Best Condo Insurance in South Carolina
- Best Condo Insurance in South Carolina
Condominium living offers an appealing lifestyle that combines the benefits of homeownership with the convenience of shared amenities and maintenance. This is an attractive option for many in a place as idyllic and diverse as South Carolina.
In most cases, the combination of ownership ends at the door of your condo unit – you’re responsible for protecting your personal space. It’s essential to protect your unit and belongings with condo insurance.
This comprehensive guide will discuss the cost factors and requirements you should understand before getting insurance coverage. We want to help you find the best condo insurance in South Carolina.
How Much Is Condo Insurance in South Carolina?
The average cost of condo insurance in South Carolina is $501 every year or $42 per month. Average rates depending on coverage amounts, range between $36 and $81 monthly.
The actual costs of your condo insurance plan will vary based on your individual circumstances. Many factors affect the cost of condo insurance in South Carolina, with one of the main variables being the amount of coverage you get.
Look below at rates of the average condo insurance in South Carolina classified by common coverage amounts.
Average Cost of Condo Insurance in South Carolina
$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over
Avg. Annual Rate
Avg. Monthly Rate
For most young professionals, single residents, and retirees, coverage amounts between $20,000 to $50,000 will suffice. You’d need more than $100,000 in coverage if you’re a high-wealth individual or own a lot of valuable belongings.
What Is HO-6 Insurance in South Carolina?
Condo insurance is officially known as HO-6 insurance, which is a type of policy designed specifically for condo unit owners. HO-6 insurance in South Carolina covers the interior of your condo unit and your personal belongings.
HO-6 insurance in South Carolina covers your unit from damage from covered perils such as theft, fire, water, and wind damage. All the coverages in your policy are laid out as follows:
Personal Property Coverage
Personal property coverage safeguards your belongings, such as furniture, clothes, electronics, and more, from covered perils.
Loss of Use Coverage
Loss of use coverage helps pay for lodging, gas, groceries, and more if damage from a covered peril temporarily forces you out of your home.
Liability coverage covers you if someone gets injured at your condo unit and pursues you for damages. Your liability coverage can cover medical expenses and legal fees. It can also cover you if you accidentally cause property damage to someone else.
Medical Payments Coverage
Medical payments coverage also helps cover injuries someone can suffer. It’s designed to cover medical expenses related to minor injuries someone can suffer without the need for legal liability.
Loss Assessment Coverage
Loss assessment coverage comes to your aid if your condo association suffers damage that exceeds their insurance plan and tries to assess you for the costs.
Building Property (Dwelling) Coverage
Dwelling coverage in condo insurance covers permanent fixtures and features in your unit that your association doesn’t cover, such as appliances, countertops, and lighting.
How to Get the Best Condo Insurance in South Carolina
You need to address your coverage needs to make sure you get the best condo insurance in South Carolina. Once you know what to cover and how much you need, compare quotes from multiple companies to find a policy within your budget.
Your personal condo insurance should work in conjunction with your condo association’s insurance. Every condo homeowners insurance association (HOA) has an insurance policy that covers common areas and building structures. You help fund this insurance plan with your HOA dues.
Work With Your HOA Insurance
Some HOA policies extend coverage into your unit, covering permanent installations such as countertops, flooring, and cabinets – dwelling features that are part of the condo. This is called walls-in coverage. If you have walls-in coverage, you can likely drop dwelling coverage in your HO-6 insurance in South Carolina, saving you money on premiums.
If your HOA has walls-out or bare walls coverage, your association won’t cover any surfaces in your unit. In this case, you may want to include dwelling coverage in your personal policy to protect the interior features of your unit.
Also, note that some HOA plans with walls-in coverage only cover the original surfaces that were in the unit. So, suppose you installed some new features, such as upgrading your original countertops from laminate to granite. In that case, the walls-in HOA coverage may not cover the cost of the upgraded materials. Consult your master policy to know what’s covered.
Actual Cash Value vs. Replacement Cost
Personal condo insurance plans can cover your belongings in two ways: actual cash value and replacement cost coverage. Actual cash value coverage means your provider will replace your things during a claim after subtracting depreciation. This means you’ll never get the full value of your items back unless they are brand new.
With replacement cost coverage, your insurer will reimburse you what you paid for a damaged item, regardless of its age. Replacement cost coverage has better payouts, but it’s the more costly choice.
If your budget can afford it, considering extra coverages in your policy is not a bad idea if needed. Many carriers offer optional coverages not included by default. Common endorsements include water backup coverage, which helps cover damage caused by unexpected water backups from your pipes, or ordinance or law coverage, which helps offset building costs after damage when bringing outdated elements up to current code.
You can also schedule especially valuable possessions you may have to make sure they’re fully covered. And, if you run a business out of your unit, you should consider a home business endorsement, officially called a permitted incidental occupancies endorsement. These optional coverages will cost extra, but you can shop around to see who has what you need at the cheapest rate.
Tips on Getting the Cheapest Condo Insurance in South Carolina
With the number of options available, you should be able to find condo insurance at a price you can afford. You can also take your premiums into your own hands to a certain extent.
Some tips for getting cheap condo insurance in South Carolina include:
- Determine appropriate coverage limits
- Seek discounts
- Raise your deductible
Make a home inventory of your belongings to determine exactly how much personal property coverage you need in your plan, and avoid paying for higher limits than you need. You can also raise or lower your liability limits when getting coverage to see how they affect your premium, although we don’t recommend getting the minimum amount.
You should also see what discounts you qualify for when getting a quote. If you’re open to bundling your other insurance policies, you may be able to save between 10% to 20% on your condo insurance premiums. You may also get a discount if you have a home security system. Many carriers offer other discounts based on age, military status, and more, so be sure to check.
A quick way to lower your premiums is to raise your deductible, which is the amount of money property damage must exceed before your insurance company will cover it. Opting for a higher deductible means you’re willing to pay more out of pocket before invoking your insurance company’s help, so your carrier rewards you for doing this with cheap HO-6 insurance in South Carolina.
And, as always, you should shop around to compare quotes and find the best deal. You can shop around again if you get a rate increase at renewal time. Review and update your policy semi-regularly, especially if you renovate your unit and change its value.
South Carolina Condo Insurance Cost Factors
The cost of condo insurance in South Carolina depends on a few variables that affect the risk profile of your property. Some of the most critical elements that insurers look at to determine premiums are your condo’s location and building features.
Condos near the Atlantic coast of South Carolina will likely have higher premiums, as those buildings are much more prone to wind and water damage from hurricanes and tropical storms.
Condo building characteristics also play a vital role. Older buildings will have higher premiums when their dated elements or construction methods sacrifice the building’s ability to withstand severe weather.
For instance, old pipes, siding, and roofs are more prone to damage from wear and tear or extreme weather and have an increased chance of causing extensive damage, which makes insuring the home more risky to insurance carriers. Thus, they’ll charge higher rates.
Newer buildings can have safety features or building methods that lower rates. But, new, high-end condos with expensive or unique features will have higher replacement costs, so those buildings will have higher premiums than a more standard condo.
South Carolina Condo Insurance Laws and Requirements
The state of South Carolina doesn’t legally require condo insurance. However, mortgage lenders or condo associations can require unit owners to get personal condo insurance policies.
Mortgage lenders require condo owners to carry insurance as a condition of the home loan. Lenders want to ensure that their investment is protected in case of damage to the unit.
HOAs can require unit owners to have policies, also. Some associations will make condo insurance a requirement before moving in. It further protects the association and other residents from liability incidents and more.
Even though you may not always be required to have it, condo insurance provides essential protection for yourself, your unit, and your family, and we wouldn’t recommend going without a policy.
How to Get Condo Insurance Quotes in South Carolina
When getting condo insurance quotes in South Carolina, you need to know some basic information about your condo unit and building. You should maximize your chances of finding the best deal by comparing plans from several carriers.
Typical information companies ask for includes:
- Square footage of your unit.
- Number of floors in your building.
- Certain construction details.
Many companies allow you to input this information and get your quote entirely online, as we do at Clovered.
We’re an independent insurance agency specializing in all types of home insurance. Since we partner with many of the top condo insurance companies in South Carolina, we can compare your options and help you find the coverage you need at the price you want.
What to Know About Myrtle Beach HO-6 Insurance
HO-6 insurance in Myrtle Beach will likely be on the higher end in South Carolina. Yet, it’s essential to have coverage there to protect yourself from possible weather hazards.
Condo insurance rates will be relatively costly in Myrtle Beach compared to the rest of the state because of the city’s coastal location. Condos in Myrtle Beach, especially ones closer to the shoreline, are more prone to hurricane and flood damage. Hurricane damage can be incredibly costly, and insurers charge higher premiums to offset this financial risk.
Myrtle Beach is popular for vacation rentals. Notify your insurer if you rent out your condo for part of the year. Some carriers won’t cover damage from seasonal tenants by default. You may need an endorsement to cover occasional renters, or your provider may want you to get a type of landlord insurance depending on the unit’s vacancy.
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.