Best Homeowners Insurance in South Carolina: Top 5 Insurance Companies to Protect Your Investment

Residents of South Carolina enjoy beautiful beaches, affordable living, and a rich history. It is also a popular spot for retirees and property investors looking to make the most of the low housing prices.

Unfortunately, it is also a hotspot for extreme weather conditions, with the chances of being impacted by tropical storms, hurricanes, or tornadoes sitting as high as 80%.

Because of these risks- and the high crime rates in parts of the state- it is vital for property owners to protect their investments with a high-quality homeowners insurance policy.

Finding a home insurance company in South Carolina is easy, as there are plenty to choose from. Finding the best one, on the other hand, can take some time.

To cut down the process and streamline your search, we have summed up the must-knows and must-haves of homeowners insurance in South Carolina- and provided a list of five great options to consider.

South Carolina Homeowners Insurance Summed Up

Homeowners insurance is a type of financial coverage for properties and the personal belongings inside them. It provides a safety net for owners and investors if unexpected damage occurs or unforeseen circumstances end in disaster.

Having a robust homeowners insurance policy is vital if you want to avoid financially crippling incidents or being left without a place to live or important facilities and utilities inside your home.

Home insurance is even more important for people who live in areas with a high risk of severe property damage. Many parts of South Carolina fall into that category.

Average Home Insurance Costs in South Carolina

The average annual premium for homeowners insurance in South Carolina costs around $2050- which is significantly higher than the national average. This is predominantly due to the higher probability of claims due to the many extreme weather events that plague the state.

That said, the costs can vary from property to property. Certain factors dictate a lot about how much your policy will cost, and depending on your circumstances, you may qualify for special discounts that could bring the overall costs down.

Some of the key factors that influence a homeowners insurance quote include:

• Location: Where exactly is your property located, and is the area considered high-risk?
• Age and condition: How old is your property, and have any of the important elements been updated recently?
• Size: The larger the property, the more it costs to insure.
• Value: If your property is worth a lot of money or would cost a lot to rebuild, the costs of your premiums are sure to be higher.
• Policy details: Most policies cover the essentials, such as basic dwelling coverage, property damage, and temporary living expenses, but the level of the coverage limits varies. More expensive insurance policies usually have higher limits and cover more things.
• Discounts: Many homeowner insurance companies offer certain discounts. If you qualify for any of them, the price will be lower.

Homeowners Insurance and Landlord Insurance: What Is the Difference, and What One Do You Need?

Another important thing to understand about insuring your property is the difference between homeowners insurance and landlord insurance.

In a nutshell, homeowners insurance is for people who live in the home they own. Landlord insurance is for those who own properties but rent them to others.

Depending on your policy, landlord insurance may cover the basics of a homeowners insurance policy, meaning you don't need both. However, that is not always the case, and you may need both to secure the coverage you need.

Some examples of when landlords may need a homeowners insurance policy instead include temporary absences, transition periods, vacant properties, and home-sharing situations.

Choosing a Homeowners Insurance Policy in South Carolina

What are the unique policy inclusions for homeowners insurance required for South Carolina, and what general considerations should you make when choosing a policy provider? Let's discuss.

Requirements for South Carolina Homeowners

There are some particularly important coverage options to look for when you take out a home insurance policy in South Carolina. It is important to pick a company that offers premiums with the right types of coverage for the primary risks you face in your area.

Stolen Property Coverage

Unfortunately, South Carolina ranks amongst the top states in the US for property-related crime, and theft is an issue every property owner should be prepared for.

Some policies only replace items with cash to the equivalent of their depreciated value. Other home insurance companies cover the replacement cost at full value or replace them with brand-new belongings.

Flood Coverage or Partnership with the National Flood Insurance Program

South Carolina is known to flood, especially during tropical storms and hurricane season. It is vital to have flood coverage as part of your homeowners insurance to pay for related water damage and other incidental costs.

Most companies do not have their own flood insurance packages, but some work with the National Flood Insurance Program to help their clients secure the coverage they need. If you don't have it as part of your premium, you need to take out a separate flood insurance policy to properly protect your investment.

Storm Damage Insurance

As well as flooding risks, South Carolina residents are also at risk of tornadoes and severe winds. The potential damage to property can be catastrophic, and without adequate flood and storm insurance, you could find yourself in a very difficult situation.

It is best to find a home insurance company that offers generous replacement cost coverage limits to rebuild your home, and it is essential that storms, high winds, flooding, and other severe weather events are covered.

General Things to Consider When Assessing Homeowners Insurance Companies

When you are looking for homeowners insurance in South Carolina, you should check a few things before choosing a company.

• Is the company financially strong and reliable?
• Do other clients say good things about them?
• Are the policies good value for money?
• What discounts are offered?
• Can you customize the plan to meet your needs?
• How high are the deductibles?

The things that are generally covered include dwelling insurance, temporary living expenses, personal liability, and cover for your personal property. At the very least, you need a policy that provides a high enough limit for each that you won't be left in a tight spot.

Top Five Homeowners Insurance Companies in South Carolina

1: Kin Insurance

Kin is our number one choice for South Carolina homeowners insurance because it is custom-designed for property investors in natural disaster-prone states. SC is one of only a handful of states with access to this one-of-a-kind low-cost insurance for high-risk locations, and it is definitely worth consideration.

Coverage and Features

• All the basics to cover general expenses related to property theft or damage
• Replacement cost coverage to items' original value
• Varying deductibles for hurricanes, high winds, and general damage
• Ordnance and law coverage
• Coverage for animal liability
• Sump pump and backed-up drain insurance
• Comprehensive identity fraud coverage
• Extended dwelling insurance for higher rebuild costs after natural disasters

Discounts

Kin offers a decent selection of discounts to South Carolina homeowners.

• Security systems and fire alarms can reduce your costs.
• Taking measures for wind mitigation may also lower your premiums.
• New homebuyers generally receive lower rates.
• If your neighborhood or building has security guards, your Kin insurance policy may cost less.
• You can earn a discount by agreeing not to turn your claims benefits over to contractors.
• Going paperless also earns you a discount.
• Hip-shaped roofs cost less to insure.
• Having a water detection device on your property may lower your costs.

2: Chubb

Chubb would be our number one pick, but it slips into second because it is a little more expensive than the average homeowners insurance in South Carolina. That said, if your property is worth a lot of money and you can pay extra to secure maximum protection and coverage, Chubb is the best of the best.

Coverage and Features

• Storm, flood, and fire risk assessments
• Free subscription to the Wildfire Defense Services (a home monitoring and first response service in fire-prone areas)
• High-limit property insurance with brand-new replacements for stolen or damaged items
• Extra coverage available for valuables
• Excellent dwelling insurance options with 100% replacement cost coverage
• Post-storm tree and debris removal
• Option of a full cash settlement to your policy's value instead of rebuilding
• Storm risk consultation services
• Comprehensive liability coverage up to $100 million
• Flood insurance included in the policy

Discounts

Chubb offers a few discounts- fewer than the average company- but they can make a significant difference to your policy cost if you are eligible.

• New or recently renovated properties are insured for less.
• Installing security systems and safety features such as alarms, detectors, and anti-theft devices can lower your rate.
• There are also discounts if you use fire-resistant materials and systems.
• You get cheaper rates overall when you bundle home insurance with your car insurance.
• Three years' clear claims history earns a 10% discount.
• Backup power generators are considered for lower insurance costs with Chubb.

3: State Farm

State Farm is one of the USA's largest and highest-rated insurance companies in every state except California. No matter where you live, it is an excellent choice of homeowners insurance company- including in South Carolina.

In this state, it offers particularly good coverage for damage caused by water from flooding or storms, and it will pay to rebuild your property even if the costs exceed the policy limit. There is also good coverage for incidents that happen while a property is vacant, so it is a good option for property investors and landlords who are between tenants.

Coverage and Features

• Sewer and drain coverage
• Flood insurance with the National Flood Insurance Program
• HVAC system replacements and upgrades
• Coverage for vandalism and break-ins when your property is vacant
• Breakdown insurance to repair major utilities
• Excellent water damage insurance (including after storms)
• Incidental business insurance
• Excellent dwelling coverage for complete rebuilds after severe storm damage
• Liability coverage for personal injury claims (including in-home carers)
• Replacement cost coverage to 20% above your policy limit

Discounts

State Farm has discounts available to clients than some of the other companies on our list, but there are still ways to reduce the overall cost of your premium. The deals and bundles can reportedly save people up to $1000 on their insurance each year.

• Combine your home insurance with your auto insurance to save with State Farm's bundle discounts.
• Property owners who install some type of security monitoring system, such as a smoke and fire detector, burglar alarm, or video doorbells, could qualify for a lower insurance rate.
• Premium costs are generally reduced after several years if you don't make any claims.
• Upgrading your property's main utilities, such as air conditioning, heating units, or electrical systems, could earn some homeowners policy discounts.
• Rebuilding a roof with impact-resistant materials can usually bring down the overall cost of your homeowners insurance with State Farm.
• Making wind mitigation efforts is another way to save money on your insurance premium.

4: Travelers

Travelers is an online insurance company that offers robust coverage and excellent customization options for homeowners. The versatile insurance plans can provide enough protection for South Carolina property owners who live in at-risk areas.

Coverage and Features

• Add-ons for personal property coverage in natural disasters
• Reimbursement for damaged or stolen items to the full original value
• Additional coverage if rebuilding costs go above the policy limit
• Special coverage for jewelry and other valuables
• Water backup and overflow insurance
• $25,000 of identity fraud coverage
• Extra coverage if you rebuild using green materials

Discounts

The discounts offered by Travelers are quite generous and can save you a lot of money if you qualify.

• A 5% discount is given to properties that have green certifications from LEED or the US Green Building Council's Leadership in Energy and Environmental Design.
• You can reduce your costs by installing fire alarms, smoke detectors, sprinklers, anti-theft devices, and other protective security measures.
• If you bought your property within the last 12 months, you are likely to receive a lower rate.
• A clean claims history will earn you a discount with Travelers.
• Save by bundling multiple policies.

5: Allstate

Allstate is a nationwide insurance provider that offers an excellent range of coverage options for homeowners and property investors. The average annual premium rates are slightly lower than the South Carolina average, so it is a budget-friendly option that could work well for you.

You can easily personalize your plan with the versatile selection of add-ons, and all your policy and claim details can be managed through handy digital tools.

Coverage and Features

• Insurance for your yard and garden landscaping
• Broken or stolen items replaced with brand-new alternatives, or cash given to the depreciated value if it is a covered loss
• HostAdvantage insurance for short-term rentals such as Airbnb
• Electronic file recovery
• $100 reduction from deductibles every claim-free year for five years
• Extended replacement cost coverage above your policy limit
• Damaged pipe, sewer line, and public utility coverage
• Ordinance or law insurance coverage
• Incidental business insurance
• Green improvement reimbursement
• Water backup and pump failure coverage

Discounts

Allstate is quite generous with its discounts. There are several ways to save money on your premium, and there are some rewards you can earn over time.

• Save up to 25% when you bundle your home and auto insurance with Allstate.
• You get lower rates when you sign up to use autopay for your bills.
• Renewing your policy early can earn you special rates. Discounts are often given for loyalty after several renewals as well.
• New property buyers and people who own newly built homes may pay less for their Allstate insurance.
• A discount applies when you have certain safety features in your home, including fire and smoke detectors, burglar alarms, and other security measures.
• New clients who have not claimed from their previous provider in recent years can earn up to 20% off their premiums.

Other South Carolina Homeowners Insurance Companies to Think About

• Cincinnati Insurance
• USAA
• Auto-Owners

Conclusion

Living in South Carolina means living with certain risks, and protecting your property investments is vital. Taking out a home insurance policy is the first line of defense- especially if you choose a company that offers you the robust and reliable coverage you need.