Claire Smith Last Updated On: August 23, 2023

Need Home Insurance in North Carolina? Read This First

Each of America’s unique states has distinct costs and concerns for homeowners insurance.  North Carolina, of course, is no exception.

Unlike other types of insurance policies (such as automobile insurance), homeowners insurance is not bound by state legislation. This means that the conditions for homeowners policies are consistent across the country.

But your home state does affect your homeowners insurance policy. Location is a variable that insurers consider when crafting a plan for each policyholder. Location affects:

  • The cost of your insurance policy
  • Value of your home 
  • Which natural disasters your home is vulnerable to 
  • Which insurance providers are available to you

While homeowners insurance functions the same throughout the country, these factors indicate why it’s important to view homeowners insurance through a North Carolina-specific lens.

We’ll go through everything you should know about shopping for home insurance in North Carolina, from coverage to quotes and everything in between. Keep reading. 

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Table of Contents

Average Cost of Homeowners Insurance in North Carolina

It’s no secret that money is always the number one concern when purchasing homeowners insurance. And it makes total sense. On top of paying for homeowners insurance, owning a home comes with all kinds of additional expenses that can strain the budget. 

Well, good news! North Carolina actually has less expensive homeowners insurance on average compared to the rest of the country. 

  • The national average cost of home insurance is $117 per month ($1,406 per year)
  • North Carolina’s average home insurance cost is $97 per month ($1,166 per year) 

This means that finding affordable homeowners insurance in North Carolina is easier than you might have thought, but we’ll still cover ways to save on home insurance in NC because who doesn’t love saving money?

How to Save Money on Homeowners Insurance

Just because North Carolina has some of the cheapest homeowners insurance in the country, doesn’t mean you’ve automatically hit the jackpot. You still have to be careful that you select a quality policy and are paying a reasonable price.

Here’s some of our tips for saving money on homeowners insurance in North Carolina:

  • Compare quotes from several different insurance providers to make sure you’re getting the best rate possible.
  • Reevaluate coverage every few years to ensure you are still on the best policy and aren’t paying for coverage you don’t need.
  • Bundle homeowners policy with your automobile policy.
  • Inquire about other discounts such as veterans or alumni.
  • Update the safety features of your home, such as a burglar alarm, smoke detector, sprinkler system, and more.
  • Maintain your home to avoid damage caused by neglect and wear and tear.

Your home is your biggest asset, so skimping on coverage to save on costs doesn’t make sense. You could end up paying more in the long run should a claim not be covered. These tips to save on your home insurance costs can save you money so that you can get the coverage you need and protect your investment.

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Price Factors for North Carolina Home Insurance

It’s also crucial to understand how homeowners insurance policies are priced in order to find the best homeowners insurance in North Carolina.

The price of homeowners insurance will mostly depend on dwelling coverage: 

  • Dwelling coverage refers to the amount you are able to claim as part of your home’s physical structure.
  • Dwelling coverage should be determined based on the value of your home, and what you can afford to pay in premiums.
    • $100,000 of dwelling coverage will cost on average $706 per year
    • $200,000 of dwelling coverage will cost on average $1,166 per year
    • $250,000 of dwelling coverage will cost on average $1,430 per year
    • $400,000 of dwelling coverage will cost on average $2,071 per year

The price of homeowners insurance will also depend on the deductible:

  • The deductible is the amount of money that the homeowner must contribute to a covered loss in order to have a claim paid.
  • Deductibles should never exceed what you can reasonably afford to pay in the event of an emergency. 
    • A deductible of $500 will cost on average $1,633 per year
    • A deductible of $1,000 will cost on average $1,430 per year
    • A deductible of $1,500 will cost on average $1,330 per year
    • A deductible of $2,000 will cost on average $1,124 per year
    • A deductible of $5,000 will cost on average $9,76 per year

Your home insurance cost can also depend on the value of your personal property. When shopping for home insurance, it’s worthwhile to do a quick inventory of your belongings, including clothing, jewelry, electronics, collectibles, and more, to ensure you’re getting enough coverage to replace them should anything happen and also to ensure you’re not overpaying for coverage you don’t need.

Cheapest Home Insurance in North Carolina by Provider

Insurance providers offer different rates, which is why we always recommend that you compare insurance quotes before choosing any kind of insurance policy. You need to understand all of your options first in order to make an informed decision. 

The insurance companies that offer the cheapest homeowners insurance rates in North Carolina are:

  • Safeco
  • North Carolina Farm Bureau 
  • Liberty Mutual
  • Statefarm
  • Nationwide 

Keep in mind that simply selecting one of these companies is not enough to ensure you are getting the best possible home insurance in North Carolina. You must also consider the quality of your policy, as well as the customer service offered by each.

And remember that prices are always fluctuating, so don’t get too comfortable in any one policy or company. It’s worth reevaluating your policy each year before renewal to ensure you’re still getting the best value for your buck.

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The Best Locations for Homeowners Insurance in North Carolina

While each of the 50 states has different price ranges for homeowners insurance, so do the counties within each of those states.

Different cities incur different risks that affect the price of a standard homeowners insurance policy. Providers weigh everything from crime rates in your neighborhood to location of the nearest fire station

The cheapest home insurance North Carolina has to offer can be found in these counties:

  • Alexander
  • Charlotte
  • Durham
  • Greensboro
  • Raleigh
  • Winston-Salem

If you’re looking to buy a home in North Carolina, but aren’t set on a particular location, it would be wise to consider these areas.

Hurricane and Flood Insurance in North Carolina

The point of having homeowners insurance is so that you’re not on the hook when the worst happens to your home. The standard covered perils are generally the same throughout the United States.

However, hurricane and flooding coverage are not included as covered perils on most standard homeowners insurance plans. And if you live in an area prone to these hazards, you’re going to pay extra to include them in your policy.

Do not make the mistake of assuming that you have hurricane and flood coverage on your homeowners insurance already. These hazards can quickly spiral out of control when it comes to damage and repair costs, so you don’t want any unfortunate surprises should something happen.

Hurricanes and/or flooding is a significant risk in North Carolina due to its location near the coast. And the impending climate crisis has unfortunately enhanced these risks of natural disasters across the world.

North Carolina residents should strongly consider purchasing additional coverage for hurricane and flood damage. A couple things to note when shopping for this coverage:

  • Hurricane coverage can be added to a standard homeowners insurance policy 
  • Flood insurance is a separate policy to be purchased on its own 

If you’re not sure whether or not you need this added coverage, speak to an insurance agent today for guidance.

Finding a Homeowners Insurance Quote in North Carolina

Your home deserves protection. After all, it shelters you from everything from inclement weather to the outside world, so it deserves great home insurance. Although North Carolina can experience extreme weather, it actually has quite affordable home insurance, which is great news for residents. 

Go ahead and get access to free quotes here to see exactly what you’ll need to pay for home insurance to protect your biggest investment. After all, the saying is “happy home, happy life”, right?

We’ve got you covered!

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