Homeowners Insurance in Florence, South Carolina (2024)

Those who get a home in Florence will also be needing home insurance. Let’s go over what homeowners insurance in Florence will cost you on average, as well as factors that affect the cost and the coverages you can expect with a policy.

The average cost of a homeowners insurance policy in Florence for a $200,000 house is around $2,345. But, as we’ll break down below with a list of popular providers, you can get coverage from a few insurers for under $2,000.  

The cost of home insurance depends on a lot of factors. We’ll go over a few of the important ones, but first, look at the averages of select companies below.

The rates in this article are sourced from the South Carolina Department of Insurance. The top 25 insurer groups by national premium volume were required to submit their annual rates, while other companies opted to do so voluntarily. The sample rates are for a homeowner with no insurance claims in the past five years and an average credit score.

As you can see, Foremost skews the average quite a bit. Every other provider on our list of top insurers in Florence was notably less. Universal Property & Casualty had the lowest average premium for homes at both price points. You may also notice that premiums for $350,000 homes were more expensive than premiums for $200,000 homes across the board because larger, more expensive houses cost more to insure.

Notably, Allstate had the smallest increase in premium cost between the two price points. It went up $821, which is about 42%. Interestingly even though the UPCIC rate nearly doubled, it remained the lowest average premium for a $350,000 house. 

In the list below, we’ll break down these average rates even further accounting for some important variables. 

You’ll notice masonry houses had lower average premiums than frame houses. At both price points, insurance on masonry homes was hundreds of dollars lower. The variations differ even more when looking at specific providers, though. 

Foremost had a difference of $1,120 between its rates for frame and masonry homes, while Allstate’s average premiums, for example, only differed by an average $149 between the two house types. The variation in rates underscores the importance of comparing home insurance quotes before buying.

Home value is a major factor in insurance rates. Your home’s value is a main determinant of how much coverage you need; larger coverage amounts create higher premiums. Insurers give coverage amounts that align with your home’s value, namely its replacement cost.

Replacement cost is the amount of money needed to rebuild your home and is tied to construction and labor costs. As general construction prices nationwide and in South Carolina have increased since the pandemic, it may be more common to need higher coverage limits.

Take a look at the same insurance variables when they apply to homes needing $350,000 worth of coverage:

Take a look at the same variables when they apply to $350,000 homes:

State Farm is one of the largest insurance companies in the nation. They’re a common choice in Florence. They had the second-lowest average premium for $200,000 homes overall on our list at $1,937. Their rates seemed a bit more favorable for $350,000 homes, where they dropped below Nationwide for the third most expensive carrier.

South Carolina Farm Bureau is another popular insurer in the state. Their premiums were middle of the pack at both price points. South Carolina Farm Bureau is a regional affiliate of Farm Bureau Insurance, which has a presence in all 50 states and Puerto Rico.

The most common type of homeowners insurance policy is called an HO3 policy. HO3 policies come with the following coverages to protect you and your property.

Dwelling coverage, also known as Coverage A, is the part of your policy that financially protects the main structure of your house. This includes your roof, walls, and floor, as well as parts of your foundation and your electrical and plumbing systems.

The amount of dwelling coverage you have is based on the value of your house. The value of your house is determined by either its market value or, more commonly, its replacement cost. You must insure your house close to its value. For example, if your home is worth $200,000, you should have at least $200,000 in dwelling coverage.

Other structures coverage, also known as Coverage B, covers the structures and features on your property that aren’t attached to your main house. This could include sheds, fences, detached garages, gazebos, and more. 

The amount of other structures coverage you have is based on a percentage of your dwelling coverage, usually 10%. For instance, if you have $200,000 of dwelling coverage, you’ll likely have $20,000 of other structures coverage.

Personal property coverage, also known as Coverage C, protects the items in and around your house. These include furniture, clothes, electronics, jewelry, and more. Your insurer will reimburse you for these items if they get damaged by a covered peril.

You’ll need enough personal property coverage to replace all your items in a worst-case scenario. For instance, if you have $50,000 worth of items, you’d want $50,000 worth of personal property coverage. A good way to find out the value of your belongings is to make a home inventory list.

Loss of use coverage, also known as Coverage D, comes into play if your house gets damaged by a covered peril. If you have to move out while your home is being rebuilt or repaired, many of the expenses you incur will be covered by your insurer through loss of use coverage. Your hotel stay, food, gas, and more will be reimbursed.

Loss of use coverage may be limited to 20% of your dwelling coverage. For example, if you have $200,000 of dwelling coverage, your loss of use coverage may max out at $40,000.

Liability coverage, also called Coverage E, provides money to pay for medical expenses and legal fees that you could be liable for if someone gets hurt on your property and sues you. Accidents, such as slips and falls and dog bites, could be attributed to you if the injured party decides to sue you after getting hurt. If you’re found liable, your liability coverage will cover most of the costs.

Policies usually start with a minimum of $100,000 in liability coverage, but you can increase it to $500,000 or $1 million. If you want more than that, you’d need an umbrella policy.

Medical payments coverage, also known as coverage F, is similar to liability coverage but is specified to cover minor injuries’ medical costs only. While liability coverage has limits of hundreds of thousands of dollars, medical payments coverage limits are usually only a few thousand.

Florence has flooding problems. Heavy rains combined with the flat terrain and the presence of many nearby bodies of water means several areas of Florence are prone to flood damage. Homeowners insurance won’t cover damage from floods. If you feel you’re at risk, you’d need flood insurance to protect your property.

If you’re in a federally designated high-risk flood zone, your mortgage lender will require you to get flood insurance. Clovered offers flood insurance from both the National Flood Insurance Program (NFIP) and several private companies; we can help you find your best option for flood insurance coverage.

Some places around Florence are in minimal flood zone hazard areas, but even properties outside flood zones can suffer flood damage, especially if major storms like Tropical Storm Debby in 2024 bring lots of rain in a short period. The NFIP reports that over 25% of their flood insurance claims come from properties outside flood zones.

We’ve mentioned some significant factors that influence home insurance rates, such as home size, home age, and home construction type, but there are many more that impact premiums. Some of these include home location and home features. 

If your home is in an area that’s prone to severe weather, this will raise your premiums. Although Florence is inland, it’s still in danger of hurricane damage every year. Just two years ago, Hurricane Isaias came dangerously close to Florence and caused minor damage. Insurers account for the possibility of hurricane damage and factor it into homeowners rates in the area.

There’s also a possibility of tornadoes forming around Florence. The town is located in the Carolina Alley, a known region of heavy tornado activity in the Southeast. The risk of tornadoes likely influences insurance premiums, too.

Ceratin features of your home can increase how much you pay for coverage. “Attractive nuisances” like pools or trampolines make your home riskier. They can raise your premium because they increase the chance of something going wrong – spawning both injuries and insurance claims – on your property.

The decisions you make about your policy itself directly impact rates, too. As we touched on earlier, the more coverage you want, the more you’ll pay. Opting for more coverage or purchasing endorsements will raise your premiums.

When shopping for home insurance, it’s important to compare quotes from multiple providers to know you’re getting the best deal. At Clovered, we make this easy. 

We’re an insurance agency that partners with several of the top insurance providers in the nation to offer you options for coverage. We operate in 19 states, and we’re dedicated to helping you find the coverage you want at the price you need.

You can use our online quoting platform to see options for your property, or you can speak to a licensed agent on the phone by calling 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. if you’d like. You can also email us anytime at [email protected] with any questions.