Homeowners Insurance in South Carolina

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If you’ve made the major decision to purchase a home in South Carolina, then it’s important to purchase a home insurance policy to protect your investment. Homeowners insurance safeguards your home from common perils in this coastal state, from flooding to hurricanes.
Homeowners in South Carolina pay an average of $1,142 per year for $250,000 in dwelling coverage. This might sound like a hefty bill but ultimately saves you money on the cost of repairs and even replacement of your belongings when the unexpected happens.
With so many home insurance companies out there, you want to make sure you’re getting a good deal. Licensed home and car insurance broker and comparison app Jerry is here to give you the information you need to select the best coverage for you in South Carolina at the best price.

What is homeowners insurance? 

Homeowners insurance is a type of property insurance that covers losses and damages to your home, as well as your belongings and other assets. It can also provide liability coverage for accidents that occur on your property.
When perils from fires to severe storms cause damage to your home, homeowners insurance covers the cost of repairs or replacement.
Consider the value of your home and your possessions when determining how much coverage you require. Take inventory of your expensive items as well as anything you would need to be replaced in a worst-case scenario. Your insurance provider will recommend coverage limits based on these criteria.
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Basic components of homeowners insurance

Although home insurance policies differ significantly, you can usually rely on coverage for the following five components:
  • Coverage A (Structure): This protects the actual structure of your home, including walls, floors, roof, windows, support beams, and foundation when sudden or accidental damage strikes.
  • Coverage B (Additional structures): Also known as other structures coverage, this pays to repair, replace, or rebuild other structures on your property, typically including sheds, pools, garages, or fences. 
  • Coverage C (Personal property): Covers your furniture, jewelry, or electronics in case of theft or damage, even if it’s stored on another property. To protect your expensive jewelry and high-value art, you will need additional coverage to make sure you’re completely protected.
  • Coverage D (Additional expenses): If you can’t live at home after an insured loss, this covers your living expenses during repairs or rebuilding. 
  • Coverage E (Personal liability): If you’re found liable for a person’s injury on your property, this covers related expenses including medical bills, lost wages, and litigation.
In addition to determining coverage limits, you must decide if you want actual cash value or replacement cost coverage. Actual cash value reimburses you for your damaged property's depreciated value. Replacement cost coverage, despite coming at a higher premium, reimburses you for the expense of purchasing a new replacement.

Named perils

When it comes to home insurance, there are common insurable disasters known as the 16 named perils. If any of these perils damage your property, you’re entitled to coverage. 
Home insurance policies exclude severe weather events like floods and earthquakes, as these perils affect multiple households on a large scale. However, you can find additional coverage if you’re in a high-risk zone for flooding or earth movement.
Keep in mind that normal wear and tear and negligence are also excluded from home insurance plans. Always check with your home insurance provider if you have questions regarding your coverage and limitations. 

Is homeowners insurance required in South Carolina? 

In South Carolina, homeowners insurance is not required by law. However, if you have a mortgage on your house, your lender will almost certainly require home insurance as a condition of your loan.
In most cases, you’ll need at least enough dwelling coverage for repairs if your home gets damaged. All you have to do is purchase the required coverage, but you might want to obtain additional coverage for your personal belongings, liabilities, or any add-on structures. It’s also up to you to select the home insurance company that fits your needs. 
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How to get homeowners insurance

If you’re ready to purchase home insurance in South Carolina, you should get several quotes before choosing a policy (the Jerry app can help you get the best rate!).
Accepting insurance referrals from friends isn’t necessarily the best idea, because rates differ drastically from person to person. However, if you have car insurance, that’s a great place to start! Your car insurance company might be able to bundle your home and car insurance for maximum savings.
No matter what you do, don’t take the first quote offered to you. Understanding the options available to you will help you to get the coverage you want without paying a fortune. 
There are various hazards and perils that South Carolina homeowners should seek coverage for:
  • Hurricanes and floods. Homes in South Carolina are at risk for coastal flooding as hurricanes cause storm surges, pushing water inland and causing millions in property damage. Flood damage isn’t typically included in home insurance policies, so need to get a separate policy to protect your home from flooding.
  • Wildfires. In late winter, wildfires are common in the Palmetto State. Every year, South Carolina responds to over 5,000 wildfires
  • Tornadoes. South Carolina has about 11 tornadoes on average each year. The destructive winds and hail can cause some serious damage. Tornado damage is normally included in regular home insurance packages, but in some cases, an additional policy is required.

Why is homeowners insurance in South Carolina so expensive? 

Homeowners insurance in South Carolina is actually about 13% less than the national average, at $1,142 per year for $250,000 in dwelling coverage.
Weather-related events often spike the cost of home insurance, but luckily South Carolina wasn’t recently hit as hard as neighboring states. Still, this Atlantic coastal state is in a high-risk zone for hurricanes, flooding, and wind damage, so it’s worth considering additional coverage. 
Annual home insurance premiums are impacted by several factors including your claims history, credit history, and even your marital status. That’s why it’s so important to shop around before committing to a policy

Homeowners insurance discounts in South Carolina

Always inquire with your insurance provider about any discounts that may not be advertised. The table below is a good place to start:
DiscountHow to get it
BundlingAsk your car insurance company about bundling your home and auto insurance for maximum savings.
New homeYou may be able to get a discount on your home if it’s a new construction.
Mature client discountIf you’re over the age of 55, there are home insurance discounts available to you.
Mortgage-free discountIf you have paid off your mortgage, you may qualify for a discount.
Risk preventionInstalling security measures like fire sprinklers reduces the amount of risk your home poses to insurance companies, often qualifying you for lower rates.

How to save on home insurance

Saving money on your home insurance policy is actually very simple. Licensed broker Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies so you don’t have to.
In less than 45 seconds, Jerry collects all of your information from your existing insurer, so that all you have to do is choose from competitive quotes. After you’ve made your pick, Jerry takes care of the rest—securing your new policy and helping you cancel your old one. No long forms. No calling around. No hard work. Just savings.
Don’t let finding the best deal on home insurance in South Carolina take more than a few minutes—let Jerry take care of it for you. 
Jerry is really great! I was paying $226/month on my previous policy and now I’m only paying $103/month with Progressive. I’m glad I found this service.” —Zachary W. 

FAQs

Hurricane insurance isn’t required in South Carolina, but it’s certainly recommended. As a coastal state, South Carolina is at high risk for hurricanes. Keep in mind that most home policies cover wind damage, but not flood damage caused by storm surges. Luckily, private insurers are required to notify you if they have a separate hurricane coverage policy.

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