Homeowners Insurance in Orangeburg, South Carolina (2024)

Below, we go over what homeowners insurance could cost you if you live or are thinking of living in Orangeburg. We’ll also discuss factors that affect insurance rates and common coverages you can expect in a homeowners insurance policy.

In Orangeburg, the average premium for home insurance on a $200,000 house is $3,228 and $3,579 for a $350,000 house. Home insurance in Orangeburg is required if you have a mortgage. 

Lenders make homebuyers get insurance to protect the investment the bank is making. A lender doesn’t want to be completely on the hook if a home gets damaged, and the homebuyer likely doesn’t have enough to recoup the bank’s investment in the house on their own, or else they wouldn’t be getting a mortgage in the first place. 

Home insurance offers peace of mind to the buyer, too. It can relieve your financial burden if your house was to sustain serious damage. Thus, a homeowners insurance policy is the best way for lenders and homebuyers to protect their investments in a property. 

Keep reading for an in-depth breakdown of popular insurers and their average rates on many different types of homes.

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.

From our list of average premiums, you’ll notice that all providers except one, Foremost, have average premiums under $2,700 for $200,000 homes, which skews the numbers a bit. Just glancing at the overall average rate wouldn’t tell the full story. 

You’ll also notice that Universal Property & Casualty is the most affordable. It’s about$108 cheaper, or 5% lower than the next closest average premium on our $200,000 house list.

Premiums for $350,000 homes were higher across the board than premiums for $200,000 homes. This is because larger, more expensive homes have a higher replacement cost. They cost more to build, and there are simply more items and more area to cover, so they cost more to insure. Again, Foremost was the most costly and Universal was the least costly on average, with the other three companies grouped closely together in between.

Below, we’ll break down the numbers even further considering some important factors for a more complete understanding of home insurance in Orangeburg.

Diving deeper into the numbers, you’ll notice a few trends. Masonry houses have lower average premiums than frame houses for almost every provider on our list. And, younger homes tended to have lower insurance premiums than older homes.

The two most common construction styles for residential homes are masonry construction and frame construction. Masonry construction means a house was built with mainly a brick or concrete structure. Frame houses have wooden skeletal structures. 

Although they may have higher replacement costs, masonry homes generally have lower insurance premiums than frame houses because masonry homes can withstand the elements better. They’re less susceptible to damages from high winds. They also don’t suffer as much damage from fires – think of all the wood that could burn in a frame house. Plus, masonry homes can’t suffer as much damage from termites or wood rot.

The age of your house is another important factor that affects home insurance rates. Older homes tend to have higher premiums for a few reasons. They may not be up to the latest building and safety codes, which means they’re less safe. They could not be as well-equipped to handle severe weather as new construction could, or they may just be more hazardous.

Significantly older homes can have some red flags that can keep insurers away altogether, such as outdated home wiring or a very old roof. The many risks of older homes mean a higher chance something could go wrong, which means an increased chance that an insurance company will have to pay out a claim. As a result, providers may charge more to cover older homes to offset the heightened financial risk they’re taking on.

With all this in mind, take a look at a breakdown of premiums on $350,000 homes in Orangeburg:

A typical home insurance policy is called an HO3 policy, and it protects more than just your house. This is why homeowners insurance is so valuable. Here is a brief description of the different coverages an HO3 policy contains:

Dwelling Coverage: Protects the main structure of your house, such as the roof, walls, floor, and patio. Your dwelling coverage should be as least as much as the value of your home.

Other Structures Coverage: Covers the other structures and features on your property not attached to your main house. This could include a detached garage, sheds, fences, and more. The amount of other structures coverage you have is based on a percentage of your dwelling coverage, typically up to 10%.

Personal Property Coverage: Covers your belongings. This can include furniture, TV, computers, and more. It comes with sub-limits for high-value items such as art and jewelry, but you can add more with scheduled personal property coverage.

Loss of Use Coverage:  Can reimburse you for expenses you incur if you must move out of your home while it’s being repaired or rebuilt after damage from a covered peril. Your insurer can cover a hotel stay, gas, food, and more.

Liability Coverage: Limits your financial liability if someone gets injured on your property and tries to sue you. Liability coverage can cover the injured party’s medical expenses and your legal costs. A typical home insurance policy comes with a minimum of $100,000 of liability coverage.

Medical Payments Coverage: Similar to liability coverage, but designated only for minor injuries.

Unfortunately, the dark waters in and around Orangeburg can sometimes turn devastating. Flooding and storm surges are a possibility in the area, as well as water damage from heavy rains. Homeowners insurance doesn’t cover damage from flooding. If you want to protect your home from the dangers of rushing water, you’ll need a separate flood insurance policy.

The National Flood Insurance Program, backed by The Federal Emergency Management Agency (FEMA), is the largest flood insurance provider in the country. In the last decade, though, more and more private flood insurance companies have sprung up that offer more coverage at competitive, sometimes better, rates than the NFIP.

FEMA maintains flood maps for the entire country. They classify areas based on their danger of flooding. If you’re in a high-risk FEMA flood zone, your mortgage lender will require you to get flood insurance. 

For example, some properties to the east and southeast of South Carolina State University are in AE flood zones, which are high-risk. We can help you shop for flood insurance. Clovered partners with the NFIP and many private flood insurers, so you have options.

In addition to the factors we mentioned, there are many more things insurers take into consideration when determining your premium. Some are related to your location, while some are more personal.

One major factor is the potential for severe weather in your area. Orangeburg and the Midlands overall aren’t at a large risk of hurricane damage. However, South Carolina, especially the coast, is in danger every storm season and has seen effects from a few hurricanes lately. Their threat has an impact on rates. Just a few years ago, Tropical Storm Michael brought tornadoes to Orangeburg County. 

The fair likelihood of tornadoes in the Midlands can increase home insurance premiums. If you’ve had sinkholes nearby, your insurance could consider them, too.

Regarding more personal factors that can affect your premium, having a history of filing home insurance claims can raise your rates. Insurers believe someone that’s filed a home insurance claim in the past 3-5 years is generally more likely to file another one than someone who hasn’t. Thus, insurers charge higher premiums to these people to offset their perceived increased chance of a payout. 

Additionally, having an attractive nuisance on your property can raise your premiums. An attractive nuisance can make your home nicer, but also riskier. Attractive nuisances include pools, hot tubs, playgrounds, and trampolines.

Certain things can lower your premiums, too. Many insurers offer discounts to policyholders with home safety features like home security systems, fire sprinklers, or deadbolt locks in their houses. You may also get a discount if your home is proven to be resistant to strong winds with a wind mitigation inspection.

We would love to help you get a homeowners insurance quote in Orangeburg. We’re Clovered, an independent insurance agency that operates in 19 states with a dedicated team of licensed agents who want to help you find the coverage you need at the price you want.

You can compare multiple home insurance policies completely online with our quoting platform. Or, if you prefer to speak to an agent, call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Feel free to send us an email anytime, too, at [email protected] with questions and an agent will get back to you soon.