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Homeowners insurance is rarely easy on the wallet, especially for those living on the South Carolina coast. Fortunately, the best South Carolina home insurance companies offer some pretty competitive rates. Below, we'll look at how its premiums stack up to the national average for several common scenarios.
- Cheapest overall for the state: American National
- Cheapest for new home construction: American National
- Cheapest for older homes: American National
- Cheapest for homeowners who have filed a claim: Universal North America Insurance Company
Cheapest overall for the state
The typical South Carolina homeowner pays about $1,819 per year for home insurance. That's slightly above the national average. But those who choose American National score a much lower rate. Its average annual premium for South Carolina homeowners is just $634.
The following insurers also top the list of the best homeowners insurance companies in South Carolina:
- Universal North America Insurance Company, which charges the average homeowner about $963 per year
- The Cincinnati Insurance Companies, where South Carolina homeowners pay about $1,157 annually
Cheapest for new home construction
Insuring new construction in South Carolina usually costs about $966 per year. That's not bad, but homeowners who choose American National do even better. They pay an average of $459 per year for their home insurance.
Those looking to insure a new South Carolina home should also check out the following companies:
- Universal North America Insurance Company, where policies for new homes cost $531 on average
- Allstate, which charges owners of new homes about $552 per year
Cheapest for older homes
Older homes are some of the most expensive to insure in South Carolina. The average annual premium for a 50-year-old house is $1,839. But those with older homes can score a below-average rate with American National. It only charges about $774 per year.
These companies also offer competitive rates on older South Carolina homes:
- The Cincinnati Insurance Companies, where the average annual premium for a 50-year-old home is $1,128
- Universal North America Insurance Company, which charges about $1,174 per year
Cheapest for homeowners who have filed a claim
Filing a claim raises the average South Carolina home insurance premium to $1,942 per year. But not all companies penalize homeowners this much for using their coverage. Those who choose Universal North America Insurance Company only pay $975 per year.
Homeowners with a claims history should also check out the following insurers:
- American National, where homeowners with a single claim pay about $1,032 annually
- The Cincinnati Insurance Companies, which charges these homeowners about $1,229 per year
Average home insurance cost in South Carolina compared to the national average
Homeowners insurance rates in South Carolina hang pretty close to the national average. Those with older homes can expect to pay a little above average. But new homeowners pay a pretty reasonable rate to insure their properties.
| Average Rate Category | South Carolina | National Average |
|---|---|---|
| Overall | $1,819 | $1,787 |
| New home construction | $966 | $984 |
| Older homes | $1,839 | $1,755 |
| When making a claim | $1,942 | $1,971 |
Data source: Quadrant Information Services data
South Carolina homeowners insurance overview
Here are a few things all South Carolina homeowners should know about home insurance.
The average South Carolina home costs about $293,445
The average South Carolina home cost in 2022 was $293,445, according to The Ascent's research on average home prices by state. This falls a little under the national average of $354,649.
Homes that cost more than the state average will likely be more expensive to insure. And homes that cost less might be more affordable to insure. But the size and construction of the home aren't the only factors that matter. Location and the owner's claims history play a role as well.
Location within the state has a huge effect on rates
Those who live on South Carolina's barrier islands pay the highest homeowners insurance rates in the state. These areas are especially prone to damage from hurricanes and flooding. This increases the risk for insurers, so they charge these homeowners more.
The northern and western parts of the state see the lowest average premiums. Being further inland shields these areas from the storm damage more common in coastal cities.
What are the most common homeowners insurance claims in South Carolina?
Here's a look at some of the most common homeowners insurance claims in South Carolina.
Hurricanes
Like all states on the Eastern Seaboard, South Carolina is at risk of hurricanes. These deadly storms can wipe out entire neighborhoods. That can lead to some costly claims. Those who live near the coast are more likely to file a hurricane claim than those who live inland.
Flood damage
Flood damage goes hand in hand with hurricanes. They can cause massive storm surges that flood coastal and low-lying areas. And that can weaken foundations and damage property.
Flood damage isn't covered by a traditional homeowners insurance policy. Those who want to be fully protected will need to buy a flood insurance policy. Lenders often require homeowners who live in flood-prone areas to have this before they'll grant a mortgage.
Tornadoes
Tornadoes aren't as common in South Carolina as they are in some Midwestern states. But research from the South Carolina State Climatology Office suggests they're happening more frequently now than in the past. These storms are known for their devastating winds. They can rip shingles off or roofs or damage personal property inside and outside the home.
These claims can be costly. That's why some insurers now have a more expensive deductible for wind and hail claims. Homeowners must pay this before their homeowners insurance will chip in for the rest.
Homeowners insurance coverage options and discounts in South Carolina
Here's how some common home insurance discounts affect the average South Carolina premium.
A new roof knocks $300 off the average homeowners insurance premium
Homeowners with a brand-new roof pay about $1,515 per year for South Carolina home insurance. This makes sense because a new roof reduces the risk of certain types of storm damage. That's why it's a good idea to shop around for home insurance following a roof replacement.
Bundling is a smart play for those seeking auto insurance too
Bundling home and auto insurance is one of the best ways to reduce premium costs. Those who do this pay around $1,533 per year for South Carolina homeowners insurance.
Installing sprinklers saves the average South Carolina homeowner over $200 per year
Sprinklers have an upfront cost that may make some wary. But making the investment drops the average home insurance premium to $1,606 per year. This is because sprinklers in the home reduce the severity of a fire, if one breaks out. That can reduce the cost of any fire-related insurance claims.
Six cheapest cities in South Carolina for homeowners insurance
The following cities have the cheapest average homeowners insurance costs in South Carolina:
| City Name | Average Home Insurance Rate |
|---|---|
| York | $1,392 |
| Clover | $1,405 |
| Boiling Springs | $1,418 |
| Salem | $1,426 |
| Pickens | $1,427 |
| Taylors | $1,427 |
Data source: Quadrant Information Services data
Five most expensive cities in South Carolina for homeowners insurance
Residents of these five cities pay the most for South Carolina homeowners insurance:
| City Name | Average Home Insurance Rate |
|---|---|
| Pawleys Island | $3,233 |
| Folly Beach | $3,213 |
| Sullivan's Island | $3,106 |
| Isle of Palms | $3,087 |
| North Myrtle Beach | $2,987 |
Data source: Quadrant Information Services data
Our Insurance Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.