On average, your neighbors pay $89 a month.See Your Rates
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.
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 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|
|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.
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.
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.
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:
|Rank||Company||Financial Rating||Market Share|
|2||NC Farm Bureau Mutual Insurance||A||12.8%|
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.
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:
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.
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.
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:
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.
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.
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.
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.
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.
You may still have coverage after some events like these. It’s a good idea to speak with your agent about particular losses.
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