest renters insurance in the state.
Renters Insurance in South Carolina Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
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