Purchasing homeowners insurance in South Carolina can be a costly endeavor, especially if you live on the Coast. Rates tend to be higher in this area because of the threat of hurricanes and flooding and the higher risk area you live in, the higher your insurance premium will be. South Carolina’s General Assembly did pass an Omnibus Coastal Property Insurance Reform Act two years ago, which allows home owners to raise the amount of private insurance available to them by creating a catastrophic savings account.

Many people find it difficult to even find a homeowner policy if they live on the South Carolina Coast, but it is possible if you are willing to pay a higher rate. It is highly recommended if you are purchasing a new home along the coast, you do so sooner than later, as it will take a while to find the options that match your needs. Insurance rates along the coast have increased as much as 25% due to the recent frequency and damage caused by hurricanes. Homeowners looking for insurance in coastal areas will probably have to go through a non-admitted carrier, meaning the insurance company is not regulated by the South Carolina Department of Insurance. Therefore, these agencies will often insure homes along the coast at very high rates. Many people in South Carolina who have some type of homeowners insurance are not covered for flood damage, because a basic policy does not include damages related to flooding. In order to save some money on coastal coverage, home owners are encouraged to install shutters, secure garage doors and glass that is resistant to winds.

Inland areas of South Carolina have the lowest home owner annual premium rates because those areas obviously do not suffer as extensive damage from storms, wind and flooding. Although premiums rank 14th in the country as the most expensive by the National Insurance Commission.

As a comparison, of annual premiums, Abberville Territory in SC has an average annual insurance premium on homes of $850 and a low of $475. Likewise Lexington Territory comes in one of the lowest with an average of $675 and a low of $482. While places like Charlestown, SC (coastal) have averages annual premiums of $2,000 and a low of $1025 and Beaufort (coastal); with an average of $2,200 and a low of $1,050 - place amount the most expensive areas to purchase homeowners insurance.