A healthy job market, myriad amenities, a pristine downtown, a calendar full of events, and abundant recreational opportunities are just a few of the reasons Greenville, SC is an incredible place to call home. One of the fastest growing cities in the country, more and more people are moving to this charming town in the foothills of the Appalachians. While there are lots of things to love about Greenville, one of the best perks of living here is the affordability of housing – the median home price in Greenville is just over $150,000, which is $30,000 below the nationwide median. Greenville homeowners also enjoy below-average mortgage payments and property tax rates and above-average appreciation rates, making this an ideal place to purchase a home. Whether you’ve just closed on a starter home or you’re living in the house of your dreams, make sure your most valued asset is adequately protected. Homeowners insurance policies protect your home from unforeseeable events like hail, theft, and fire, helping you recover and rebuild should disaster strike.
South Carolina Homeowners Insurance Requirements
South Carolina homeowners are not legally required to purchase a homeowner’s insurance policy. However, if you financed your home, your lender will likely compel you to have some home insurance coverage. Most mortgage companies require borrowers to maintain a hazard insurance policy, which covers the dwelling against damages caused by everything from fires to vandalism. Even if you paid cash for your home, it’s prudent to purchase a homeowners’ policy to safeguard your financial interests. In addition to a hazard policy, you may want to consider additional coverages for more comprehensive protection.
Types of Home Insurance Coverages Available
To determine the coverage that’s right for you, speak with a licensed Greenville insurance agent. He or she can help assess your situation and create a solution tailored to your needs. Here are some coverage options you’ll want to consider:
- Dwelling Coverage: This coverage protects your home’s structure from named perils, which may include fire, smoke, theft, vandalism, tornados, etc. If your property suffers damage from one of the designated perils, this insurance will help you repair or rebuild.
- Personal Property: Personal property coverage insures items on your property that are not part of your home’s physical structure (i.e., furniture, electronics, clothing, etc.). If a thief breaks in and takes off with your big screen and designer shoes, your personal property policy will pay to replace the stolen goods.
- Personal Property Extensions Coverage: Most insurance policies limit the personal property coverage for valuable items like furs, firearms, jewelry, and fine art. You may purchase an additional rider to extend the basic policy limits for these types of articles.
- Extra Contents Coverage: Most personal property insurance covers the contents of your home up to a percentage of the dwelling cost. For example, if your home is insured for $200,000, the contents coverage might be set to pay up to 50%, or $100,000, of the dwelling coverage. For an additional premium, you can extend contents coverage to a higher percentage of dwelling cost.
- Other Structures: Basic dwelling coverage only protects the primary residence, but other structures coverage will cover other buildings on the property, like a workshop or detached garage.
- Loss of Use: This type of coverage helps pay for your temporary living costs if you lose the use of your home. For example, if a tornado rips through your house, this coverage pays for you to rent another place while your home is rebuilt.
- Personal Liability: A standard coverage in most home insurance policies, personal liability coverage pays damages to persons injured or harmed on your property, as well as related legal fees. For example, if your kids decide to throw a party while you’re gone, and one of their friends gets injured jumping from the roof into the pool and decides to sue, your liability coverage would come into play.
- Medical Payments: This coverage pays medical expenses (up to a pre-defined limit) for someone injured while on your property.
- Flood Insurance: Damage from flooding is excluded from home insurance policies. If you live in a flood-prone area, particularly along the South Carolina coast, consult your agent about purchasing flood insurance through the National Flood Insurance Program.
- Earthquake Insurance: According to the U.S. Geological Survey, South Carolina is among the states at highest risk for an earthquake as it sits atop fault lines. Most standard homeowners’ policies do not include earthquake coverage, so this may be something to consider adding to your plan.
Top Home Insurance Companies in Greenville, SC
While several companies sell homeowners policies in South Carolina, these are the top 10 by premium volume (for homeowners’ multiple peril premiums):
- State Farm Fire and Casualty Co – 23.3%
- United Services Automobile Association (USAA) – 4.37%
- South Carolina Farm Bureau Mutual Insurance Co – 3.84%
- The Travelers Home and Marine Insurance Company – 3.57%
- Allstate Ins Co – 3.14%
- Allstate Vehicle and Property Insurance Company – 2.87%
- United Property & Casualty Insurance Company – 2.66%
- Foremost Insurance Company – 2.63%
- Allstate Indemnity Co – 2.58%
- Auto-Owners Insurance Company – 2.42%
Source: South Carolina Department of Insurance (http://doi.sc.gov/DocumentCenter/View/10204)
Homeowners’ Insurance Quotes
With Upside Insurance, you can easily request a quote from one of the carriers listed above, as well as dozens of other companies. To get started, simply fill out the form below with some basic information about yourself and the type of coverage you’re looking for. After you fill out the requested information, one of our representatives will pull quotes from the best insurance companies in South Carolina. By shopping with Upside, you can compare rates and save on your annual home owner’s insurance premiums.