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Homeowners insurance is an optional — but important — product that works to keep your belongings safe in the event your house or property suffers damage from common incidents. A homeowners policy covers your home and your items from a number of calamities, including theft, fire, vandalism, or wind damage.
Unlike auto insurance, home insurance is not priced based on state-level laws. That said, major gaps exist in homeowners insurance costs from state to state. Policy rates in US states may differ depending on the number and total value of homeowners claims filed across the state, and depend on the price of the belongings and home you're insuring.
The best way to get a cheap homeowners insurance policy in South Carolina is to compare rates from as many homeowners insurance companies as you can. Get an idea of typical homeowners insurance rates in South Carolina by referencing the below tables. Remember: your rates may differ, depending on your coverage limits.
Rates for home insurance in South Carolina will vary depending on the insurer you choose. Universal Insurance provides the most affordable homeowners insurance in South Carolina — just $843 per year. This beats the state average cost of $2,196, providing a $1,353 price break on the state's average rate.
Start searching for affordable coverage by viewing average rates from top South Carolina carriers, detailed below.
|Insurance Company||Average Annual Rate in South Carolina|
Homeowners insurance rates in South Carolina differ by city. Pricing depends on locally specific variables such as the likelihood of weather-related claims in the area, meaning your specific ZIP code impact how much you pay.
The most affordable homeowners insurance in South Carolina is found in Greer. The average home insurance policy in Greer costs $1,441 per year — $755 less than the statewide average. Reference the below table to see the cheapest cities in South Carolina for home insurance.
|City||Average Annual Home Insurance Rate|
How much you spend on home insurance coverage is greatly influenced by the level of coverage you choose. In South Carolina, maintaining $100K dwelling coverage costs an average of $840 per year, while carrying dwelling coverage up to $400K costs $2,593/year.
|Coverage Level||Average Annual Rate|
Compare Homeowners Insurance Rates
One of the multiple decisions that you will make when looking at homeowners insurance policies is where to set your deductible. The deductible is the amount the insured is responsible for paying toward a covered loss. Where you choose to set your homeowners deductible corresponds directly to the overall cost of your coverage.
In general, having a low deductible means that your insurance premiums will be higher. This means that those seeking lower rates will want to seriously consider a higher homeowners deductible. Remember: your homeowners deductible should not be so high that you would struggle to pay it in the event of a loss.
Have a look at may of the average deductibles offered by home insurance companies and an estimate of average insurance costs.
|Deductible Tier||Average Annual Home Insurance Rate|
If you want to save, consider purchasing both your homeowners and auto insurance policies from one company. A home and car insurance bundle in South Carolina can lead to substantial savings on car insurance. Bundling home and auto policies in South Carolina leads to yearly savings of $116.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. 12-Month Auto Insurance Rate (Bundle)||Annual Bundle Savings||% Savings with Bundle|
A great way to save is to bundle your auto and homeowners insurance policies. Get started today!
The state of South Carolina does not require homeowners insurance, though your mortgage lender may require it as a part of the lending agreement.
Since hurricanes can cause devastating destruction and wipe out buildings entirely, insurance companies remain reluctant to assume the full risk of hurricanes as a whole. If you reside in South Carolina, there could be an increased risk of experiencing damage from hurricanes. In fact, 35, 934 single-family homes are at extreme risk of hurricane damage in South Carolina.*
If you own a home in a coastal area, it's of utmost importance to check and understand your policy since a basic agreement won't cover the costs of damage caused by hurricanes — you would need separate windstorm and flood policies, which would work together to cover repairs or replacements. Depending on your state, your insurance company may require a separate deductible for hurricanes if you live in a region that's at high risk for hurricanes. The average cost of homeowners insurance with a 2% hurricane deductible in South Carolina is $1,513 per year.
What makes hurricanes so dangerous is the sheer amount of different perils that they bring. While most of these perils are covered by a standard homeowners policy, hurricane insurance itself doesn't exist as a unique offering. Homeowners in areas prone to hurricanes and tropical storms could face what is often referred to as a "windstorm" or "hurricane" deductible. Only triggered in certain conditions, these specialized deductibles work differently than the deductible for a standard peril. For a start, they are oftentimes much higher than typical deductibles, based on a percentage of your home's overall value. Though it is a common peril associated with hurricanes, flooding is rarely covered by a standard home insurance company. Flood coverage must, in most cases, be obtained through the National Flood Insurance Program.
Below are some affordable choices for hurricane coverage in South Carolina. Please treat the following rates as mere estimates. For rates specific to your property, it's best to reach out to these companies directly.
|Insurance Company||Average Annual Hurricane Insurance Rate|
|New London County Mutual||$754|
*Source: Insurance Information Institute (https://www.iii.org/fact-statistic/facts-statistics-hurricanes)
Flood damage— whether the byproduct of a rainstorm or a hurricane —is not covered by home insurance. To protect your home, acquire flood coverage from a private flood insurance company or through the National Flood Insurance Program (NFIP).
Flood insurance coverage from private companies may vary, but if you buy through the NFIP you are allotted coverage for:
If the value of your property and home exceed these limits, consider purchasing a policy from a private company for additional protection.
Flood insurance is key in South Carolina,which suffered $139, 809, 990 in 2016 flood insurance claims, according to the Federal Emergency Management Agency.