To protect your home, homeowner’s insurance is a wise investment. North Carolina homeowners insurance offers protection for your home, personal possessions, and potential liability exposures.
The average premium for homeowners insurance in North Carolina is $1,295 per year, which is slightly above the national average of $1,312. Rates will vary depending on your personal factors such as your credit rating and the age of your house. Compare quotes from multiple companies offering the same coverage to find the best North Carolina homeowners insurance.
North Carolina’s best home insurance companies
There are some tried-and-true guidelines for North Carolina home insurance that can be used to help you analyze your options. We looked at the competitive rates, range of coverage, and how third-party organizations ranked these providers to help us choose the five best insurance companies.
If you are interested in seeing how the best home insurance in North Carolina ranks on the national playing field, take a look at our list of the best homeowners insurance companies of 2021.
Erie Insurance is a specialty in insurance for East Coast residents, in 12 states. Erie Insurance offers the usual range of coverage and discounts, but also adds a few unique features. Erie offers animal coverage up to $500, as well as optional coverage for equipment and computer breakdowns.
You can get home insurance through the North Carolina Farm Bureau if you are a member. The Farm Bureau, which specializes in ranch and farm coverage, also covers standard homes. The Farm Bureau policy is a great way for you to support other agriculturists and get insurance products.
State Farm is a financially sound North Carolina homeowners insurance company. State Farm is well-known for providing excellent home insurance coverage at affordable rates. They also offer helpful online resources that can help you learn more about insurance.
Travelers is well-known for its competitive rates. There are also a few discounts that can help lower your rate, such as a discount for home buyers and one for those who have a green home. You can add endorsements for jewelry, furs, and other valuable items to your policy.
USAA homeowners insurance North Carolina offers comprehensive coverage for your property and home at a fair price. J.D. has given the company a high rating. The study does not rank Power, but it is disqualified because it is only available to military personnel, veterans and their immediate families.
What is the cost of homeowners insurance in North Carolina
The average premium cost of homeowners insurance in North Carolina is $1,295 per year for $250,000 in dwelling coverage. North Carolina homeowners insurance is on par with $1,312 annually national average. Comparatively to other states, Tennessee’s annual average is $1625 while South Carolina’s is $1917.
Your North Carolina insurance premium can be affected by many factors, including your home’s location in a floodplain or hurricane zone. Your age, gender and marital status can all have an impact on your insurance rate.
North Carolina home insurance
When looking for home insurance, homeowners should take into account the weather conditions in North Carolina. Wind damage, flooding, and hurricanes are some of the most common causes for home loss. According to the Insurance Information Institute, of the 11 most hurricane-prone counties, two are in North Carolina.
Here are some important points for North Carolina residents.
Common Loss Causes in North Carolina
North Carolina is not only vulnerable to hurricanes and tropical storms but also suffers from hail, tornadoes, and other windstorms. It is so common that Citizens Time reports rolling storm damage in real-time. The state has had to deal with hail, power lines, and downed trees on a regular basis. These are the most frequent losses:
- Accidental injury suffered by others: This type of claim is to pay for the legal and medical fees associated with an injury that occurs on your property.
- Hail and Wind: These are specific damages that storms cause, even though they have been labeled and named as hurricanes or tropical storms.
- Theft or burglary: These are objects that have been taken from your property without you consent.
- Wind and flooding: These are storms that have been designated as either a tropical hurricane or a hurricane.
- Although these claims aren’t the most common, they are often the most costly. Fires can cause structural and water damage. Lightning strikes can also fry the electrical system, causing a fire.
North Carolina offers a variety of home insurance options
According to insurance experts, North Carolina home insurance should provide enough coverage to cover your personal property, liability, and personal belongings. There are additional coverages that homeowners might consider due to the risk of losing their home in North Carolina’s weather-related catastrophes.
- Flood insurance: Basic homeowners insurance does not cover flood damage, so you will need to obtain flood insurance separately if you want it. Flood insurance can be purchased through the National Flood Insurance Program.
- Windstorm and hail: Depending on where you live in the state and your insurance company, windstorm and hail coverage may be excluded from your standard coverage. A separate hail and windstorm policy may be required by some homeowners.
- Earthquake damage: An earthquake endorsement can cover repairs needed due to earthquake damage and may cover other structures not attached to your house, like a garage or shed. You can also get insurance for your personal property and the costs of removing debris or extra living expenses while your home is being repaired or rebuilt.
Questions frequently asked
What is the best North Carolina homeowners insurance?
The cheapest home insurance provider for you will depend on your ZIP code, personal factors like credit history and discounts available to you.
Is my basic homeowners policy covered for hurricanes and tropical storms?
Most basic policies do not cover hurricanes or tropical storms. You will need to purchase extended coverage for these types of events.
Why do I need insurance if I take good care my property?
Homeowners insurance provides financial protection for you and your home. Nobody can predict the cost of damages or what they could cause. Your insurance can help you if something unexpected happens and you are unable to cover the costs.