Real Estate News

July 25, 2014

Grand Strand homeowners insurance rates near top in state

It should come as no surprise to readers that South Carolina has the 11th highest homeowner insurance rates in the U.S. and that its coastal areas pay the most in the state.

It should come as no surprise to readers that South Carolina has the 11th highest homeowner insurance rates in the U.S. and that its coastal areas pay the most in the state.

In fact, according to ValuePenguin, homeowners in Georgetown and Horry counties respectively pay the second and third highest average insurance in the state.

ValuePenguin conducts research and provides information for consumers to make all kinds of financial decisions, and based its homeowner insurance ranking on single-family, owner-occupied homes with $150,000 of insurance on houses built in 2005 with $500 deductible and five years without any claims.

Residents of the Charleston area topped the list with insurance premiums that averaged $2,410 annually, a mere $11 above what Georgetown County homeowners were paying and $116 more than in Horry County.

Homes in Beaufort County, average insurance $2,106 a year, came in fourth highest and Colleton County rounded out the top five at a homeowners insurance cost of $1,879 a year.

“With the number of tropical storms and even hurricanes that blow through the area on an annual basis,” ValuePenguin wrote in its analysis, “it’s not shocking to find out that these parts of SC are more expensive than others.”

How much more expensive, you ask.

Try three times higher than Greenville County, with an average rate of $702 a year, which was ranked as the state’s lowest for homeowners insurance. York County trailed close behind at $708 and Spartanburg held the third lowest spot with an average of $715.

Rate setters seem to be focused on Interstate 95 as the western edge of the really insurance-costly homes.

Clarendon County, which is bisected by I-95, ranks 30th among S.C. counties for homeowner insurance costs at an even $1,000 a year.

All the cheaper insurance counties are westward and owners there only have to worry about coming up with three digits of cash each year.

Related content

Comments

Videos

Editor's Choice Videos