South Carolina Home Insurance Rates
Home insurance is generally constructed as a way for a homeowner to protect their property in the event of damages and destruction. Owning a property comes with a huge responsibility. Having an insurance that will cover repairs and expenses caused by unforeseeable events is a great protection to have. Home insurance comes in different types and each type has varying coverage. The most basic insurance covers property damage caused by 11 factors, also called the perils of nature. They are riot, windstorm hail, snow, volcano eruption, fire, smoke, vandalism, lightning, theft and ice.
Home insurance rates in the United States
In the United States, premiums vary by state. You should always remember that insurance premiums are computed based on different factors, such as the cost of living in a certain area, environmental risks such as floods, earthquakes, fires and the value of your home. The state with the higher home insurance premium is Texas. The cost of living in Texas is extremely high, plus the fact that this state is prone to earthquakes, floods, fires, hurricanes and flash flood.
The second state with the highest home insurance premium is Florida, next is Louisiana. You may have noticed that the top three highest insurance premiums mostly come from the southern part of the US. This is because this area is highly prone to natural calamities. South Carolina home insurance rates ranked at number 14 with an average of $851 premium cost. The cheapest place to live is in Idaho with only $477 premium cost. There are ways for you to reduce your home insurance premium which I will discuss in the following sections.
Improve your home’s safety feature
You can add a few safety equipment like motion detectors, CCTV or burglar alarms to thwart possible break-in from your home. You can also place fire alarms, smoke detectors, fire extinguishers as safety features. These factors will substantially reduce your premium. These safety equipments will also protect you personally and give you more discounts on your premium. Some insurers even offer installation of these at discounted price.
Maintain high credit scores
Your credit score speaks a lot about you. If you have high credit score then this will most likely attract insurers to give you whatever you want, as long as it is reasonable. If an insurance company sees that you are a responsible person, they will give you lower premiums.
Get your insurances in a single package
There are too many types of insurances today. Most of these are important or mandatory, such as auto insurances. If you buy them all from one company or in a single package, you will see substantial savings. Package your auto insurance with your home insurance or life insurance to get the best deals. Insurance companies are businesses, so as long as you give them more business deals, the more they want to keep your business, hence they give out substantial discounts.
Keep your home in excellent condition
A lot of insurance companies consider this as a great factor when computing your insurance rates. If you have a new plumbing system or new roofing they will be encouraged to give you lower deals. Keeping your home in excellent condition signifies that you care for your home. You can get new HVAC system or up to date electrical wring system to minimize your insurance cost.
Get high home insurance coverage
Having insurance cover that is more than the total value of your home is a good thing. The amount that you are paying for your insurance policy should not match the amount that you are paying for you home. This will give your insurer an idea of how valuable your home is to you; hence you will get lower premiums.
If you are shopping for home insurance, it is best that you get quotes from different providers. If you’ve noticed that the amount you are being charged is too much, try to tweak the policy and see why the rate is so high. If there is nothing special about the coverage, then you should talk to your provider and tell them that you are uncomfortable with this rate. Having multiple quotes from different providers will give you an idea on how much the average rate is in your area. By getting multiple quotes you are also increasing your chance of getting the lowest deal with great coverage.