South Carolina Renters Insurance: Cheap Rates!

Whether we’re talking Myrtle Beach or Columbia, South Carolina’s warm summers and temperate winters make it a great place to settle down. Whether you’re currently a South Carolina resident or planning on coming down, you’ll likely need renters insurance if you plan on renting.

Do I have to have renters insurance in SC?

It’s not necessarily illegal to sign the lease without renters insurance in South Carolina, but that doesn’t mean your landlord won’t make you get it anyway. Most landlords don’t want to be on the hook for any kind of internal damage to your property in addition to whatever damage is done to the structure, so it makes sense for them to require it in most cases.

It’s very possible to get affordable insurance in South Carolina. South Carolinians typically pay a little less on renters insurance than most people in the nation. Rents may increase 5% every five years or so, and expenses are generally getting higher over time, but premiums in South Carolina and similar states usually only run a few dollars a month. Most of our customers find their monthly coffee or other habits are a little more expensive than their renters insurance premiums.

What’s the cost?

Several factors determine how much you will pay for your premiums in South Carolina. Here are a few to consider:

  • Where your residence is located in the state,
  • Is there a business close to you, or on the same property as your residence? Businesses carry a higher liability for theft and other incidents and tend to get higher foot traffic in private areas, so it makes sense that your premiums would be a little higher if the business is close.
  • Whether or not certain breeds of dogs are present in the rental. Because you will be medically liable for expenses related to a bite if someone is attacked in your home, carriers consider the type of breed that you have, and may not insure you based on certain types of breeds. This is something to talk to us about, and we can give you more details.
  • Do you have any type of claim on a previous policy? If you do, this is taken into consideration when your policy is being quoted.
  • What is your home made from? New building codes and sturdy materials contribute to lower premiums most of the time.
  • Antitheft devices are important. Cameras, specific types of locks, alarms or property cameras can help lower your premium.

Note that you will need to pay a deductible before you can receive funds on any claim. In most cases, the deductible is around $500.

We find that Amica generally has the cheapest rates for renters insurance in South Carolina, at about $133, with Allstate topping out at $318. In terms of a nationwide measuring stick, our general median for people all over the US is a little over $300 a year, so you’ll find South Carolina is on the cheap side of that. That doesn’t stop us from providing the best life insurance in South Carolina – it just means that in this state, you’ll pay a little less.

Once you get your quote, the results will let you know what your annual premium will be, and that amount will be broken down into monthly payments. Again, most of our customers find that they spend much more on a specific entertainment expense than they do their renters premiums, and believe us, many of our customers are very glad they have that rental protection when something goes wrong.

We typically tell our customers they should expect to pay for $20,000 in personal property protection. This covers the replacement of your belongings if something happens on the property that damages them. Because of this, it’s important for us to have an itemized list of your belongings so that we can assess the total value and make sure that you’re not going over coverage limits. If we believe you need to take out more insurance for a specific high-value item in your home, we will be able to let you know.

Medical liability payments coverage is usually around $100,000. If someone sustains an injury or has an accident in your rental and you’re found medically liable, you’ll be out the cost of the medical expenses this person incurs unless you have proper coverage.

We also recommend $1000 toward loss of use coverage, which will help protect you and pay for expenses you may need outside the home if you lose access to your ability to use your home for fundamentals like cooking, bathing, washing clothes, etc.

Top cities we serve in South Carolina:

  • Five Forks
  • Hilton Head
  • Charleston
  • Mount Pleasant

What does renters really cover?

It’s important to talk to your agent about all of the personal property that you need coverage for in your home so we can get the most accurate coverage for you. Some of the risk factors you face are based on geography and weather.

For instance, if you’re living near the shoreline in South Carolina in a place like Myrtle Beach, you’re probably aware that hurricanes could be a potentially destructive force. Plenty of people in rental units lose their belongings in the event of a hurricane, so renters coverage will help protect you in the case of such an unavoidable event.

Fire, sewer and drain backups or issues in the home or theft are just a few of the potential losses someone renting could face. Making sure you have the proper protection to cover you in any of these situations is super important.

Discounts? Yes?

Discounts are possible – many insurance companies offer bundle discounts for renters if you currently have an auto or other policy with the company. Additionally, burglar alarms or other such security measures on-premises may lower the cost of premiums.

We also recommend talking to your agent about replacement cost value or actual cash value of your items.

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