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Welcome!  We are excited to help you understand how much Homeowners Insurance costs in South Carolina.  There are many factors that contribute to the premium… so let’s get started.

  • First and maybe the most important factor is location.  Every part of South Carolina (or country for that matter) has different risks.  Here are some of risks. 
    • Myrtle Beach and the coast has the most potential for damage caused by a hurricane or high winds.  This alone causes the premium to be higher here compared to the rest of the state.  Hurricanes happen, and when they do they cost insurance carriers billions of dollars.  A home in Columbia (for example) may cost $450 insure, where the same home in Myrtle Beach may cost around $1000. 
    • Hail damage is more common in the upstate area, but may happen anywhere. 
    • If you purchase Earthquake coverage (everyone should discuss this with a local insurance agent), it can be more costly in the Charleston area.  However, the whole state of South Carolina has a moderate risk for earthquake damage.      
    • Flood insurance, most commonly purchased as a separate policy, is typically more expensive near the coast and bodies of water.  However, any property can have a flood.  Everyone should talk to an insurance agent to find out about Flood insurance for themselves.  (Don’t take advice from a friend or neighbor, their property may be in a low risk zone and your property could be in a high risk zone – it happens all the time.) 
  • Of course the value or coverage amount of your home is important.  It goes without saying that a million dollar home will almost always cost more to insure than a $150,000 home.   
  • The age of your home is a big factor.  We’ve heard a thousand times that older homes were built better than homes today.  That may have some truth, but when it comes to claim statistics and home insurance premiums – newer is better.  The insurance on a home built about 30 years ago can easily cost twice as much to insure compared to a new home with the same coverage. 
  • If the age of your home is important, so is the construction of your home.  Most carriers have more favorable rates for brick or hardboard construction.  The premium can be 10% - 30% less per year. 
  • Now, and increasingly important as time goes on, your credit is a factor.  Insurance carriers can use your credit when providing a quote.  In fact, most carriers do.  They use credit if a variety of ways and it is almost always done differently between carriers.
  • Other factors include (but not limited to) your deductible, optional or increased coverages, and discounts.

     

Independent insurance agents are experts in home insurance.  We know how to take these above factors and help you select the best insurance carrier to give you the best product based on premium and coverage.  The only way to know for sure how much homeowners insurance will cost for you is to call an agent – we hope you call us!

 

For more information relating to this topic view our previous post Ways to save on your Homeowners Insurance or for a list of discounts see the bottom of our Homeowners Insurance page.

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