How much is home insurance in Charleston?
The average cost of home insurance in Charleston is $5,401 annually for a $300,000 dwelling policy with a $500 deductible. This is significantly higher than the national average rate of $2,584 annually for a policy with the same $300,000 limit.
Part of the reason for this price difference is likely due to Charleston’s likelihood of floods, given its proximity to the ocean. Some other factors that can affect the cost of home insurance include the age of your home and its value. Charleston is one of the oldest cities in the U.S. and has a high average home value, both of which can drive up home insurance costs.
Cost of home insurance by dwelling coverage in South Carolina
The cost of your home insurance policy depends on numerous factors, with your chosen dwelling coverage amount having one of the largest effects. The higher your coverage level is, the higher your premiums will be. Insurers are on the hook for higher amounts of damages, so they charge higher premiums to make up for that increased financial risk.2
The table below shows how your dwelling coverage limit affects your annual premium in South Carolina.
Cost of homeowners insurance by deductible amount
Your home insurance deductible is the amount of money you’ll pay out of pocket before your insurance coverage kicks in. Typical home insurance deductibles are $500 and $1,000 but can vary based on the insurer.
The higher your home insurance deductible is, the lower your home insurance premium will be, as insurers are on the hook for fewer damages. The lower your home insurance deductible is, the higher your home insurance premium will be.
The table below shows how your deductible affects your average premium.
Average cost of home insurance in other cities in South Carolina
The average cost of home insurance varies greatly by location, with homeowners in different states, cities, and even ZIP codes sometimes paying drastically different rates for the same coverage.
This cost difference is due to numerous reasons, including the weather and climate in your area, such as flooding and windstorms, like in Charleston. Home insurance rates can also vary based on factors like burglary frequency, vandalism, and even how close your home is to a fire department. Take a look at the table below to see the average rates in different South Carolina cities.
)
)
)
){kind=small}
)
)
