Greenville, South Carolina, has a homeownership rate of 68.2%, with a median home value of $197,400. With a higher homeownership rate, the need for the best cheap homeowners insurance in Greenville is strong. Fortunately, Greenville has plenty of home insurance companies, with the city’s average premium being $984 per year for $250,000 of dwelling coverage.
To help find the best, Bankrate reviewed various points among national and local carriers. From customer service to financial ratings, you have a range of choices when it comes to finding the best homeowners insurance in Greenville. Bankrate found the best cheap home insurers in Greenville to be USAA, Allstate, ASI Progressive, Auto-Owners and Travelers.
Best cheap home insurance companies in Greenville
USAA, Allstate, ASI Progressive, Auto-Owners and Travelers offer numerous benefits for homeowners in Greenville, making them some of the best options to consider. Bankrate reviewed the average rates, financial strength ratings and customer satisfaction scores from the 2021 J.D. Power U.S. Homeowners Insurance Study to determine which carriers are among the best and most competitive options. These factors, including quoted annual premiums, coverages, discounts and customer satisfaction, are also used to calculate the Bankrate Score. This Score is out of five possible points and can help you find the company that meets the criteria most important to you.
|Home insurance company||Bankrate Score||Average annual premium for $250K dwelling coverage||J.D. Power score|
*Not officially ranked with J.D. Power due to eligibility restrictions
USAA offers insurance products for current military members and veterans. While the eligibility requirements are restricted to present and past military members and their eligible immediate families, those who qualify may save generously on their homeowners insurance. There are multiple discounts available, including bundling, to help you save hundreds each year. Standard coverage types are available, but specialty coverages such as earthquake protection are also available to round out your policy.
Learn more: USAA Insurance review
Allstate provides competitive rates and high customer satisfaction ratings for homeowners in Greenville, but the optional coverage types are extensive. If you are looking for options such as identity theft restoration, select personal property coverage (for high-value items), business property and yard and garden protection, Allstate provides these options. The insurer is also backed by an A+ (Superior) financial strength rating from AM Best. However, although Allstate ranked above average in the Home Insurance Study, it ranked just below average in the 2022 J.D. Power Property Claims Satisfaction Study.
Learn more: Allstate Insurance review
ASI Progressive offers home policies underwritten by ASI, with the opportunity to receive bundling discounts with a Progressive auto policy. While the customer satisfaction ratings were the lowest among these providers, ASI maintains an A (Excellent) rating with AM Best for financial strength. Standard coverage types are offered and if you need to purchase flood insurance, ASI offers a separate policy.
Learn more: Progressive Insurance review
Auto-Owners offers insurance in 26 states, including South Carolina. It scores high in the 2021 J.D. Power Home Insurance Study, and earns an A++ (Superior) rating with AM Best. However, Auto-Owners was not rated in the Property Claims Satisfaction Study. In addition to the standard dwelling coverage and liability, you’ll find a wide range of specialty coverage options too. You can purchase equipment coverage, identity theft protection and coverage for water backup.
Learn more: Auto-Owners Insurance review
Travelers offers Greenville homeowners several ways to personalize their home insurance coverage. You can add coverage for special personal property, jewelry and valuables, identity fraud, water backup and green home materials. Although you have the option to round out your coverage, Travelers has few discounts to apply and ranked below average in both J.D. Power home insurance studies.
Learn more: Travelers Insurance review
Home insurance considerations in Greenville
Homeowners insurance in South Carolina is not legally required by the state, but your lender usually requires it. Not obtaining the right coverage for your home might leave you vulnerable to financial harm if you are in a situation where you need to rebuild or repair damage to your home. Below are a few coverage options worth considering:
- Flood insurance: Greenville poses a moderate flood risk in some areas, so flood insurance may offer additional financial protection for repairing your home after sustaining flood damage.
- Backup of sewers and drains: This supplemental coverage pays if water backs up through your sewer or drains, or if your sump pump stops working and floods your lower level.
- Liability insurance: This provides financial protection if someone is hurt or injured on your property or if you accidentally cause damage to someone else’s home.
- Extended replacement: This optional add-on extends dwelling coverage above your Coverage A amount to offer a more robust payout if your home is destroyed or damaged. The extended payout amount is specified as a percentage, such as 125% or 150% of the stated dwelling coverage in your policy.
Home insurance discounts in Greenville
If you are on a mission to find cheap homeowners insurance quotes in Greenville, one strategy should be to take advantage of as many discounts as possible. While Greenville residents may pay less compared to other locations in South Carolina, there is no reason to overpay on your policy.
- Policy bundling: This discount offers savings when you insure multiple policies with the same insurance company.
- Claims-free discount: This discount may apply to applicants who have not made a claim on their policy within the last three to five years. If you are a previous homeowner or condo owner, ask your carrier about a claims-free discount.
- Home alarm discount: Insurers may have this discount available if you have installed security systems in your home.
- Loyalty discount: Some insurers offer a loyalty discount, which may reward you if you have been with the same carrier for several years.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.