Updated: November 21, 2024
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The average cost of homeowners insurance in South Carolina in 2024 is $2,708. That's higher to the $2,423 national average.
Aside from the amount of coverage you get, credit rating has the largest impact on premiums in South Carolina, with a difference between the lowest and highest premium amounts reaching $11,983 on average. If your rates have recently increased, we've also analyzed the cheapest plans in the state to help you find a more favorable option.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Nov 21, 2024
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Table of Contents
To establish the average cost of homeowners insurance in South Carolina, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in South Carolina as of 2024.
In South Carolina, the average homeowners insurance premium is $2,708 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. That's more than the $2,423 national average home insurance rate.
Determining how much coverage you need is crucial. Your policy should cover the complete rebuilding of your home and replacement of your belongings after a total loss.
For example, a policy with $100K in dwelling coverage costs an average of $1,403 annually. If you own a larger property and require $500K in dwelling coverage, the average premium is $4,851.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,403 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $2,708 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $4,851 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $7,217 |
Premiums for homeowners insurance in South Carolina show significant variation among providers for comparable coverage. For example, Chubb offers an annual premium significantly lower than Travelers' regardless of having a similar protection level for your home.
Differences in underwriting can lead to diverse pricing. That's why it's empirical to compare quotes when in the market for the best homeowners insurance in South Carolina.
| Chubb | $1,645 |
| State Farm | $1,813 |
| USAA | $1,997 |
| Auto-Owners Insurance | $2,442 |
| Allstate | $2,488 |
| Foremost Insurance | $3,133 |
| Nationwide | $3,788 |
| Travelers | $4,362 |
Homeowners in South Carolina with poor credit pay an average of $13,805 annually, which exceeds the state average by $11,097. Conversely, those with excellent credit pay $1,822 annually in home insurance. This stark contrast highlights how credit scores directly affect insurance rates.
While you may not be able to improve your credit score immediately, you can enhance it over time to lower your rates. In the short term, comparing insurers is a savvy move to find more affordable coverage. It takes less than 15 minutes to see which South Carolina insurers will save you the most.
| Poor | $13,805 |
| Below Fair | $6,629 |
| Fair | $3,980 |
| Good | $2,708 |
| Excellent | $1,822 |
The type of roof on a home can influence the cost of homeowners insurance. In South Carolina, homeowners with tile roofs may see lower premiums due to the material's durability. Conversely, shake-treated roofs, which may be less resistant to weather-related damage, could lead to higher insurance costs.
Construction materials also play a role in insurance premiums. Homes built with superior construction materials more resistant to fire and other perils often qualify for lower insurance rates. On the other hand, standard frame constructions might carry higher premiums due to being less robust.
Use the drop-downs in the table below to see how premiums change based on your home's materials.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,403 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $2,708 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $4,851 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $7,217 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $9,819 |
Insuring a newly constructed home in South Carolina costs $1,534 annually, $1,174 lower than the $2,708 average for existing homes. This is mainly due to the modern materials used in the new homes and adherence to current building standards. The table below displays the premium differences for varying coverage levels for existing and newly built homes.
| Existing Construction (2000) | $2,708 |
| New Construction (2023) | $1,534 |
In South Carolina, homeowners with a claim-free record for five or more years pay an average annual premium of $2,708. Those who have made one claim in the past five years typically face a premium of $3,108, while two claims within the same period can raise the average premium to $3,402. This data illustrates a clear trend: a history of claims can significantly impact insurance costs.
| Claim free for 5+ years | $2,708 |
| 1 claim in past 5 years | $3,108 |
| 2 claims in past 5 years | $3,402 |
In South Carolina, hurricanes and tornadoes pose the greatest risk to properties. Homeowners insurance typically covers wind-related damages. However, it often excludes flood damage.
For the cities we analyzed, we found premiums ranging from $1,968 to $4,772. In Columbia, homeowners may pay around $1,968 annually. Charleston's average is at $3,270. Myrtle Beach residents could see rates as high as $4,772.
Premiums vary by city due to factors like local crime rates, weather patterns and the cost of rebuilding homes. Location is a significant factor, but credit rating and coverage amount also greatly influence premiums.
| Charleston | $3,270 |
| Columbia | $1,968 |
| Myrtle Beach | $4,772 |
| North Charleston | $3,040 |
| Sumter | $2,228 |
Getting a good homeowners insurance deal in South Carolina is within reach when you know how the system works. Here's how to find the best deal for you.
Determine how much coverage you need for your home and personal properties.
Look at different prices online and compare home insurance quotes to find the best deal for your unique situation.
Save money by bundling home and auto insurance.
Ask about discounts from insurers. Some insurance providers lower their quotes for being claim-free and having security systems installed in your home.
Decide on a deductible that fits your budget.
Check the insurers for customer service and claims ratings. The higher their scores are, the better your chances of getting a good insurance policy.
In South Carolina, homeowners can potentially save 10% on insurance costs by bundling their home and auto policies. On average, a multipolicy bundle can lead to savings ranging from $70 to $980. To maximize discounts, check out the best home and auto bundle in South Carolina.
South Carolina residents can benefit from various homeowners insurance discounts, including.
Remember to inquire about all eligible discounts when obtaining a quote to maximize your savings potential.
In South Carolina, Chubb offers the lowest average premium at $1,645. For more options, explore cheap national providers.
Homeowners insurance typically covers windstorms, which includes hurricanes. However, flood damage from hurricanes and other natural disasters are not covered. Flood insurance can be purchased through the National Flood Insurance Program or a private flood insurer, and some home insurers offer it as an endorsement.
Credit rating is a significant factor; poor credit can raise premiums to $13,805, while excellent credit might only cost $1,822.
On average, bundling home and auto insurance in South Carolina can save you around 10% annually.
South Carolina homeowners seeking information about insurance regulations, affordable coverage options and tools to estimate insurance costs can explore the following resources:
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
