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South Carolina has a lot of coastal land bordering the Atlantic Ocean, a body of water notorious for hurricane activity. To make matters worse, hurricane activity in the Atlantic has been picking up in recent years. Between damage from past storms and the predictions of future storms to come, it can be difficult to find a good price for your homeowners insurance in South Carolina.
But just because it’s difficult doesn’t mean it’s impossible. We’ve compiled this handy home insurance shopping guide to help consumers like you make good decisions about your policy. Additionally, competition among insurance companies in the Palmetto State is hotter than ever, which means they are competing for your business – and that puts you in a position of power.
|Types of Coverage||Coverage Amount|
|Replacement Cost (Dwelling)||$200,000|
|Replacement Cost (Contents)||$100,000|
The chart above includes estimated coverage amounts for a typical $200,000 home, which reflects the average cost for a home in today’s housing market for South Carolina. If you purchase a standard special form HO-3 policy, which is the most popular type of home insurance policy in the country, you’ll get comprehensive coverage for more than just your home. Your personal property will also be protected, and you’ll receive financial coverage for liability and medical payments, too.
Did you know that you can request several different quotes from insurance providers in your area before settling on a policy? It’s one of the easiest ways to make sure you get your money’s worth on your annual premium. Likewise, you can look for other helpful discounts – like bundling your homeowners and car insurance with the same company – in order to get the best deal.
What do you know about homeowners insurance laws in South Carolina? You may be under the impression that it is legally mandated, the same way auto insurance is. That couldn’t be further from the truth. It’s mostly voluntary, unless you currently have a mortgage on your home. Then your lender may require it for financial reasons – not legal ones. Regardless, most homeowners elect to purchase it anyway, even if they own their property outright. It’s just a good idea to protect yourself from expensive damage to your property.
Taking a thorough inventory of your home is an important step in the home insurance buying process. After all, how will you know how much coverage to purchase if you don’t know how much your personal property is worth? It might be possible for you to make a wild guess, but that’s not the best idea if you want to get the most affordable premium possible. Whether you undervalue or overvalue your property, doing so could cost you in the long run – either by paying more for too much coverage, or paying more for repairs if you don’t buy enough.
The most obvious perils that South Carolina residents have to worry about are hurricane-related. But those aren’t the only disasters that can befall your home and/or property:
These two terms may seem confusing, but they’re actually pretty easy to understand. Replacement cost claims pay out 100% of however much it will cost to repair/replace damaged property, usually that which applies to your outer structure. Actual cash value claims pay out how much your property is worth the moment you file the claim; and if it’s an older item, then its depreciation will be subtracted from the total payout. Actual cash value coverage costs less in premiums than replacement cost coverage, but at the same time, you’ll be paying more to fix or replace damaged property.
Sometimes, a homeowners insurance company will determine your credit by looking at your insurance score. This is a limited snapshot of your credit history that examines your last seven years or so of credit, and only certain types of credit. Another benefit of an insurance score is that it doesn’t leave any blemishes on your credit history the way a full credit report does. Before you ask for a quote, make sure you ask your potential insurers how they evaluate credit. It could make a $300-$600 difference per year on your annual premium.
For more information, feel free to click any of the links you see in this article. They all lead to more detailed information about homeowner’s insurance, specifics on purchasing a policy, and how to find the best deal. You should also contact local resources in your state, such as:
Or contact them directly through the following resources:
South Carolina Department of Insurance
Post Office Box 100105
Columbia, SC 29202
email@example.com │ Call: 803-737-6180