Whatever the size or type of your home, it needs protection against the harsh elements of nature and much more. But figuring out how much homeowners insurance in South Carolina costs can seem like a daunting process. Fortunately there are some hacks available to help you figure out how the cost of your policy is determined.

Even better, South Carolina independent insurance agents can not only provide you with quotes for coverage, but also help you get equipped with the right homeowners insurance policy for your needs. They’ll be able to tell you all the factors that went into your specific policy’s cost. But first, here’s a deep dive into homeowners insurance and how its prices are calculated.

How Much Does Homeowners Insurance Cost in South Carolina?

When comparing homeowners insurance policies in South Carolina, it’s helpful to know a few details like the national average cost of this coverage. It’s also a good idea to have your budget in mind before calling your South Carolina independent insurance agent. Check out some figures for the average cost of homeowners insurance in South Carolina vs. the US overall:

Homeowners in South Carolina pay about $60 more for their coverage annually than the average resident in the US. Your South Carolina independent insurance agent can help you find more exact figures for your specific area and home.

How to Calculate Home Insurance Costs in South Carolina

Several factors go into your homeowners insurance premiums in South Carolina, much the same as anywhere else. Many characteristics of the home itself are taken into account, including:

• The age of construction: Since older homes tend to need more maintenance and are thought of as a bigger risk by insurance companies, newer homes are often much cheaper to insure.
• The age of the roof: Newer roofs that are in better condition protect the home in many ways, including from storm damage. As a result, updated roofs can bring down the cost of homeowners insurance premiums.
• Any updates to the home: Homes with updated wiring, plumbing, AC units, furnaces, etc. are seen as less risky to insure, and are rewarded with cheaper homeowners insurance premiums.
• Loss history of the home: If a home comes with an extensive loss history, even across several different owners, an insurance company is likely to deem it to be a higher risk. Contrastingly, homes without any significant loss history are determined to be safer, so owners will pay less for their coverage.

A South Carolina independent insurance agent can help you find quotes and exact costs for homeowners insurance coverage in your area, as well as determine what factors would go into your policy’s premium rate.

Which Home Coverages Are Factored into Average Policy Costs in South Carolina?

Standard homeowners insurance policies across the country include four basic types of coverage. The average cost of homeowners insurance in your area is based on this kind of package, which includes the following coverages:

• Structural damage: Protects the dwelling or structure of the home itself from numerous threats, including storm damage, vandalism, fire, and more.
• Contents damage: Protects personal property inside the home against many perils, including theft.
• Liability protection: Protects the homeowner against charges pressed against them by third parties by reimbursing for legal fees.
• Additional living expenses: Protects homeowners against additional costs if their home becomes temporarily uninhabitable. Coverage reimburses for things like hotel stays, laundry services, and more.

Additional Homeowners Insurance Policies in South Carolina and Their Costs

If you decide to add more coverage to your basic homeowners insurance policy, you’ll of course have to pay extra. A few common coverages many homeowners add to their home insurance include:

• Flood insurance: Flood coverage is always excluded under homeowners insurance policies. For residents in South Carolina that live along the water, you’re likely to want to purchase a separate flood insurance policy. Flood insurance can run about $700 annually.
• Earth movement insurance: Earthquakes are also always excluded by homeowners insurance policies. If you live somewhere that’s prone to earthquakes, you’ll probably want to look into adding a separate earth movement policy. Earth movement insurance often costs about $800 per year.
• Business liability coverage: If you run a business out of your home, your homeowners insurance is likely to exclude any liability-related issues. Even if you have a part-time home business, you’ll want to look into adding business liability coverage to your policy. The cost will depend on your specific business.
• Riders, floaters, or endorsements: Your homeowners policy may not come with high enough built-in limits for certain kinds of personal property. If you have a lot of jewelry or electronics, your South Carolina independent insurance agent might suggest special riders, floaters, or endorsements to increase your coverage limits. Costs will vary depending on which type of additional coverage you choose.

Once you’ve selected the coverages you want added to your homeowners insurance policy, your South Carolina independent insurance agent will be able to determine a more precise cost estimate.

What Is Extended Replacement Cost on Homeowners Insurance in South Carolina?

According to insurance expert Paul Martin, “extended replacement cost” is not a standardized term in the insurance industry. This coverage can also be known as “guaranteed replacement cost.” It’s basically a feature added onto homeowners policies to make them more attractive to consumers. 

Extended replacement cost coverage works by covering the gap in replacement costs on your home if it gets destroyed. If you have a $275,000 home that burns completely to the ground and the cost to rebuild would be $325,000, guaranteed replacement cost coverage would make up the additional $50,000 necessary for repairs.

Coverage extends your homeowners insurance limit to the replacement cost of your home — up to a certain limit. The limit is often a percentage of your home’s value, but it can vary by policy. Check your specific policy with your South Carolina independent insurance agent to find out for sure if you have this coverage, and how it works for your home.

Here’s How a South Carolina Independent Insurance Agent Can Help

When it comes to helping South Carolina homeowners calculate the cost of their home insurance premiums, no one’s better equipped to help than an independent insurance agent. South Carolina independent insurance agents search through multiple carriers to find providers who specialize in home insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.