South Carolina Insurance: All Your Needs in One Place

Vehicle owners in South Carolina need to have a car insurance policy that meets or exceeds the state’s minimum coverage requirements.

Mandatory Car Insurance Coverage

In South Carolina, all car insurance policies must include:

Liability coverage: This pays for other people’s injuries or property damage if you are at fault for an accident. Your policy must provide, at a minimum:

• Bodily injury liability: $25,000 per person; $50,000 per accident
• Property damage liability: $25,000 per accident

Uninsured motorist coverage (UM): This pays for your own injuries or property damage if you are in a collision caused by an uninsured driver. Your policy must provide, at a minimum:

• UM bodily injury coverage: $25,000 per person; $50,000 per accident
• UM property damage coverage: $25,000 per accident

Car Insurance Options in South Carolina

In addition to the coverage required by law, you can include several coverage options in your policy. Some of the options you are likely to see offered by insurance companies in South Carolina include collision insurance,  comprehensive insurance, medical payments, gap insurance, towing and roadside assistance, and rental car reimbursement.

A local independent insurance agent can help you review all your coverage options so you can make an informed decision about which are a good fit for you and your family.

The protection offered by business insurance depends largely on the type of coverage you are buying. Most small business owners will have the option of choosing between a business owners policy (BOP) or a business insurance policy package.

What a Business Owners Policy Covers

Most small businesses that have fewer than 100 employees, less than $1 million in annual revenues, and few liability risks will qualify for a BOP. These policies, though somewhat limited in their coverage, are the most affordable option. They include:

• General liability insurance
• Commercial property insurance
• Business interruption insurance

What a Business Insurance Policy Package Covers

Larger companies and small businesses with complex coverage needs are better suited for the protections offered by a business insurance policy package. When you choose this option, you are able to purchase your coverage a la carte so that you only buy the policies that are relevant to your particular business.

There are several types of coverage available to business owners, but purchasing your coverage this way can be complicated. A local independent insurance agent can help you be certain that your business is suitably covered by the best and most affordable policies.

Workers’ compensation insurance is a policy that is designed to protect employees from financial losses related to on-the-job injuries and occupational illnesses. It also protects businesses by shielding them from liability lawsuits related to these injuries. With few exceptions, this coverage is required for all businesses that have four or more employees.

Policies may be purchased from any commercial insurance provider authorized to write workers’ compensation policies in South Carolina; or, with approval, qualified businesses may opt to self-insure.

Workers’ compensation provides injured employees with several types of coverage:

• Medical treatment: Employees should pay nothing out of pocket for medical treatment related to occupational injuries or illnesses. In South Carolina, with the exception of life-threatening injuries, workers must seek treatment from a doctor of their employers’ choosing.
• Disability pay: Workers’ compensation insurance can provide disability payments to workers who must take time off work to recuperate from on-the-job injuries or who are left permanently unable to work.
• Death benefits: If a work-related injury or illness results in the employee’s death, the employee’s spouse and dependents can receive compensation.

Workers’ compensation does not reimburse employees for pain and suffering.

A local independent insurance agent can help you find a suitable policy at a competitive price.

Property in South Carolina is at risk for damage caused by severe weather, natural catastrophes, fires, and property crimes. Fortunately, there are insurance products available to protect you from large financial losses related to these hazards.

• Severe weather: Damaging weather events that can impact property owners in this state include:
  • Hurricanes: SC has seen more than 40 hurricanes and tropical storms since 1851.
  • Other severe storms: Including windstorms, hailstorms, and electrical storms.
  • Harsh winter weather: Freezing temperatures can cause frozen pipes and other damage.
  • Tornadoes: An average of 27 tornadoes touch down in South Carolina every year.
• Catastrophes: Natural and manmade disasters can cause significant widespread damage and often need to be covered by specialized insurance policies. In South Carolina, these can include:
  • Floods: Around 17% of all properties in SC have a significant risk of sustaining flood damage.
  • Earthquakes: Quakes are most commonly felt in the SC coastal plains. 
  • Accidental fires: Insurance can pay for damage caused by flames, smoke, and water.
  • Wildfires: There are close to 3,000 wildfires a year in SC. Around 85% of properties are at risk.
• Property crimes: Insurance can cover property crimes like burglary, theft, vandalism, and arson.

Independent insurance agents live and work in your neighborhood so they are familiar with the risks you face in your South Carolina city. They can help to ensure that your property is suitably covered against all potential hazards.

Flood damage is specifically excluded from home, renters, and business insurance policies. This is true even if the flood is the direct result of a covered hurricane or tropical storm. Unfortunately, more than 350,000 properties in this state have a significant risk of sustaining serious flood damage over the next 30 years.

To be protected against this risk, you can supplement your coverage with a flood insurance policy. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA. An independent insurance agent can help you find the best plan for you.

If your property is located in a flood zone and you are still paying on a mortgage, your lender will require you to have a flood insurance policy. Otherwise, this coverage is optional.

The NFIP offers individuals up to $250,000 in structural coverage and up to $100,000 in contents coverage against floods. Businesses can purchase up to $500,000 in both structural and contents coverage. The average flood claim in South Carolina is $29,000.

Homeowners, renters, and business insurance policies specifically exclude coverage for damage caused by earthquakes. Property owners can get coverage against this risk by purchasing earthquake insurance.

Although earthquakes occur in South Carolina every year, they typically cause little to no damage. Because of this, many residents of this state do not find it necessary to purchase earthquake insurance. However, a recent study by the South Carolina Emergency Management Division found that if a quake similar to the Charleston Earthquake of 1886 were to occur today, the results would be devastating:

• More than 70,000 houses would be significantly damaged or destroyed.
• The state would sustain approximately $20 billion in property damage.
• An estimated 300,000 households would lose power.
• More than 36 million tons of debris would need to be cleaned up.

If you are interested in learning how an earthquake insurance policy can protect your finances if your property is impacted by a seismic event, you can speak with a local independent insurance agent.

There are instances where landlords required their tenants to carry renters insurance as one of the terms of their lease. However, most of the time, this insurance is fully optional.

Although it is optional, this surprisingly affordable coverage can prove invaluable. It can protect you from financial losses related to property damage, theft, displacement, and even personal liability lawsuits.

In South Carolina, the average renters insurance policy costs just $188 a year. That is less than $16 a month for the peace of mind this coverage can provide you.

Talk to a local independent insurance agent to learn more about what renters insurance can do for you.

South Carolina residents who have a lot to lose may want to consider purchasing an umbrella insurance policy. These policies provide an affordable way to significantly boost the liability coverage offered by your currently-held insurance policies.

Umbrella insurance is secondary coverage so it does not kick in until your primary insurance has been exhausted. This is why coverage is so inexpensive.

With a personal umbrella insurance policy, you can enhance the liability coverage you have through policies like homeowners insurance, car insurance, RV insurance, and boat insurance. Coverage is typically purchased in million-dollar increments at a cost of about $200 to $300 a year per million purchased.

Commercial umbrella insurance policies are designed to boost your South Carolina company’s general liability coverage. These policies typically cost about $500 a year for every million dollars in coverage you purchase.

Searching for the best and most affordable insurance products can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.

Local independent insurance agents will take the time to get to know you and understand your coverage needs. They can then save you time and money by obtaining an assortment of customized insurance quotes on your behalf.

No matter what types of coverage you need,  you can find an independent insurance agent near you who can help. There are currently more than 300 independent insurance agencies in South Carolina. Arrange an obligation-free consultation with a knowledgeable independent agent to learn more.

Independent insurance agents work with a number of highly rated insurance providers in South Carolina. Some of the best include:

• Nationwide: Discover the benefits of having an On Your Side® review and enjoy multi-policy discounts.
• Progressive: Online services and an award-winning mobile app make this a convenient choice for coverage.
• Central Insurance Companies: This company has been providing security, protection, and peace of mind since 1876.
• The Hanover Insurance Group: The Hanover group has a variety of standard and specialized policies and options to meet your specific coverage needs.
• Selective Insurance: Selective offers a broad range of personal, commercial excess, and flood insurance products.

Talk to a local independent insurance agent to find out whether one of these companies or any other partner insurance provider is the best choice for you.