Compare Homeowners Insurance in Charlotte
Looking for homeowners insurance in Charlotte, North Carolina? We can help you find the best rates to insure your Charlotte home.
One factor that should concern homeowners in North Carolina is the ‘consent to rate.’ The North Carolina Rate Bureau sets the maximum insurance rates in the state. But many insurers send consent to rate letters asking homeowners to pay higher rates or cancel coverage. You may end up paying more for insurance than the state government thinks you should.
On top of that, North Carolina suffers from natural disasters. The most common disasters in the state include hurricanes, tornadoes, and flooding. In spite of that, Charlotte residents can expect to pay relatively average rates for their home insurance.
Average Charlotte Home Insurance Rates
How much is home insurance in Charlotte? Using data from almost 1,300 QuoteWizard users in Charlotte, we created this 'average' sample home:
- 2,245 square foot home built in 1993
- 3 bedrooms and 2.5 bathrooms
- Two stories
- Composite shingle roof
- Deadbolt locks
- Fire extinguishers
Using this sample home, we got several quotes for homeowners’ insurance from the top insurers in Charlotte. These sample rates reflect standard coverage on an average Charlotte home. Remember, your home insurance rates are unique to you, your coverage, and your home. Below are the average rates for a homeowners insurance rates in Charlotte:
$83.08 /mo. $997.00 annually
The graph below shows the change in average North Carolina home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, North Carolina homeowners insurance rates increased from $869 in 2011 to $1,075 in 2015, a jump of $206 dollars, or 23.71 percent.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Charlotte, North Carolina.
Last year, many people used QuoteWizard to compare home insurance quotes in Charlotte, NC from multiple companies.
Best Homeowners Insurance Companies in Charlotte, NC
Most Popular Insurance Companies
According to our users, these are the most popular insurance companies in Charlotte:
- State Farm
- Liberty Mutual
- 21st Century
Best Homeowners Insurance Companies
The above list shows Charlotte’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the best home insurance companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Charlotte Home Insurance Rate Factors
Many factors affect your homeowners insurance premium. Some of these factors are out of your control. But knowing how your premium is priced can help you save money. These are the most common factors used to decide your Charlotte home insurance rates:
- Your home's age: It’s no secret that older homes usually cost more to insure. This is just a fact that come with aging homes. It’s especially true for homes that lacked routine maintenance and upkeep over the years. Our research shows that the average Charlotte home was built in 1993. This is relatively new for a house.
- Natural disasters: insurance companies charge more for houses in disaster prone areas. Many areas in North Carolina are a "very high risk" for damage from natural disasters. The most common are hurricanes, wildfires, flooding and tornadoes. Overall, North Carolina ranked fifth in the country for number of homes in disaster-risk areas. There are 2.3 million homes in ‘high risk’ areas in North Carolina. Even if Charlotte is relatively safe from disasters, insurance companies can raise rates across the state. That means that North Carolina’s bad weather is going to impact your Charlotte home insurance premium.
- Previous claims: A Comprehensive Loss Underwriting Exchange (CLUE) report lets insurers see your claims history. They can also inspect the claims history of your home. When you file claims, your rates raise. If you are filing more than one claim every ten years, your insurance agent may label you as a high-risk. Additionally, claims filed by your home’s previous owner can hurt your rates. That leads to higher rates and, in some cases, cancelled coverage.
- Proximity to emergency services: Living close to a fire station is essential. The closer you live to a fire station, the quicker first responders can reach you. This is taken into consideration when pricing your home insurance rates. Living near a fire station can be the difference between destruction of your home or minor damage. Luckily for Charlotte residents, the Charlotte fire department received a class 1 rating. A class 1 rating is the best rating a city can get for protection services. It’s good news for Charlotte homeowners.
- Home security and crime: A crucial factor in the price of your homeowners insurance is crime rates. Specifically, property crime. If you live in a city with a high crime rate, you can certainly expect to pay more for coverage. In the case of Charlotte, their city has a property crime rate of 52.8. That is considerably higher than the national average of 38.1. Crime rates vary by neighborhood, and insurers account for that.
- Credit history: Your credit is factored in when you buy your home. It’s also factored in to the price of your insurance rates. That’s right -- insurance companies rely on your credit score to gauge your financial reliability. Of 100 metropolitan cities in the US, Charlotte ranked 62nd for credit score rankings. The city’s average credit score is 660, which is not great. If you have bad credit, you should expect to pay more for home insurance.
- Coverage amounts: Your coverage amounts play a major role in the price of your home insurance rates. A standard insurance policy covers the essentials. That includes the structure, belongings, and liability. For most homeowners, a standard policy is enough. But some homeowners have unique homes or extra valuables. Naturally, these homeowners will need higher liability and additional coverage.
Types of Homeowners Insurance
These are the most common types of homeowners insurance:
- HO-1: Basic insurance that covers standard damages.
- HO-2: Broad homeowners insurance that covers everything in HO-1. Also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless excluded. Also covers unattached structures and liability.
- HO-4: Belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3 but with expanded coverage and less limitations for property claims. This is a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Like HO-3, but for old homes. It can be tailored to suit the unique needs of older homes.
8 Ways to Save Money on Homeowners Insurance in Charlotte
There are a variety of ways to lower your Charlotte home insurance premium. These are some of the most common methods:
- Redo your roof: In areas prone to natural disasters, your home's roof is the first layer of defense. Constant windstorms and torrential rains can wear away at your roof overtime. With the severe weather that North Carolina endures, redoing your roof is a smart move. Install a high-quality roof to protect your home from weather-related damage. If you install a new roof, insurance companies may reward you with better rates.
- Be a senior: Seniors get a lot of discounts. Home insurance is no exception. Seniors tend to spend more time at home than other age groups. That means they’re more likely to be home to spot a problem like an electrical fire or a burst pipe. Charlotte has seen growth in their population and that includes their senior population. In 2015, the county's senior population was about 20 percent, a four percent increase from 2000.
- Add technology: High-tech security systems and alarms can stop theft before it happens. Smoke and carbon monoxide detectors can stop fires or deadly leaks. Keeping your home’s security systems up to date is a smart move. Insurance companies lower rates for homeowners who take steps to protect their home.
- Shop around: It’s tempting to find a good insurance plan and stick with it for years. Buying insurance can be a bit of a pain. But the best way to save money on home insurance is shopping around. Even if you don’t switch, you can see if you're paying too much. Each insurer offers different rates and discounts. There’s a good chance you’re paying more than you need to. If you want to save money, compare quotes from several Charlotte home insurance companies.
- Renovate: Beyond new roofs and smart technology, certain home improvements help lower your premiums. Upgrading your wiring, plumbing, and heating make your home less at risk of electrical fires or plumbing accidents. Be aware that remodeling can increase your home's value, which can make your coverage levels inadequate.
- Avoid claims: This advice may seem silly, because what is insurance for if not to use it? We don’t mean not to file claims at all. But remember that filing a claim raises your rates. If you file several claims, your insurance company may cancel or refuse to renew your policy. Ask yourself if a claim is really necessary before filing it. Can you pay for it out of pocket? Is it relatively minor? There’s a lot to consider before filing a home insurance claim.
- Raise your deductible: A quick and easy way to lower your premium is by increasing your deductible. Your deductible is the out-of-pocket costs you must first pay before insurance covers damage to your home. When you raise your deductible, your insurance premium goes down. It’s that simple. Having a low premium is great, but it can lead to higher out-of-pocket costs when you file a claim. It’s a balancing act. That’s why you need to do your research when choosing your home insurance deductible.
- Bundle: A great way for Charlotte residents to save money is to buy more than one insurance policy from the same company. Bundling your home and auto insurance could lower your rate by 20 percent. Think of it as a bulk-buy.
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