A South Carolina homeowners insurance policy protects you if your home or personal belongings are destroyed by fire, wind, theft, or another unexpected event. To help you determine which company will offer the best home insurance for you, read our guide the top providers in the Palmetto State.
South Carolina’s Top 3 Home Insurance Companies
The highest-rated homeowners insurance companies in South Carolina are:
We looked at coverage options, pricing, customer service, discounts, and endorsements for home insurance providers in South Carolina. These are our top picks.
1. Liberty Mutual
A Liberty Mutual home insurance policy stays affordable because of the company’s homeowner discounts, which is typically more than what Amica® and Travelers provide. Here’s a list of the some examples of discounts you may be eligible for:
- Safe homeowner
- Early shopper
- Newly purchased home
- New/renovated home
- New roof
- Insured to value
- Preferred payment
- Paperless policy
Liberty Mutual also offers the following benefits:
- Hurricane endorsement for South Carolina homeowners along the coast
- Online quotes
- Over 100 years of experience in the insurance industry
While Amica doesn’t offer 24/7 customer service for all insurance questions, it does have a 24/7 claims center, mobile app, customer portal, and online chat. On top of that, J.D. Power ranked Amica number one for its claims process for the ninth year in a row.
Amica Amica benefits include:
- Catastrophic coverage endorsement for damage caused by hurricanes
- Claims center open 24/7
- More liability coverage options than Liberty Mutual and Farmers
Travelers is the most customizable home insurance provider compared to the other companies listed in this review. While Liberty Mutual and Amica have a set percentage of dwelling for other structures, personal property, and additional living expenses coverage, Travelers gives you at least five options for each type of coverage that go up to 100% of dwelling coverage.
Travelers also offers these benefits:
- More than 160 years in the home insurance business
- Cheapest quote in this review
- Five discounts to lower insurance premiums
South Carolina Homeowners Insurance Coverage
Home insurance policies in South Carolina provide six types of coverage:
- Liability—Liability coverage protects you if you’re responsible for causing bodily injury or property damage to another person. You should purchase enough protection to cover all of your assets, which may include your primary residence, business, vacation home, and car, so that your property is protected during a lawsuit. For most homeowners, this means you need at least $300,000 of liability coverage.
- Medical payments to others—If a guest is injured in your home, your policy will pay for their medical bills. Most companies offer $1,000–$5,000 of coverage per person.
- Dwelling—If an event like a fire destroys your home, your insurance provider will pay to rebuild it with the same features.
- Other structures—This covers detached structures on your property, like a shed or fence. You usually get 10% of dwelling coverage for other structures coverage.
- Personal property—This part of your policy protects your personal belongings and replaces them if they’re damaged. Most policies come with at least 50% of dwelling for personal property coverage.
- Loss of use—If your home is temporarily unlivable due to repairs, you can file a claim to have your insurance company cover additional living expenses, like a temporary rental or meals. You usually get 20% of dwelling coverage for loss of use coverage.
How Much Does a Homeowners Insurance Policy Cost in South Carolina?
In 2017, the average cost of homeowners insurance in South Carolina was $1,269 per year, or $105.75 per month, according to the Insurance Information Institute. When compared to the national average, insurance rates in South Carolina were about $60 more per year at the time, making it the 17th-most expensive state in the country.
Note: The cost of your home insurance policy will depend on where you live, the provider you choose, and a variety of other factors, including how many claims you’ve filed in the past, how many pets you have, and whether or not you have safety features in your home.
Factors to Consider Before Buying Homeowners Insurance
Before starting your home insurance search, think about these factors and how they could affect your policy:
- Hurricanes—While natural disasters aren’t typically covered under a policy, you can usually buy an endorsement to receive coverage for them. Both Liberty Mutual and Amica offer endorsements that will cover hurricane damage.
- Lender requirements—Home insurance is not required by law, but it may be required by the lending institution that gave you a home loan. Check with your lender before buying a policy to make sure you meet their minimum coverage requirements.
- ACV vs. RCV—When you see the terms actual cash value (ACV) and replacement cash value (RCV), it usually pertains to personal property coverage. ACV policies pay for your belongings’ replacements based on their current value, while RCV policies pay based on their new value. Most homeowners insurance policies start out as ACV, but you can usually buy an RCV endorsement that will slightly increase the cost of your policy.
- Budget—Home insurance costs more than other types of policies, like renters and auto insurance. We recommend examining your monthly budget and determining how much room you have for an insurance premium before looking at policies. Additionally, consider going for a home insurance company like Liberty Mutual that provides a variety of discounts to lower your monthly premium.
Compare Homeowners Insurance Coverage Options
|Other structures coverage limits||10% of dwelling||10% of dwelling||1%, 5%, 10%, 25%, 50%, 75%, or 100% of dwelling|
|Personal property coverage limits||70% of dwelling||75% of dwelling||20%, 30%, 50%, 75%, or 100% of dwelling|
|Liability coverage limits||$100,000, $200,000, $300,000, or $500,000||$25,000, $50,000, $100,000, $200,000, $300,000, $400,000, $500,000, $750,000, or $1 million||$100,000, $300,000, $500,000, or $1 million|
|Unique add-ons||Water backup, sump overflow, hurricane||Home business, catastrophic coverage||Equipment breakdown, roofing, siding matching package|
|Customer service||24/7 for claims; limited for sales and service||24/7 for claims; limited for sales and service||24/7 for claims; limited for sales and service|
*Based on sample quotes our team received
FAQs About Homeowners Insurance in South Carolina
When should I shop for homeowners insurance?
You can begin looking at insurance policies about a month before closing. Most lending institutions require proof of insurance before giving you a loan, so those 30 days give you enough time to understand the insurance industry and pick a policy.
Is it worth it to file a medical payments to others claim?
This depends on your deductible and your amount of coverage. Most insurance policies start with a $1,000 deductible and $1,000 of protection per person. In this case, it may not be worth it to file a claim because you’ll be paying the same amount for your deductible as the insurance company will give you for medical bills. This will also affect your ability to get insurance in the future because you will have a claim on your record.
Why was my homeowners insurance policy cancelled?
There are a couple reasons why your policy could have been cancelled:
- You failed to pay your premiums
- You misrepresented yourself or your home on the application
- Your home has deteriorated beyond what the insurer is willing to cover
- Your home has been vacant for more than 30 days
Regardless of the reason behind the cancellation, your insurance company is required to give you 30 days notice before your policy is cancelled, which gives you enough time to find another provider.
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