More on Home Insurance
More on Home Insurance
The cost of homeowners insurance in South Carolina is $1,709 a year for the average amount of coverage. South Carolina residents can compare rates from multiple companies with Policygenius.
Published August 11, 2020|7 min read
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Homeowners insurance is essential financial protection for the 68% of South Carolina residents who own a home, especially given the Palmetto State’s penchant for hurricanes, hail storms, and thunderstorms.
The statewide average cost of homeowners insurance in South Carolina is $1,709 but policy premiums can differ greatly based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s condition and style of build, its location, your credit and claims history, and your policy deductible amount. Rates also vary from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.
To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in South Carolina offered through our website. We also calculated the cheapest and most expensive cities in South Carolina for home insurance based on hundreds of submitted quotes.
The average cost of homeowners insurance in South Carolina is $1,709 for $100,000–500,000 in coverage
The most affordable insurance company in South Carolina is Stillwater, according to Policygenius quote data
When deciding on policy coverage, South Carolina residents should consider the state’s frequent hurricanes and heavy rainfall
Cost is an important factor when deciding on a homeowners insurance policy, but it shouldn’t be the only factor. It’s smart to do a little research on the company that will be insuring your house and all of your assets. A great homeowners insurance company is financially stable, has dependable customer service, affordable coverage, flexible policy options, and high quality discounts. Using those benchmarks, we determined the following five companies were the best homeowners insurance companies in South Carolina. Read about our methodology here.
Stillwater provides the cheapest South Carolina home insurance quote of any Policygenius partner carrier. The average quote with Stillwater is $1,026 for $100,000–500,000 in coverage, which is over $600 cheaper than the South Carolina annual average of $1,709. If you're a South Carolina resident looking for a budget pick, then Stillwater is the insurance company for you.
For a relatively low $1,467, South Carolina residents can insure their homes with Hippo, a company that offers coverage as good as any we’ve reviewed. Hippo homeowners insurance includes all of the primary coverages you find in a standard home insurance policy, as well as several coverage enhancements like equipment breakdown coverage, service line coverage, water backup coverage, and computer coverage. Most companies will charge you extra for the aforementioned endorsements, but with Hippo it all comes packaged into their base policy.
Read our full review of Hippo here
In terms of discounts, few South Carolina insurance companies compare to Nationwide. Though it is the most expensive homeowners insurance company that we reviewed in South Carolina, Nationwide offers a generous multi-policy discount if you bundle your home insurance policy with their auto insurance or another type of property insurance. Nationwide also offers discounts for securing and strengthening your home and roof from break-ins and bad weather. If you haven’t filed a claim in three years or if you recently purchased your home, that can also land you a discount with Nationwide.
Read our full review of Nationwide here
One important indicator of an insurance company’s ability to pay out claims in an effective and timely manner is their financial stability, and Travelers is among the highest-rated insurers in that area. With an A++ rating with A.M. Best, Travelers has the highest score a company can receive with the insurance company credit rating agency. Travelers also has high marks with Standard & Poors, which measures long-term financial stability, as well as Moody’s, which measures what the expected losses would be if a company were to go into default.
Read our full review of Travelers here
South Carolina residents who live in either the coastal or mountainous regions of the state should consider an insurance company that offers maximum coverage. Safeco, with its excellent replacement cost coverage options, may be your best bet against volatile coastal weather. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount, which is ideal for homeowners in the southern area of South Carolina. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price. Homeowners in hurricane-prone parts of South Carolina should consider Safeco for this invaluable coverage enhancement.
Read our full review of Safeco here
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When comparing insurance companies, South Carolina residents may find that rates differ greatly from company to company for the same level of coverage. The more expensive policy may provide more coverage add-ons in a basic plan than their competitors, or some companies may simply charge more for coverage in certain areas than others.
After reviewing hundreds of quotes submitted with Policygenius, we found that Stillwater is the cheapest insurance company in South Carolina with a $1,026 average annual premium for $100,000–500,000 in coverage. Nationwide is the most expensive with a $2,377 average annual premium.
The average cost of homeowners insurance in South Carolina will also differ considerably based on the amount of insurance you have for your home. Below is the average homeowners insurance quote for five different levels of coverage.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 2,763|
Insurance companies will also price policies differently based on where you live. We found the city of Greenville, located in the foothills of the Blue Ridge Mountains, has the lowest rates in the state with a $1,165 average annual premium for $100,000-500,000 in coverage. The most expensive area on average is Mount Pleasant, located near the tidal Wando River, with a $2,732 average annual premium.
|Goose Creek||$ 1,978|
|Hilton Head Island||$ 1,838|
|Mount Pleasant||$ 2,732|
|Myrtle Beach||$ 2,619|
|North Augusta||$ 1,331|
|North Charleston||$ 1,934|
We selected the 20 largest cities in South Carolina by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
South Carolina has a diverse and unique landscape, containing both mountains and beaches, making for a climate and geography that varies depending on where you live in the state. During hurricane season, South Carolina can experience tropical storms and hurricanes, especially in coastal areas. Tornados are also known to hit South Carolina, however not as often as they do in other southern states. Cities like Charleston and Greenville can experience minor earthquakes. Since homeowner insurance does not cover earthquakes, homeowners who live near a fault line may want to consider purchasing earthquake insurance.
One of the biggest weather related threats to South Carolina homeowners is hail and thunderstorms, both of which are covered under homeowners insurance. Given the state’s propensity for storms, hurricanes, and tornados, it’s extra important for South Carolina residents to insure their home with a comprehensive replacement cost policy to ensure their home and personal belongings are fully protected in the event of a disaster.
Homeowners insurance does not cover flood damage in South Carolina or any of the other 49 states. South Carolina residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be provided through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
The South Carolina Department of Insurancet is a valuable resource for both South Carolina homeowners purchasing coverage for the first time or those who are already insured. The SCDOI website has helpful information about what to prioritize when selecting your coverage, preparing for a hurricane, and buying flood insurance.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe the insurance company no longer offers coverage where you live or maybe they determined your home was too risky to insure after a recent inspection.
If you’re struggling to find coverage, you can get last-resort coverage via a South Carolina Fair Access to Insurance Requirements (FAIR) Plan. The South Carolina FAIR Plan is offered by the South Carolina Wind and Hail Underwriting Association.
According to the Insurance Information Institute, The South Carolina Wind and Hail Underwriting Association (Wind Pool) insures properties where the homeowner has not been able to find coverage elsewhere for windstorm and hail damage from any type of windstorm. The Wind Pool operates in certain coastal areas. To qualify for a FAIR Plan, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.
Not where you live? We've got you covered, check out our guide to homeowners insurance in your state
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