The average cost of home insurance in Charleston, South Carolina, is $5,401 per year for a $300,000 dwelling policy with a $500 deductible. As a coastal city, Charleston is no stranger to flooding.

Over the last 100 years, the sea level around Charleston has risen by more than 13 inches, resulting in more consistent flooding in the city.1 Standard home insurance doesn’t cover flooding, so Charleston homeowners should strongly consider purchasing a flood insurance policy.

Here’s what Charleston homeowners need to know about finding home insurance.

Best home insurance companies in Charleston

Charleston homeowners have plenty of excellent home insurance companies to choose from. There’s no single “best” home insurance company for everyone, though. The best home insurance company for you will depend on things like your budget, your home’s location, and your coverages, which is why it’s so important to compare quotes.

Below are three of the best home insurance companies in Charleston to help get your search started.

Best company for affordability: State Farm

Best company for private flood coverage: Chubb

Best company for military members and their families: USAA

Cheapest home insurance companies in Charleston

Heritage Insurance is the cheapest home insurance company in Charleston, with an average annual rate of $2,600 for a $300,000 dwelling policy. Take a look at the table below to see the other cheapest home insurance companies in Charleston.

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.

What to know about owning a home in Charleston

Owning a home in Charleston allows you to enjoy all the wonderful things the historic coastal city has to offer, but it also comes with some home ownership considerations. It’s important to understand what risks are present in your area and know exactly what your home insurance covers to ensure you have adequate protection in the event of an incident.

In Charleston, one of the main things that homeowners need to be aware of is the city’s likelihood of flooding. The city is on a peninsula, so it often experiences both coastal and inland flooding. The city has seen an increase in the number of floods in recent years, according to the National Oceanic and Atmospheric Administration.

Standard home insurance policies don’t cover flooding, so if you only buy a standard dwelling coverage policy, you’ll be left paying for flooding damage out of pocket. Charleston homeowners should strongly consider purchasing a separate flood insurance policy to protect themselves from the costs associated with flood damage.

You can purchase flood insurance through some private insurance companies, such as Chubb, but you can also secure flood coverage through the NFIP. The NFIP is a flood insurance program managed by the Federal Emergency Management Agency that provides flood insurance coverage to eligible homeowners. In some cases, if you live in a high-risk flood area, your lender may require you to carry flood insurance.3