Best Home Insurance Rates In North Carolina

On average, your neighbors pay $89 a month.

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North Carolina is the birthplace of John Coltrane, Nina Simone, President Andrew Jackson, Clay Aiken, James Taylor, Dale Earnhardt, Jr. and more. The Tar Heel State is home to two of the ten fastest-growing cities in the country, Raleigh, and Charlotte. However, the state where the Wright Brothers flew the first airplane is home to a number of homeowners insurance hazards as well.

Average North Carolina Homeowners Insurance Rates

How much is home insurance in North Carolina? Homeowners insurance premiums in North Carolina are slightly lower than the rest of the country. The average cost of homeowners insurance in the state of North Carolina was $1,075. That's not much lower than the national average of $1,173. There are 25 states with higher average home insurance rates than North Carolina.

North Carolina (NC) Average Annual Homeowners Insurance Rates
  2013 2014 2015
North Carolina Annual Average $1,008 $1,056 $1,075
North Carolina Price Per Month $84 $88 $89
US Annual Average $1,096 $1,132 $1,1734
US Cost Per Month $91 $94 $97
National Rank 23 23 26
Source: Facts + Statistics: Homeowners insurance

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.

North Carolina average homeowners insurance rates

Choosing a homeowners insurance company in North Carolina should be easier. Actually, it’s already easy. The key to finding the best rates is to get a homeowners insurance quotes comparison in North Carolina from multiple companies.

Most Popular North Carolina Home Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of North Carolina. Out of the 24,282 North Carolina homeowners that used QuoteWizard to request insurance quotes last year, 1,574 had no home insurance.

  1. Nationwide
  2. Allstate
  3. Geico
  4. Liberty Mutual
  5. Progressive
  6. Farmers
  7. USAA
  8. Erie
  9. MetLife
  10. AAA
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Best Homeowners Insurance Companies in North Carolina

The above list shows North Carolina’s most popular home insurers according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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North Carolina Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Nationwide Mutual A+ 13.3%
2 NC Farm Bureau Mutual Insurance A 12.8%
3 Allstate A+ 7.5%
4 USAA Insurance A++ 6.5%
5 Erie Insurance A+ 5.1%
6 Liberty Mutual A 4.7%
7 Travelers Companies A+ 3.4%
8 Auto-Owners Insurance A++ 2.8%
9 Farmers Insurance A+ 2.3%
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North Carolina Home Insurance Rate Factors

When your insurer calculates your homeowners premium, they take many factors into consideration.  Some of them will relate to you and the condition of your home. Others are regional like weather and crime rates.

Your Personal Rate Factors

Your House

How much does homeowners insurance in North Carolina cost? Start by looking at how the house itself. The materials used, the house style, size, and finish are all part of figuring out the policy rate. Other points to consider are:

Your home’s age

It probably won’t surprise you to find out that the older your house, the more your rates go up. As a house ages, the odds of needing to file a claim increase. These odds increase even more if the house hasn’t been maintained. 15.6 percent of houses in North Carolina were built between 1970 and 1979. The second highest tier is houses built in 1939 or earlier. The second group will likely face higher premiums.

Roof age and quality

Is your roof weatherproof? Extreme weather brings all sorts of hazards that can damage your home. Having a good condition roof is crucial. Both metal roofing and cement tiling have become very popular. Snow isn’t able to gain real traction on metal roofing. A lot of it will slide off before it can do any damage.

Cement does a fantastic job of preventing damage as well. It’s highly water resistant, so it will take many years before rain or snow could start to crack the tiling. Also, the heavy tiling makes it perfect for standing up to heavy winds. Your premium cost will depend on how capable your roof is of fending off bad weather.

Whatever type of roof you have, make sure it’s relatively new and well maintained. Houses with old, dilapidated roofs have significantly higher rates.

Replacement cost

Dwelling/structure coverage is the pillar of a home insurance policy. You should buy enough structure coverage to match your home’s replacement cost. That’s the dollar amount it would take to rebuild your house.  To estimate replacement cost of your home, multiply your home’s square footage by average per square foot construction cost in your area.

It’s important to know that replacement cost and home value are two different things. Replacement cost doesn’t necessarily reflect market value. A $240,000 house in Boone could cost less to replace than a $130,000 house in Greensboro.

Replacement cost is based on three main factors:

  • General size, structure, and style
  • Exterior features and finishes
  • Interior features and finishes

Claims History

Filing a homeowners claim will normally result in your rates increasing. A claim will normally stay on your record for five to seven years before coming off. Should you file another claim within that time frame, you will be facing an even higher increase.  Think about it before filing a claim. Sometimes it can be more worthwhile to pay out of pocket.

Pets

According to statistics from the AVMA, 40.3% of North Carolina homes own a dog. If you’re a dog owner, be aware that insurers sometimes consider certain breeds high-risk. Owning one of these breeds can reflect on your policy rates. Exotic pet breeds can hurt your rates in a similar way.

Credit Score

Insurers will look at your credit score, limits, and history as factors for your policy rate. If you have bad credit, you’re going to pay more for home insurance. The average credit score in North Carolina is 679. This is just barely below the national average of 682.

North Carolina Rate Factors

Weather

If you live somewhere with dangerous weather, odds are it will raise your premiums. Unfortunately, North Carolina is one of the most disaster-prone states in the country.

Like many states along the east coast, North Carolina requires a hurricane deductible as part of any homeowners policy. Two of the 11 most hurricane-prone counties in the country are in North Carolina. The majority of NC homeowners have a one percent deductible. For example, if you insure your home for $300,000, you need to pay the first $3,000 before insurance kicks in.

Keep in mind that the hurricane deductible only goes into effect if the home damage occurs due to a storm officially named by the National Weather Service. Different states with hurricane deductibles may have further criteria for a deductible trigger on top of that. Check with your insurer to find out what they are.

If you are not able to find affordable homeowner’s insurance, check with the North Carolina Joint Underwriting Association. They can help you get coverage that fits your pocketbook.

Property Crime

Having a home in an area with a history of theft or vandalism can affect your rates much in the same way weather can. Your rates can be higher than other parts of NC with less crime, even if you’ve never had a break-in.  The property crime rate in Raleigh is 31.89 per 1,000 people. Asheville’s property crime rate is 49.10. You’ll see higher rates in Asheville due to this.

Types of Home Insurance Policies

  • HO-1: This is a very basic policy. It covers named perils like lightning, hail, and theft.
  • HO-2: This broad form policy covers the same ground as the HO-1 but also includes perils like water overflow, frozen or burst pipes, and damage from artificial electric current.
  • HO-3: This the most common type of home policy. It covers your home as well as attached structures like decks or garages. Furthermore, it covers liability and possession coverage.
  • HO-5: This premium plan covers more risks than other forms. It is an open-peril policy all risks except for those specifically excluded. These often include:
  • Water damage
  • Neglect
  • Mold
  • Rust
  • Earthquake

You may still have coverage after some events like these. It’s a good idea to speak with your agent about particular losses.

  • HO-6: This provides coverage for condo owns for liability and possessions.
  • HO-7: This type provides HO-3 levels of coverage for mobile and manufactured homes.
  • HO-8: Much older homes such as historic or landmark houses can have this policy type. It provides coverage for homes where the replacement cost may be higher due to antiquated materials or construction methods used. It insures the house based on the amount required to repair or replace using current materials and means

North Carolina Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Mike Causey
Insurance Hotline:
(855) 408 – 1212
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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