South Carolina Home Insurance - What's Happening
South Carolina is well-known for its Old South charm, beautiful weather, and swaying palmetto trees. The state also is known for below average home insurance premiums – a plus for S.C. homeowners. Average premiums for South Carolina homeowners insurance totaled only $817 in Q2 of 2014 – a tad below the U.S. average of $829.
Despite low premiums, homes in the Palmetto State face do a few natural hazards including hurricanes, floods and even earthquakes. Floods can especially a problem in the S.C. Lowcountry. However, both flooding and earthquakes are not covered by standard South Carolina home insurance policies. It’s best to work with a licensed HomeInsurance.com agent to make sure you have all the coverage you need.
Call us today, and let our licensed agents find you great coverage. You can also get started on a quote by entering your ZIP code above.
Curious about car insurance? Click here to learn more about auto insurance in South Carolina.
South Carolina Home Insurance Report Card
We get that buying home insurance is complicated. We've demystified it by assigning each state grades based on information collected from HomeInsurance.com customers about their houses. It's a coloring-outside-the-lines approach that shows how factors about a home can affect what you pay for coverage.
Home (Grades related to the house itself)
Homes in the Palmetto State are newer than the national average and cost less to replace after a total loss, which makes them more attractive to insurers. Homes are larger than the U.S. mean, which makes them more expensive to insure. Not many homes in the state have sump pumps; however, a low percentage of SC homes have basements to begin with.
Average year built
The average South Carolina home, built in 1994, is 14 years newer than the average U.S. home. To insurers, newer is better.
Average home size
At 1,989 square feet, the average SC home is only a tad bigger than the national average.
Average replacement cost
Average building costs are relatively low in the state. Replacing your house after a total loss will cost an average of $244,676.
% of homes with sump pump
Only 2% of SC homes have a sump pump.
Property (Factors related to the property and location)
The Palmetto State truly shines in its property score. The perfect grade is partly due to the fact that the average insured cost of other structures (detached garages, sheds and fences, for example) on property belonging to South Carolina homeowners was $8,819 – significantly less than the national average of $26,165.
South Carolinians also boosted their grade by stamping out potential insurance risk factors. For instance, only a little more than 3.5% own swimming pools, which can be a huge insurance liability. When it comes to risky ATVs, SC homeowners are avoiding liability all together.
Bonus (Other factors that influence your home insurance premiums)
% of homes with fire extinguishers
90% of SC homes reported having fire extinguishers, compared with the U.S. average of 91%.
% of homes with dead bolt locks on exterior doors
The odds are against SC burglars because 96% of homes in the state have deadbolt locks.
% of homes with smoke detectors
Where there’s smoke, there’s fire, which is why 99% of homes in the state have smoke detectors.
% of homes with security alarms
Only 18% of homes reporting having security alarms, a little lower than the U.S. average.
Overall Grade - A (room at the top)
South Carolina homeowners received top scores for owning newer homes paired with lower average building costs. Residents also got bonus points for adding safety features to their homes such as deadbolt locks and smoke detectors. SC homeowners also cut out many property liability risks such as swimming pools and ATVs. The state was penalized when it came to average home size. Bigger homes can translate into higher premiums.