SCDOI Approves Rate Drop on Credit Property Insurance

South Carolina’s insurance director has given final approval to a rate cut on credit property insurance, the coverage that lenders take out on personal property used as collateral.

The 2026 rate for household goods – single interest coverage – will hold at the 2025 level and other rates will drop 10%, Director Michael Wise said in a bulletin Wednesday.

The 2026 rates, as a percentage of the loan for the product, are:

• Automobile, fire and theft – single interest: 0.45%
• Automobile collision – single interest: 1.67%
• Household goods – single interest: 5.81%
• Household goods – dual interest: 0.50%

No one requested a hearing after the proposed rates were announced in August, the bulletin noted. Read more about the rate change here.