South Carolina Condo Insurance
- South Carolina Condo Insurance
From the banks of the Atlantic Ocean to its mountainous and hilly regions, South Carolina offers various great options for condo owners in the state to call home. From Myrtle Beach to North Charleston, South Carolina condo insurance is the only way to properly protect your unit and belongings.
At Clovered, we made getting an HO6 condo policy in SC easier by partnering with many of the state’s top insurers. We then created an intuitive online quoting platform that compares quotes and prices from those companies and pairs you with a perfect policy in minutes.
What Insurance Do I Need for a Condo in South Carolina?
There’s only one type of condo insurance in South Carolina that’s required and it’s an HO6 policy. It’s deemed this term because it shares many similarities with other home insurance policies and, except for the physical structure, protects the same things.
☘ Since it’s a walls-in policy, meaning only what’s inside the four walls of a condo are typically covered, an HO6 begins with coverage for personal belongings. This helps to protect items you keep inside your home, such as clothing, computers, furniture and TVs. Since condo owners don’t own the property outside their unit, belongings that are permanently kept outdoors may not be covered.
Loss of Use
☘ If a peril occurs that damages or destroys your condo, causing you to temporarily move out, loss of use can help to cover monthly rent at an equivalent home, storage fees, pet boarding and many other expenses you wouldn’t have incurred had you been living in your unit. Since your neighbors may not be as careful as you, loss of use is pivotal in protecting your wellbeing.
☘ If an accident occurs to a guest in your condo unit and you’re deemed liable, personal liability coverage can step in and help pay for medical bills and legal expenses for major incidents like dog bites, broken bones or even accidental death. For condo owners, personal liability is typically the highest amount of coverage you’ll maintain.
☘ MedPay, as it’s often called, is similar to personal liability in that it covers injuries that occur on your property. But with medical payments coverage, only medical bills for minor injuries will be paid — no matter whether you’re at fault or not.
☘ If the condo’s master HOA policy maximums don’t pay for significant damages or incidents, each owner will have to pay a special assessment. This add-on protects policyholders from paying significant special assessment fees handed down by the condo complex.
Building Property Protection
☘ Condo insurance is a walls-in policy, so you don’t have to protect the building’s structure. But building property protection protects the walls and interior of your condo unit if they’re damaged or destroyed by a covered peril, which is important since you may have many neighbors.
How Much Is Condo Insurance in South Carolina?
The average condo insurance cost in South Carolina is just $40 per month or $470 per year, which is right on par with the national average. The average cost is determined mainly by coverage costs, location and the price of your condo.
Beachside condos are more susceptible to hurricanes and tropical storms. If your condo is located on the first floor off of Intracoastal waters, it’s more susceptible to flooding or other water damage. There are a multitude of factors that play an equally important part of condo insurance costs in South Carolina.
How to Get the Best Condo Insurance in South Carolina for Cheap
Getting the best-priced condo insurance in South Carolina while maintaining adequate coverage is easy with Clovered. Our online quoting tool does the hard work for you by compiling quotes from the state’s leading carriers and providing a policy that has the coverage you need and the price you want to pay.
Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.