South Carolina Landlord Insurance

Find Your Ideal South Carolina Landlord Insurance

Find the right landlord insurance policy for you.

Renters occupy more than 420,000 of South Carolina’s homes. For some in this state, being a landlord provides a bit of extra revenue, while for others it is a full-time job that serves as their main source of income. 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 state rental property laws and protect your investment with South Carolina landlord insurance.

An independent insurance agent in our network can help you find the landlord insurance policy that meets your needs. A local agent in your area can explain your many options and answer your questions so that you can make an informed decision when you purchase a policy. Contact a local agent today to compare South Carolina landlord insurance quotes and find a policy that meets your coverage and budgetary needs.

South Carolina Counties with the Highest Population of Renters

  • Statewide: 27.79% of South Carolina’s homes are occupied by renters
  • Charleston County: 38.95% of homes are rented
  • Richland County: 38.59% of homes are rented
  • Greenville County: 31.82% of homes are rented
  • Greenwood County: 30.72% of homes are rented

South Carolina has an extremely diverse population with varying housing needs. Many people in this state were hit hard by the economic downturn and are renting because it is a more affordable housing option. Those who attend or work at any of this state’s colleges or universities rent their homes, as their living arrangements are temporary. There are many reasons why people in this state choose to rent rather than purchase a home.

South Carolina landlords can benefit from this need for affordable and temporary housing. Those who own properties on South Carolina’s beautiful coastline can often earn significant revenue renting their homes by the week or month to tourists and vacationers. Regardless of where your rental property is or whether you are providing renters with long or short-term leases, you will need to protect your investment with a good South Carolina landlord insurance policy.

What South Carolina Landlords Charge for Monthly Rent

  • Less than $200: a total of 27,496 renters, making up 6.5%
  • $200 to $299: a total of 31,965 renters, making up 7.6%
  • $300 to $499: a total of 122,673 renters, making up 29.1%
  • $500 to $749: a total of 139,071 renters, making up 33.0%
  • $750 to $999: a total of 40,644 renters, making up 9.7%
  • $1,000 to $1,499: a total of 13,136 renters, making up 3.1%
  • $1,500 or more: a total of 4,277 renters, making up 1.0%
  • No cash rent: a total of 41,884 renters, making up 9.9%
  • The median cost to rent a home in South Carolina: $510

You may be surprised to learn that traditional homeowner’s insurance policies often will not cover damages to your home if there are tenants living in it. You will need a different sort of policy called a landlord insurance policy, to cover loss, damage or liability expenses that occur in your rental properties. You can expect your landlord insurance policy to be a bit more expensive than traditional homeowners insurance. 

This is because there are more inherent risks when tenants are involved. Your tenants’ personal belongings will need to be covered through a renters insurance policy purchased by the renter, not by you as a landlord. You, however, will be responsible for covering damages to the home, your own personal property and any liability expenses that may arise.

Coverage for Property Loss and Damage

A bit of wear-and-tear in an occupied home is to be expected, but sometimes tenants cause expensive damage to rental properties. Weather events, particularly along this state’s coastline can also lead to property loss and damage to your home. Hurricane-force winds, severe storms, and hail can all lead to damage both to the structure of your rental home and to personal property such as carpets and fixtures kept within.

Additionally, burglaries and thefts may result in property loss or damage. Personal property stolen from your tenants would need to be covered by a renters insurance policy, but a burglary can also result in damage to your property such as a broken door or window. In the event that your own personal property is taken, your landlord insurance would provide coverage so that replacing these items will not create a financial burden.

South Carolina Property Crime Statistics

  • More than 46,000 burglaries occur in this state each year
  • Approximately 10 out of every 1,000 South Carolina residents will be a victim of burglary
  • This is well over the national rate of 7.02 of 1,000 citizens becoming a victim of burglary

Coverage for Liability Expenses

Your South Carolina landlord insurance policy will also protect you from liability if your tenant or one of your tenants’ guests should become injured on your property due to negligence in upkeep on your part. You may also be held liable if there is a carbon monoxide leak in the home if the smoke alarms or fire extinguishers you provided are not in proper working order or if faulty wiring leads to injury or property loss for your tenants. Landlord insurance will cover your liability expenses and your insurance provider will often attempt to settle out of court. If a covered event does go to trial, your South Carolina landlord insurance policy will cover your court costs and legal fees.

Find the Best South Carolina Landlord Insurance Policy

Obtaining a variety of landlord insurance quotes can help to ensure that you are getting a great policy at a reasonable rate. Whether you shop online or by telephone, however, comparison shopping can be time-consuming and frustrating. Working with an independent agent in our network can save you time. These agents have relationships with many different insurance carriers and can use these relationships to provide you with a variety of competitively-priced policies to review. Your local agent can do more than just help you find a great landlord insurance policy. Your agent can assist you with all your insurance-related needs and help you get all of your questions answered. 

Contact an independent agent in your neighborhood today to compare a variety of South Carolina landlord insurance quotes.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn