South Carolina Landlord Insurance
Get a complete analysis of South Carolina landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Find the Best Landlord Insurance Rates & Companies in South Carolina
Renters make up a significant portion of South Carolina residents. Whether you're considering investing in a rental property or already have a home or apartment complex you rent out, you need to protect yourself with landlord insurance coverage. Without a policy, you could face potentially huge financial losses after tenant property damage or lawsuits.
Fortunately, a South Carolina independent insurance agent can help you get equipped with landlord insurance today. They'll get you matched to the policy you need fast. But first, here's a closer look at South Carolina landlord insurance requirements, coverage options, and more.
Best Landlord Insurance Companies in South Carolina
You can find landlord insurance from many different carriers in South Carolina. But when you're looking for the best, you want to know where to find it right away. Here are a few of our top recommendations for the best landlord insurance companies in South Carolina to help you on your coverage journey.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has excellent ratings from both AM Best and the Better Business Bureau (BBB) and offers many discounts and 24/7 claims reporting services.
- REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro has an excellent rating from the BBB and is known for its fast claim responses.
- Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has excellent financial strength and offers many discounts and 24/7/365 customer service.
A South Carolina independent insurance agent can help you compare landlord insurance quotes from these outstanding carriers and others that offer coverage in your area.
What Is Landlord Insurance?
Similar to homeowners insurance, landlord insurance can reimburse you for various losses related to property damage and destruction. It also provides liability coverage in case you get sued by a tenant, guest, or another third party. Some covered perils include fire damage, hail damage, falling objects, explosions, and vandalism.
How Is Landlord Insurance Different from Home Insurance?
A part of business insurance is also present in landlord insurance. For periods in which tenants cannot rent from a landlord due to a covered disaster like fire damage, loss of income coverage can provide reimbursement for the rent that can't be collected. This coverage can help keep landlords afloat after certain disasters. Landlord insurance also considers the increased risks landlords face, such as tenant damage to the structure of their property.
Is Landlord Insurance Required in South Carolina?
It's not required by law to get landlord insurance in South Carolina. However, this coverage is still highly recommended. Having landlord insurance can help reimburse you for hefty lawsuit expenses if you get sued or pay to repair or rebuild your rental properties if they burn down or get damaged by vandalism. Without a policy, you could have to pay these possibly huge costs out of your own savings.
What Landlord Insurance in South Carolina Can Cover
South Carolina landlord insurance can be customized as you desire. Often, you'll choose from a long list of coverage options, which should include the following:
- Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
- Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Optional coverage: Some additional coverage options for landlords to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A South Carolina independent insurance agent can recommend the exact types of coverage that make the most sense for your specific rental units.
What Landlord Insurance in South Carolina Will Not Cover
In South Carolina, just like anywhere else, landlord insurance comes with certain coverage exclusions. Landlord insurance typically won't cover any of the following:
- Earthquake or flood damage
- Your personal property
- Maintenance costs related to property wear and tear
- Damage caused by water or sewer backups
- Malicious and intentional acts to third parties
Endorsements may be available to increase your policy's coverage, and you may be able to purchase extra protection for some of the losses listed here. Sewer backup endorsements, for example, are often available to be added to landlord insurance.
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Average Cost of Landlord Insurance in South Carolina
The average cost of landlord insurance in South Carolina is $1,605 annually. Each policy's costs will vary, however, based on the following criteria:
- Your claims history
- When the rental units were constructed
- The size of the rental units
- The value of the rental units
- The amount of rental units insured
- The precise location of your rental units
- If pools or other possible "attractive nuisances" are at your rental units
You might be eligible to earn various South Carolina landlord insurance discounts, which can reduce your coverage costs. Be sure to ask about your options.
Popular Questions about South Carolina Landlord Insurance
South Carolina doesn't mandate landlord insurance by law. Having coverage is typically a wise decision, though, because it can reimburse you for lawsuit expenses and other disasters.
Tenant damage to your rental unit structures is covered by landlord insurance in South Carolina. Just keep in mind that these policies don't cover tenant damage to your personal property or their own.
Landlord insurance in South Carolina costs about $1,605 per year. However, the cost of each policy may vary based on the exact number of rental units insured, the condition and value of the units, etc.
Foremost Insurance is currently the best landlord insurance company in South Carolina, according to our research. Foremost provides outstanding customer service, competitive rates, and fantastic coverage options.
Many landlords require their tenants to provide proof of renters insurance before they can move in. That's partially because landlords in South Carolina aren't required to cover their renters' property, and landlord insurance doesn't offer this protection.
South Carolina landlord insurance doesn't usually cover eviction costs. You might be able to find a separate policy or endorsement that can cover eviction-related expenses, however. Just ask your independent insurance agent.
South Carolina independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Charleston or wherever you reside.
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