Homeowners Insurance in Mount Pleasant, South Carolina (2024)

Getting a home in Mount Pleasant is becoming a goal of more and more people. Getting a house is a significant investment, and it’s one of the biggest you’re likely to make in your lifetime. It’s only natural to want to protect such an important purchase.

This is where homeowners insurance in Mount Pleasant comes in. Having the right policy is vital – you want your home insurance to help you when you need it, not be just another obstacle you have to navigate. 

Below, we’ll go over what you need to know about home insurance in Mount Pleasant, so you know what to expect when buying a policy and have sufficient coverage at all times.

The average cost of home insurance in Mount Pleasant for a $200,000 house is $1,779. Premiums increase to about $2,746 for a $350,000 house. Home insurance is designed to protect you and your property financially. Mount Pleasant’s location on the Atlantic coast means it’s vulnerable to hurricanes every storm season. On top of that, other weather phenomena and much more can affect properties in Mount Pleasant.

There are unfortunately a lot of things out of our control – insurance keeps these things in mind when we might not. Keep reading to find out what affects this rate, what coverages you can get for this money, and much more.

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.

One of the first things you’ll notice in the list is the large range in premiums you can expect. What you pay for home insurance in Mount Pleasant varies based on many factors. The first one we broke down here is home value. Generally, the bigger and more expensive your house is, the more you’ll pay for homeowners insurance. This is why you see higher rates across the board for $350,000 houses than $200,000 houses.

This occurs because of the higher replacement cost of larger homes. Insurers determine the amount of coverage you should have on your home in one of two ways: market value or replacement cost value.

Market value is how much someone would pay for your property if it was on the real estate market. The Replacement cost value is a more common way of valuing your house, though. It takes into account how much it would take to rebuild your house if it was destroyed. It looks only at the cost of the materials and features of your home. It’s tied to construction costs, which are more fixed than the market variables affecting your home’s market value.

Allstate and State Farm, some of the largest home insurance providers in the country, were in the lower end to middle of the pack in terms of rates. Universal Property & Casualty was by far the most affordable home insurance provider on the list for houses at both price points. 

Another critical factor in home insurance rates is the construction style of your home. Masonry homes may have a higher replacement cost, but they generally stand up to severe weather better. So, insurance companies may offer lower premiums on masonry homes.

According to our list of providers, insurance rates on masonry homes in Mount Pleasant are about 18% lower than rates on frame homes. Foremost had the largest average difference between frame and masonry rates, with a 47% decrease on masonry homes. Interestingly, UPCIC rates slightly increased at both home price points for masonry houses, but it remained the most affordable provider.

State Farm is one of the largest insurers in the country. Their rates are around the middle of the pack on our list of insurance companies in Mount Pleasant, with the 4th lowest average premiums on a $200,000 house and the 3rd lowest on a $350,000 house.

Allstate is another nationally recognized insurer that’s a popular provider in the Mount Pleasant area. Their rates were some of the most affordable on our list. For their average rates on both $200,000 and $350,000 homes, they were the second-lowest out of the eight we listed. Allstate was only higher than Universal Property & Casualty.

A homeowners insurance policy is usually divided into sections based on the types of coverage offered in it. Home insurance in Mount Pleasant should include the following sections:

Dwelling: Dwelling coverage and other structures coverage have to do with safeguarding the structures on your property from physical damage. Dwelling coverage is for the main structure of your house and its features, like the roof, windows, floors, porches, balconies, and more. Dwelling coverage is either based on the market value or the replacement cost of your house. For instance, if you have a $300,000 house, you’d have at least $300,000 worth of dwelling coverage ideally.

Other Structures: Other structures coverage protects the structures on your property that aren’t a part of the main house, such as detached garages, sheds, fences, gazebos, and more. Other structures coverage is usually around 10% of your dwelling coverage. For example, if you have a $300,000 house, you’ll likely have around $30,000 in dwelling coverage.

Personal Property: Personal property coverage is for the belongings inside your house. It covers your furniture, electronics, art, clothes, jewelry, and more. You decide how much personal property coverage you need based on the value of the items you own. For instance, if you think you have $150,000 worth of belongings, you’d want at least $150,000 worth of personal property coverage.

Liability and Medical Payments: Liability and medical payments coverage relieve your financial burden by limiting your liability in case of an accident. Suppose someone suffers an injury on your property and pursues you for damages. In that case, your liability coverage and medical payments coverage will cover many of the costs if you’re ultimately found liable. Medical expenses of the injured party and litigation costs for yourself can be covered.

Loss of Use: Let’s say your house gets destroyed totally by a fire or a hurricane, and your insurance company agrees to cover the costs to rebuild. When you need to temporarily relocate while your house is being reconstructed, loss of use coverage can cover your expenses. Also known as additional living expenses, this coverage lets your provider reimburse you for many things you’ll buy when you’re displaced, such as a hotel stay, food, gas, and more.

As we mentioned earlier, Mount Pleasant’s location on the coast of South Carolina plays a role in home insurance rates because of the risk of hurricane damage. Even though the area hasn’t been hit hard by a major hurricane since Hugo in 1989, the storm season seems to be worsening every year, and the fear never dissipates. For instance, Hurricane Dorian was a concern in 2019, although Mount Pleasant suffered only minor damage.

Sinkholes are another natural phenomenon that can damage homes and impact property insurance rates in the Lowcountry. Although they’re often not serious, they’re still something that providers watch for.

In addition to weather-related factors, homeowners insurance premiums can also be influenced by the decisions of the policyholder. The amount of coverage and the deductible you choose directly affect how much you’ll pay in premiums. You also must consider your hurricane deductible. You’ll also pay more if you want endorsements or riders for extra protection not included in a standard policy.

Additionally, your claims history can influence premiums. If you’ve filed multiple claims in the past few years, you may pay more for coverage. Insurers believe someone who has filed a home insurance claim in the past is more likely to file another in the future. To offset this increased chance of a payout, providers may charge higher premiums.

Water is an integral part of the Mount Pleasant community. Floods are always something you have to think about when in the Lowcountry. Mount Pleasant suffers flooding issues from rain due to drainage problems and potential storm surges after severe weather.

Home insurance won’t cover damage from flooding, so you need a dedicated flood insurance policy to protect your property from the dangers of floodwaters. Flooding is one of the most costly and destructive natural disasters. If you’re in a federally designated flood zone, your mortgage lender requires you to get a flood policy.

The Federal Emergency Management Agency (FEMA) establishes flood zone maps and determines flood risks for the United States. If FEMA determines you’re in a high-risk flood zone, you’ll be required to get flood insurance.

Some areas of Mount Pleasant bordering the Atlantic and the main channel to the Charleston Harbor are located in AE and VE flood zones, which are high-risk designations from FEMA. To find your exact flood zone, you can use FEMA’s locator. You should stay on top of your home’s flood designation; it’s subject to change since FEMA tries to update its maps for accuracy continually.

If you’re looking for flood insurance in Mount Pleasant, Clovered is equipped to help you. We partner with the National Flood Insurance Program (the largest flood insurance provider in the country – administered by FEMA) and with several private providers, so you have options for your coverage.

There are many home insurance providers in Mount Pleasant, and they all want your business. If you’re unsure where to start, you can turn to us. We’re Clovered, an independent insurance agency operating in 19 states built with the purpose of simplifying insurance. 

You should get multiple quotes when shopping for home insurance, and we can help you do this. You can go through our online quoting platform or speak to one of our many licensed agents on the phone by calling 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Or, you can email us anytime at [email protected], and an agent will get back to you soon.