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CheapRenters InsuranceSouth CarolinaThe Best and Cheapest Renters Insurance Companies in South Carolina for 2023: Rankings, Reviews and Rates
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MoneyGeek compared renters insurance premiums from three of the best renters insurance companies in South Carolina. We used a rating methodology to choose the best insurer for your needs based on affordability, financial stability and customer service.
CheapRenters InsuranceSouth CarolinaThe Cheapest Renters Insurance in South Carolina
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:
$20,000
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Best Renters Insurance Companies in South Carolina
With a score of 99 out of 100, State Farm ranked as the top insurer in South Carolina in MoneyGeek’s study.
MoneyGeek ranked the best renters insurance companies in South Carolina based on affordability, customer service scores from J.D. Power and financial stability ratings from AM Best.
It is important to note that being the best insurer doesn’t always mean that a company is the cheapest. Policyholders should have confidence in their insurer's ability to provide the most value for money, which may mean paying a little extra in monthly premiums.
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State Farm
Score:99
State Farm is the best overall renters insurance company in South Carolina, with perfect ratings in affordability and security plus high service scores. It offers earthquake coverage and identity restoration insurance.
More About State Farm
State Farm offers supplementary coverage for situations such as earthquakes and identity theft in addition to its normal renters insurance plan. Bundling policies and installing security systems can save customers money. Requesting a quote is simple on the company's website.
Renters can get a policy from State Farm in any state. However, their three extra coverage options and two renter discounts are below the industry average. Renters may also take advantage of its wide range of calculators for estimating retirement savings, life insurance, college savings and other financial goals.
Read MoneyGeek's State Farm renters Insurance Review2
USAA
Score:82
USAA is the second-best renters insurance provider in South Carolina, with outstanding scores in customer satisfaction and financial stability. Policies from USAA include unique protections such as identity theft coverage. However, only military personnel and their qualifying family members can get a policy from USAA.
More About USAA
USAA is available in every state and provides comprehensive insurance coverage. That said, its plans are only offered to military personnel and their families.
With USAA, policyholders can access seven add-on coverages and four discount options. While the company matches the average number of add-on protections across all insurers, it falls a bit short of the average when it comes to discounts.
Individuals interested in receiving a quote from USAA can do so using their web platform, which also includes calculators for insurance, savings and debt management. Their smartphone app even allows them to manage their insurance, banking, investing and other services.
Read MoneyGeek's USAA renters Insurance Review3
Allstate
Score:73
With strong rankings in terms of financial stability and customer service, Allstate ranks third among South Carolina's best renters insurance providers. Apart from identity theft, scheduled personal property and personal injury coverages, Allstate also offers flood insurance to assist renters in repairing items damaged by floodwater.
More About Allstate
Allstate's insurance is available to renters in every state. Despite having only four additional coverage options, which is less than the industry average, they provide five discounts, including one for retirees. This number of discount options matches the average across other insurers.
The company also provides free online calculators for estimating auto loans, monthly car payments and net worth. Renters may even get financial advice from Allstate Personal Financial Representatives on starting a business, starting a family, raising children, preserving their assets and even retiring.
Read MoneyGeek's Allstate renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest policies do not always mean outstanding service, which is why investing a little more in the best renters insurance in South Carolina could provide you with better customer support and save you money if you ever need to file a claim.
Largest Renters Insurance Companies in South Carolina
The best renters insurance policies are offered by firms that are cost-effective, making the process more efficient for you. When it comes to renters insurance, consider companies that have a large market share. With these insurers, you can rest easy knowing that your policy is backed by a financially sound organization that is likely to pay your claim.
Company | Market Share | |
|---|---|---|
1. | State Farm | 20.1% |
2. | Allstate | 9.8% |
3. | USAA | 9.2% |
4. | Travelers | 5.9% |
5. | Nationwide | 4.4% |
Average Cost of Renters Insurance in South Carolina
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renters insurance is equal to the average.
Renters insurance in South Carolina costs an average of $132 per year, a savings of $28 when compared to the national average.
These rates reflect policies with personal property limits of $20,000, liability limits of $100,000 and a $500 deductible.
Your policy cost will depend heavily on the amount of personal property you need covered. Using the calculator below, you can determine the average cost of the renters insurance in South Carolina that you need based on the value of your personal property.
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Total:
MONEYGEEK EXPERT TIP
You can save money by comparing renters insurance quotes from several companies. For example, MoneyGeek's trial renter may save $34 per year or $3 per month by choosing State Farm, the cheapest provider in South Carolina, over Allstate, the most expensive alternative.
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.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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
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.
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.
- EventDescription
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.
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If you are unsure about renters insurance and what it includes, the State of South Carolina Department of Insurance can help. Its objective is to protect insurance consumers, the public interest and the insurance market by guaranteeing insurer solvency and enforcing the state's insurance laws.
You may reach out to the State of South Carolina Department of Insurance using these details:
- Office address: 1201 Main St., Suite 1000, Columbia, SC 29201
- Phone: 803-737-6160
- Email address: info@doi.sc.gov
- Website: https://www.doi.sc.gov/
- Online Contact Form: https://www.doi.sc.gov/FormCenter/Online-Contact-Form-3/Online-Contact-Form-38
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FAQs About Renters Insurance in South Carolina
Prospective renters may find it difficult to navigate all the information about renters insurance in South Carolina. To help you get started, MoneyGeek answers some of the most frequently asked questions concerning renters insurance in the state.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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sources
- State of South Carolina Department of Insurance. "SC DOI." Accessed March 30, 2022.
- State of South Carolina Department of Insurance. "SC DOI Online Forms Center." Accessed March 30, 2022.
- South Carolina State House. "State of South Carolina Department of Insurance." Accessed March 30, 2022.