The time to get a renters insurance policy is before you find yourself needing one. A fire, a leaky pipe, an injured guest can cause financial stress that could be avoided if you’re prepared. If you’re a renter in South Carolina, looking for how much a renters insurance policy may cost, discounts to help you save, or what is covered–this guide is for you.
Despite the many misconceptions around renters insurance, just about every renter can use it. College students in dorms may be covered by their parents’ homeowners insurance policies, but you should always double check before assuming. Homeowners policies do not cover renters’ personal property in general terms, and the cost of renters insurance is generally extremely low. What does this mean for the average renter in South Carolina?
What Is The Average Cost of Renters Insurance in South Carolina?
On average, the cost of rental insurance in South Carolina is $196 per year or a little under $17 per month. That’s 5% more expensive than the national average, but it’s still cheap when you consider all it covers. Based on the minimum wage in the Palmetto State, working just 27 hours earns you enough to pay for an entire year’s premium.
Compare that with the cost of replacing your belongings and it’s easy to see that renters insurance is money well spent. A modest renters policy might cover $10,000 in personal property and about $100,000 in liability coverage. Of course, if you have specific items that are especially expensive, you should add coverage for those items. Even if you added special coverage for jewelry, electronics, etc., your annual premium would still bee extremely low with most renters insurance companies.
What Do Renters Insurance Companies Cover?
There were 45,086 burglaries reported in South Carolina in 2012. Depending on the items taken, the result can be a substantial financial loss. By helping cover the cost of replacing your stolen belongings, renters insurance reduces the financial burden of a break-in.
Renters insurance may also protect your things if they are damaged or destroyed by fire, plumbing leaks, vandalism, or other covered perils. The benefits don’t end there. Even when you take your belongings outside of your rental, they may still be covered.
Renters insurance covers personal property coverage, liability protection, additional living costs if you’re misplaced, and more. Some policies even cover your security deposit.
Are Discounts Available for Renters?
Factors that can have an effect on your renters insurance premium include: the area you live in, the things you own, claims history, and other policies from insurance companies you might currently have.
Renters insurance is already budget-friendly, but there are still discounts you should see if you qualify for:
- Multi-Policy: Bundle auto or another insurance plan with renters insurance and save. The easiest way to do this is by getting a quote from the company underwriting your auto policy.
- No Prior Claims: Save on your insurance bill if you have a clean claims record (whether that be in South Carolina or somewhere else).
- Safety Devices: Installing safety systems like smoke alarms and security systems can result in premium discounts. While renters don’t have full control over this, talking to your landlord about small upgrades can protect your personal property and significantly reduce your average cost.
- Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. It works similarly to your auto insurance. But with the low average cost of renters insurance, the savings may not offset what you have to pay in the event of a claim.
Do You Need Renters Coverage in South Carolina?
In South Carolina 31% of residents are renters. Our research shows that they spend $758 per month for a two-bedroom rental, which adds up to about $9,000 per year. Getting a year’s worth of renters insurance protection costs just $196 annually. The numbers make it clear getting renters insurance is a sound financial decision.
If you’re not sure where to go, you can check in with your auto policy carrier. They may be able to offer lower prices with a multi-policy discount. If you work with an insurance agent or enter your zip code on our site, you can get quotes from multiple companies on renters insurance coverage. Then you can decide which plan makes the most sense for you and your rental unit.
Get Expert Help
Are you ready to start comparing quotes? Or do you need additional information? South Carolina insurance experts are ready to help. Call [mapi-phone /].