Best Condo Insurance In South Carolina For January, 2025

South Carolina has seen an increase in policies for condominium associations and individual condo owners thanks in large part to the South Carolina Department of Insurance promoting underwriting for things like wind and hail damage and the South Carolina General Assembly improving outreach within the coastal insurance market.

Today it is easier for individuals to not only obtain a new policy but renew existing policies and submit claims. With my experience as a licensed insurance agent, I want to stress the importance of having the right coverage. It ensures financial security and offers peace of mind.

How Much Condo Insurance Do I Need In South Carolina?

Take time to review the gaps that exist within the master policy. Sometimes, for example, your association will provide coverage for the fixtures in your home as well as the things that are attached to the walls like the cabinetry, but if you have made upgrades or plan to make upgrades to the fixtures, appliances, and cabinets, you might need a policy that extends to coverage for those items in particular.

Does South Carolina Require Condo Insurance?

In 1962 the Horizontal Property Act was passed in South Carolina, requiring condo owners to carry insurance. Unit owners are required to have a master policy that can cover the property as well as liability in the event of a covered loss. As a unit occupant you must also purchase a policy to cover your personal belongings that are not covered by the master policy.

Renting

If you are renting a condominium, the condominium owner must carry a master policy that applies to property and liability damage for things like the ceiling, the unit itself, and the interior floors.

However this does not extend to your personal belongings or any other items that are not covered by this policy but you can pick a separate condo insurance policy for all of the items that are not covered by the master policy.

Buying

If you are buying a condominium, you must carry a master policy for property and liability damage but you can select add-ons or riders to bolster coverage so that it extends to things like outside structures such as gardens or fences as well as personal belongings.

What Does Condo Insurance Cover In South Carolina?

In Arizona, condo insurance, also called HO-6 insurance, is a form of homeowners insurance that can be used to cover your personal belongings and the interior of your condo. You can choose different coverage amounts often between $100,000 and $500,000 depending on the value of your home and your needs.

The amount of coverage you get is based on your needs and you can always opt for endorsements or add-ons to increase your coverage. Some common endorsements include:

• Identity theft
• Scheduled personal property
• Water backup
• Replacement cost coverage
• Vacant condos

It is best to review what your condominium association covers with the master policy so that you can make sure any gaps are covered with your personal policy.

How To Find The Best Condo Insurance Company For You

Given that your condo is likely one of your most valuable possessions, obtaining high-quality insurance coverage is crucial to prevent financial loss. But, finding the right policy that suits your needs can take time and effort.

Finding condo insurance can be done online on your own, or with the help of an agent. Whichever option you choose, take time to review several top providers and compare policies with matching coverage from at least three companies.

Before you do so, take an inventory of your belongings and review the master policy from your condo association so you know which gaps you need to cover and how much coverage you want.

Tip: Look into discounts, check customer reviews regarding the claims process, and consider the financial stability of each company you compare. While upfront premiums might be cheaper at one company, the discounts you get for job affiliations or government affiliations might result in a cheaper policy from another.

Once you have the company you want, and the policy/coverage you need, you can start your new policy.

To make things easier, here are five actions you can take to ensure the safety of yourself, your family, and your assets:

1. Decide on the condo insurance coverage you need.
2. Perform an internet search for condo insurance providers and select three that you feel confident in.
3. Request a quote from each of the three.
4. Compare their coverage options, rates, financial ratings, customer reviews, and available discounts.
5. Apply for coverage with the best provider.

How To Get An Online Condo Insurance Quote In South Carolina

To ensure you find the right policy for your South Carolina condo, it’s important to get quotes from multiple insurance providers in the state. Insuranceopedia is a useful tool for comparing various insurers and the coverages they provide.

To get the most accurate quotes, you should be prepared to share information like:

• Personal information: You’ll need to provide your name, address, insurance background, and the number of occupants in your condo.
• Personal property value: What is the worth of the personal items you want to insure?
• Replacement cost of your condo: How much would it cost to rebuild your unit using the same materials if it were damaged?
• Condo details: You’ll be asked for information about your condo, including its age, square footage, type of exterior walls, and safety features.

How Much Is Condo Insurance In South Carolina?

Since condo insurance isn’t a one-size-fits-all solution, I’ve compiled the following cost comparison tables to help you make an informed decision:

Average Cost Of Condo Insurance By Company

The concluding table displays a comparison of the average annual condo insurance costs in New York from 10 top national insurance providers.

Average Cost Of Condo Insurance By Building Property Limits

The correct amount of condo insurance is influenced by the value of your condo and personal items. The first table compares the average yearly rates for various building property limits in South Carolina.

The Average Cost Of Condo Insurance By City

This table provides information on the average monthly and annual condo insurance rates for residents in 10 of South Carolina’s most densely populated cities.

Please note that the costs listed in the tables are estimates and may differ depending on factors such as the insurance coverage you need, the location of your condo, and its structural attributes.

When choosing a policy, don’t just look at the price. It’s important to also consider the extent of coverage, as well as selecting an insurer with a solid financial strength rating and strong customer service.

Factors That Impact The Cost Of Your Condo Insurance Policy

South Carolina insurance providers look at four key factors when setting your insurance policy premiums for condo insurance:

Location and Risk

The first is the location and the risk that the location of your condo poses. Cities with higher crime rates, particularly property crime, like Sumpter come with higher insurance costs. However, even cities with low crime rates can still be a high risk for things like natural disasters like floods and storms particularly along coastal regions.

The 2023 Atlantic hurricane season resulted in 20 storms, seven of which became hurricanes, and three of which became a category 3 or higher hurricane, with some making landfall and hitting places like Charleston with 70 mph wind. Those with condos in regions prone to hurricanes along the coast are more likely to face higher premiums as a result of these increasing hurricanes.

Age And Construction Materials

Given that most condo insurance will apply to the materials and the fixtures used, if you have high-end fixtures and more expensive materials, that will come at a higher premium. Age is also a factor in the associated risk of potential claims; older condos are at a higher risk of having outdated roofing or heating systems as well as plumbing and wiring issues that can potentially increase the number of claims.

All of this can increase or decrease your premiums respectively.

Replacement Cost

Replacement cost is the estimated cost to reconstruct your condo unit if it is damaged. If the replacement value is higher, your insurance premiums will likely be higher as well.

Claims History

If you have a clean claims history, meaning you don’t submit a lot of claims and you don’t have claims on your record for the last few years, you can negotiate for lower premiums with your condo insurance provider.