Charleston Homeowners Insurance

Your Guide to Homeowners Insurance in Charleston, SC

Find the right homeowners insurance policy for you.

Charleston has a long and colorful historical past well known by residents of this stately city. One of the prime attractions is the Magnolia Plantation and Gardens that was built in the 17th century and features America’s oldest garden. Other residents also like to learn about their history by visiting the Charleston Museum, which contains many fascinating artifacts ranging from Southern furniture to textiles. Many folks who live in Charleston own their own homes and appreciate the need to have a Charleston homeowners insurance policy.

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Theft in South Carolina

  • National average for burglaries: 37,814
  • South Carolina number of burglaries: 40,958

This state has a higher than average number of burglaries, but keep in mind that if you live in a relatively safe area, your premium will be lower than the state average.

Number of catastrophes in South Carolina and the US

  • National number of catastrophes: 19,033
  • Number of catastrophes in South Carolina: 621
  • National number of tornadoes: 1,233
  • Number of tornadoes in South Carolina: 13
  • National property damage from weather: $5,511,270,000
  • Property damage from the weather in South Carolina: $12,050,000
  • 1 in 15 homes has a claim each year, nationally.

South Carolina has a fairly high number of catastrophes in general. The number of tornadoes it suffers is also higher than what most states endure.

What Does Homeowners Insurance Cover?

A Charleston homeowners insurance policy with a basic package will provide you insurance coverage for essential aspects of your home including these:

  • The house itself from a variety of perils that are outlined in your insurance policy, such as fire, theft and wind damage for example
  • Your personal possessions, subject to policy amounts or limitations
  • Liability protection should someone become injured on your property or in your home
  • Additional living expenses should you have to reside elsewhere while your home is being repaired
  • Medical expenses should someone incur an injury because of an insurable incident covered under the policy

Homeowners Insurance Information to Consider

You should select a Charleston homeowners insurance policy carefully as there are a number of vital issues to consider such as these:

  • Replacement vs. actual cash value (ACV): Most policies include ACV coverage, which means the repair or replacement of your home is subject to depreciation. Many insurers allow you to opt for “Replacement Cost,” which means you would receive the full market value for repair or replacement of your home.
  • Contents coverage: Most homeowners insurance policies will only cover the contents at 50 percent of the value of the coverage amount you have on your home. If you have your home insured for $200,000, then you will have your contents covered for only a maximum of $100,000. So you must carefully inventory your contents to ensure you have enough coverage for your possessions.
    Also, most policies have ceiling coverage amounts for specific items such as furs and jewelry, for example, so you might have to buy additional insurance coverage to guarantee full coverage for these items in the event of a loss.
  • Policy review: It is important that you re-visit your policy periodically. You may have insured your house for $150,000, but if it is now worth more, you should increase your policy amount to reflect that appreciated value.

Cost of Homeowners Insurance in South Carolina

  • National yearly premium average: $1,034
  • South Carolina yearly premium average: $1,134
  • 13th most expensive premium in the US

Your Charleston homeowners insurance policy will be more or less than the average based on a number of variables including the following:

  • Type of construction, such as wood frame versus brick
  • The age of the home
  • The availability of local fire protection
  • Your coverage amount
  • Your deductible

Additional Coverage Options

A homeowners policy will not cover you for every situation. Two prime examples are flooding and earthquakes, which insurers generally exclude in a standard homeowners insurance policy. To protect yourself from these occurrences, you will have to buy separate policies that will specifically cover these types of events.

Ways to Lower Your Premium

You can lower your premium in a number of ways as some insurers offer either discounts or a reduced premium for certain home improvements:

  • Increase the amount of your deductible.
  • Bundle your homeowners policy with other policies with the same insurer.
  • Install a security system or sprinkler system.

How to Find a Homeowner’s Insurance Policy

Since there are so many insurers that offer different features in their policies, the easiest way to find the coverage you need is to contact an independent agent who has access to numerous insurers. Your agent can provide you with competitive Charleston home insurance quotes so you can find an affordable policy.

Contact a local agent in your area today and get your home fully insured and protected. 

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