South Carolina Condo Insurance

Find the Best Condo Insurance Rates & Companies in South Carolina

Condominium living is an ideal alternative for many of South Carolina's residents. Condo owners benefit from proximity to shopping and dining, hassle-free maintenance of common areas, and shared amenities such as pools and fitness centers. If you own a condo in South Carolina, it is wise to consider protection with a condo insurance policy.

Fortunately, a local independent insurance agent in South Carolina can help you find the right condo insurance today. They'll get you set up with all the coverage you need, fast. But up first, here's a breakdown of South Carolina condominium insurance requirements, coverage options, average rates, and more.

Best Condo Insurance Companies in South Carolina

South Carolina has many options when it comes to condo insurance carriers. Here, we've included just a few of our top recommendations for the best condo insurance companies in South Carolina. Start by checking into the coverage offered by these outstanding carriers.

1. Foremost: Foremost has excellent ratings from AM Best and the Better Business Bureau (BBB), offers a long list of discounts, and provides 24/7 claims reporting.
2. Stillwater: Stillwater has great ratings from both AM Best and the BBB, offers coverage in every state, and provides 24/7 claims reporting. They sell condo insurance as well as many other types of coverage.
3. Encova: This carrier sells condo insurance and many other types of personal and business insurance. Encova has outstanding ratings from AM Best and the BBB and provides 24/7 claims reporting.

An independent insurance agent in South Carolina can help you shop and compare quotes and policy options from each of these carriers and others that offer coverage in your city.

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance is another form of homeowners insurance and is often referred to as HO6 insurance. This coverage can reimburse you for damage or destruction to your personal property or contents and also covers your personal liability and additional living expenses. 

Homeowners insurance and HO3 policies include all of these coverages as well as protection for the home's actual structure or dwelling and its foundation. Condo and HO6 insurance policies don't include this coverage because it's often a part of the homeowners association's master policy.

Is Condo Insurance Required in South Carolina?

While you're not required by law to have condo insurance in South Carolina, in many cases, coverage is still mandatory. Many condo associations and mortgage lenders require condo insurance. 

But regardless of whether coverage is technically required, condo insurance is still a wise investment. Without this coverage, you could have to pay out-of-pocket to repair or replace your personal property after a disaster like a fire or a break-in, or you could face financial hardship after an unexpected lawsuit. 

What Does Condo Insurance Cover in South Carolina?

Condo insurance is designed to protect you in a few key areas. South Carolina condo insurance typically offers the following types of coverage:

• Loss of use coverage: Covers certain temporary living expenses (e.g., lodging and meals) if your unit is uninhabitable after a covered loss such as a fire.
• Liability coverage: Covers lawsuit costs like attorney and court expenses if a third party sues you for bodily injury or personal property damage.
• Contents coverage: Covers theft, destruction, or damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, etc.

Condo insurance contents coverage typically covers damage caused by:

• Fire and smoke
• Wind, lightning, and hail
• Theft and vandalism
• Explosions
• Burst pipes

Your independent insurance agent can help you find a policy that includes each type of protection you need.

What's Not Covered by South Carolina Condo Insurance?

Condo insurance in South Carolina won’t cover everything. Your condo insurance may help cover water damage caused by burst pipes but not water damage stemming from hurricanes or sewer backups. Typically, you can purchase a sewer backup endorsement for your condo insurance policy. 

You can also buy a separate flood insurance policy to protect your personal property against damage caused by heavy rainfall, melting snow, and other natural sources. Since South Carolina is a coastal state, many condo owners could benefit from flood insurance.

How Much Does Condo Insurance Cost in South Carolina?

The average annual condominium insurance premium in South Carolina is $460. This is just about on par with the current national average cost of condo insurance, which is $455 per year. 

Remember that your condo insurance premiums are likely to be somewhat different based on the following criteria:

• The crime and weather risks in your ZIP code
• The value of your condo and personal property
• The coverage options, limits, and deductible you choose
• The coverage provided by the association's master policy
• Your personal claims history

Asking about South Carolina condo insurance discounts can be an easy way to save money on your premiums.

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