Renters Insurance South Carolina
The average estimated cost of a rental insurance policy in South Carolina was $151 a year in 2013. Renters insurance is less expensive than many people realize: average homeowners insurance is $830 a year in South Carolina.
Comparing Renters and Owners Insurance in 2013 in South Carolina
In 2012, there were 45086 burglaries reported in South Carolina. The landlord's policy does not cover renter's damages like burglary, and to protect oneself from events like burglary, fire and similar disasters renters insurance is critical.
Renters Insurance Coverage Types:
Actual cash value policy:
The depreciated value of the loss is covered by the actual cash value policy. For instance, the Personal Computers you bought for $2000 may be only worth $1000 six months later and that is the value you will get for it.
Replacement Coverage Policy in South Carolina:
- Quoting the same example, the insurance essentially may not pay for the Personal Computers but one will get adequate amount to buy another laptop same as the lost/damaged one. The replacement cost insurance in South Carolina costs around $37.75 more than the actual cash value policy.
- The average renters insurance of $10 per month is 0.93% of median monthly rent, taking into account South Carolina median rent as $1080 per month.
Estimated Renters Insurance for Different House Types in South Carolina
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in South Carolina:
By opting for a $500 deductible over a $250 deductible, an average of $16.61 can be saved on the insurance premium.