Average Homeowners Insurance Rate in Columbia Homeowners insurance in Columbia isn’t required by law, but it will be mandated by lenders if you have a mortgage. Lenders require borrowers to maintain coverage as a condition of home loans in order to protect their investment in your property. The insurance policy will pay out to you, the homeowner, and your mortgage lender if the property is damaged or destroyed.
Key Takeaways
- The average homeowners insurance cost in Columbia, South Carolina, is $1,525 yearly.
- TypTap had the cheapest Columbia home insurance, based on our agency data.
- You should always shop around with insurance agencies in Columbia, South Carolina, to save money and ensure you have appropriate coverage for your property.
Average Cost of Homeowners Insurance in Columbia, South Carolina
The average homeowners insurance in Columbia, South Carolina, is about $1,525 per year, which is 15% below the statewide average premium of $1,792 annually.
Columbia’s inland location likely plays a role in its relatively affordable rates. Columbia is generally safe from hurricanes and flooding, which are the main drivers of higher rates in coastal locations like Charleston and Mount Pleasant.
As an independent insurance agency, we can list real, average premiums of our policyholders in Columbia to help give you an idea of possible costs when seeking coverage.
|
Company |
Average Premium |
|---|---|
|
TypTap Insurance Company |
$1,385 |
|
Universal Property and Casualty |
$1,524 |
|
Hippo Insurance |
$1,773 |
|
Average |
$1,525 |
Cheapest Homeowners Insurance in Columbia, South Carolina
TypTap had the cheapest Columbia house insurance, according to our agency data. These companies and many more with which we partner offer coverage in South Carolina, and you won’t know which one is the most affordable for your circumstances until you get quotes.
All the carriers we listed are regional providers that offer home insurance in several states in addition to South Carolina. This helps them spread financial risk among policyholders and potentially benefits everyone’s premiums.
And although Hippo was the most costly, that doesn’t mean it can’t be the best option for you. Rates vary by company and person, which is why it’s important to always compare home insurance quotes from multiple providers when looking for a policy.
Best Homeowners Insurance Companies in Columbia, South Carolina
Determining the best home insurance company in Columbia is also variable, as optimal protection depends on your coverage needs, budget, and personal preferences. As an independent agency, we can offer further information on some of our partners below to help you make an informed decision on coverage.
Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
TypTap
Demotech Rating
A
NAIC Complaint Index
1.48
Average Premium
$1,385
TypTap Insurance Company was founded in 2006 and offers home insurance in over a dozen states. It’s primarily distributed through independent agents, like ours at Clovered.
Universal Property and Casualty
Demotech Rating
A
NAIC Complaint Index
5.99
Average Premium
$1,524
Launched in 1997, Universal Property & Casualty Insurance Company is one of the largest and longest-standing home insurers in Florida that now operates in 19 states. With more than 1 million policyholders, it consistently ranks as one of Florida’s most prevalent home insurance providers and trades publicly on the New York Stock Exchange under the Universal Insurance Holdings ticker.
Hippo
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$1,773
Hippo Insurance Services is a provider and managing general agency that supplies home insurance in several states with an emphasis on proactive home protection. It was established in 2015 and currently trades publicly on the New York Stock Exchange.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
What Does Home Insurance in Columbia Cover?
The purpose of homeowners insurance is to provide financial protection in case something unexpected happens to your home. Insurers cover damages from what they call covered perils. The most common type of homeowners insurance is an HO3 policy. It covers your home on an open-perils basis, which means it covers damage to your home from any peril unless specifically excluded in your policy. Common covered perils include fires, hurricanes, tornadoes, theft, and many forms of water damage.
Policies are also divided into different areas of coverage. An HO3 policy typically has the following coverages:
|
Coverage |
Definition |
|---|---|
|
Coverage A |
Dwelling coverage covers your home’s physical structure from covered damage, including the roof, walls, floors, foundation, and pipes. This coverage is also called dwelling coverage. |
|
Coverage B |
Other structures coverage covers fixtures on your property that aren’t attached to your main house, such as fences, pools, sheds, and detached garages. It’s also called other structures coverage. |
|
Coverage C |
Personal property coverage covers your belongings, including furniture, electronics, clothing, jewelry, and tools, from damage and theft. It may also be called personal property coverage. |
|
Coverage D |
Loss of use coverage can cover expenses if you’re forced to move out of your home due to damage from a covered peril. For instance, if your house gets destroyed by an electrical fire, your loss of use coverage can cover the expenses you incur while you relocate while waiting for your home to be rebuilt. Costs for hotel stays, food, gas, and more can be reimbursed. |
|
Coverage E |
Liability coverage covers you financially if you’re found legally responsible for causing an injury or property damage to another person. Your insurer can cover legal fees and medical bills. It may also be called personal liability coverage. |
|
Coverage F |
Medical payments coverage covers minor medical expenses if someone is injured around your property, regardless of fault. It’s also known as Coverage F. |
How to Get a Home Insurance Quote in Columbia, South Carolina
Now that you know what proper coverage entails, if you need a home insurance quote in Columbia, we’d be happy to help. Clovered is an independent agency that partners with some of the top providers in the country. We’re dedicated to making insurance easy, evident by our online quote platform.
If you prefer to speak to a licensed agent by phone, just call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Or, you can email us anytime at agent@clovered.com with any questions, and an agent will get back to you promptly.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Columbia Home Insurance FAQs
Is homeowners insurance required in Columbia, South Carolina?
What factors affect Columbia home insurance rates?
Many factors influence homeowners insurance. In Columbia, weather-related risks are imposing. The possibility of hurricanes and tornadoes likely raises premiums. How the way your home is built affects your rates, as do certain property features and your home’s age and size. Policy aspects like coverage amounts and deductibles are also important.
Can you get mobile home insurance in Columbia, South Carolina?
While mobile homes differ from standard homes in several ways, that doesn’t negate their need for insurance. Mobile homes have a dedicated insurance form, called the HO-7, and, unfortunately, not all companies offer HO7 plans. Mobile homes are normally smaller than traditional houses yet more susceptible to damage, so it’s hard to estimate if mobile home insurance is cheaper or not. You may have a harder time finding coverage, though.
Is there a difference in homeowners insurance in West Columbia, South Carolina?
West Columbia is technically a different city than Columbia. Our policyholders actually had slightly cheaper rates for home insurance in West Columbia, South Carolina, by about 10% compared to the capital, but rates vary due to many factors, so it’s hard to say anything about that difference without knowing the specifics of your property.
Do you need flood insurance in Columbia, South Carolina?
If your property is in a federally designated flood zone, you may not have a choice about coverage. Your mortgage lender will require you to get flood insurance if you’re in a high-risk flood zone as determined by the Federal Emergency Management Agency (FEMA). Columbia has a few AE flood zones, which FEMA has determined as special flood hazard areas. Some properties along the Broad River and Reeder Point Branch lie in these zones.
Stay Above Water With Flood Insurance
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
