South Carolina’s pristine beaches and waterways are picturesque and draw millions to the area annually, but they can also lead to higher insurance rates for homeowners in the state. Hurricanes can and do make landfall in the coastal regions each year, and homeowners living in South Carolina need to be aware of the increased risk of wind and flood damage in the area.
Even those living inland need to be aware of the potential need for flood insurance. In October 2015, many South Carolina homeowners in Columbia, the state capital, were shocked to find that their existing homeowner’s policies did not cover flood damage caused by unprecedented torrential rains across the state. Like all states, South Carolina insurance companies cover typical hazards – fire, theft and plumbing damage – but not flooding from external sources and high winds. If you live in or are moving to the state, then simply being aware of the potential need for these additional types of coverage can protect you in the event of a major storm.
Save on Homeowners Insurance South Carolina
Get a Senior Discount
South Carolina has long been a haven for seniors, with balmy temperatures and cool, comfortable winters. If you are over 55, belong to any organizations for seniors or are a retired member of the armed forces, you might be able to get a discount on your insurance rates.
Buy Brick
The smartest of the three little pigs had it right – bricks are best if you are in the hurricane prone coast. If you live in South Carolina on or near the beach, then the materials used to build your home could give you a price break. If you are house shopping along the coast, from the Grand Strand to the very toe of Hilton Head beach, looking for brick or other sturdy construction can help you save on your insurance costs with some providers.
Get a CLUE
The Comprehensive Loss Underwriting Exchange or CLUE, maintains a database of claims information; if you are considering purchasing a home that is preowned, check CLUE first. A CLUE report about your own home can yield valuable information about the rates you’re being charged, while a report about a home you are considering can let you know what claims have historically been filed there. If you see a large number of claims, the home might be considered a high risk and you should research the insurance costs before proceeding.
Shop Around
Different companies charge a wide range of premiums for the same coverage, so get rates from both local and state wide businesses and compare your costs. You might find that one company offers better rates for your specific needs.
Choose your Deductible Wisely
The deductible, or the amount of money you’ll need to pay for repairs or replacement before your homeowner’s insurance kicks in, has a direct impact on the cost you’ll pay for insurance each year. While most insurers offer deductibles as low as $500, opting for a slightly higher deductible can help you save money each year. Choosing a deductible of $1,000 or more can save you up to 25% when you buy a homeowners insurance policy, according to figures from the Insurance Information Institute. If you live on a barrier island or along the South Carolina coast, then choosing a higher deductible for your flood and wind insurance can help you save on those policies as well.
Get Rewarded for Loyalty
If you already have car insurance, then purchasing your homeowner’s coverage from the same organization will usually allow you to save a bit on both policies. Bundling insurance of any type can yield lower rates, so as you check for South Carolina home insurance rates, don’t overlook the companies you are already doing business with.
If you have been with an agency for a few years already, then you may be eligible for a retention or loyalty discount. Shopping around annually is a must, but give your current insurer a chance to meet or beat a competitor’s offer; you might be pleasantly surprised at the results.
Prepare for Disasters and Save
Taking precautions and installing storm shutters, strong roofing materials and related products can do more than just keep your home secure – these additions can cut your insurance costs too. Make sure any home insurer you are speaking with knows that you have added these valuable features and are proactive about protecting your home from hazards; you’ll likely save a bit of money each year, particularly if you live on or near one of the state’s beaches.
Boost your Home Security
Hurricanes and natural disasters make headlines, but break-ins and other home security issues are far more common. If you have installed an alarm, use a safe or even store your valuables off-site, then these precautions could help you save on your homeowner’s insurance costs. Simply installing sprinklers and improving your home’s smoke detectors can help as well; make sure that any agency giving you a quote knows about the measures you’ve taken to safeguard your home and belongings.
2 Point Highlight
The smartest of the three little pigs had it right – bricks are best if you are in the hurricane prone coast; if you live in South Carolina on or near the beach, then the materials used to build your home could give you a price break.
Choosing a deductible of $1,000 or more can save you up to 25% when you buy a homeowners insurance policy, according to figures from the Insurance Information Institute.
