Best and Cheapest Homeowners Insurance in South Carolina

South Carolina is one of the most beautiful states on the entire East Coast, from the banks of Hilton Head Island to Myrtle Beach and up to the hilly regions of Columbia, Greenville, and beyond.

However, the state’s diversity also means that homeowners face several potential perils, from hurricanes and tornadoes to flooding. Homeowners insurance in South Carolina is pivotal to protecting your home, family, and finances. Let’s take a look at what’s covered, what’s not covered, how to get quotes and much more.

How Much Is Homeowners Insurance in South Carolina?

The average home insurance cost in South Carolina is about $2,462 for $200,000 of coverage and $3,867 for $350,000 of coverage based on premiums from the 22 most populated cities in the state.

We analyzed a diverse set of data submitted to the South Carolina Department of Insurance to provide a representative view of the South Carolina home insurance market. Below are average policy rates for frame and masonry homes at coverage levels of $200,000 and $350,000. We also break down rates for young houses (between 1 and 34 years old) and older (35+ years old) homes to see the effects of construction style and home age on premiums.

As you can see from the data above, homeowners with masonry-constructed homes typically pay less for homeowners insurance. This is because those homes are typically able to withstand perils like hurricanes and fire damage more efficiently. Let’s take a look at a breakdown of premiums based on home age

South Carolina Homeowners Insurance Rates on New Homes

Age of home is imperative because newer homes are typically built to withstand heavier wind events, and the materials haven’t broken down as much as they have in older homes. For pricing comparison metrics, the insurance department uses two categorizations: homes that are 1 to 34 years old and homes that were built 35 years ago or more.

In the first comparison breakdown, we’ll examine $200,000 houses built between 1 and 34 years ago at both coverage levels.

Coverage on newer masonry homes is about 10% lower than on new frame homes. Now, check the differences when the dwelling coverage amount rises to $350,000.

Coverage costs rise in general as home value rises. The price for insurance on a frame house remains about 10% higher than coverage on a masonry home, although that amounts to nearly a $400 difference per year.

South Carolina Homeowners Insurance Rates on Old Homes

In the next comparison breakdown, we’ll take a look at houses that were built 35 years ago or more. These homes have a higher potential for filing a claim and, therefore, face a higher premium than homes built 34 years ago or less.

Things like outdated roofs and electrical systems could lead to a roof leak or house fire claims, and older bases could lead to costly structural problems. Let’s take a look at the breakdown.

When compared with new homes in South Carolina, the rate for $200,000 of coverage on older homes is about 9% higher. This carries over as the coverage amount increases to $350,000, as pictured below.

Why Are Insurance Companies Leaving South Carolina?

Lately, residents in South Carolina, especially near the coast, have experienced rising premiums. These price hikes reflect the difficulty of the insurance marketplace for carriers, some of which have failed or left South Carolina as it becomes more challenging to provide coverage at competitive rates.

The South Carolina Department of Insurance reports that inflated construction prices, rising property values, and nationwide catastrophes (think hurricanes and wildfires) have caused insurers to raise rates in South Carolina. Even if the state itself hasn’t faced the brunt of natural disasters, large companies are forced to recoup their losses from many policyholders, including those in states that haven’t been impacted.

At least partly as a result of these conditions in South Carolina and throughout the Southeast, 11 South Carolina insurers went insolvent from 2021 to 2023, while others chose to stop writing policies in some or all of the state.

Getting the Best Homeowners Insurance in South Carolina

The best home insurance in South Carolina is going to be a policy that includes the most in-depth coverage for your house, personal belongings, and finances. You may not consider the latter when choosing a policy, but having optimal liability insurance can be the difference between your insurer footing the bill for an accident that occurs on your property or having to come out of pocket.

The best home insurance will also be hurricane insurance in South Carolina, meaning it will include coverage for windstorms such as hurricanes and tropical storms. Residents on or near the state’s Atlantic coast may find this more difficult to achieve, as coastal property insurance in South Carolina may include wind coverage due to the increased chances of such damage near the beach.

Homeowners insurance is broken up into six main categories, taking the names of Coverage A through Coverage F. We’ll break down all of them below and provide coverage examples of each. Let’s take a look.

Coverage A: Dwelling Coverage

One of the most important pieces of your property insurance in South Carolina is the dwelling coverage portion. It’s responsible for repairing or rebuilding your house if it were damaged or destroyed by a covered peril. This coverage should mimic your home’s value, so those homes worth $200,000 should have $200,000 worth of dwelling coverage and homes worth $350,000 should have $350,000 worth of dwelling coverage.

Example of Dwelling Coverage: You can choose between market value or replacement cost coverage for your home’s dwelling coverage. In simplistic terms, market value coverage will repair or rebuild your home to its market value, and replacement cost coverage will repair or rebuild it to the exact cost of its condition before the damage

Coverage B: Other Structures Coverage

This coverage is responsible for protecting all things structural on your property that aren’t directly connected to your home’s main structure. These are things like fences, sheds, and detached garages. Default coverage is usually 10% of your home’s dwelling coverage maximum, so $200,000 homes will typically have $20,000 in other structures coverage.

Example of Other Structures Coverage: If a hurricane comes through and destroys your home’s fence and backyard shed, your policy’s other structures coverage will kick in to pay to repair or replace them.

Coverage C: Personal Property Coverage

Many people have no idea how much value they actually possess in personal belongings, and they therefore underestimate the amount of personal property coverage they need in their house insurance in South Carolina. These are things like furniture, clothes, and electronics. You need enough coverage to repair or replace all your belongings if your home were destroyed by a covered peril. Having too little would leave you undercovered, and having too much would mean you’re likely paying more than you should.

Example of Personal Belongings Coverage: If you sustained a kitchen fire that spread to your living room, Coverage C would be responsible for replacing the belongings that were damaged, such as kitchenware, furniture and TVs. Things connected to your home, like light fixtures, would be protected under dwelling coverage.

Coverage D: Loss of Use Coverage

If that house fire from the example above were to temporarily force you to move out of your home, loss of use coverage would help pick up the tab for many unexpected temporary living expenses. These are things like a hotel stay, storage facilities and pet boarding.

Example of Loss of Use Coverage: Let’s say your home sustains a kitchen fire, and you have to find a place to temporarily live while it’s being repaired. Instead of moving in with family or footing the bill for an expensive hotel, this coverage would reimburse you for things like a temporary place to stay, eating out because that hotel doesn’t have a kitchen, and much more.

Coverage E: Liability Coverage

Arguably, the most underrated portion of your home insurance policy is the liability coverage. It’s responsible for paying major medical expenses and legal fees if someone was injured on your property and you were found liable. It can also pay for damage you accidentally cause to someone else’s property or expenses relating to your dog biting someone. Many policies start with a minimum of $100,000 worth of coverage, but you may be able to get up to $1 million.

Example of Liability Coverage: If you have a trampoline on your property and one of your children’s friends falls off and breaks a leg, you could be responsible for paying their medical bills. But since the incident occurred on your property, your policy’s liability coverage could foot the bill for major medical expenses like an ambulance, emergency room visit, surgery, physical therapy, and even legal fees if their parents decide to sue you for long-term damages.

Coverage F: Medical Payments Coverage

Similar to liability coverage, medical payments to others coverage also picks up the tab for medical expenses if someone is injured on your property. However, unlike liability coverage, medical payments only cover minor medical expenses like ambulances, X-rays, and physical therapy. Medical payments in the average homeowners insurance in South Carolina are usually capped at $5,000 per claim.

Example of Medical Payments Coverage: If a guest in your home trips and falls down the stairs, medical payments coverage could pay for X-rays and MRIs — whether you’re liable for the injury or not. However, if you’re not liable, it’s best for you if they use their own health insurance to cover the expenses, as a home insurance claim can raise your rates substantially.

Best Mobile Home Insurance in South Carolina

South Carolina has a lot of mobile homes. These property owners still need insurance for their dwellings. Traditional homeowners insurance is provided by what’s officially called an HO-3 policy. Mobile and manufactured home insurance in South Carolina is satisfied by an HO-7 policy, which differs slightly from the HO-3 form to account for differences in construction and coverage needs of mobile homes.

HO-7 policies include many of the same coverage areas as standard home insurance plans. A key difference is that mobile home insurance in South Carolina may only cover your dwelling at actual cash value, while traditional homeowners insurance tends to have more replacement cost coverage options.

What to Know About Flood Insurance in South Carolina

Even the best home insurance companies in South Carolina cover flood damage, no matter the carrier. Flooding is the country’s most common natural disaster. You need a separate policy for South Carolina flood insurance.

Most people get flood insurance through the National Flood Insurance Program (NFIP), which is subsidized, funded, and administered by the federal government. As technology and underwriting practices have improved over time, private flood insurance companies in South Carolina have grown and at times can offer competitive rates with greater flexibility than the NFIP.

You should always be aware of your property’s flood risk, which you can check on the Federal Emergency Management Agency (FEMA) website. Note that anywhere it can rain, it can flood, and you may want to consider protection even if your property is in a low-risk area.

If you have questions on flood insurance, our team at Clovered is licensed as a flood insurance agency in South Carolina and is available to help. We can get you coverage from the NFIP or private carriers.

How to Get Cheap Homeowners Insurance in South Carolina

No one wants to spend more than they have to on home insurance coverage. While there’s no one-size-fits-all way to lower insurance costs, raising your deductible and watching for discounts can help you get the cheapest homeowners insurance in South Carolina.

Your deductible is the amount of money you must pay out of pocket when filing a claim before your carrier covers the rest. You can choose your deductible when quoting. Selecting a higher one shifts more of the financial responsibility of a claim to you, the policyholder. This transference of risk lowers your premiums with your insurer.

Additionally, you should always watch for discounts for which you may qualify. Companies offer discounts for various personal and property-related aspects.

For example, depending on the carrier you choose, you may be able to bundle South Carolina home and auto insurance to save money. While the bundle savings aren’t guaranteed, policyholders can usually expect to save up to 15% on their auto insurance by bundling.

Rates vary by location. For instance, homeowners insurance by the South Carolina coast will likely be more expensive than coverage on more inland properties. However, homeowners who implement effective wind mitigation are legally required to get notable insurance discounts. So, looking into wind mitigation is always a wise move.

Is Homeowners Insurance Required in South Carolina?

No law requires homeowners insurance, also sometimes called wind and hail insurance in South Carolina. However, mortgage lenders do. Lenders ensure borrowers maintain home insurance throughout the loan life to protect their investments.

If a house is destroyed by a covered peril, like a fire or hurricane, the insurance policy will reimburse the policyholder and mortgage lender, so no one loses out on their investment. If you don’t acquire your own coverage from an insurance company in South Carolina, your lender will force insurance on you. Force-placed insurance is typically more expensive and less helpful than a plan you can find on your own, so be sure to stay on top of your insurance needs.

South Carolina Homeowners Insurance Laws

Insurance companies are regulated by the governments of the states in which they operate. They have rules and regulations they must follow.

For example, an insurer must inform you 60 to 90 days ahead of time with a valid reason if it plans to non-renew your policy. There are also laws regulating claims handling and cancellations.

As a policyholder, be sure you understand your coverage thoroughly. Know what your policy does and doesn’t cover, and ask questions to your insurance agents in South Carolina if you’re unclear on anything.

How to Get Home Insurance Quotes in South Carolina

Since we partner with the most reputable South Carolina homeowners insurance companies, we’re able to get you the best rates and the most competitive policies. Our proprietary online quoting tool is free, fast, and easy to use. You can compare policies from many of your state’s top home insurers to get the best coverage at the best price. Simply enter a few details about your home to get a new policy in minutes.

Or, if you’d like to speak with a real person, the easiest way to get homeowners insurance quotes in South Carolina is through one of our licensed, in-house agents by calling (833) 255-4117 Monday through Friday during business hours. You can also contact agent@clovered.com, and one of our agents will get back to you promptly.