South Carolina is a southern state with over 5 million people. Renters make up a significant portion of South Carolina residents, occupying around 30% of the housing units in the state.
If you are considering investing in a rental property or have a home that you want to rent out, you will want to make sure that you are familiar with the landlord insurance requirements in the state. It’s also important to understand that landlord insurance is the best way to protect your South Carolina rental property from many problems.
A local independent insurance agent can help you get landlord insurance quotes from multiple insurance companies in South Carolina, so you can find the policy that best meets your needs and budget.
What Is Landlord Insurance?
Landlord insurance is similar to homeowners insurance in that it protects your property if you experience a fire, storm damage, or some other type of property loss.
But landlord insurance differs from homeowners insurance because it's protection designed for landlords specifically. While it covers damage to the structure of a rental property, it does not protect the tenants' personal property. And while landlord insurance and homeowners insurance both provide liability coverage, the liability coverage in landlord insurance is designed for the increased risk of lawsuits that landlords face.
How Much Does Landlord Insurance Cost in South Carolina?
Landlord insurance generally costs about 25 percent more than a standard homeowners insurance policy. This is because rental properties are riskier than private dwellings, and therefore landlords are more likely to file some insurance claims.
Landlord insurance costs in South Carolina will vary based on your property and unique risk factors. In general, landlord insurance premiums are based on characteristics such as:
- The size and location of your property
- The age and construction of your building
- The weather and crime risks in your city
If your buildings have fire sprinklers, burglar alarms, gated access, or other security systems, you may be able to save some money on your landlord insurance premiums.
A local independent insurance agent can help you get multiple quotes for landlord insurance in South Carolina. You can compare costs and coverage and choose the policy that offers the best fit for your needs and budget.
What Does Landlord Insurance Cover in South Carolina?
Landlord insurance in South Carolina provides several different types of coverage:
- Property insurance: Covers the building itself and any other structures such as a garage or shed for any physical damage caused by fire, lightning, wind, hail, ice, snow, or other covered perils. It covers any personal property you may have on the property (e.g., maintenance equipment, appliances, etc.). It does not cover your tenants’ possessions.
- Landlord liability coverage: Protects you if someone is injured on your property or if you are responsible for damaging someone else’s property. Landlord liability insurance covers the costs of any medical treatment or property repairs required. It also covers legal costs (e.g., attorney fees, court costs, and financial settlements or judgments).
- Loss of rental income: Coverage for your lost rental income if your tenants have to move out so you can make repairs to your building after a fire, storm, or some other covered peril.
A local independent insurance agent can help you decide if you need additional forms of coverage for your rental property.
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Can a Landlord Require Renters Insurance in South Carolina?
You are not required by law in South Carolina to purchase landlord insurance, nor are your tenants required to buy renters insurance.
If you want to avoid disputes arising from damage to a renter's belongings or other types of legal conflicts with your tenants, you can choose as a landlord to require your tenants to purchase renters insurance. In these cases, your requirements must be specified in the lease agreement, with specific tenants' responsibilities and the consequences for not providing proof of insurance made clear.
Does Landlord Insurance Cover Tenant Damage in South Carolina?
Your landlord insurance in South Carolina covers damage caused by tenants in some circumstances.
Landlord insurance will usually cover sudden and accidental damage caused by a tenant. So if a tenant accidentally causes a kitchen fire, any damage to walls, countertops, cabinets, and other covered parts of the building, the damage should be covered by your landlord insurance. Any fire damage to your tenants' furniture, cookware, or other possessions will not be covered by your landlord insurance. It will be covered by the tenant’s renters insurance if they have it.
If an appliance that you own (e.g., the oven) is damaged in the same fire, it would likely be covered under the landlord insurance policy. But if that same appliance breaks due to normal wear and tear, landlord insurance in South Carolina typically would not cover the necessary repairs.
Any intentional damage caused by a tenant will not be covered by landlord insurance in South Carolina. A standard landlord insurance policy won’t protect you if a tenant punches in a wall, kicks in a door, paints graffiti, or otherwise intentionally damages some part of a unit. But you may be able to purchase additional vandalism coverage that covers certain kinds of intentional damage to your rental property.
What Are the Best Landlord Insurance Companies in South Carolina?
Local independent insurance agents make comparison shopping for landlord insurance easy. They can obtain quotes from the best landlord insurance companies in South Carolina and ensure that you're getting your policy at a competitive price.
Why Shop Landlord Insurance with an Independent Insurance Agent in South Carolina?
Instead of getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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