From the coastal city of Charleston to the mountains of Greenville, South Carolina offers a variety of condo living options. As a condo owner in this state, you can enjoy all the benefits of living in a beautiful location without the hassle and expense of owning an entire single-family home. Add this to the benefits of shared amenities, like pools, playgrounds, and fitness centers, and it's easy to see why condos in South Carolina are a popular choice for many.

However, as with any other property purchase in the state, you need to make sure your condo is properly insured. South Carolina condo insurance is designed to cover the unique risks of living in a condo, such as the shared walls and common areas. It also offers protection against financial disaster should anything happen to your property.

Condo Insurance Costs in South Carolina

Condo owners in South Carolina pay an average annual insurance premium of $579, which covers a $1,000 deductible, $40,000 for personal property, and $100,000 for liability. The cost can be spread out to a monthly payment of $48.

Your actual cost may be higher or lower than this average, depending on factors such as your credit score, the size and age of your condo, and any special features like a hot tub or pool.

For exorbitant condos in South Carolina, you may need to pay extra for additional coverage. For example, a high-end condo might require higher liability limits or more personalized coverage options such as flood insurance, earthquake insurance, and umbrella policies.

It’s important to consider all the potential risks when shopping for condo insurance in South Carolina and to make sure you select the right coverage for your needs.

We Have the Best Condo Insurance Policies In South Carolina

If you’re looking for the right condo insurance in South Carolina, look no further than Southern Insurance Group. Our policies are specifically designed to cover common risks associated with condo living and offer financial protection should your property be damaged or stolen.

We provide flexible coverage options tailored to suit your needs and can help you find the best policy at the most affordable price. As an independent insurance agency, we have access to multiple carriers and can compare rates to find you the best deal.

Contact us today to get started on finding the perfect condo or rental property insurance policy in South Carolina. We look forward to helping you protect your home!

What Does South Carolina Condo Insurance Cover?

Most condo insurance policies in South Carolina cover damage caused by fire, windstorms, hail, lightning strikes, and other weather-related events. It also covers vandalism as well as theft of your personal property inside the condo unit.

Additionally, condo insurance in South Carolina covers liabilities like medical costs and legal expenses if someone is injured on the premises of your condo or in a shared common area. It also offers protection against financial disaster should you be liable for damage to the structure of the building due to negligence or neglect. Here's a quick overview of what your South Carolina condo insurance policy generally covers:

Bare Walls Coverage

Bare walls coverage is a type of condo insurance that covers only the basic elements of a building's structure, such as walls, roof, floors and elevators. It does not cover any interior features or personal property within individual units.

Condo owners who have bare walls coverage must obtain their own insurance for items like countertops, fixtures, appliances, cabinets, flooring, and wall coverings. Many insurers will also offer personal liability, medical payments, and loss of use coverage as part of their bare walls policies.

Single Entity Coverage

Another type of insurance in South Carolina is single-entity coverage. This policy covers damage to an individual unit’s interior features and furnishings due to fire, smoke, or water damage. It also covers personal property inside the unit, as well as liability for injury or damages caused by the insured. Single entity coverage generally does not cover common areas of the building, like the lobby or pool.

Modified Single Entity/All-in Coverage

The most comprehensive kind of condo insurance in South Carolina is modified single entity/all-in coverage. As the name suggests, this policy provides extended protection and covers damage to common areas like the lobby or pool, as well as individual units’ interior features and furnishings. It also includes personal liability, medical payments, and loss of use coverage.

South Carolina Condo Association Insurance Policies

In addition to individual condo insurance policies, many South Carolina condo complexes and developments also obtain a master condo building policy provided by the condominium association. This type of coverage covers common areas like lobbies, pools, and exterior walls as well as any shared amenities owned by the association.

The scope of these master policies vary from one complex to another, but they generally cover any damage to common areas as well as any accidents or injuries that occur on the premises. For example, if a visitor slips and falls in the lobby, the association's master policy may cover their medical expenses.

The condominium association's master policy typically does not cover any damage to individual units or personal property inside those units, so it is important for each condo owner to obtain their own insurance policy. These policies help protect owners from financial loss should there be a flood, fire, hail, or other weather-related event.

In addition to protection for individual units, many South Carolina condo associations also offer additional coverage for shared amenities like swimming pools and fitness centers. This type of policy often covers accidents that may occur in those areas as well as potential legal costs associated with them.

Common Exclusions in South Carolina Condo Insurance Policies

Like with any other type of insurance, there are certain exclusions that may apply to South Carolina condo insurance policies. These typically include:

Damage caused by flooding or earthquakes (unless clearly stated in the policy)
Structural damage due to neglect or negligence
Damage caused by pests and rodents
Personal injury of pets or livestock
Intentional acts of vandalism or destruction
Liability for business activities conducted within the unit
Damage caused by war, nuclear incidents, and related events

It is important to carefully review your policy to understand which types of damage are and are not covered.

How Much Coverage Should I Have?

The amount of coverage you need for your South Carolina condo will depend on a variety of factors, including:

The value of your unit and its contents – This will determine the amount of coverage you need in case of total destruction or loss.
Your deductible – A higher deductible will lower your premium, but you should select an amount that is manageable for you financially in case you need to make a claim.
The value of any common areas – If your condo association has shared amenities, you may want additional coverage for those areas in case of damage or destruction.
Any special features in your unit – Features like an attached garage, full kitchen, or expensive flooring will require additional coverage.
Location of your unit – If you live in a high-risk area, such as along the coast or near a river, you may need additional coverage for flooding and flood-related damage.
The value of any personal property – If you have items like expensive electronics, jewelry, artwork, or antiques, you will need additional coverage for those items.
Whether or not you have a roommate – If you have a roommate, you may need to purchase separate coverage to protect your individual belongings.

It is important to carefully consider all these factors and select an appropriate amount of coverage that provides adequate protection for your unit and its contents.

South Carolina Condo Insurance Discounts

Many South Carolina condo insurance providers offer discounts for a variety of reasons. These can include:

Having multiple policies with the same insurer
Installing safety devices such as smoke alarms and fire extinguishers
Living in an area that has a low crime rate
Implementing an association's risk management plan
Participating in a neighborhood watch program
Installing impact-resistant roofing material
Having a claim-free history
Taking an insurance-related course or class
Paying your premiums in full at the time of purchase
Bundling your condo insurance with other types of policies, such as auto and life insurance

It is important to ask your insurer about any available discounts that can help you save on your South Carolina condo insurance premiums.

Another way to save money on your South Carolina condo insurance is by shopping around for the best rates and comparing different policies from various insurers. Doing so will allow you to get the coverage you need at an affordable price.

Compare South Carolina Condo Insurance Quotes

Southern Insurance Group is the best place to compare South Carolina condo insurance quotes. We make it easy for you to get the coverage you need at a great rate.

Our team of experienced agents have access to dozens of top-rated carriers and can help you find the perfect policy for your individual needs and budget. Plus, we offer huge discounts on all of our policies.

Get started today and find the perfect South Carolina condo insurance policy for you!