The Best South Carolina Homeowners Insurance Companies
South Carolina’s average annual premiums for homeowners insurance are right in line with the national average — $1,284 per year for an HO-3 policy, compared to $1,173 nationwide. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:
Enter your ZIP code to see the best rates in your area:
The Best Homeowners Insurance Companies in South Carolina
From the foothills of the Blue Ridge Mountains to 187 miles of scenic coastline, the Palmetto State is one pretty place to live. But factor in South Carolina’s proximity to the Atlantic Ocean and its history with hurricanes, and protecting your home won’t come cheap. The average homeowners insurance premium in South Carolina is $1,284. That’s roughly $100 more a year than the national average of $1,173 and up to $200 more than the averages in neighboring states like Georgia ($1,152) and North Carolina ($1,075).
The good news: There’s a slew of well-respected providers who can help make sure you’re covered. The even better news? We’ve narrowed it down to the top five best homeowners insurance companies in South Carolina. Use the quote tool above to compare rates personalized to your area.
How We Found the Best Homeowners Insurance Companies in South Carolina
We took the same approach as our review on nationwide homeowners insurance companies. First, we determined the largest home insurance companies in South Carolina by market share. Then, we called each insurer’s customer service agents and completed a number of online quotes. We also researched their available discounts, coverage options, claims ratings, and financial fitness — comparing report cards handed down by reputable financial research companies like Standard & Poor’s, A.M. Best, and Moody’s.
The 5 Best Homeowners Insurance Companies in South Carolina
- Liberty Mutual
- State Farm
South Carolina Homeowners Insurance Reviews
Allstate is the gold standard when it comes to online customer experience and available discounts. Of all the companies we looked at, it was the only one to provide an upfront, in-depth analysis of potential risks by region via its Common and Costly Claims tool. How it works: Input your ZIP code and it’ll spit out the top five most common claims and perils in your area, making it easier to assess your coverage needs. For example, regular break-ins might indicate the importance of a centralized burglar alarm. An added bonus? Allstate offers a discount for homeowners that install alarms and deadbolt locks.
In terms of discounts, Allstate has a lot of them — 18 to be exact (the next closest contender is Liberty Mutual with 15). Among the more unique money saving features are a discount for new customers (10% off your premium for your first two years), one for the 55+ crowd, and an early shopper discount that could equate to an extra 10% off your premium if you sign up for a new Allstate policy before your current one expires.
When it comes to financial stability, Allstate is respectable — earning Aa3 from Moody’s, A+ from A.M. Best, and AA- from Standard & Poor’s — but the company does rank lower than its competitors in overall claims satisfaction. In Consumer Reports’ national homeowners insurance survey, it received a score of 80, which is still considered “very good,” but not quite on par with Nationwide’s leading score of 86. However, when looking at the overall rankings handed down by J.D. Power, Allstate garners a 3/5, the same score as Liberty Mutual, Travelers, and Nationwide. What does all of this mean? You may have to jump through more hoops when filing a claim, but the trade-off could be significantly lower rates.
Liberty Mutual is a solid provider that offers quality coverage and consistent customer service. It earned the second highest Reader Score from Consumer Reports with top marks for timely claim payment and accurate estimates of damages.
It’s second only to Allstate when it comes to discounts — if you’re an alumnus of the University of South Carolina, there’s a discount for that! — and no matter how many questions we asked, its agents were friendly and knowledgeable. The website is easy to navigate with helpful tools like a basic coverage calculator and state-specific resources, but one of the biggest perks of being a Liberty Mutual customer is access to its emergency home repairs service. On call 24 hours a day, 365 days a year, it provides peace of mind in case of an unexpected event.
Liberty Mutual received lower marks for financial strength than its competitors. It scored an “excellent” rating from A.M. Best, while the other four companies received a “superior.” It’s nothing to lose sleep over (especially given its high customer claims satisfaction), but still something to consider.
Nationwide stands out for exceptional claims service. Consumer Reports awarded the company an impressive 86, and J.D. Power gave it an almost unheard of claims score of 5/5. So, why didn’t Nationwide shoot to the top of our list? Outside of the claims experience, it is, well, average. Except for a gated community discount, money-saving offers were run of the mill. Its website is well-designed, but the FAQ section is meager (whereas, Allstate has entire articles and an animated video dedicated to niche topics, like termite damage).
More than anything, we found it difficult to get a quote. On three separate occasions we attempted to fill out the online form, but couldn’t get past the second or third page before being blocked and receiving a prompt to call an agent. Maybe it’s because we triggered one of their “red flags” outlined on the start page — Is your home registered as historic? Do you operate a farm or business out of the home? — but the process shouldn’t be that difficult. So, we went another route and used the handy price comparison tool offered through the South Carolina Department of Insurance. We pulled quotes for different policy types (one for $150,000 in coverage and another for $350,000) in five counties and found that Nationwide’s premiums were consistently more expensive. In Charleston, for example, Nationwide was $3,000 more a year than Allstate — yikes.
If you don’t mind working things out over the phone (in our experience the average wait time was about 20 minutes) or if you anticipate needing to file claims often and would benefit from their exceptional reputation in this department, Nationwide could be a good, albeit pricier, fit.
If there’s one thing we know for sure about State Farm, it’s that it’s not going under anytime soon. In terms of financial fitness, it is the cream of the crop — Moody’s awarded it the second highest distinction (Aa1), meaning it is “of high quality and subject to very low credit risk.” The same goes for A.M. Best, with a score of A++, and Standard & Poor’s AA.
It fared well in other areas, too. J.D. Power awarded State Farm a 4/5 in overall claims experience, while it received an 82 from Consumer Reports. Its website offers easy-to-understand guides and walks you through determining coverage needs and the difference between replacement cost and market value. Its agents were also quick to answer our calls and never pressured us into getting a quote.
State Farm’s reliability and no-frills approach is likely why it’s the leader when it comes to South Carolina’s market share, underwriting 15% of all homeowners insurance policies sold in the state. Allstate, by comparison, accounts for 8%.
Travelers and State Farm are similar in a lot of ways. While Travelers isn’t quite as strong financially, they tied in customer satisfaction ratings, both receiving an 82 from Consumer Reports, and offer the same number of endorsements and discounts.
Where Travelers sets itself apart is its website. Our favorite feature is its OpenHouse tool, which generates free home history reports — like CARFAX, but for your house — and provides information on neighborhood trends, past repairs, and even how much the house sold for prior to you owning it. We appreciated the way it organizes information — the FAQ page is broken down into “Policy Basics,” “Premium & Discounts,” and “Coverage & Limits.” Travelers was also awarded “Best for Green Homes” in our nationwide homeowners insurance review, so if you have an LEED-certified home, be sure to get a quote and capitalize on its 5% discount.
Guide to Homeowners Insurance in South Carolina
Location will impact your premium
South Carolina isn’t a terribly large state (you can drive across it in roughly 3.5 hours), but there’s still a big difference between what you’ll pay in Spartanburg versus Charleston. Here’s how two different Nationwide policies compare across five counties.
|$150,000 home value||$543||$694||$2,223||$744||$481|
|$350,000 home value||$1,037||$1,375||$5,006||$1,406||$901|
*Quotes based on a 10-year-old masonry-style home with no claims in the past five years and a homeowner with good credit. Source: South Carolina Department of Insurance.
Even though Charleston and Myrtle Beach (located in Horry county) are both coastal cities, the premiums differ by thousands of dollars. There are a couple explanations for this: First, the average home price in Myrtle Beach is about 49% cheaper than properties in Charleston, where the median home value is $255,600 (the statewide median home value is $149,300). Second, Charleston has a lot of historic homes. Often older homes can cost more to replace due to building codes and hard-to-find materials.
Make sure you have flood insurance
Nationally, the number of homeowners purchasing flood insurance policies has declined. This is, in part, due to a price hike in premiums and maps of some high-risk areas being redrawn. According to The Post and Courier, “[In South Carolina] in 32 of 46 counties, fewer than 1% of all properties have flood insurance.” Consequently, more than 1.6 million households would not be covered in the event of a flood. The article goes on to quote South Carolina Department of Insurance Director, Ray Farmer, saying, “As far as I’m concerned, the entire state is in a flood zone, regardless of what the flood maps say.”
Discounts vary by county
Many of South Carolina’s counties have proactively taken steps to reduce flood risks beyond the minimum federal requirement, resulting in discounts for residents. According to FEMA, in places like Charleston County, where they have the highest preparedness rating in the state, it can mean an average of $5.1 million in area-wide savings, or $275 off each individual policy.
South Carolina Homeowners Insurance FAQ
What are average homeowners insurance rates in South Carolina?
South Carolina’s average annual premiums for homeowners insurance are just above the national average — $1,284 per year for an HO-3 policy, compared to $1,173 nationwide. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. You can use our zip code tool at the top of the page to find your best rates.
How much does flood insurance cost?
According to FEMA, the average annual premium for flood insurance is about $878. Liberty Mutual, Allstate, and Travelers offer their own, while State Farm and Nationwide partner with the National Flood Insurance Program. And remember: Don’t wait until a storm is brewing — most policies won’t take effect for at least 15 days and many insurance companies stop selling flood insurance ahead of a hurricane making landfall.
Can I get grant money to flood-proof my home in South Carolina?
Yes. The South Carolina Safe Home Mitigation Grant Program offers up to $5,000 in grant money to individuals in coastal regions looking to strengthen their homes against storms. The response was so overwhelming that they filled all available slots, but expect to see applications reopen in fall 2018.