I’ve been comparing home insurance quotes in South Carolina and the pricing seems really inconsistent. Some are way higher even with similar coverage.
I spoke with a local independent agency (Harbor One Insurance in Walterboro) and they mentioned a lot of it comes down to coastal risk, roof age, and how different carriers price things.
Still trying to understand are others seeing the same thing? Any tips to lower premiums without sacrificing too much coverage?
Why is home insurance so expensive in South Carolina lately?
byu/performanceexperts inInsurance
Posted by performanceexperts
2 Comments
For standard homeowners it’s cat losses(for the big nationals) and cat risk, specifically hurricanes for SC, that’s driving premiums. Roof age is important because the older the roof is, more likely it will be damaged and need to be replaced after a wind event and if a roof is damaged enough it will cause damage to the rest of the house/its contents.
Best thing to do is shop around and if you have a fairly new roof ask for a quote for ACV for the roof.
Your agent is 100% right.
Roofing companies have been convincing people to submit insurance claims to get their roofs that reached the end of its usable life replaced. This has driven a shift in the property market especially when it comes to roofs.
SC has potential for significant hurricane damage which impacts pricing.
Last, inflation has made everything more expensive. Insurance is no different