South Carolina Homeowners Insurance Guide
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Homeowners Insurance in South Carolina
Explore South Carolina Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
South Carolinians are not required to have homeowners or renters insurance, however, if you have a mortgage or belong to a condo association, you may be contractually obligated to obtain coverage. Given the Palmetto State’s world renown coastal line, it may not be a bad idea to have it. Although the majority of South Carolina is inland, much of its population is concentrated on its beautiful coasts. Charleston, Hilton Head, Myrtle Beach, and the areas that surround these cities are home to a significant proportion of South Carolina’s population, and subsequent property they own. As a result, much of the property located in South Carolina is subject to hurricanes, flooding, and other catastrophic events.
Home Much Does Homeowners and Renters Insurance Cost?
The Palmetto State’s coastal property undoubtedly drives the average premium South Carolinians pay for homeowners and renters insurance. As a result, on average, those that call South Carolina home, or own property in the state, pay more for insurance than the rest of the country.
Average Premium for Homeowners and Renters Insurance
| Homeowners | Renters | |
| South Carolina | $1,269 | $188 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
South Carolina has approximately 28% of the state’s total insured value located along its coast. By comparison, its neighbors, North Carolina and Georgia, have 9% and 5%, respectively. The concentration of property along the Palmettos State’s beautiful Atlantic Ocean coast is subject to wind, flood, and hail damage by way of hurricanes and other tropical storms. This is precisely why securing coverage beyond what the standard homeowners and renters policies provide is crucial for South Carolinians.
Which Insurance Carrier Should I Choose?
Given South Carolina has endured substantial damage from the three costliest hurricanes (Charley – 2004, Frances – 2004 and Hugo – 1989) in United States history, coverage of catastrophic perils should be an important part of your search to find the proper carrier. A few of the Palmetto State’s largest insurance carriers are listed below.
Top Homeowners and Renters Insurance Carriers in South Carolina
| Carrier | Market Share |
| State Farm | 20.3% |
| Allstate Corp. | 9.8% |
| USAA | 9.1% |
| Travelers | 5.6% |
| Liberty Mutual | 4.8% |
Source: Insurance Information Institute (2018)
When deciding which homeowner or renters insurance carrier to place your business with, make sure to analyze their financial stability, as it often can signal if a carrier will be able to endure the claims and losses that come with catastrophic events. If you are unable to secure proper coverage in the standard market, you can always turn to the South Carolina Wind and Hail Underwriting Association (SCWHUA); a residual property market that was created to provide South Carolinians with wind and hail coverage. You can also find flood coverage through the National Flood Insurance Program.
South Carolina’s concentration of risk along its picturesque coast can make finding proper coverage a bit difficult. With the help of organizations such as SCWHUA and the NFIP, inhabitants that call the Palmetto State home, can rest assure they will be able to obtain adequate coverage for their property.
South Carolina Regulating Agencies And References
