Nearly 248,000 people call Winston-Salem home. It is located in Forsyth County, North Carolina. The best affordable homeowners insurance company is vital for Winston-Salem’s 53% homeowner population. For $250,000 of dwelling coverage, homeowners insurance costs $1,085 annually, which is significantly lower than the average of $13,312.
There are many options in terms of coverage for residents living in this city, including the discounts that they can get. There are many ways to save money while still getting maximum coverage for your home.
Winston-Salem’s best home insurance companies
There are many options available for homeowners’ insurance in Winston-Salem. Bankrate compared several carriers to find the best rates and highest customer satisfaction ratings. This was based on 2020 J.D. Power Home Insurance Study.
Kemper
Kemper offers a variety of insurance products to homeowners in the Winston-Salem region. Kemper offers homeowners insurance with a tied coverage. Kemper Prime Home Essentials policies include the basics of coverage, as well as the possibility to add coverages like Personal Property Replacement Cost and water backup.
The Essentials plan has the same coverages and options as the Enhanced plan. However, the Enhanced plan offers greater payouts for potential damages. The Prime plan offers even more coverage to maximize your coverage while minimizing the amount you have to pay out of pocket.
Travelers
The basic coverages that you would expect from a homeowners policy with Travelers include dwelling coverage, personal property coverage and loss of use. Travelers provides many options including water backup, contents substitution costs, additional protection against replacement costs and a personal article floater.
There are many discounts available. Savings up to 12% are offered for policies with multiple policies. A recent homebuyer can save as much as 12% .
USAA
USAA provides policies to eligible military personnel, veterans, and their immediate families. USAA policies offer home-sharing coverage for those who rent out a portion of their home, as well as earthquake coverage.
USAA also offers unique protections that you won’t find with other insurance companies. If you lose your uniform while on active duty or in deployment, USAA covers it. USAA covers personal property at the current replacement cost. There is no depreciation, so you get the entire replacement amount.
Nationwide
Nationwide offers a broad range of coverages as an optional option and standard for your policy. Standard coverage includes all you would expect. You can also get ordinance insurance to rebuild your home to code after a covered loss. Nationwide offers credit card coverage for credit card fraud or identity theft. You can also purchase optional add-ons like flood and water insurance to get even more coverage.
Nationwide policies offer discounts that are great for multi-policy holders, home purchases, protection devices (such fire alarms, security systems), and gated communities. If you upgrade your home’s heating, plumbing or electrical systems to a newer version, you may be eligible for a discount.
MetLife
MetLife scores higher than the industry average in customer satisfaction for homeowners insurance. It also offers many policy options. MetLife home was acquired recently by Farmers Insurance. However, it still has its own rates as at April 2021.
Your policy will offer discounts for bundling it with auto insurance, as well as a claim-free discount and safety equipment discounts. MetLife may offer additional savings if you have a smoke detector, fire alarm or security system.
Options for home insurance coverage in Winston-Salem
North Carolina law does not require homeowners insurance, but auto insurance. A comprehensive policy will provide additional protection for your biggest investment. A policy can help you rebuild your home or fix it if you are damaged by a covered peril. It could also give you peace of mind, as you won’t be responsible for any additional expenses. Residents of Winston-Salem may find the following coverages beneficial.
- Extended replacement coverage: This option provides coverage that can go beyond your policy’s limits in the event your home is destroyed or damaged by a qualifying peril. The coverage could include 150% of your dwelling coverage amount. This will allow you to rebuild your home exactly as it was before, even if rebuilding costs exceed the property’s actual value.
- Flood insurance: Winston-Salem has areas at higher risk of flooding. A standard HO-3 homeowners policy does not usually include flood protection. Therefore, it may be worth purchasing separate flood insurance for your locality. The average cost for flood insurance in North Carolina is $732.96 per year.
- Other structures: Insurance coverage for other structures provides financial protection for structures that are not part of your main residence. This includes a detached garage or tool shed, as well as a fence.
Winston-Salem: Home insurance discounts
Although Winston-Salem home insurance rates are generally lower than in other areas of the country and North Carolina, it is still important to save money wherever possible. There are many discounts that Winston-Salem residents have access to, including:
- Security equipment: You may be able to save on your premiums if your home has an alarm system.
- Automated payments: You may be eligible for additional discounts by setting up automatic drafts from either your savings or checking account.
- Bundling: If you buy your homeowners insurance through the same company that you purchased your auto insurance, it could save you money on your premiums.
- Claims-free: The more time you keep your policy without filing a homeowners’ insurance claim, the greater chance you will receive a discount.
Discounts are a great way to get the lowest homeownership rates in Winston-Salem. But, it’s also a good idea to shop around with several carriers. Comparing multiple carriers side-by-side will allow you to see all the coverage options and often reveal which carrier has the lowest rates.
Questions frequently asked
Which is the best company for home insurance?
The best home insurer is determined by many factors. You ultimately decide which company is right for you and your budget. You may choose to go with insurance companies that provide sufficient coverage and perhaps even more options for your home.
What is the cost of Winston-Salem home insurance?
Winston-Salem’s average homeowners insurance rate is $1,085 annually for $250,00 worth of dwelling coverage. Your homeowners insurance rates will be different depending on your personal factors like your zip code, credit score and past claims history.
