Condo Insurance South Carolina

Dedicated to finding you the best condo insurance in South Carolina.

Getting a Condo Insurance Quote in South Carolina

Residents of South Carolina often choose condos over apartments when renting out of convenience. But finding the right condo insurance can be confusing. So we have listed some key things to keep in mind when negotiating your condo insurance to make sure that you get to receive the right coverage at the right price. There are a lot of factors that affect the estimated price of your condo insurance, so we've made it our goal to help make the condo insurance purchasing process as easy as possible.

Difference in Costs of Condo insurance in Charleston, SC Compared to State Average

38 %

Difference in Costs of Condo insurance in Columbia, SC Compared to State Average

17 %

Difference in Costs of Condo insurance in North Charleston, SC Compared to State Average

13 %

Difference in Costs of Condo insurance in Mount Pleasant, SC Compared to State Average

42 %

South Carolina Condo Insurance Statistics at a Glance

Numerous factors can affect the pricing of condo insurance in South Carolina, and taking into account rising property values, coverage for renters can be expensive. South Carolina is ranked as the 21st most expensive state in the nation for condo insurance, with residents paying an average of $100 a month or $1,201.00 annually in condo insurance premiums. This can be detrimental to renters with low incomes who want to protect their property but these rates are decreasing every year. Most cities in Oklahoma have similar average monthly rates, but Greer, SC was shown to have the cheapest premiums at $853.50 per year or $71.13 per month. However, Myrtle Beach, SC sees the highest condo insurance rates in the state at $1661.00 annually or $138.42 per month. Different insurance companies have significant differences in rates so it's important to shop around if you're searching for condo insurance in South Carolina.

  • $598

    Average Annual Cost of Condo Insurance in South Carolina

    The average cost of condo insurance in South Carolina on an annual basis is $598.

  • $50

    Average Monthly Cost of Condo Insurance in South Carolina

    The cost of condo insurance in South Carolina is roughly $50 per month.

  • 20%

    Percentage of Income on Ownership for Condos in South Carolina

    Residents of South Carolina spend an average of 20% of their income on condo ownership.

  • 28 years

    Median Age of a Property Which Requires South Carolina Condo Insurance

    The average age of a property requiring condo insurance in South Carolina is roughly 28 years.

What Affects the Costs of Your Condo Insurance in South Carolina

There are several factors that can cause condo insurance coverage in South Carolina to vary in price. This is because insurance companies must take many things into account when calculating your individual risk and policy requirements when trying to determine a quote to your condo insurance coverage. Many external factors can influence the purchase price of your condo insurance in South Carolina, including the location of your condo, the age of your condo, and its building quality. It should be emphasized that condos situated in high-risk flood zones are required to have flood insurance in order to be eligible for a mortgage. The good news is that the National Flood Insurance Program is a federal program that provides insurance protection for flood-related damages in communities that participate in the program.

There are benefits to this as agents can see if you're entitled to save money. But you can influence the final pricing of your condo insurance yourself by monitoring your credit history, claims history from other insurance providers, your driving record, calculating the price of personal belongings and valuable items that will be held on the premises, the details of tenants, and the quote can also be affected by whether you own or rent the condo. To get the best insurance quote possible, we strongly recommend you have as much of this information prepared as possible before obtaining a condo insurance quote for your property.
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Average Cost of Condo Insurance in South Carolina by City

A HO6 insurance policy is the most common type of condo insurance in the state of South Carolina. Whether you're living in Charleston or Columbia or own a condo in a town like Simpsonville, it’s likely you will need a H06 insurance plan for your condo. To give you an idea of how much it will cost to insure your condo, we've compiled a list of projected condo insurance quotes. The following rates are based on all of the insurance costs for your respective town or city in South Carolina, therefore depending on where your condo is located in your neighborhood; your final cost could differ dramatically from the figures quoted below.

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Choosing the Best Condo Insurance Company in South Carolina for Your Needs

Putting in the time to find a condo insurance company that meets your needs is worth the effort as it will provide you peace of mind in the long run knowing you are fully protected. Don't short change your South Carolina condo and its contents by settling for the most affordable option on the market. You're insuring your space, yourself, and your valuables, so spend some extra time to look for the most extensive insurance coverage plan that you can find. Comparing several businesses and what they can offer you before making your final choice is crucial when trying to find the best deal. Do not let yourself be coerced into signing for an insurance package, companies that use manipulative tactics are often unreliable and provide poor service further down the line. Look for condo insurance providers that reward their long-term customers with discounts or provide package insurance reductions. Be sure your provider is accredited. Check the South Carolina Department of Insurance website to find the licensing status, fiscal stability, and complaint history of your chosen insurer.

The Top Rated Condo Insurance Companies in South Carolina Based off Consumer Ratings

With over 50 years of experience in the insurance industry State Farm is one of the most popular insurance providers in the USA. In South Carolina, a study conducted by JD Power revealed that State Farm scored an average of 4 out of 5 for their coverage options, billing and payment services, customer support services and claims. State Farm also obtained a NAIC complaint ratio of 0.2. Like many condo insurance companies in South Carolina, they offer premium discounts on renovated condos and dwellings that have been made to better withstand any natural disasters which might happen in The Palmetto State. When looking at statistics concerning condo insurance companies in South Carolina, USSA gets the greatest JD Power rating in the state at 5 while Liberty Mutual gets the lowest score at 2. These statistics are reflected in complaints ratios, with the NAIC complaint ratio in for USSA at 0.15 while South Carolina Farm Bureau sees the highest NAIC complaint ratio at 0.48.

South Carolina Condo Insurance Requirements

Under the Horizontal Property Act, a condo unit owner in South Carolina is permitted to purchase insurance for his or her own benefit but isn't required to do so. The Act states, that if at a time of loss the unit owner has an insurance policy that covers exactly the same danger as the coverage of the association, then the institutions' policy will provide the insurance that is key and will take precedence. The law requires condominium institutions to obtain insurance for the condominium construction as a whole. But, condo unit owners should still consider purchasing insurance policies to cover their liability, their possessions, any developments they install, or for coverage for any loss or event not covered by the coverage of the association.
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What's Covered with Your Condo Insurance in South Carolina

When searching for a condo insurance policy, you will notice that the majority of condo insurance companies in South Carolina will provide standard coverage which can include construction property policy, private property policy, loss of use coverage, and liability policy. Building property policy provides coverage for any damage to the interior of your condo (floors, walls, tiles) and loss of permanent fixtures resulting from a covered event, like a fire. Personal property policy protects your personal belongings, such as furniture, electronics, and clothing, from a covered event. With liability policy, if you're held accountable for physical injury or property damage liability policy offers financial protection for you. Normally a condo insurance policy in South Carolina insures you for $100,000 in liability damages. With lack of use policy: If your condo becomes uninhabitable and you want to live outside of your residence due to a covered event and are paying more than you would to live on your condo then this will cover you for the increased living expenses.

How to Get South Carolina Condo Insurance Discounts

Every insurance provider in South Carolina has their own reduction or loyalty program. Be sure to take advantage of these schemes when you are shopping for your insurance and always ask clerks about any discounts that may be available to you or your family. You will find that there are often many discounts available to you including discounts for new customers, multi-policy and bundled discounts, loyalty discounts and sometimes discounts are available if you paid-in-full.

Getting the Best South Carolina Condo Insurance Rates

Shopping around for estimates is critical when looking to make savings on your next condo insurance policy. Give us a call and we can work together to find you the best deal on the market. Ask a friend to refer you to their condo insurance provider; you may receive a referral reduction. The higher your deductible, the lower the price of your insurance. However, you have to make sure that your deductible is not too high as in the case of a loss you are responsible for the costs. You should contact as many insurers as possible and discuss their available discounts for their insurance policies, ask providers if they offer bundle deals or if they can package multiple plans together for a discounted rate. For example, talk to your car insurance provider and ask them if they can decrease your premium if you buy condo insurance from them. Providers often reduce the insurance premiums of their loyal customers as an incentive to stay with this company. Some of these discounts can save you an average of 10% on your yearly premiums.

For additional information, it’s a good idea to check out the Insurance Information Institute (III), a non-profit organization that provides information, research, and education to the public about insurance and risk management.