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South Carolina is a beautiful place that has a diverse landscape, great seasonal weather, and a strong economy. However, renters rarely think about the natural disasters they might encounter, such as severe storms, hurricanes, floods, wildfires, and tornadoes. Renters insurance could help them.
Tenants rarely want to spend money on South Carolina renters insurance, but they'll do so if it's required before signing a lease. As a landlord, it's up to you to mandate this, but it's also helpful to understand more about it first.
Today, you'll learn what renters insurance is, how to find cheap renters insurance companies in South Carolina, and much more. Let's get started!
What Is South Carolina Renters Insurance?
Renters insurance protects tenants from various unexpected events, which are generally called covered perils. It typically provides coverage for liability, personal property, and additional living expenses.
Overall, renters insurance offers broad coverage and will be handy in many circumstances. However, tenants must know what the renters insurance policy covers before they invest, and it's helpful for you to understand this, as well.
Average Cost of Renters Insurance in South Carolina Per Year
What's the average cost of renters insurance in South Carolina? Typically, it's $228 per year or about $19/month. However, renters insurance rates can range from $14 to $21 each month based on the property's location, preferred coverage amounts, and other factors.
When you look at the largest renters insurance providers, you'll see that they can differ by as little as $5 or more. Therefore, it's important for tenants to shop around and get the best coverage possible for the least amount of money.
How Much Does South Carolina's Renters Insurance Cost (Based on Popular Cities)?
It's important for tenants to understand that renters insurance rates can vary based on the location of the property. If they're on the coast, they'll pay more because of extreme weather.
According to Value Penguin, renters insurance rates for Myrtle Beach are roughly 58 percent higher than the average statewide. Let's check out a few of the top cities and their prices:
- Columbia - $200/year
- Charleston - $230/year
- Bluffton - $224/year
- Anderson - $196/year
- Taylors - $218/year
- Summerville - $234/year
- Rock Hill - $196/year
- North Charleston - $236/year
- Mount Pleasant - $273/year
- Lexington - $191/year
- Greenville - $194/year
Is Renters Insurance Required in South Carolina?
Many people wonder: Is renters insurance required within South Carolina? No law mandates tenants to get renters insurance, but landlords can demand it as part of the lease agreement.
Typically, the state only requires auto insurance coverage. Therefore, you are the only one who can ask tenants to get renters insurance and keep it current.
Many landlords do require renters insurance of their tenants to limit their liability. However, it also protects the residents and the tenant.
Likewise, you can ask to be included as an additional interest or interested party on the renters insurance policy. This means you're notified of policy changes, but you can't file claims or get any type of coverage on yourself.
What Does Renters Insurance Cover in South Carolina?
Renters insurance is there to help tenants in various financial ways. It protects their belongings from damage and offers liability services as well.
Typical South Carolina renters insurance policies will include these coverages:
Personal Property Coverage
Personal property coverage protects the tenant's belongings, such as their jewelry, clothing, electronics, and furniture. Typically, the insurance company will pay to have them replaced or repaired.
Liability Coverage
Along with personal property coverage, most insurers offer liability coverage, as well. This will pay the legal fees and medical bills if someone is injured at the rental and sues the tenant for damages. Likewise, it might cover property damage that the tenant or their family members cause to another person.
Loss of Use Coverage
Loss of use covers additional living expenses if property damage forces the tenant out of the rental. This might include wind damage, rain damage, and others. The insurer will pay for food, lodging, fuel, and other necessities while they're displaced.
Medical Payments Coverage
Medical payments coverage will cover minor injuries people suffer. It can be used when the tenant isn't legally liable. Though it's a great option, it won't protect the renter or their family members if they're hurt. Overall, it's only for guests, neighbors, and non-residents.
What Does Renters Insurance in South Carolina NOT Cover?
Generally, South Carolina renters insurance focuses on liability and personal property coverage, but it doesn't protect tenants from every risk. Most policies don't cover sinkholes, earthquakes, floods, vehicle damage, a roommate's possessions, or pest infestations.
However, the best renters insurance companies typically offer endorsements or riders, which is add-on coverage tenants can get. They usually have separate deductibles on different or additional policies. It will make the renters insurance more expensive, but it is more comprehensive, as well. Some tenants might like that because they're protected in more events.
How to Choose the Right Policy
When tenants start searching for the best renters insurance rates, they'll have to focus on their budget and coverage needs first. Then, they can compare quotes from different brands to find the best renters insurance possible. Likewise, they could adjust their policy limits or add coverage as necessary.
Overall, it's a balancing act. Typical South Carolina renters insurance policies are basic and often exclude loss-of-use and medical payments coverage. It's generally wise to find insurers that offer these.
Tenants can change liability limits to alter their premiums. Usually, the minimum is $100,000 in coverage, but insurers often recommend $300,000 or more. It's possible to save money by choosing lower limits, but that might expose them to out-of-pocket expenses, as well.
There's also the option of replacement cost coverage or actual cash value for belongings. Actual cash value means that the provider factors in the depreciation of the items before paying out. Alternatively, replacement cost coverage means the insurer gives about what the tenant paid for the item, even if it's old.
Available Discounts in South Carolina
It's possible for tenants to lower their renters insurance rates by using discounts. The most common one is bundling. If they have auto and renters insurance through the same provider, they'll see lower premiums on both fronts.
Other discount options can include:
- No claims history discount
- Military status discount
- Age-related discounts
- Safe-home discounts (smoke detectors, security cameras, etc.)
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
Landlords have the right to make tenants get renters insurance in South Carolina while living on the premises. How does it help them?
It's clear why tenants should want renters insurance, but it can also benefit you. Here are the reasons to require it:
- Helps you identify trustworthy and reliable tenants
- Makes it easier for you to allow pets
- Covers their relocation costs for covered events
- Protects you from personal liability
- Reduces the risk of you being sued
- Protects the tenant's personal property
Top 5 Cheapest Renters Insurance Companies in South Carolina
Here are the companies offering the cheapest renters insurance in South Carolina:
1. Lemonade
Lemonade is a new company in the insurance world, but it does offer many renters insurance coverage options. Everything is done online, including signing up and making claims. Overall, the brand uses AI to approve/deny claims more easily.
If tenants want the cheapest renters insurance in South Carolina, Lemonade is the solution. It offers a unique experience and reduces overhead operations to keep prices low. Plus, it gives great customer service, though the discounts aren't the best.
2. Auto-Owners
Auto-Owners offers cheap renters insurance in South Carolina, though it's primarily considered a car insurance company. If tenants are worried about pricing but don't want to lose their belongings, they have many insurance coverage options to consider from this brand.
While there's no online option, the excellent customer service, low deductibles, and coverage limits are enticing for many people. Plus, there are unique add-ons, such as:
- Water backup protection
- Waived/reduced glass deductible
- Waterbed liability
- Refrigerated food spoilage
3. USAA
USAA also offers cheap renters insurance in South Carolina, but it's only available to active military members, veterans, and veteran's families. Still, it's comprehensive and affordable, and tenants will get great customer service.
The standard insurance policy covers personal property loss from theft and fire, and it also protects against flooding damage. There's no need for renters to buy separate flood insurance!
4. Allstate
Allstate is well-known in the insurance industry and offers various insurance coverage options. Plus, tenants can manage their policies online or in person. Though it's not the cheapest option, policyholders won't pay high prices here.
Overall, Allstate focuses on customer service and makes sure clients are happy with the service. Plus, there are many endorsement and discount options available to keep costs low or have a more comprehensive plan.
5. State Farm Renters Insurance
State Farm is another great renters insurance company that offers excellent customer service and various insurance coverage options. Tenants will find comprehensive plans that protect them from multiple problems. Though it's not the cheapest, most people will like the peace of mind they get because of the brand's strong financial history.
What Is DoorLoop?
Understanding renters insurance in South Carolina is one of the first steps to knowing why you should require tenants to get it. However, you've got to keep things organized. Knowing who paid on time, who will have late fees, and who is current with renters insurance is a lot of work. DoorLoop can assist!
DoorLoop offers an all-inclusive property management software for landlords, and it works regardless of your size. Whether you have commercial properties, residential properties, or a mixture of both, you'll get assistance with:
- Personalized websites where tenants can apply online, and landlords can market vacancies using Zillow and Trulia
- Managing accounting tasks with ease
- Creating rental agreements
- Managing maintenance requests online so that tenants aren't calling and texting at all hours of the day and night
- Online tenant portal for convenience
- Managing rental portfolios from one dashboard
- Automatically collect rent
Don't become overwhelmed by adding the requirement of renters insurance to everything else you're dealing with. Request your free demo now to learn more about DoorLoop and its benefits.
Why Work with DoorLoop
Tenants might not know which South Carolina renters insurance company is the right choice for them and may not even consider buying it. Therefore, you can mandate this in the lease, which will force compliance.
Now that you know what renters insurance is, what it covers, how it works, and the top renters insurance companies to consider in South Carolina, you can pass that information on to your tenants.
However, DoorLoop can also help. Tenants can submit their renters insurance companies through the tenant portal. However, they can also apply for it directly in the portal. It's powered by Lemonade or SURE, depending on your state. Plus, they can get it on the tenant application, which saves them time and effort and ensures they have renters insurance before moving in!
Are you ready to learn more about DoorLoop's renters insurance features? Click here for more information.
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