South Carolina Homeowners Insurance
Homeowners Insurance in South Carolina: Complete Consumer Guide
During the American Revolution, there were more battles fought in South Carolina than in any other colony. It also was the first state to leave the union in the years before the Civil War. It rejoined the union in 1868. Both South and North Carolina were named after King Charles I of England. Its nickname is the Palmetto State, in honor of the state tree. More than 67% of South Carolina is made up of forests, which are the state’s biggest natural resources. Chubby Checker, James Brown and Dizzy Gillespie are all from South Carolina.
Types of policy for Homeowners Insurance in South Carolina
HO-1 is the most basic type of home insurance policy and it is the least expensive. However, many carriers do not offer it.
HO-2 covers a bit more than the basic form, but is still limited in scope and less commonly used than the HO-3 form. Some insurers also do not offer this type of policy.
HO-3 is the most common type of homeowners insurance policy and has a broader coverage than the HO-2 form. This is the most commonly purchased type of homeowners insurance.
HO-5 is the most comprehensive form of homeowners insurance. It’s the most common type of homeowners insurance after the HO-3.
HO-6 is for condo owners, and is usually a walls-in policy that doesn’t cover much of the structure if at all. Without an HO-6 form, condo owners are not covered for the personal property.
HO-8 is a special type of homeowners insurance policy for homes that don’t meet the standards for other policy forms. Some older homes qualify for this type of coverage.
What factors affect rates on homeowners insurance in South Carolina?
Construction type is the leading factor that affects homeowners insurance rates. As you can imagine, the more fire-resistant the materials your home is made of, the less coverage you’ll need because damages will be minimal. How well a home stands up in a storm is also a factor. So are other things like credit scores, whether you’re bundling with car insurance and what type of policy you buy. The deductible you choose also greatly impacts your monthly premiums.
Top 5 disasters in the State of South Carolina
South Carolina federally declared Hurricane as the most common disaster in the state, with 17 counts since 1953, followed by Severe Ice Storm, Severe Storms, Fire, and Flood disasters. Here are the top 5 federally declared disasters in the State of South Carolina. It’s also important to note that flood and earthquake are not covered in a standard home insurance policy and must be bought separately.
|Rank||Declaration Title||Disaster Number|
Severe Ice Storm
Source: Federal Emergency Management Agency (FEMA)
How much is homeowners insurance in South Carolina?
The average homeowners insurance policy in South Carolina costs $1,126. But many factors will lower or raise this average rate. Your home’s size and rebuilding costs being one of them.
Source: The average cost of homeowners insurance by state, Business Insider.
Crime Rate: Is South Carolina a safe state?
|2019 Crime in South Carolina||Crime Number||Crime Rate*|
*Rate per 100,000 inhabitants
Safest Cities in South Carolina by Property Crime*
- Bluffton, SC has a population of 24,812 with a Property Crime rate of 8.9 per 1k. The city average home value is approximately $304,431.
- Fort Mill, SC has a population of 21,219 with a Property Crime rate of 11 per 1k. The average home value there is about $324,106.
- Mount Pleasant, SC came in third as the safest city in the state of South Carolina and has a population of 92,448 with a Property Crime rate of 12.3 per 1k. Its home value averaged at about $466,758.
- Hanahan, SC has a population of 26,941 with a Property Crime rate of 12.8 per 1k. Its average home value is $270,855.
- Tega Cay, SC has a population of 11,322 with a Property Crime rate of 14.5 per 1k. The city home value averaged $438,994.
*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.
Compare Home Insurance Rates in South Carolina
Top homeowners insurance companies in South Carolina
Allstate has an A+ from A.M. Best for financial strength and a 3/5 from J.D. Power for homeowners insurance in South Carolina.
Auto-Owners has an A++ from A.M. Best for financial strength and 4/5 from J.D. Power for customer satisfaction in this state.
Cincinnati Insurance is another top option for homeowners insurance in South Carolina. They have an A from A.M. Best.
USAA is always a great choice for military families. They received an A++ from A.M. Best for financial strength and 5/5 from J.D. Power for customer satisfaction.
South Carolina Home Insurance FAQs
Are hurricanes covered by home insurance in South Carolina?
Hurricanes are considered severe storms or wind storms. Damages from wind storms are often covered, depending on the loss.
Can you sell an uninsured house?
Even when a home is on the market it should be insured because accidents can happen. Damage to your home will still need to be repaired or else it’ll lower the value of your property. People may get hurt on the property while it’s up for sale, so it's best to make sure you have the right coverage even when your home is on the market.
Do home insurance cover wind and hail in South Carolina?
Yes, wind and hail are common covered perils in most homeowners insurance policies, but it’s always best to check the declarations page of your policy to make certain.
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With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.