Having homeowners insurance in South Carolina can protect both your property as well as your personal liabilities, which is no wonder that it is so commonly sought after. In some cases, home property insurance is even required. If you are interested in obtaining homeowners insurance, it is important to understand homeowners insurance coverage, as there are a lot of common misconceptions around this form of insurance. If you are looking for cheap homeowners insurance, you can get homeowners insurance quote here. Get more information on homeowners insurance in the sections provided below.
Why You Should Have Homeowners Insurance Coverage in South Carolina
In general, there are two reasons that residents seek homeowners insurance: to protect their assets or to satisfy a mortgage lender or apartment housing requirement.
Having homeowners insurance coverage can provide you compensation for both your property and personal legal responsibilities that you may have if anyone is ever injured on your property. Additionally, if you currently have a mortgage on your home, chances are that your mortgage lender will require you to have homeowners insurance, and they may even require you to obtain and maintain a higher level of homeowners insurance coverage. When it comes to homeowners insurance requirements, you should always check with your lender. It is also important to know that should you ever experience a lapse in your homeowners insurance coverage in South Carolina, your mortgage lender may even have your home insured on your behalf, which can lead to higher premiums for less coverage. Lastly, some apartment homes may also require you to maintain homeowners insurance as part of your lease agreement.
While homeowner and property insurance does provide wide protection for your personal belongings, it is important to understand what is and what is not covered when it comes to this type of insurance. If you are looking to save money on your insurance, taking advantage of this competitive market and making sure to compare homeowners quotes from multiple companies and policies can be crucial. Fortunately, you can get homeowners insurance quotes here in order to get started.
What Home Property Insurance Does and Does Not Cover in South Carolina
When seeking cheap homeowners insurance, it is crucial that you understand exactly what this type of insurance will cover and what it does not. When it comes to homeowners insurance coverage, there are a lot of common misconceptions. For an example, it is believed that up to 30 percent of homeowners insurance policy holders believe that they are covered in the event of flood damage, but that is simply not the case.
Homeowners insurance coverage usually includes:
- Your home and other buildings that are located on your property
- Your personal property, located inside of your home or on the property itself
- Your personal liability
- Medical payments for others accidently hurt on your property
- Additional living expenses in the event that you must rent a place to live during home repairs
Additionally, when it comes to the homeowners insurance coverage of your personal property, your homeowners insurance policy may include a replacement cost basis, which will require that you replace the property before a reimbursement can be paid out by the homeowners insurance company.
Homeowner and property insurance coverage may not include:
- Earthquakes, mudslides, or landslides.
- Sewer backup.
- Identity theft.
- Claims related to dog bites.
- Claims related to swimming pools or trampolines.
When you get homeowners insurance quotes here, be sure to compare the level of coverage available and what is and is not included in the offered coverage, along with the cost of the premium.
How The Cost of Homeowners Insurance is Determined in South Carolina
If you are seeking homeowners insurance, you are likely wondering about the cost of the insurance. While cheap homeowners insurance policies are available, it is important to understand that average costs are higher than the average costs across the country.
The cost of home and property insurance in South Carolina will depend upon the type of coverage you have, the homeowners insurance companies, and your coverage limits. This provides yet another reason to compare homeowners quotes in order to find the policy that will fit both your needs and your budget.
Some of the factors that may affect the cost of your insurance include:
- The home’s age
- The home’s building material
- Your homeowners insurance deductible
- If you are eligible for any discounts
- Your home’s claim history within a 10-year period
- Your credit history
- Population density around you home
- Nearness to a risk area, such as woods or dangerous intersections
- Weather risks
While the national average cost for homeowners insurance is around $1,200 — the average cost for South Carolina residents is about $1,400 annually. Of course, you may be expected to pay more or less than this average, based upon the factors that have been outlined above.
Remember, if you have not already done so, you can save time and get homeowners insurance quotes here.
Questions to Ask Homeowners Insurance Companies in South Carolina
The last thing you should know when seeking homeowners insurance in South Carolina is additional questions to ask the homeowners insurance companies that you are comparing. First and foremost, find out if the homeowners insurance company is licensed by the state insurance department and for how long. In order to obtain cheap homeowners insurance rates, ask if there are any discounts are available as some insurance companies may provide discounts to seniors, veterans or even provide discounts with paired with another insurance policy, such as auto insurance. Ask about the homeowners insurance coverage and how submitting a claim will affect your policy when it comes time to renew. Lastly, find out how your credit history may be affecting the cost of your homeowners insurance premium. With these questions in mind, you are ready to get homeowners insurance quotes here.