State Farm offers the cheapest rates for home insurance in Charlotte, North Carolina, with an average rate of $730 a year. North Carolina Farm Bureau has the next-cheapest rates at $1,115 a year.
North Carolina suffers from natural disasters such as hurricanes, tornadoes and flooding. This can affect your home insurance rate. In spite of that, Charlotte residents can expect to pay relatively average rates for their home insurance.
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Average home insurance rates in Charlotte
The average cost of home insurance in Charlotte is $1,648 a year. This is $1,000 lower than the statewide average of $2,597 a year.
Insurance companies look at a number of factors when determining your rate. Factors can include:
- The age and construction style of your home
- The location of your home
- The cost of rebuilding your home
- Your claim history
Insurance companies weigh factors differently, so you may get a lower rate with one company than you do with others. There are also ways to lower your home insurance premium, such as choosing a higher deductible. The table below shows how your premium can change based on the deductible you choose.
| Deductible | Average annual premium |
|---|---|
| $500 | $1,822 |
| $1,000 | $1,648 |
| $1,500 | $1,532 |
| $2,000 | $1,443 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Your premiums are also affected by the amount of dwelling coverage you need. Your dwelling coverage amount is the cost of rebuilding your house. The table below shows premiums for different dwelling coverage amounts ranging from $200,000 to $500,000.
| Dwelling coverage amount | Average annual premium |
|---|---|
| $200,000 | $1,311 |
| $275,000 | $1,648 |
| $350,000 | $1,950 |
| $425,000 | $2,288 |
| $500,000 | $2,618 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Cheapest home insurance companies in Charlotte
Our analysis of home insurance quotes from Charlotte's biggest home insurance companies shows that State Farm has the cheapest average rate at $730 a year.
| Company | Average annual premium |
|---|---|
| Allstate | $1,510 |
| Erie | $1,945 |
| Nationwide | $1,889 |
| North Carolina Farm Bureau | $1,115 |
| Travelers | $1,174 |
| State Farm | $730 |
| UPC Insurance | $2,467 |
| USAA | $2,356 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Charlotte's best home insurance companies
We found State Farm and Travelers to be the best home insurance providers currently operating in Charlotte, North Carolina. Here's why:
State Farm: Best for cheap rates
State Farm's average home insurance in Charlotte is $61 a month. State Farm also offers some great discounts, which includes:
- Multi-policy discount: Bundling your home insurance with State Farm can help you save up to $1,127 on your auto and home insurance policies.
- Home security discount: You can be eligible for a discount if you have fire, smoke or burglar alarms, or any other eligible protective device in your home.
Along with cheap rates, State Farm has a great customer satisfaction rating of 829 out of 1,000 in J.D. Power's 2022 Home Insurance Study. This is 10 points higher than the average rating in the study.
Travelers: Best for green homes
Travelers' has the third-cheapest average rate of $1,174 in Charlotte. Travelers also has great coverage if you have an eco-friendly house or are planning to go green. These benefits include:
- Green coverage: Travelers provides additional protection that will help cover the costs of green materials if they need to be repaired, replaced or rebuilt after a covered loss occurs.
- Green discount: Travelers provides savings of up to 5% if your home has a "green home" certification by the Leadership Energy and Environmental Design organization.
Flood insurance in Charlotte
North Carolina has the ninth-most flood claims in the U.S., according to the Federal Emergency Management Agency (FEMA). According to RiskFactor, there are currently 15,308 properties at risk of flooding in Charlotte. A standard home insurance policy does not cover floods, but you can purchase flood insurance separately through FEMA's National Flood Insurance Program or you can purchase flood insurance through independent providers.
On average, flood insurance in North Carolina through FEMA costs $710 a year, or $59 a month. If you live in a high-risk flood zone and have a mortgage, lenders may require you to get flood insurance. If you're not sure of your home's flood risk, or the flood risk of a home you want to buy, you can find it online. Just visit the Flood Map Service Center on the FEMA website.
Methodology
We collected quotes from every ZIP code in all 50 states. The following coverages were used:
- $275,000 dwelling coverage (unless otherwise noted)
- $27,500 other structures
- $137,500 personal property
- $55,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible (unless otherwise noted)
Sources:
Home insurance by city
- Charlotte
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