South Carolina landlord insurance is a policy designed for people who lease their properties to others. It can usually cover landlords who lease their homes out for an extended time or who regularly rent out a vacation home or an investment property.
Landlord insurance can provide:
In South Carolina, we offer a unique insurance product for homeowners and landlords called House & Property insurance. This policy is highly customizable and appropriate for insuring several types of homes and rental properties.
What does South Carolina landlord insurance cover?
If you're using our House & Property policy as landlord insurance in South Carolina, the base policy typically covers:
Attached structures, including garages, fences, or swimming pools
Any of your belongings that remain in the home, such as fixtures and appliances.
Loss of rental income if a covered loss makes the home uninhabitable.
Limited coverage for cosmetic damage to floors.
You can upgrade your House & Property policy to include liability coverage, medical payments coverage, and a variety of other coverages. In some cases, you may also be eligible for additional living expenses coverage.
What's not covered by landlord insurance in South Carolina?
House & Property insurance covers your home on an open-perils basis. This means the structure of your home is insured for damage from any event except those listed as exclusions in your policy. Some perils that are excluded from our South Carolina landlord insurance include:
Most importantly, landlord insurance in South Carolina doesn’t cover tenants’ belongings, regular maintenance costs, or items damaged by normal wear and tear.
What types of homes can be covered by a House & Property policy?
A House & Property policy in South Carolina is suitable for a variety of home types, including:
One- to four-family homes used for residential purposes (including condos and townhomes).
Modular homes built to comply with all applicable state and local building codes.
Owner-occupied properties and non-owner-occupied properties.
Mobile homes, manufactured homes, motor homes, houseboats, house trailers, or trailer homes are not eligible for this type of landlord insurance.
How can House & Property insurance help South Carolina landlords?
There are many reasons to protect your rental property in South Carolina with House & Property insurance:
House & Property insurance in South Carolina provides financial protection against many natural disasters and other types of unexpected property damage.
With added liability coverage, a policy can help cover expenses and legal fees if a tenant or a visitor gets injured on your property.
It usually provides protection for the most common types of property damage, including fire and water damage, as well as numerous other potential perils.
It can be customized to fit the unique characteristics of your property and how you use your home (e.g., long-term rental and owner-occupied, etc.)
Insurance is just one of the many responsibilities a landlord has. If you're looking into renting out a property, be sure first to learn how to be a landlord to avoid many common pitfalls.
How much does landlord insurance cost in South Carolina?
According to the Insurance Information Institute, landlord policies generally cost about 25% more than a standard homeowners policy. This is mainly because landlords face additional risks and may be more likely to file an insurance claim.
In South Carolina, landlord insurance may cost more on average than in many other states because of the increased risk of hurricanes and other damaging storms.
What factors impact the cost of landlord insurance?
Landlord insurance premiums in South Carolina are based on the type of rental property you have and the property's unique risk factors.These can include characteristics like:
The size of your property. Larger, more expensive properties cost more to insure
The age and construction of your building.Masonry homes tend to have lower landlord insurance premiums than frame homes (concrete/brick vs. wood construction) because masonry homes are more resistant to strong winds and less prone to fire damage.
The weather and crime risks in your city. It costs more to insure a property in a city with increased crime or weather risks.
The type of building and/or number of rental units. Landlord insurance costs are often higher for multi-family complexes than they are for a duplex or a rental property with a single tenant.
The presence of a swimming pool or any other attractive nuisance.Having a pool, trampoline, or playground equipment comes with greater liability risks and increases insurance costs. (Find out more about attractive nuisances.)
The coverage amounts and deductibles you choose.Larger deductibles can help you save on your monthly premium.
In states like South Carolina, where tropical storms and hurricanes happen, your roof's condition can also seriously impact your landlord insurance costs. Properties with older roofs tend to have higher landlord insurance premiums, as will those with older siding, pipes, and HVAC systems.
Tips for saving on your landlord insurance
If your property has fire sprinklers, burglar alarms, gated access, or other security systems, you may save some money or qualify for a discount on your South Carolina landlord insurance.
You may also be eligible for a discount if you:
You can also save money on your South Carolina landlord insurance by increasing your deductible. Our South Carolina House & Property insurance policies have three types of deductibles:
We offer standard deductible options of:
Hurricane and wind / hail deductibles have the same flat-rate options, but you can also choose a deductible that’s a percentage of your dwelling coverage. Whatever amount you choose, you want to pick a deductible you can afford to pay even after a catastrophe.
South Carolina landlord insurance FAQ
Is landlord insurance required in South Carolina?
Landlord insurance is not required in South Carolina, but as a rental property owner, it is in your best interest to have it. What’s more, if you have a mortgage on your property, your lender will require you to have proper insurance coverage.
Can a landlord require renters insurance in South Carolina?
You can require your tenants to purchase renters insurance in South Carolina. In these cases, you must specify the insurance requirements in the lease agreement.
How can you get a South Carolina landlord insurance quote?
You can enter your address or contact us to get a South Carolina landlord insurance quote: