Landlord Insurance

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South Carolina Landlord Insurance

South Carolina landlord insurance quotes can be time consuming and difficult to understand. We make it easy by having only one secure form to complete and multiple insurance agents compete for your business. Home landlord insurance can be confusing but use our online resources to research what is landlord insurance and other commonly asked questions. Start today and save 40% or more by comparing the top insurance carriers in SC.

Columbia, Charleston, Rock Hill, Sumter and Florence all make great places to own a rental property business. Get the right protection by having landlord insurance instead of just basic homeowners insurance.

Cost of Landlord Insurance in South Carolina

The cost to insure your rental property in SC is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.

Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:

  • Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
  • Deductible - The higher the deductible the lower the cost of insurance. Don't get a deductible you can't afford if you need to file a claim. The most common deductible is $1000 for all perils.
  • Building type - This can be numerous things including condo, single family, and townhouse including the materials used to construct the property.
  • Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
  • Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.

Cheap Landlord Insurance in SC

Each insurance company is different in the way they determine your rate and how much the average policy will cost but here are ways to ensure the lowest cost premium based on the factors above.

  • Good Credit - The better your credit the lower the cost of your insurance. Many states are now allowing credit as a rating criteria so get used to it being used. Try to keep your past payment history spotless and a FICO score above 720 is considered excellent.
  • Improve the Location - There is not much you can do about the location once you have purchased the rental property but be sure to keep the home well-kept and surrounding trees cut back to minimize potential hazards. The better your property appears the lower the cost to insure it will be.
  • Building type - Condo and townhouse owners will likely have a home owners association which will cover the exterior of the home so you are only responsible for the interior. This can save you hundreds of dollars each year. If the unit includes custom building and expensive materials expect to pay more because the cost to replace those items is greater.
  • No Claim history - Try not to make a claim if it is a small value of $2000 or less. Most companies look at multiple claims as a sign that you are prone to making claims in the future. If you are deciding whether to make a claim or not contact your insurance agent and ask them personally. Don't call the claim department and ask them because they are likely to document the call and file it for future use.
  • More Discounts - Ask about multiple policy discounts and the combination of auto and home insurance. Sometimes combining your personal auto insurance with this policy can save you 20-30% off each policy.

South Carolina's 5 largest cities by population

City
Population
Columbia 129,272
Charleston 120,083
North Charleston 97,471
Mount Pleasant 67,843
Rock Hill 66,154

*Data from 2010 Census Population by the Department of Economic and Community Development.

Common Landlord Insurance Claims in SC (South Carolina)

Wind
(Most claims cost over $2,900 to repair wind damage)

Fire
(Most claims cost over $43,000 to repair damages from fire)

Water
(Most claims cost over $4,400 to repair damage from water)

Lightning
(Most claims cost over $3,600 to repair physical damages to property)

Liability
(Most claims cost over $15,800 to recoup liability damages)

NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.

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