If you’re looking for southern charm, renting a home can help make living in the Palmetto State more affordable — but it can also present some financial risks. For people who rent or lease properties, a South Carolina renters insurance policy can provide protection against damage or loss to personal property. Since the average worth of a renter’s belongings is around $20,000, this is an important policy to have.
We at the MarketWatch Guides team have carefully researched policy prices and insurance providers in the state and have found Toggle, Auto-Owners and USAA to be the best and most affordable renters insurance companies in South Carolina.
Top 5 Renters Insurance Providers in South Carolina of 2024
After in-depth research, we at the MarketWatch Guides team found the following to be the best renters insurance providers in South Carolina:
- Toggle: Our pick for custom pricing
- Auto-Owners: Best for In-person Experience
- USAA: Best for Military Families
- Allstate: Best for Industry Experience
- State Farm: Best for Localized Support
Toggle Renters Insurance
Best for Custom Pricing
3.8
Cost: 3.9/5
Customer Experience: 3.3/5
Industry Standing: 3.5/5
Coverage: 4.2/5
Our Review
A.M. BestAJ.D. PowerNR
MONTHLY COST$12.59
Why We Chose Toggle
Toggle is a tech-forward renters insurance provider that can be a good choice for anyone working to build their credit. As a renter, the monthly payments you make to your landlord are not reported to the three major credit reporting bureaus responsible for maintaining credit score data. However, Toggle’s unique Credit Lift option can help you report and get credit for your monthly rent payments.
If you are looking for a more customizable option for your renters insurance, Toggle may be worth considering. It includes more unique options for add-on coverage, ranging from protection for pet damage to specialized coverage for the tools and equipment if you have a side hustle. Toggle is also underwritten by 21st Century Assurance Company, combining the financial strength of major insurers with the personalization range of a fintech startup.
Pros and Cons
Pros Offers unique add-ons like pet protection and identity theft coverage Can help you report rent payments to credit bureaus Basic plan available from $5 a month in most areas Cons May have higher rates than competitors in some states May be challenging to speak with a customer service representative via phone
Costs and Coverage Options
Based on our research, Toggle currently offers a diminishing deductible discount and a multi-policy discount. Although it does not offer any additional discounts on renters policies, Toggle users do receive a wide variety of discounts on products and services such as meal kits, streaming services, moving services, internet, and dining.
The company also offers multiple policy endorsem*nts, including:
- Identity protector
- Temporary living costs
- Pet Parent
- High-value items
- Side hustle
Auto-Owners Renters Insurance
Best for In-Person Experience
3.7
Cost: 3.5/5
Customer Experience: 3.4/5
Industry Standing: 4.2/5
Coverage: 4/5
A.M. BestA+J.D. PowerNR
MONTHLY COST$9.50
Why We Chose Auto-Owners
- AM Best rating: A++*
- J.D. Power score: Not rated
*AM Best rating is accurate as of July 2023.
Believe it or not, Auto-Owners provides more than just car insurance. In fact, its renters insurance rates are some of the most affordable on our list. When you are worried about your expenses but fear losing your belongings to the unexpected, an Auto-Owners renters policy can give you peace of mind.
While you can’t buy a policy online, its low deductibles and standard coverage limits are enticing to those looking for a good deal. It has the highest possible rating from independent credit rating agency AM Best, a sign of the company’s financial stability. Through its Renters Plus, Auto-Owners offers unique add-on coverage options, including the following:
- Refrigerated food spoilage from a power outage
- Waterbed liability
- Reduced or waived glass deductible for damage to personal belongings from broken storm doors or windows
- Water damage from backed-up sewer lines or drains
Auto-Owners also allows policyholders to add replacement cost coverage, ensuring payouts that are high enough to cover the cost of brand-new replacement items. While Auto-Owners writes policies in South Carolina, its policies are not available in every state.
Pros and Cons of Auto-Owners Renters Insurance
Pros Offers multiple discounts to help save on premiums Provides unique endorsem*nts not offered by other providers Offers deductible options to help lower premium costs Cons Lacks industry norms with online quoting and claims filing self-service Limited availability if moving out of South Carolina
Costs and Coverage Options
For having such low costs, Auto-Owners still impresses renters with strong coverage options. In addition to standard industry policies addressing personal property coverage, liability coverage, medical expenses and additional living expenses, renters can upgrade their policies to include unique elements while still saving money through nine discount options.
Discounts: Multi-policy, life multi-policy, payment history, green, protective devices, favorable loss history, advanced quote, paid-in-full and deductible
Endorsem*nts: Renters Plus and personal property replacement cost
USAA Renters Insurance
Best for Military Families
4.4
Cost: 4.6/5
Customer Experience: 4.6/5
Industry Standing: 4.4/5
Coverage: 4.2/5
Our Review
A.M. BestA++J.D. Power894/1000
MONTHLY COST$9.22
Why We Chose USAA
- AM Best rating: A++*
- J.D. Power score: 886 out of 1,000
*AM Best rating is accurate as of July 2023.
Those who are eligible for USAA coverage might want to consider it. Reserved for active members of the military, veterans and their families, USAA renters insurance coverage is affordable and comprehensive.
Standard renters insurance covers the loss of personal property due to fire and theft. USAA coverage takes it a step further and covers your personal belongings for damage or loss from flooding. Typically, renters would need to purchase separate flood insurance.
Pros and Cons of USAA Renters Insurance
Pros Protection extends to all relatives living in the rental unit Includes coverage for flood-related damages at no extra cost Waives the deductible for damaged military uniform or equipment under a covered incident Cons Only available to members of the military community Doesn’t provide pet coverage
Costs and Coverage Options
Both affordable and comprehensive in protection, a USAA renters policy is lower than the national average. It does offer fewer discounts than its competitors, and its lack of additional endorsem*nts is similar to many other providers. However, its policies are ideal for military families and their needs.
Discounts: Bundle renters and auto insurance, claims-free, protective devices, living on base and service academy
Endorsem*nts: Personal cyber, valuable personal property and umbrella
To learn more: USAA Renters Insurance Review
Allstate Renters Insurance
Best for Industry Experience
4.4
Cost: 4.5/5
Customer Experience: 4.8/5
Industry Standing: 4.2/5
Coverage: 4/5
Our Review
A.M. BestA+J.D. Power835/1000
MONTHLY COST$10.97
Why We Chose Allstate
- AM Best rating: A+*
- J.D. Power score: 837 out of 1,000
*AM Best rating is accurate as of July 2023.
Allstate has a long history in the insurance industry. In addition to quality insurance options, Allstate delivers online and in-person policy management options. Policyholders pay close to the industry average for a policy, but there are several discount options and coverage endorsem*nts to keep rates competitive.
Pros and Cons of Allstate Renters Insurance
Pros Maintains an extensive nationwide network of agents and customer services personnel Provides excellent endorsem*nt options Gives unique discount options to drop rates below the national average Cons Prices its base policy higher than its competitors Lower J.D. Power score could indicate lower customer satisfaction
Costs and Coverage Options
Allstate is a longtime name in the insurance industry, covering homeowners, drivers, renters and more. While its renters insurance policies offer the typical liability protection, property damage and medical payments coverage, the company also offers scheduled personal property coverage for specific items.
There are a few add-ons available, but there are fewer discount options than you could find with an alternate provider. The discounts offered are unusual compared to the rest of the industry, and its easy-pay plan makes it easier to work the premiums into your budget.
Discounts: Multi-policy, 55-and-retired and easy-pay plan
Endorsem*nts: Flood insurance, identity restoration, personal liability umbrella policy and scheduled personal property
To learn more: Allstate Renters Insurance Review
State Farm Renters Insurance
Best for Localized Support
4.6
Cost: 4.6/5
Customer Experience: 5/5
Industry Standing: 4/5
Coverage: 4.4/5
Our Review
A.M. BestBJ.D. Power844/1000
MONTHLY COST$13.17
Why We Chose State Farm
- AM Best rating: A++*
- J.D. Power score: 836 out of 1,000
*AM Best rating is accurate as of July 2023.
State Farm is another recognized name in the insurance industry, and its renters policies are as comprehensive and protective as its homeowners and auto policies. While it’s not the cheapest renter insurance, the peace of mind from working with a company with a strong financial history is invaluable.
State Farm has several discount options to help reduce premium costs, as well as endorsem*nts to extend coverage.
Pros and Cons of State Farm Renters Insurance
Pros Makes it easy to shop and manage policies or claims through an online self-service portal Includes pet damage in standard coverage and offers supplemental pet insurance Includes storm damage with all base policies Cons Has some of the highest base policy rates in the industry Has limited discount options
Costs and Coverage Options
Though it carries several endorsem*nt options, policyholders are limited in discount eligibility.
Discounts: Multi-policy and home safety devices
Endorsem*nts: Pet medical insurance, identity theft protection, inflation coverage, high-value property coverage and earthquake damage
To learn more: State Farm Renters Insurance Review
The Cost of Renters Insurance in South Carolina
The average cost of renters insurance in South Carolina is $14.82 per month with USAA offering the cheapest coverage at $9.22 per month.
*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a standard insurance policy for a single occupant in South Carolina. Your cost may vary depending on factors like your location, coverage and personal property needs.
Cheapest Renters Insurance in South Carolina
If cost is the most important factor to you, consider getting quotes from the providers below to maximize your savings. Keep in mind that although cost is important, you want to make sure you have sufficient coverage so that you do not end up incurring large repair or replacement costs in the event of a loss. The cheapest option for renters insurance in South Carolina is USAA, which costs on average $9.22 monthly. This is less than the state average of $14.82.
Using data from Quadrant Information Services, we obtained multiple quotes for each provider in this article and compared them to the average annual premium in the United States. According to this data, the average cost of renters insurance is $171 annually. Read our full cost methodology below.
For providers unavailable in Quadrantâs database, we calculated the average annual premiums using quotes we manually pulled from the providerâs website or representatives. Quotes include comparable policy details in ZIP codes across the U.S. Your cost may vary depending on your location, coverage and personal property needs.
Do I Need Renters Insurance in South Carolina?
Even though there is no state law mandating the purchase of renters insurance, many landlords require it as part of a lease agreement. Even if not required, the financial risks you take with personal property damage or lawsuits for third-party accidents make insurance a wise investment.
What Factors Affect Renters Insurance Rates in South Carolina?
Several factors play a role in determining the cost of your renters insurance policy. Here are a few:
- Geography: The location of your rental plays a significant role in your renters insurance costs. If you live in Columbia, S.C., or Greenville, S.C., you might see higher rates due to a relatively high cost of living and increased risks of vandalism and theft.
- Deductible: Your policy’s deductible, or how much you pay out of pocket before the policy pays, impacts your costs. By paying a higher deductible, you can lower your premium.
- Coverage limits: While policies come with payout limits, you can increase the limits to add additional financial protection for your items. However, this will increase your rate.
- Personal property value: Your base premium, even with standard coverage, has a lot to do with the value of your belongings. You can expect more costly insurance if you have high-value items that you want to protect.
- Additional coverage: A standard renters policy may leave some of your risks unaddressed. Adding endorsem*nts or supplemental coverage adds to your costs.
What Are the Common Causes of Renters Insurance Claims in South Carolina?
South Carolina is a beautiful place to live, but there are risks that lead to claims on your renters insurance. These include natural disasters, crime and fires.
Natural Disasters
Residents in the state can expect a range of natural disasters including tornadoes, hurricanes, wildfires, floods, severe storms, landslides and power outages. Residents are also likely to experience ice storms in the winter. Damage to your rental structure is often covered by your landlord’s policy, but damage to your property would not be.
Crime
In addition to facing damage threats from weather, you could also face damage or loss from property crimes like theft or vandalism. Although the crime rate is slowly dropping, the potential for harm and loss still exists. According to the South Carolina State Law Enforcement Division, there are approximately 258 crimes per 10,000 inhabitants each year.
Fire
In addition to the risk of wildfires, rental properties face the threat of fires all year. Common concerns for fires, as reported by the state’s fire commission, include electrical, cooking, heating and smoking situations.
Frequently Asked Questions About South Carolina Renters Insurance
Renters insurance covers theft up to a specified limit on the policy. Depending on the level of coverage you select, your policy will either pay you the actual cash value or the replacement cost of your stolen items.
If you have high-value items, the full amount of replacing the item may exceed your policy limit, or the item may be excluded from standard coverage. It’s important to discuss the value of your items with an agent when underwriting the policy to ensure you have enough coverage.
Landlords can require you to carry renters insurance, and they can specify how much coverage you need to keep. Check your lease terms for any insurance mandates.
The average renters insurance policy in South Carolina costs $178 a year. Your rate will vary based on your personal factors — including your rental’s location, your credit score and your claims history — and your insurance provider.
Given the affordability of renters insurance and the potential for overwhelming property loss in an unexpected event, it’s worth investing in renters insurance. Shopping for discounts keeps your costs low, but having a policy in place can keep you from spending thousands if a fire, serious storm or other damaging incident happens.
Methodology: Our System for Ranking the Best Renters Insurance Companies
Through in-depth research of the industry, we created a comprehensive rating system to rank renters insurance providers. We researched each company by gathering cost information and requesting quotes, combing through policy information, secret shopping and reading customer reviews to understand the customer service experience, and accessing financial reliability scores. We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust: 15%
We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice. See our full methodology here
A.M. Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $25,000
- Loss of use: $7,500
- Liability: $100,000
- Medical payments: $500
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of September 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
