SOUTH CAROLINA STATS
On average, South Carolinians are paying $1,202 every month on homeownership costs. There are 2.3 million homes in the Palmetto State, 69% of which are occupied by owners.
- Population: 5,084,127
- Average value of homes that’s occupied by owners: $148,600
- Households: 1,871,307
- Average household income: $48,781
- High school grad or higher, percent of people age 25 years +: 87%
- Average travel time to work: 24 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
South Carolina holds a long history of devastating hurricanes. Its closeness to the great and dangerous Atlantic Ocean is one of the major reasons behind the repeated hurricanes in the state. In fact, South Carolina has witnessed 3 of the most expensive (in terms of insured building losses) hurricanes in the USA, including Hurricane Hugo (1989) as well as Hurricane Charley & Hurricane Frances (2004). It’s natural that homeowners insurance rates will be high in SC. It’s still possible to get affordable rates though. The best tip is to shop around and compare rates from as many insurers as possible.
Overview of South Carolina’s home insurance rates
As per the 2016 data, which is the latest available from Insurance Information Institute (III), South Carolina is the 16th most expensive state in the USA in terms of homeowners insurance. The annual average home insurance rate in SC is $1,285 which is certainly higher in comparison to the national average of $1,192. In regards to the monthly premiums, South Carolina homeowners have to pay more at $107 per month on average, while the national monthly average is $99. However, the good news for homeowners here is that, although insurance rates are on the rise nationwide, South Carolina has managed to hold its averages steady. In 2015, III ranked SC as the 16th most expensive state in terms of homeowners insurance premiums, with only a $1 difference in the annual average as compared to 2016.
But still, home insurance rates in South Carolina seem to be on the higher side when compared to the national average. So, it’s better you check reviews of top insurance providers here to understand the varying rates, coverage terms, discounts, and other major factors in the insurance market to help you find the best rates around.
Average South Carolina Home Insurance Premiums
|National annual average||$1,192||$1,173||$1,132|
Our top 3 providers in South Carolina
We arrived at our best homeowners SC insurance companies by reviewing homeowners insurance reviews and customer satisfaction. A company must display financial strength in order to be deemed trustworthy to be able to pay claims when the time comes. First and foremost a company’s customer service rankings are looked at as also its financial stability. The various discount rates and variety of coverage that customers can choose from are also considered. The following are our top homeowner insurance companies in the Palmetto State.
One of the topmost insurance providers in the whole country, State Farm covers 21.2 percent market share in the South Carolina home insurance market. The company has underwritten 15 percent of all home insurance policies and enjoys a long list of satisfied customers. State Farm has received solid ratings from leading review organizations. It has earned A++ (Superior) from AM Best, AA (Very Strong) from S&P, and 3 (About average) out of 5 Power Circle Rating from JD Power. Solid ratings only prove that State Farm is financially strong and stable.
State Farm home insurance policies cover almost all kinds of residential units in SC, including condos, single-family homes, and manufactured homes. Ranches and farms as well as old homes are also covered here. However, with older homes, the company deals on a case-by-case basis.
The State Farm website offers a simple and easy quote tool that will enable you to check how your home insurance premium will be impacted by endorsements, discounts, or changes in deductibles and coverage limits. The company is known for excellent customer support. Its website houses an information-driven FAQ section that has got answers for almost any query you may have. Additionally, you will get a helpful in-built inventory tool on the website which will be handy to help keep track of your home contents.
Allstate is an option if you are looking for an affordable homeowners insurance company that also offers amazing discounts. The company extends as many as 18 discounts that include some unique rebates hardly available with other companies. Some special discounts that you will enjoy with Allstate are new customer discounts (10% off for the first 2 years), senior discounts for 55+ homeowners, early shopping discounts (10%), and so on. The company holds the second largest market share at 10.1 percent in the South Carolina home insurance market.
Added to discounts, the company is widely renowned for excellent customer experience. One of the best bits about the company is its Common & Costly Claims feature. The tool provides in-depth & upfront detailing of the potential risks a home may face, with respect to its particular region. This way, it becomes easier for homeowners to assess their ideal coverage requirements.
Another great part about Allstate is that it caters to non-standard dwellings like mobile homes as well as older homes – in addition to standard dwellings. Customers love Allstate’s Claim Rate Guard add-on (optional) that assures no hikes in premiums when you file a claim.
Two of the most notable features of the Allstate website are Digital Locker and Premium Gauge. Digital Locker helps with a safe online inventory for your personal belongings. Premium Gauge helps you to assess the premium rates based on your specific condition.
Allstate boasts excellent financial stability and the company has earned A+ (Superior) from AM Best and AA (Very Strong) from S&P. JD Power has given it a 3 (About average) Power Circle Rating out of 5 in terms of overall customer satisfaction.
One the largest insurance providers in the country, USAA holds an 8.7 percent share in the South Carolina home insurance market. The company is renowned for superior customer satisfaction and has earned a rare 5 (Among the best) out of 5 rating from JD Power in every category including interaction, claims, pricing, billing, and policy offerings. The company has also received high ratings from AM Best: A++ (Superior), and S&P: AA+ (Very Strong). Such stellar ratings only speak for the excellent financial stability boasted by the company.
One of the best parts of USAA is that it shares its profits with its members. USAA serves military persons and their families only. In 2015, the company returned a whopping $1.666 billion USD to its members.
The company website features scores of educational resources to guide homeowners in varying aspects of securing their homes and finding the right coverage. Customers also speak highly of USAA’s great online support. The company also hosts an award-winning mobile app.
South Carolina Home Insurance Companies: Market Share and Summary of Ratings
|Rank||Insurer||Market Share %||AM Best||S&P||JD Power|
|7||SC Farm Bureau||3.8||B+||NR||NR|
Source: Insurance Information Institute, AM Best, S&P, JD Power
SC safe homer grant
The S.C. Safe Home Grant is aimed to help out single-family homeowners in their home-strengthening projects which will further help them to enjoy lower premiums. The grant is especially helpful for roof renovation programs and can save up to $5,000 up-front. However, you can also use this grant for improving window protection devices as well as for upgrading doors and windows. The program was stopped due to the exhaustion of funds but has been reopened recently.
More on homeowners insurance
In case you have a suburban yard containing mahogany trees and turtles or a mobile home on Charleston’s Rainbow Row, South Carolina home insurance can cover your home and loved ones. Quality homeowners insurance coverage can reduce that stress and double your happiness while enjoying South Carolina Treasures: the Edisto Memorial Gardens, the many historic Civil War sites and even the Atlantic coast.
South Carolina homeowners insurance may make use of Allstate’s exclusive House and Home insurance. A House and Home policy avail more choices and more mobility when choosing limits, deductibles, and types of coverage you desire on the home insurance policy. Homeowners insurance covers you for financial loss due to storms, theft, fire, and other misfortunes as outlined in its policy.
The average premium for South Carolina homeowners insurance was recorded to be $1,285 in 2016 (latest available data). Based on the findings by the National Association of Insurance Commissioners on the January 2017 study, the net homeowners insurance premium rose by 3.3 percent in 2014, due to a 6.0 percent increase in 2013. The highest net homeowners insurance premium in 2016 was recorded in Louisiana ($1,967), and the lowest was recorded in Oregon ($659). Across the country, the net homeowners insurance premium was $1,173 in 2015, which was lower than South Carolina’s average at the time.
There are various ways to save on home insurance in South Carolina; you have options in a variety of discounts to assist you to decrease your home insurance quotes. Additionally, you will have help from an insurance agent who deciphers the desires of homeowners in Charleston, Mount Pleasant, Rock Hill and any place in between. South Carolina insurance agents can give answers about home insurance coverage depending on the policy and make you understand the home insurance claims process.
House and Home policies offer an array of types of optional coverage to cover what is most important to you. Available coverage options could include identity theft restoration protection of valuable items like home appliances and data recovery. Contact an agent to fully grasp the different types of optional coverage available to you. Homeowners claims about wind or hail have a higher frequency, and the most expensive are often related to fire and lightning, and only one in 35 homes that are insured has a property destruction claim about wind or hail annually. So in considering which insurance cover to take, it is important to look at its frequency, and South Carolina home insurance offers less costly premiums as compared to national average premium.
Homeowners insurance premiums are made at the state level by officials of the state government and impact vast numbers of people. The lowest national premium average was recorded at -18 percent in Oregon when compared to the national average premium, and the highest was 33 percent in Florida when compared to the national premium average. The Bureau of Labor Statistics sums the prices of a fixed “basket” of consumer products each month to come up with a consumer price index. Therefore the price of the various types of insurance is influenced by the cost of products the insurers pay to meet.
For more assistance, please contact your local state department of insurance:
South Carolina Department of Insurance
- Online Contact Form