South Carolina Home Insurance

With storms and floods threatening their property on an annual basis, homeowners in South Carolina understand the importance of a good home insurance policy. But it’s more than just paying your premiums on time — you might be missing some crucial information that could benefit your property and your wallet in the long run. The Simple Dollar has compiled this insurance guide to provide details, statistics, and resources that will help you get the most out of your homeowners policy.

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Stats in Your State

It’s easy to compare how your insurance rates compare with your neighbors by just taking a glance at some of our graphs and charts, which illustrate different factors affecting the homeowners insurance industry and housing market in South Carolina. Understanding these elements is the first step towards getting a good handle on your own homeowners insurance needs.

Homeowner Insurance Premiums

Throughout the 2000s, South Carolina premiums closely matched the national average. This is largely due to the evenly dispersed mix of rural, suburban, urban, and vacation properties throughout the state.

Renter Insurance Premiums

Similar to homeowners insurance in South Carolina, renters insurance rates remained within $10 or closer to the national average throughout the 2000s. The markets increased during the middle of the decade before 2005, when rates declined to mirror the struggling housing market.

Existing Home Sales

South Carolina’s housing market was comparable the U.S. market between 2000 and 2010, with a steady increase in existing home sales during the first few years of the decade, followed by a peak in 2005 and 2006 and a sudden plummet in subsequent years. The market lost roughly 40% of its sales volume between 2005 and 2010.

Flood Insurance in Region

Approximately $1.3 million in flood damages were claimed by South Carolina residents in 2011 and 2012, with 107 claims filed for flood damage. While this may not seem like much compared with other states in the region, this doesn’t reflect the significant amount of flood damage affecting residents who did not have flood insurance coverage for their home.

Homes Built

This chart indicates South Carolina’s steady growth across the last three decades, and illustrates that more than half of South Carolina’s homes have been built since 1980. A high demand for vacation property development has driven the state's real estate market for years.

Rules in Your State

After you’ve got your policy and understand the market, you still have to play by the rules — and make sure your insurer is obeying them, too. We’ve listed a handful of resources for insurance regulations in South Carolina below. Click on the links for more information, or contact the Insurance Department for guidance on better understanding the regulations.

Claims Settlement Practices: The above link directs to the insurance regulations applying to claims practices, and sets forth general guidelines for insurers to follow when settling claims of any kind.

South Carolina Insurance Regulations: These regulations have been implemented over the years by the Insurance Commissioner to regulate the industry and address specific issues as they arise.

Insurance Statutes and Legislation: Here readers will find the general legislation that applies to the insurance industry, and broadly covers business structures and trade practices.

Representatives & Resources in Your State

If you need assistance with a particular issue, guidance for learning more about how your policy works, or you just want to find out more about the options available to you from local providers, this guide may be quite helpful. We’ve got the prime resources for homeowners listed in the links below.

South Carolina Department of Insurance
P.O. Box 100105
Columbia, SC 29202
803-737-6160
Contact Information
Consumer Complaint Resource
Homeowners Insurance Information
The Insurance Department offers this useful guide for homeowners to learn more about the market and how their policy works.

Federal Emergency Management Agency: Region 4
The Federal Emergency Management Agency (FEMA) offers disaster relief to residents who are victims of catastrophes, and also provides information on preparedness and planning ahead. Visit their website to learn more on how you can take care of your needs in advance.