Home Insurance in Charleston, SC
Investing in home insurance in Charleston, SC, protects your property in this popular city.
Charleston, South Carolina, has more than 150,000 residents, making it the state's largest city by population. Known as the home of the first theater in the nation, Charleston still has a thriving performing arts scene along with many museums, cultural attractions and historic buildings. It's also one of the hottest housing markets in the nation, so it just might be the right time for you to consider a move to this vibrant Southeastern city.
Charleston's median home value is around $500,000. according to Sperling's Best Places, significantly higher than the national median of just over $338,000. In addition, the city's home prices have appreciated by more than 136% over the past 10 years. If you're shopping for a new home in Charleston, you'll have your choice of state-of-the-art new construction, painstakingly restored historic homes and everything in between.
With the city's high property value, it's important to ensure you have enough home insurance in Charleston, SC, to pay for replacement or repair of your home. If you experience a total loss from a covered incident like a fire, it could cost much more than your current mortgage to buy a comparable property. You can find a substantial policy at an affordable price when you get personalized quotes from VIU by HUB.
Hurricanes, tornadoes and tropical storms pose a risk to your Charleston property. The state has more than 200 miles of coastal land, which contributes to high winds that can damage your home. If you live near water, you may want to upgrade your insurance policy with a flood rider. Typical coverage does not pay for flood damage. South Carolina homeowners may also need additional wind damage coverage depending on location.
According to NerdWallet, South Carolina homeowners pay about $2,055 per year for an annual insurance policy, an increase over the U.S. average premium of $1,820 per year. In Charleston, annual average rates rise to $3,270. nearly 60% more than the state average. The city's high property value and high cost of living contribute to the significant rise in insurance rates.
Type of construction, geographic area and level of fire protection all affect the amount you pay for your homeowner's policy. However, even when living in a relatively expensive location, you can save on home insurance in Charleston, SC, by comparing quotes from multiple providers. VIU by HUB makes it easy to find the right policy for your needs at a price that makes sense for your budget.
South Carolina does not have laws mandating homeowner's insurance coverage. However, when you have a mortgage on the property, you must meet the policy minimums set by your lender. Property insurance pays for damage to your home, land and personal belongings if a covered event such as a fire occurs. You may also want to purchase liability insurance, which pays for medical costs and legal expenses if someone outside the family experiences an injury at your home.
VIU by HUB helps you find the best rates for home insurance in Charleston, SC, so you have the property protection you need for peace of mind.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
