Our editorial team analyzed regional and national home insurance companies that sell policies in Myrtle Beach to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
The average annual home insurance cost in Myrtle Beach is $4,472 for a $300,000 policy with a $1,000 deductible. Dropping your deductible to $500 raises your home insurance premium to $4,564 annually.
Myrtle Beach has some of the highest home insurance rates in South Carolina, largely due to hurricanes and storms. Up to 20% of properties in Myrtle Beach are at risk of flooding, and this number will likely increase in future years.1 If you live in a flood-prone area, consider adding flood insurance. If you have a mortgage, your lender may require it.2
Here’s what you should know about finding home insurance coverage in Myrtle Beach.
Best home insurance companies in Myrtle Beach
Myrtle Beach has a variety of home insurance companies, and your best option depends on your specific coverage needs. The following three are among the best homeowners insurance companies for Myrtle Beach residents.
Allstate: Best company for flood insurance
State Farm: Best company for add-on coverages
USAA: Best company for military members and veterans
Cheapest home insurance companies in Myrtle Beach
Heritage Insurance Holdings, Cincinnati Insurance, and ASI offer the cheapest average insurance rates for homeowners in Myrtle Beach. That doesn’t mean these companies will be the cheapest option for you, so it’s important to shop around and compare quotes from different insurers to find the best rates.
The table below shows the average annual premiums for $300,000 in coverage.
How much is home insurance in Myrtle Beach?
Homeowners pay an average annual rate of $4,472 for a $300,000 homeowners insurance policy in Myrtle Beach. But various factors affect your insurance cost, including your coverage levels and deductible.4
Your home’s age and condition also play a role in price. Insurers consider how much it’ll cost to repair or replace your home and the materials used in construction. Individual factors, like your credit and claims history, also affect your annual rate.
Cost of home insurance by dwelling coverage in South Carolina
Dwelling coverage pays to repair or replace the structure of your home if a covered event damages or destroys it.5 This coverage may also apply to other structures on your property, like a shed or garage. As the table below illustrates, the higher your dwelling coverage, the more you’ll pay for insurance.
Cost of homeowners insurance by deductible amount
The deductible is the amount you pay out of pocket when filing an insurance claim. The higher your deductible, the lower your insurance premiums.
Increasing your home insurance deductible can be a good way to lower your insurance costs. Here’s what homeowners in Myrtle Beach pay annually for $300,000 in coverage based on two different deductible amounts.
Average cost of home insurance in other cities in South Carolina
Where you live affects your home insurance cost significantly. Even your ZIP code can affect your premiums. For example, if you live in an area with a history of severe weather, you’ll typically pay more for homeowners insurance.
The table below shows the average cost of homeowners insurance for different cities in South Carolina based on a policy with $300,000 in coverage and a $1,000 deductible.
What to know about owning a home in Myrtle Beach
Whether you’re a current homeowner or considering buying a beach home in Myrtle Beach, keep the following factors in mind:
Myrtle Beach home insurance FAQs
Although homeowners insurance in Myrtle Beach tends to be expensive, you can find good coverage that fits your needs by shopping around. The following information may help answer any remaining questions you have.
The average home insurance cost in Myrtle Beach is $373 per month — or $4,472 annually — for a policy with $300,000 in dwelling coverage and a $1,000 deductible. Many homeowners also need flood insurance, which increases costs even more.
Heritage Insurance Holdings has the cheapest insurance for Myrtle Beach homeowners, with an average monthly premium of $194, or $2,328 annually.
You can determine whether or not you need flood insurance by checking the FEMA Flood Map Service Center to see if you live in a flood zone. Even if your home isn’t in a high-risk area, you may still want to consider purchasing flood insurance since a standard homeowners insurance policy doesn’t cover flooding.9
It’s possible. Homeowners insurance may cover mold damage, depending on the cause. For example, if a covered peril leads to mold damage, your insurance may cover mold removal costs.
Yes. Many insurers offer discounts for using hurricane-resistant features. For instance, State Farm offers a discount for homes with hurricane-resistant windows.
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