North Carolina’s average homeowners insurance rate is $3,859 per year for a policy with $300,000 in dwelling coverage and a $500 deductible, according to Insurify data.
North Carolina is one of the most hurricane-prone states in the country.1 It also has more than 300 miles of coastline and an extensive river system, which raises the threat of storm surges and flooding. In addition to standard homeowners insurance, homeowners should purchase robust windstorm coverage and consider flood insurance.
Here’s what you should know about comparing home insurance quotes and finding affordable coverage in the Tar Heel State.
Best home insurance companies in North Carolina
North Carolina homeowners have plenty of quality insurance companies to choose from. Shopping around and comparing quotes can help you find the best homeowners insurance for your unique needs and budget.
Cheapest rates: State Farm
Best insurer for high-risk homes: North Carolina Farm Bureau
North Carolina is one of the most hurricane-prone states in the country, which means homeowners in the state should consider robust windstorm coverage. North Carolina Farm Bureau’s selection of surplus lines and specialty insurance products might be worth considering if you own a high-risk home.
North Carolina Farm Bureau is also a respected regional insurer that knows the area and its unique risk factors. And if you need an adjuster to come out and assess damage after a storm, NCFB has agents in every county — including multiple locations in the capital, Raleigh.
Best insurer for flood insurance: Travelers
Best insurer for older homes: Allstate
Cheapest home insurance in North Carolina
North Carolina is home to many affordable homeowners insurance companies. Prices will vary based on several rating factors, including your home’s age, ZIP code, and prior claims history. Shopping around and comparing rates from multiple home insurers can help you find the cheapest rate.
The table below lists the state’s cheapest homeowners insurance companies.
Cost of homeowners insurance in North Carolina
On average, North Carolina homeowners pay $3,444 per year for home insurance. The average cost of homeowners insurance varies from homeowner to homeowner. For example, North Carolina residents in a high-risk area by the coastline will likely pay higher rates than inland residents at lower risk for flooding.
Homeowners can lower their rates by comparing quotes, taking advantage of discounts, bundling home insurance and auto insurance, and installing anti-theft and anti-fire devices in their homes.2
Cost of homeowners insurance by dwelling coverage amount
How much dwelling coverage you buy also affects your homeowners insurance rates. The higher your coverage limits, the more you’ll end up paying. Most insurance agents suggest coverage limits around $300,000, but you might choose a higher or lower level based on your home’s risk profile and claims history.3
Compare rates and coverage levels in North Carolina in the table below. Rates shown are for policies with a $1,000 deductible.
Cost of homeowners insurance by deductible
Your home insurance deductible is the amount you pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible typically leads to lower insurance rates. Assess your financial situation before choosing a higher deductible, because you’ll be on the hook for more out-of-pocket costs in the event of a covered loss.
As you can see below, choosing a higher deductible will result in a lower home insurance premium. Rates shown are for a policy with $300,000 in dwelling coverage.
How to get cheap homeowners insurance in North Carolina
While North Carolina’s risk of severe weather can lead to higher rates, you have plenty of ways to save on insurance:
Upgrade your home. Investing in storm shutters or stronger roof materials can make your home more disaster-resistant — and lower the risk of an expensive claim. Additionally, making repairs to your home can lower its chances of sustaining serious damage, which can help you qualify for discounts.
Choose the right home. Saving on home insurance can start during the home-buying process. Seeking out a home that’s newer and in an area that’s at low risk for severe weather can help you save. Buying a house near emergency services, like a fire department, can also come with lower rates.
Find out if you qualify for discounts. Most home insurance companies offer generous discounts. Bundling home insurance with an auto policy is a popular option for many homeowners. Discounts for installing anti-theft devices or going several years without a claim can also lower the price of your homeowners policy.
Shop around and compare quotes. Every home is unique, and rates can vary significantly between different insurance companies. Request quotes from at least three insurers and compare them side by side to help you find a home insurance rate that works for your needs and budget.
Speak with your insurance agent to find out if you qualify for discounts. Checking your insurer’s official site or mobile app can also give you more information about the discounts you might qualify for.
How much homeowners insurance do you need in North Carolina?
When you take out a mortgage on a home, your mortgage lender will require you to purchase a home insurance policy. The mortgage company might provide suggested coverage limits based on your home’s risk profile.
Read your policy closely and make sure you understand exactly what it does and doesn’t cover. You might find you need to purchase additional coverages or choose a different type of insurance policy to better protect your property.
The North Carolina Department of Insurance advises homeowners to purchase coverage equal to at least 80% of their home’s replacement cost.4 Taking inventory of your personal belongings can help you determine how much personal property insurance you need. You might find you need additional riders to cover valuable assets, like jewelry or fine art.
What are some of the biggest risks when owning a home in North Carolina?
Homeowners in the Tar Heel State should always be prepared for severe weather. The following natural disasters are common in the state, which you should consider when buying homeowners insurance:
Looking at historical weather data for your area or requesting your home’s CLUE report, which tracks previous claims, can help you determine if it’s worth purchasing coverage for the perils outlined above.