Best homeowners insurance companies in South Carolina for 2024

Compare the best homeowners insurance companies in South Carolina

Based on our research, which included an analysis of average rates from Quadrant Information Services and a number of other metrics, including customer satisfaction scores from the 2023 J.D. Power U.S. Home Insurance Study, the best South Carolina homeowners insurance companies include State Farm, Auto-Owners and Allstate. While only two carriers on our list have average rates lower than the state average of $2,368  per year, the others offer a range of coverage options, digital tools and other policy features that make them stand out.

If you’re looking for the best South Carolina home insurance, shopping around and comparing quotes from several carriers can be a helpful strategy, and you may want to start with these five companies.

The top 5 home insurance companies in South Carolina

Additional South Carolina home insurance companies to consider

Bankers Insurance Group

South Carolina Farm Bureau

How Bankrate chose the best home insurance companies in South Carolina

Bankrate’s insurance experts chose the best homeowners insurance in South Carolina by using a series of key metrics. These included reviewing average home insurance premiums from Quadrant Information Services, as well as coverage options, discounts and mobile accessibility. We also considered third-party industry scores for customer service and financial strength ratings.

From there, the performance of home insurance companies in each of these categories was summed up in a Bankrate Score, which could help you get a fuller picture of a company and compare it with other carriers. The better a company did in each of these separate metrics, the higher its overall Bankrate Score for a maximum score of 5 out of 5.

Cheapest home insurance companies in South Carolina

In the quest for affordable home insurance in South Carolina, it becomes essential to consider a variety of options. Below is a table showcasing some of the most competitively priced home insurance companies in the state. This selection, made after examining various factors like coverage options and average home insurance cost in South Carolina, aims to assist homeowners in finding a balance between cost efficiency and reliable coverage. While not necessarily the best homeowners insurance in South Carolina for every individual's unique needs, these companies represent a starting point for those prioritizing budget-friendly options in their insurance search.

How to get cheap South Carolina home insurance

Even if you don't have a mortgage, it may be a good idea to have a homeowner policy in place to protect you financially in the event of a covered disaster. No homeowner wants to spend more than they have to for their homeowners insurance, which is why experts recommend having a strategy in place when you are shopping for a new policy. A good way to get started is to consider taking these steps to find the best South Carolina homeowners insurance:

• Assess your home. Consider how much dwelling coverage you will need to rebuild if necessary (keeping in mind that replacement costs can be very different from your home’s market value). Also, consider what you might need for liability coverage. Your insurer will need to know the details of your home, such as how old the roof is and how close you are to a fire station.
• Review the websites of the companies that interest you. Are you able to find answers to your questions there? Are discounts and coverage options listed?
• Learn more about how each company does business. If you prefer to do your business electronically, check and see if the company has a digital app. Make sure you can make payments, file claims and handle other common tasks online or via your smartphone. Or, if you prefer to do business face-to-face, see if the companies you’re interested in have local agents.
• Gather quotes. Insurance rates are highly personalized, and coverage features and discounts can vary widely between companies. For these reasons and more, experts recommend obtaining free quotes from multiple home insurance companies when considering a new policy. When comparing rates, it's vital to specify the same coverage types and amounts on each estimate so that comparisons are accurate. When evaluating quotes, it may also help to review each company's listed discounts to see if you would qualify for any.

Best home insurance discounts in South Carolina

When it comes to finding the cheapest policy for your needs, discounts are key. Almost all insurers offer at least a few potential discounts, and they can save you a significant amount of money, if you qualify. Many of them are easily earned, as well. Here are a few common discounts in South Carolina:

How to save on home insurance policy renewals in South Carolina

Navigating the home insurance market in South Carolina can be a challenge, but there are strategies that can help homeowners save on policy renewals. By understanding the factors that affect South Carolina home insurance costs, residents can make informed decisions and potentially reduce their premiums.

• Review your policy annually: Regularly evaluating your policy ensures it still meets your needs and may reveal opportunities for savings.
• Compare quotes: Exploring quotes from different South Carolina homeowners insurance companies could lead to finding more affordable options.
• Inquire about discounts: Many insurers offer discounts for things like security systems or bundling policies, which might lower the average home insurance cost in South Carolina.
• Improve home safety: Enhancements like storm shutters or reinforced roofing can reduce the risk profile of your home, potentially lowering insurance costs.
• Increase your deductible: Opting for a higher deductible can lead to lower premiums, but you may want to ensure it's an amount you can comfortably afford in the case of a claim.

How much is home insurance in South Carolina?

Homeowners in South Carolina pay an average of $2,368 annually for $300K of dwelling coverage. This is 4 percent more less than the national average of $2,304 — which is probably welcome news to homeowners in the state. It's also less than the averages paid by residents of neighboring states: Georgia homeowners, for example, pay an average of $2,071, while in North Carolina, residents average $2,435 for annual coverage.

One of the reasons for this may be lower construction costs in the state, which leads to a lower cost to rebuild. Coastal rates may be higher because of the increased risks of tropical cyclones, but those living inland may see lower rates.

South Carolina homeowners insurance rates by city

Home insurance rates in South Carolina can vary significantly based on the city in which a homeowner resides. Various factors, such as local weather patterns, crime rates and the general cost of living, can influence the cost of premiums. Below is a map and a searchable data table, offering a comprehensive view of how homeowners insurance rates differ across various South Carolina cities. This tool may allow homeowners to gain a more precise understanding of what they might expect to pay, providing valuable insights for both current and prospective homeowners in the state.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in South Carolina?

A standard HO-3 home insurance policy in South Carolina offers comprehensive coverage to protect homeowners from various unexpected events. This type of policy generally covers the dwelling, other structures on the property, personal property, liability and additional living expenses. For dwelling and other structures, an HO-3 policy provides open perils coverage, meaning it covers all perils unless specifically excluded. However, personal property coverage under this policy operates on a named perils basis.

In South Carolina, certain covered perils are particularly relevant due to the state's geographic and climatic conditions:

• Hail or windstorms: These are significant concerns in South Carolina, especially in coastal areas. An HO-3 policy typically covers damage from windstorms and hail, which can be crucial for homeowners in regions prone to such weather events.
• Falling objects: This coverage is vital in areas with a lot of trees or where severe weather could cause debris to fall on homes. It includes protection from damage caused by objects falling onto the property, a common occurrence during storms.
• Accidental water overflow or discharge: Given the varied climate in South Carolina, homes can be susceptible to plumbing issues. Coverage for accidental overflow or discharge from plumbing, air conditioning or household appliances can be an important aspect of home insurance policies in the state.

While these are some of the most relevant perils for South Carolina homeowners, it's crucial to review all aspects of your policy to understand the full range of coverage. The average home insurance cost in South Carolina can vary based on factors like location and the specific perils covered. Exploring options from various South Carolina homeowners insurance companies can help in finding the best homeowners insurance in South Carolina that suits individual needs and budgets.

Additional home insurance coverage types in South Carolina

When you get homeowners insurance quotes in South Carolina, you will notice that some common coverage types — like dwelling, personal property, liability and additional living expenses coverage — are typically included. And while a basic homeowners insurance policy may be the right fit for some, there are some optional coverage choices that you may want to consider if you own a home in South Carolina. These include:

• Flood insurance: Flood damage is not covered by standard homeowners insurance policies, but it is an important coverage type to consider, since flooding can have devastating financial consequences. Usually, you will need to buy a separate flood insurance policy through FEMA’s National Flood Insurance Program (NFIP) or private flood insurers, although a few companies offer flood coverage as an endorsement to your homeowners policy.
• Earthquake coverage: Although earthquakes that cause significant damage are not common in South Carolina, one could happen at any time. Many home insurance companies offer earthquake coverage as an endorsement, but you may need to purchase a separate policy if you are in a particularly high-risk area.
• Identity theft coverage: Many home insurance companies offer an endorsement for identity theft, which can help you pay for the costs associated with a stolen identity. This could include lawyer fees and credit monitoring expenses.

Discussing your unique situation with a licensed insurance agent might be a good idea. A local agent should be able to help guide you to choose appropriate coverage so that your homeowners policy fits both your budget and your insurance needs.

Common South Carolina home insurance problems

In South Carolina, homeowners can often face unique challenges when securing home insurance. The state's diverse geography, ranging from coastal areas to inland regions, brings varied risks, impacting both the availability and cost of insurance. Also, the increasing frequency of severe weather events and the complexities of insurance regulations can pose problems for consumers seeking the right coverage.

Some common issues include:

• High risk of natural disasters: Coastal areas are particularly susceptible to hurricanes and flooding, while inland regions may experience severe storms and hail. This elevated risk could lead to higher insurance premiums and sometimes limited coverage options.
• Availability of flood insurance: While standard home insurance policies in South Carolina cover a variety of perils, they typically do not include flood damage. Securing separate flood insurance could be a challenge, especially in high-risk areas.
• Insurance market volatility: The state's exposure to natural disasters might lead to fluctuations in the home insurance market. Homeowners could find it challenging to secure affordable coverage, and some insurers might withdraw from high-risk regions.
• Understanding coverage limits and exclusions: Homeowners often face difficulties understanding the intricacies of their insurance policies. This includes deciphering coverage limits, exclusions and the differences between replacement cost and actual cash value coverages.

Frequently asked questions

Additional profiles:

• Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
• Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

Bankrate Scores 

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.