Cheapest Homeowners Insurance In Myrtle Beach, SC For May, 2024
Allstate offers the best homeowners insurance in Myrtle Beach.
If you’re fortunate enough to own a home in the Myrtle Beach area, you probably know that home insurance can be expensive compared to cities further inland. Our team at Insuranceopedia understands that shopping for the best cheap home insurance in Myrtle Beach can be time-consuming. To save you some valuable time, we’ve rolled up our sleeves and done our homework on the companies that we believe will best meet your needs.
Spoiler alert: we found that Allstate has the cheapest homeowners insurance, followed closely by State Farm. USAA took top honors for being the cheapest for military families. But, even though you know who’s the most inexpensive overall, read on because we may have found another insurer that will best meet your unique needs, like the best coverage for high-value homes or new homes.
Based on having been a licensed property insurance agent in the Southeast, I understand how expensive home insurance can be in hurricane-prone states like South Carolina. I’m confident that reading this page will save you both time and money.
Best Cheap Home Insurance Companies In Myrtle Beach, SC 2024
Compare The Cheapest Home Insurance Companies In Myrtle Beach, SC
| Overall Rating | Best For | Average Cost | J.D. Power Customer Satisfaction Rating | A.M. Best Rating | Online Experience Rating | Get A Quote | |
|---|---|---|---|---|---|---|---|
| Allstate |
|
Cheapest |
$966 |
815 |
A+ |
9/10 |
Instant Quote |
| Chubb |
|
High Value Homes |
$4,230 |
809 |
A++ |
7/10 |
Instant Quote |
| USAA |
|
Military Families |
$4,137 |
884 |
A++ |
8/10 |
Instant Quote |
| Travelers |
|
Customizable Coverage |
$8,628 |
754 |
A++ |
8/10 |
Instant Quote |
| State Farm |
|
Cheapest Runner-Up |
$1,230 |
829 |
A++ |
9/10 |
Instant Quote |
| Amica |
|
Customer Service |
Not Available |
849 |
A+ |
8/10 |
Instant Quote |
Our Methodology
To determine the best home insurance companies in Myrtle Beach we relied on objective data from rating services A.M. Best (financial strength) and J.D. Power (customer satisfaction). Additionally, we took into account subjective opinions from various consumer sites and the writer's personal experience.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Best Cheap Home Insurance Companies In Myrtle Beach, SC
Cheapest Overall
Key Statistics
Why We Like Them
⇅By far, Allstate was the cheapest home insurance company in Myrtle Beach. While not nearly as competitive in many states, Allstate’s impressive list of home insurance discounts in Myrtle Beach has led it to the top of the charts for the cheapest in the Myrtle Beach area.
Allstate has a total of 11 homeowners insurance discounts, seven of which are considered by home insurance analysts, including me, to be uncommon offerings. This is significantly higher than the industry average of seven discounts.
Allstate’s home insurance discounts include the following:
- Claims forgiveness: additional coverage which keeps your rate from increasing after you file a claim
- Claims-free: customers can get 5% back on renewal as long as they remain claims-free every year
- Deductible reward: $100 off deductible upon signing up
- Bundle: up to 25% for bundling home and car insurance
- Automatic payment: saves up to 5%
- Loyalty: up to 10% for renewing with Allstate
- Home buyer: discount for recent homebuyers
- New home: discount for insuring a newly constructed home
- Responsible payment: additional discount for having a good payment history
- Early payment: up to 10% for buying a new policy at least seven days before your old policy expires
- Protective device: discount for installing theft and fire protection
Benefits & Drawbacks
⇅- Cheapest rates in Myrtle Beach
- Offers a large number of discounts
- Many local agents and claims adjusters in South Carolina ✓
- Receives more complaints than the national average
- Lower-than-average claim satisfaction rating from J.D. Power ✘
Cheapest Overall homeowners insurance rates in Myrtle Beach
| Company | Annual Rate |
| Universal North America | $875 |
| Allstate | $966 |
| State Farm | $1,230 |
| Auto-Owners | $1,439 |
| Heritage | $3,310 |
| USAA | $4,137 |
Best For High-Value Homes
Key Statistics
Why We Like Them
⇅If you own high-value assets and want extra protection for your high-value home, Chubb is an excellent choice. However, if you’re on a budget and live in Myrtle Beach, keep in mind that their rates are higher than average.
If you own a high-value home, you need to consider the right home insurance policy. Chubb offers a range of policy add-ons, such as extended replacement cost coverage, to help you rebuild your home after an accident. Additionally, Chubb provides a risk consulting program that sends a consultant to your home to evaluate any potential fire or security hazards before an accident occurs.
Chubb’s Masterpiece insurance policy caters to the needs of wealthy clients, including services for property management and restoration of electronic data lost to computer viruses.
Chubb’s claims agents can approve claims immediately, but they can’t deny claims without manager approval to ensure a seamless claims process.
Benefits & Drawbacks
⇅- Offers home assessments for every client to make sure they have the exact coverages they need in case of emergency
- Masterpiece-level customers can choose their contractors and artisans to make repairs after a claim
- Offers a cash settlement option for people who don’t want to rebuild their property after a total loss ✓
- Policies tend to be more expensive than most competitors because they’re designed for high-value properties
- No online quotes are available
- Need to purchase a policy through an agent ✘
Cheapest Home Insurance in Myrtle Beach For High-Value Homes
| Company | Annual Rate |
| Allstate | $966 |
| State Farm | $1,230 |
| Auto-Owners | $1,439 |
| Heritage | $3,310 |
| Chubb | $4,230 |
Best For Cheapest Runner-Up
Key Statistics
Why We Like Them
⇅State Farm was our second runner-up based not only because its rates were the second cheapest in Myrtle Beach but also because of its solid agent presence in the area. We see this as very important because of not only the agent’s presence in the aftermath of a hurricane or other severe storm but also because of the many claims adjusters and claims offices State Farm has in Myrtle Beach and points north and south.
State Farm offers a standard homeowners policy and allows policyholders to customize with additional coverages, such as ordinance and law, as well as identity theft protection and insurance for valuables like jewelry. State Farm has the highest available AM Best financial strength rating, an A++.
State Farm also offers optional replacement cost coverage for your home, other structures, and personal property, which replaces damaged items at today’s market value and does not factor in depreciation. Without this endorsement, replacement is calculated on an actual cash value basis.
State Farm was consistently the runner-up when it comes to the cost of home insurance in Myrtle Beach. This is significant because home insurance rates are steadily climbing in this coastal section of South Carolina.
Benefits & Drawbacks
⇅- Very competitive premiums
- Earns highest financial strength rating available
- Has the highest amount of local agents in South Florida ✓
- Policies not available through independent agents ✘
Cheapest Overall Runner-Up
| Company | Annual Rate |
| Allstate | $966 |
| State Farm | $1,230 |
| Auto-Owners | $1,439 |
| Heritage | $3,310 |
| USAA | $4,137 |
Best For Military Families
Key Statistics
Why We Like Them
⇅In 1922, 25 Army officers created USAA to self-insure their cars. Currently, USAA provides insurance and financial services only to members of the U.S. armed forces and Reserve, as well as veterans and their families.
Based in San Antonio, USAA operates a handful of satellite offices around the United States and in London, Frankfurt, and Luxembourg.
If you’re a USAA member, you can protect your home with their standard insurance policy, which covers the replacement cost of your personal belongings. Additionally, this policy covers the uniforms of active-duty and deployed service members. You may also opt for additional coverage, such as earthquake and home-sharing insurance.
As an eligible member, you can purchase USAA insurance products online using your active membership ID, over the phone, or at a local branch. USAA provides an automated agent chatbot on their website that can help you access your online account, where you can manage your policy, pay your bill, and even file a claim.
It’s worth noting that USAA has been given an A++ rating from AM Best, the highest financial strength rating that an insurance company can receive.
Finding the best insurance for military families is important in Myrtle Beach. There are five military bases located in South Carolina and many military families eventually settle in the Myrtle Beach area. Though it doesn’t always have the lowest rates, USAA consistently qualifies as the best for military families because of its commitment to those affiliated with U.S. Armed Forces and its dedication to customer support.
Benefits & Drawbacks
⇅- Contents replacement cost coverage is standard
- Active duty and deployed service member uniforms and equipment coverage included ✓
- No in-person locations in Myrtle Beach
- Fewer discounts compared to competitors
- Only current and past military members and their immediate families are eligible ✘
Cheapest Homeowners Insurance In Myrtle Beach For Military Families
| Company | Annual Rate |
| Allstate | $966 |
| State Farm | $1,230 |
| Auto-Owners | $1,439 |
| Heritage | $3,310 |
| USAA | $4,137 |
Best For Customizable Coverage
Key Statistics
Why We Like Them
⇅Travelers, known for its iconic red umbrella, is a highly reputable and long-standing company that offers reliable homeowners insurance for Myrtle Beach residents. With excellent financial ratings and policy options that cater to a variety of budgets and home types, Travelers is a trusted choice for home insurance coverage.
If you’re a homeowner who has let your previous homeowner’s insurance policy lapse, Travelers may be a good option. Unlike other property insurance providers, they don’t require prior coverage on your home to qualify. This is a rare feature in the industry.
To enhance your protection, you can personalize your Travelers homeowners insurance policy by selecting from various optional coverages mentioned below:
- Extended replacement cost: Increases your dwelling coverage limit by an additional percentage (usually 25% to 50%) in case your house is damaged or destroyed and the cost to rebuild it exceeds your policy limit.
- Special personal property: This extends your policy’s personal property coverage to causes of damage or loss that aren’t covered under a standard policy, such as lost or misplaced items.
- Replacement cost of personal property: Covers the cost of replacing stolen or damaged personal belongings without deducting depreciation from your claim reimbursement.
- Scheduled personal property: Increases coverage limits on expensive valuables that often have per-item limits on a standard policy, such as jewelry, watches, electronics, or antiques.
- Jewelry and valuable items: Provides higher coverage limits and broadens protection for an entire category of valuable items, such as jewelry, silverware, firearms, and other property classes with relatively low sub-limits.
- Water backup: Covers the cost of repairs if your house is damaged due to water backing up and overflowing from your drain or a sewer line.
- Identity fraud: If your identity is used fraudulently, this provides up to $25,000 in coverage for legal expenses, lost wages, and other costs you incur while restoring your identity.
- Green home: This helps cover the additional cost of repairing or rebuilding your home with green materials if a covered peril damages your home.
- Umbrella Insurance: If you have a liability claim higher than your liability coverage limit, this kicks in to cover the rest of the costs. If you have assets valued at more than $500,000 (the maximum liability coverage limit on most home insurance policies), you’ll want to consider a personal umbrella policy.
- Flood Insurance: Travelers offers flood insurance through the National Flood Insurance Program (NFIP), the primary flood insurance provider in the U.S.
This category is important since being able to customize their coverage with these Travelers options gives added protection to homeowners facing potentially catastrophic property losses from hurricanes and other storms.
Benefits & Drawbacks
⇅- Green home coverage and discounts
- Offers short-term rental coverage
- No prior insurance on the home required ✓
- A limited number of available discounts
- Below average customer service ratings from J.D. Powers
- Higher than average rates ✘
Cheapest Homeowners Insurance In Myrtle Beach For Customizable Coverage
| Company | Annual Rate |
| Allstate | $966 |
| State Farm | $1,230 |
| Auto-Owners | $1,439 |
| Heritage | $3,310 |
| Travelers | $8,628 |
Best For Customer Service
Key Statistics
Why We Like Them
⇅Amica was founded in 1907 as an auto insurance company in Rhode Island and has become one of the country’s largest insurance companies by adding a variety of coverages in 48 states, including homeowners insurance.
According to J.D. Power, Amica has the highest customer service ratings of any standard insurance company. Amica also offers three different homeowners policies to choose from:
The Standard Choice policy for homeowners has various coverage options that include replacement cost for your home and personal belongings, water backup coverage, and extended protection for devices such as computers, tablets, and phones. However, additional premiums will be required for these options.
The Platinum Choice policy offers more choices and improved coverage for valuables and collectibles. The Platinum Choice policy is an HO-5 policy, which means that it covers your personal property for any peril except those expressly excluded in the policy.
Policyholders can also choose a dividend homeowners policy, where 20% of premiums paid are returned each year. However, these policies are only offered in some states, and return rates can vary.
Amica has built a solid reputation and a loyal following thanks to its dedication to customer service, which is why it ranked at the top with us in this category. When a hurricane or tropical storm strikes Myrtle Beach, homeowners appreciate knowing that Amica will be there if needed during a very challenging time.
Benefits & Drawbacks
⇅- Top-rated for customer service by J.D. Power
- Offers three different policy types ✓
- Only available from independent agents
- Not available in all states for relocating Myrtle Beach insureds ✘
The Cheapest Home Insurance In Myrtle Beach
Cheapest Overall
| Company | Annual Rate |
| Universal North America | $875 |
| Allstate | $966 |
| State Farm | $1,230 |
| Auto-Owners | $1,439 |
| Heritage | $3,310 |
| USAA | $4,137 |
The Cheapest Home Insurance For New Homes
| Company | Annual Rate |
| Allstate | $633 |
| State Farm | $922 |
| Auto-Owners | $1,178 |
| Heritage | $2,717 |
| Nationwide | $3,357 |
| USAA | $3,549 |
Cheapest For Extra Personal Property Coverage
| Company | Annual Rate |
| Allstate | $991 |
| State Farm | $1,267 |
| Heritage | $3,647 |
| USAA | $1,434 |
| Nationwide | $5,153 |
| Chubb | $5,748 |
How To Find The Best Home Insurance Company For You
Are you looking for the best home insurance company in Myrtle Beach? It may take some effort, but protecting your largest financial asset and all your possessions is vital for your family’s economic well-being. Follow these steps to find the best policy for you:
- Conduct online research on home insurers in Myrtle Beach and narrow your list to three carriers that make you feel comfortable.
- Determine the coverage limits you need, which may require the assistance of an agent.
- Obtain quotes for coverage from the three insurers.
- Make a decision based on coverage, customer reviews, financial strength, and rates.
- Complete your application for coverage.
Some companies allow you to complete the entire process online, while others may require you to speak with an agent.
Largest Home Insurance Companies In South Carolina
The home insurance companies with the largest market share in South Carolina are:
| Rank | Company | Market Share % |
| 1 | State Farm | 22.54 |
| 2 | Berkshire Hathaway | 13.73 |
| 3 | Allstate | 11.25 |
| 4 | Progressive | 10.04 |
| 5 | USAA | 9.63 |
Average Cost Of Home Insurance In Myrtle Beach, South Carolina
The average annual cost of home insurance in Myrtle Beach is $2,880, which is 85% higher than the state average. It is the third most expensive in the state, just behind Pawleys Island and Briarcliffe Acres.
How To Get An Online Home Insurance Quote In Myrtle Beach
To get an online home insurance quote, you can follow these five general steps:
- Visit insurance provider websites: Once you have a list of potential providers, visit their websites. Most insurance companies have online tools that allow you to obtain a quote directly from their website.
- Enter your information: Look for a section on the insurance provider’s website where you can request a home insurance quote. You will likely be asked to enter personal information such as your name, address, and contact details. Additionally, you’ll need to provide information about your home, such as its size, construction type, and security features.
- Select your deductible and coverage limits: Choose the deductible amount you’re comfortable with. A deductible is the amount you’ll have to pay out of pocket before the insurance coverage kicks in. You’ll also need to decide on coverage limits, which determine the maximum amount the insurance company will pay for different types of claims.
- Review and compare multiple quotes: Once you’ve provided all the necessary information, the insurance providers’ websites will generate a quote based on the details you provided. Take the time to review the quotes carefully, ensuring that they accurately reflect the coverage you need.
- Contact the insurance provider: If you’re satisfied with a particular quote and provider, you can contact them directly for more information or to purchase the policy.
Remember, online quotes are estimates based on the information you provide, and the final premium may vary after a thorough evaluation by the insurance company.
Factors That Impact The Cost Of Your Home Insurance In Myrtle Beach
Several factors can impact your home insurance rates in Myrtle Beach. Here are some key considerations:
- Location: The location of your home plays a significant role in determining your insurance rates. Myrtle Beach is prone to certain risks, such as hurricanes and flooding. Insurance companies consider the proximity to the coast, elevation, and flood zone classification when assessing the risk associated with your property.
- Construction and age of the home: The construction type, age, and condition of your home are important factors. Older homes may have outdated electrical systems or building materials that can impact rates. Newer homes with up-to-date safety features, such as fire alarms, sprinkler systems, and sturdy roofs, may be eligible for discounts.
- Claims history: Your claims history and the frequency of previous claims can impact your insurance rates. If you’ve made multiple claims in the past, it may increase your premiums as it suggests a higher risk of future claims.
- Home value and coverage limits: The value of your home and the coverage limits you choose will affect your insurance rates. Higher-value homes typically require more coverage, resulting in higher premiums.
- Deductible amount: The deductible is the amount you are responsible for paying out of pocket before your insurance coverage applies. Choosing a higher deductible can lower your premiums, but you’ll have to pay more in the event of a claim.
- Credit score: In some states, including South Carolina, insurance companies may consider your credit score when determining your rates. A lower credit score may lead to higher premiums.
It’s important to note that insurance rates can vary among different providers, so it’s advisable to shop around, compare quotes, and consider multiple factors before making a decision.
South Carolina Home Insurance Laws To Know
Here are a few key points about South Carolina home insurance laws:
No legal requirement: South Carolina law does not mandate homeowners to have home insurance. However, if you have a mortgage on your property, your lender may require you to carry homeowners insurance until the mortgage is paid off.
Right to a consumer guide: South Carolina law entitles homeowners to receive a consumer guide on homeowner’s insurance prepared by the South Carolina Department of Insurance. This guide provides information about insurance coverage, deductibles, claims handling, and other relevant details.
Hurricane and windstorm deductibles: due to the coastal location and the risk of hurricanes and windstorms, South Carolina allows insurance companies to offer separate deductibles for these perils. The deductible for hurricane or windstorm damage is typically a percentage of the home’s insured value, rather than a fixed dollar amount.
In The News
According to Island Packet News on May 18th, 2023, homeowner insurance rates in the Hilton Head area are skyrocketing, adding to the area’s cost of living increases and forcing buyers to make tough financial decisions. Meg O’Toole Herman, an agent with Hilton Head’s Goosehead Insurance, said rates are increasing anywhere from 20% to 70%. William Voelkel, at Hilton Head Insurance and Brokerage, said that the rates are worse along the coastline and get better the further inland homes are.
Information About Myrtle Beach
Myrtle Beach, South Carolina, is a popular coastal city known for its beautiful beaches, vibrant entertainment scene, and numerous golf courses. It attracts tourists with its warm climate, family-friendly attractions like amusement parks and water parks, and a wide range of dining and shopping options.
Myrtle Beach is also home to the iconic Myrtle Beach Boardwalk, which offers scenic oceanfront views, live entertainment, and a lively atmosphere for visitors to enjoy.
Home Insurance Discounts In Myrtle Beach
Here are five common home insurance discounts available in Myrtle Beach:
- Multi-policy discount: Many insurance companies offer a discount if you bundle your home insurance with another policy, such as auto insurance, with the same provider.
- Security system discount: Installing security systems, such as burglar alarms, smoke detectors, or surveillance cameras, can often lead to a discount on your home insurance premium.
- Hurricane-resistant features discount: If your home has hurricane-resistant features, such as impact-resistant windows or a reinforced roof, you may be eligible for a discount due to the reduced risk of damage from hurricanes.
- Claims-free discount: Insurance companies may offer a discount to homeowners who haven’t filed any claims over a specified period, as it indicates a lower risk.
- New home discount: Some insurance providers offer discounts for newer homes, as they typically have updated electrical, plumbing, and structural systems, reducing the likelihood of claims related to these components.
Remember, the availability of these discounts and the specific criteria for qualification may vary depending on the insurance company and policy.
Looking For Homeowners Insurance In Other Cities In South Carolina?
FAQs
How much is homeowners insurance in Myrtle Beach?
We found that homeowners insurance for new homes ranges from $631 to $2,707 per month, depending on the insurer. This confirms how much money can be saved by shopping for home insurance through InsuranceWise.
Why is homeowners insurance so expensive in Myrtle Beach?
Home insurance is expensive in Myrtle Beach primarily because of its proximity to the Atlantic Coast, which places it in the path of hurricanes and other destructive storms.
Who is the largest home insurer in Myrtle Beach?
State Farm has the largest market share of home insurance carriers in Myrtle Beach (22.54%).
