Fewer than half (44%) of the residents of Wilmington own their home, and home insurance is an important consideration for this group. Wilmington residents pay $2,096 annually for $250,000 of dwelling coverage. This is more than the North Carolina average.
Fortunately, there are ways to seek out cheap home insurance in Wilmington without sacrificing coverage. Bankrate can help you find the right policy for your budget and needs, so that your home is protected from any potential damage.
Wilmington’s best home insurance company
Our insurance editorial team reviewed the average premiums of Quadrant Information Services, Wilmington’s largest insurance company by market share, before searching for cheap home insurance in Wilmington. We also considered coverages, discounts, and third-party rankings.
You might consider these companies if you are looking for homeowners insurance in Wilmington.
Travelers
Wilmington residents looking for multiple coverage options may find Travelers a good choice. The average premium for the company is lower than that of Wilmington. These savings can be used to purchase optional coverages like contents replacement cost or personal articles floater. Travelers offers discounts for new and green home buyers, as well as savings on existing customers.
Kemper
Kemper’s average rate of premium is lower than the average cost in Wilmington, which makes it possible to get quality and affordable coverage. Homeowners of the city’s luxury home communities such as Figure Eight Island and Porters Neck may be particularly attracted to Kemper’s blanket property limit, which combines the coverage limits for your property coverages into one lump sum, allowing greater flexibility when settling claims.
Erie
Erie, a Pennsylvania-based regional company, is the headquarters of Erie. Erie’s average premium is more than Wilmington’s, but this could be due to the many optional coverages Erie offers to allow policyholders to tailor their coverage to suit their needs. Service line protection could be an option that can help cover the cost of repairing damage to underground utilities on your property. Water backup and identity recovery are two additional optional coverages.
All over the country
Although Nationwide has the most expensive premium, it could offer better coverage. You can add unique options like Better Roof Replacement, which will pay to repair or replace your damaged or destroyed roof with stronger, safer materials after a covered claim. There are many ways to save. Your premium could be reduced by buying a home that is new, having previous insurance, or living in a gated community.
Options for home insurance in Wilmington
Although homeowner’s insurance is not required in Wilmington and the state of North Carolina it may be mandatory if you have a mortgage. Even if your home is not owned, it’s worth considering home insurance. The cost of replacing or repairing your home after a disaster is covered by home insurance is very affordable. You might consider the following coverages to complete your standard home insurance policy:
- Scheduled personal property: These items, which are rare or collectible and often too valuable for household possessions, are best insure on their own insurance riders. Fine jewelry, art, and wine collections such as art and fine jewelry should each have their own personal property rider. This will specifically list the items’ value.
- Flood insurance: A standard home insurance policy does not cover flood damage. While a few companies offer flood endorsements, you will generally need to purchase a separate flood insurance policy to get this coverage. Because of Wilmington’s location near the ocean and Cape Fear rivers, flooding is a possibility in many parts.
- Homeowners insurance with business property coverage: Startup founders and homeowners who work remotely might want to insure their computers and business equipment.
Each company has its own set of optional coverages. A licensed insurance professional can help you select the right coverage for your needs.
Wilmington Home Insurance Discounts
Wilmington residents might want to look into the discounts offered by a company when searching for affordable home insurance. Taking advantage of as many discounts as possible could lower the cost of your home insurance. These are some of the most common discounts found in Wilmington:
- Bundling: A typical Wilmington household has at least two vehicles. Some homeowners may also have boats or personal watercraft that they use to explore the beautiful coast. Combining multiple insurance policies with the same company can often result in a discount for each policy.
- Recent home renovations: You might be able to save money on your home insurance if you have recently renovated your home. Many companies offer discounts on new roofing, plumbing, or HVAC systems.
- For new homeowners, this discount may be able to help you save money on your home-related costs. If you bought your home within the last 12 month, you may qualify for a home insurance discount.
- Protective devices: These devices are designed to deter intruders, warn guests and you of danger situations, and reduce the chance of fires. Home insurance can be reduced by installing a security system, fire alarm, or automatic sprinklers.
Bundling discounts can have the biggest impact on your premium. However, it is worth looking for companies that offer multiple discounts that you are eligible for to help you get the coverage that you need.
Questions frequently asked
Which Wilmington insurance company is best?
There are many options available to Wilmington residents for home insurance coverage. However, there is no one company that is the best. Finding the best home insurance for you often starts with you understanding what you need and want from your policy and comparing several quotes from different companies.
What is the cost of home insurance in Wilmington, N.C.
Wilmington homeowners pay $2,096 annually for $250,000 of dwelling coverage. This is more than the $1,295 North Carolina average rate and the $1,312 national average.
Do I need flood insurance for Wilmington?
You might. Flood insurance is required by lenders if you are in a flood area and have a mortgage. Flood damage is not covered by standard home insurance policies. Having flood insurance can be beneficial in coastal cities like Wilmington.
