The Cost of Home Insurance on Hilton Head Island

How much does home insurance cost on Hilton Head Island?

I get this question weekly from prospective clients. Home Insurance rates for these islands are based on several factors including age of home, roof age, and distance from the ocean, just to name a few. We now have over fifty companies to quote home insurance and have hundreds of these homes insured. With proper guidance, we can obtain a reasonable premium for your primary, secondary, or rental home on Hilton Head Island. We are fortunate to have homes of all varieties, ages, and usage insured on Hilton Head Island.

The homes (overall) with the highest rates per coverage amount, are usually the homes built in late 80’s or early 90’s with the original roof. Companies, now more than ever, are basing a higher percentage of the rate on the age of the roof. Most companies will not even consider insuring a home if the roof age is over 15-25 years. For the homes that have roofs 20+ years old, the number of available companies is reduced from 50+ to less than five. With not as many available companies competing for your business, the rates tend to increase.

To use an example of two homes we recently insured on Hilton Head Island: a home built in 1985 with a nine-year-old roof was approximately $1,200 less than a house built in 1999 with an original roof. Although the age of the home was more on the first house, the premium was much less based on the age of the roof.

Another key factor is the usage (primary, secondary, rental) of the home. We have found secondary and rental homes are usually lower in premium due to the personal property coverage amount. For primary homes, most homeowners want, and need, high personal property limits. For secondary homeowners insurance, the amount of personal property is usually a fraction of a primary homeowners policy. When reducing the personal property levels by tens or hundreds of thousands of dollars, the premium can be reduced $500-$2,500 per year. We build policies to match your needs, not the general public’s needs.

 

Examples

As you can see, the roof age and usage are two of many factors than can affect the annual premium. However, below are a few recent examples on Hilton Head Island and surrounding areas that we have insured to give you a better estimate:

House #1:
Year Built: 2002
Roof Age: Original
Replacement Cost: $440,000
Usage: Secondary
Annual Premium: $2,132

House #2:
Year Built: 1997
Roof Age: 2018
Replacement Cost: $500,000
Usage: Primary
Annual Premium: $2,546

House #3:
Year Built: 2017
Roof Age: Original
Replacement Cost: $950,000
Usage: Secondary
Annual Premium: $3,480

All of our policies include Wind/Hurricane coverage (There is no need to have a separate wind/hail policy in South Carolina). In addition, all three came to our agency after saving an average of $2,200 per year at other agencies. We don’t have a secret sauce that makes our premiums less. What we do have are 50+ companies competing for your business. We always give you the best policy with the best premium and treat you like we would want to be treated. That’s why it’s important to always provide you with the best policy for your needs, at the best rate available.

Give us a call at 843-737-6236 and let us see what we can save you on your home insurance on Hilton Head Island.

Matt Turbeville
Partner

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