If you live in South Carolina, then you know that hurricanes and tropical storms can destroy property. While most homeowners insurance policies in South Carolina cover damage caused by these storms, a separate windstorm or flood insurance policy is required for these disasters. Private flood insurers and federally-backed NFIP also offer flood coverage. You can also add this coverage as an endorsement to your home insurance policy. However, you should not add this coverage to your basic homeowners insurance policy unless you live in a coastal area.
In South Carolina, earthquakes are relatively common. Ten to 15 earthquakes are recorded annually, with three or five being large enough to cause damage to a home. Although South Carolina doesn’t seem to be earthquake country, the United States Geological Survey has identified the state as among the 16 most earthquake-prone states. Understanding the damages earthquakes can cause can help you choose the right endorsements to increase the level of protection.
Insurers can calculate a homeowners insurance premium based on the amount of coverage they offer. For instance, the average premium for a home insurance policy in South Carolina is $1,269 a year for $100K dwelling coverage and $2,593 a year for additional coverage up to $400K. The amount of deductible that you set for your policy is also an important factor. The higher your deductible, the lower your premium will be. While you should always aim for a higher deductible, you must be sure to not select an amount that would be difficult for you to pay.
The average home insurance rate in South Carolina is calculated using the ZIP code of the home you want to insure. The ZIP code helps insurance companies gather information about your area, including the average value of homes in your area, the cost of local building and the number of insurance claims in the same zip code. Once you have this information, you can compare insurance rates and choose the one that suits your budget and needs best. Once you have made your decision, you can go ahead and make a purchase.
Homeowners insurance in South Carolina is an important investment that you should take seriously. It is important to make sure you get the right one. Make sure to compare prices from several different providers before you buy a policy. You can also save hundreds of dollars a year by getting three price quotes. When you compare the costs of home insurance in South Carolina, be sure to check out the ZIP code that most closely matches the area that you live in.
Although the average price of homeowners insurance in South Carolina is higher than in other states, this does not mean it is impossible to save money. In fact, you can save a significant amount of money by increasing the deductible. Most insurance providers recommend a $500 deductible. By raising your deductible to $1,000, you could save 25% on your premium. While this may mean you’ll be out of pocket $1,000 if something goes wrong, it is well worth it if you want to enjoy the beautiful scenery and seaside.
You can also customize your homeowner’s insurance in South Carolina by adding unique coverages. For instance, State Farm offers extra coverage for burglary, vandalism, and glass breakage. The company also offers optional coverages for earthquakes and outside electrical service lines. State Farm has the lowest average cost for homeowners insurance in South Carolina at just $1,206 per year. In addition, Allstate’s policies are the most affordable. They are ranked fourth for user satisfaction and financial stability and offer many unique coverages.
Another factor to consider when comparing home insurance policies in South Carolina is the type of dwelling. Mobile homes are a significant part of South Carolina’s population. In 2018, nearly 300,000 of them were occupied. However, mobile homes are considered higher risk by home insurance providers and cannot be insured under a standard home insurance policy. Most providers do not offer policies designed for these homes. You should always check the mortgage rates and compare the costs of living in different areas before choosing a policy.
USAA is another good insurer. It is the second-largest house insurer in the U.S., and offers a variety of unique endorsements for homeowners, including yard and garden coverage, sports equipment coverage, and green improvements reimbursement. You should also consider USAA for its solid financial strength and reputation. When looking for a homeowners insurance company, remember that you should consider the price, coverage, and customer satisfaction when choosing a company.