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Written by Jessica Gibson
Edited by Lisa McArdle
Reviewed by Thomas Brock
Edited by Lisa McArdle
Reviewed by Thomas Brock
Updated Jun 01, 2024
USAA, Travelers and State Farm offer some of the best homeowners insurance in North Carolina, per Bankrate’s analysis.
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Bankrate’s insurance editorial team, which includes licensed agents, took a deep dive into homeowners insurance in North Carolina and came up with data-driven results to help you make the best decision for your home. Policyholders pay an annual average home insurance cost in North Carolina of $2,495 for $300,000 of dwelling coverage, which works out to about $208 a month.
We looked at more than price, though. Third-party scores for customer service and financial strength ratings were also evaluated, as was the ease of doing business online or through a mobile app. Finally, we looked at the range of coverage options and available discounts. All these factors were compiled to see which companies offer the best homeowners insurance in North Carolina. Here are some other notes to keep in mind:
- North Carolina homeowners pay an average of $2,495 per year for $300,000 of dwelling coverage or about $208 per month.
- Based on Bankrate’s analysis, the best North Carolina home insurance companies are USAA, Travelers, State Farm, Erie and North Carolina Farm Bureau. But the best company for you may differ depending on coverage needs and budget.
- Bankrate found that State Farm and North Carolina Farm Bureau have some of the best cheap home insurance in North Carolina.
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On This Page
- Compare the best home insurance companies in North Carolina for 2024
- Best North Carolina homeowners insurance companies in detail
- Additional North Carolina home insurance companies to consider
- Cheapest home insurance companies in North Carolina
- Best home insurance discounts in North Carolina
- How much is home insurance in North Carolina?
- What does home insurance cover in North Carolina?
- Additional home insurance coverage types in North Carolina
- Frequently asked questions
- Methodology
Compare the best homeowners insurance companies in North Carolina
The average cost of homeowners insurance in North Carolina is $2,495 per year, or about $208 a month, for $300,000 in dwelling coverage. North Carolina homeowners insurance is, on average, slightly cheaper than the national average of $2,230 per year. Keep in mind that your own rate is likely to differ since it is based on multiple factors that are unique to your situation, such as the age and condition of your home, your ZIP code and more.
Bankrate's research indicates that the top five North Carolina homeowners insurance companies are USAA, Travelers, State Farm, Erie and North Carolina Farm Bureau. We evaluated these companies based on premium data from Quadrant Information Services, as well as third-party scores from J.D. Power's 2024 U.S. Home Insurance Study and AM Best financial strength ratings. We also looked at factors like the functionality of each company's website and app. Taking all this into account, we gave each insurer a Bankrate Score out of 5.0, where higher-rated companies fared better.
Insurance company | J.D. Power | Average monthly premium | Average annual premium | |
---|---|---|---|---|
USAA | 881 /1,000 | $290 | $3,477 | |
Erie | 856 /1,000 | $305 | $3,657 | |
State Farm | 829 /1,000 | $77 | $921 | Read ReviewArrow Right |
Travelers | 790 /1,000 | N/A | N/A | |
North Carolina Farm Bureau | Not rated | $159 | $1,910 |
*Premiums based on $300,000 in coverage **USAA not officially ranked by J.D Power due to eligibility restrictions
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Jun 2024
Read our full methodology
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Bankrate's trusted insurance industry expertise
The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.
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The top 5 home insurance companies in North Carolina
Best for military-focused coverage
4.7
4.7
Rating: 4.7 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read USAA reviewGet a personalized quote
Avg. premium for $300K dwelling
$290/mo
Avg. premium for $300K dwelling
$3,477/yr
Customer satisfaction
881/1,000
Why USAA made our list:Homeowners in North Carolina who qualify for USAA have a wide selection of coverage options to choose from, making it easy to build a policy that will meet your needs. The company has consistently earned high customer satisfaction scores per J.D. Power, despite its average premiums being a bit higher than the state average. The downside to USAA is that it is only available to veterans, active-duty military members and their immediate families.
Who USAA may be good for:Those who need military-focused coverage, including individuals stationed at Fort Bragg, New River or Camp Lejeune, may appreciate USAA's attention to their specific needs, which includes coverage for uniforms.
Pros
- Wide selection of home and property coverage options
- Several discounts geared toward military members
Cons
- Membership eligibility restricted to military community
- Average home insurance rates are not the cheapest in NC
Members of the military will appreciate USAA’s thoughtful homeowners insurance policies. USAA offers add-on options like:
- Home protector coverage: Offers 25 percent more toward your coverage limits for dwellings and structures in specific situations.
- Water backup insurance: Covers damage caused by a water or sewer backup outside of the home, along with damage caused by an overflowing sump pump inside the home.
- Earthquake insurance: Covers damage to personal property and your home if they’re damaged by an earthquake, shock wave or tremor.
- Electronics coverage: Pays for accidental damage to electronics like personal computers, wearable tech, TVs, gaming systems and mobile phones.
North Carolina city USAA avg. annual premium for $300K dwelling Charlotte
USAA avg. annual premium for $300K dwelling
$2,388
Durham
USAA avg. annual premium for $300K dwelling
$2,620
Greensboro
USAA avg. annual premium for $300K dwelling
$2,342
Raleigh
USAA avg. annual premium for $300K dwelling
$2,881
Winston Salem
USAA avg. annual premium for $300K dwelling
$2,201
Best for optional coverage
4.4
4.4
Rating: 4.4 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read Erie reviewGet a personalized quote
Avg. premium for $300K dwelling
$305/mo
Avg. premium for $300K dwelling
$3,657/yr
Customer satisfaction
856/1,000
Why Erie made our list: Erie is a regional carrier available through local independent agents in 12 states and Washington, D.C. The company offers the standard range of property coverage types and discounts but allows you to personalize your coverage with a range of optional endorsem*nts. Erie home insurance typically includes animal coverage up to $500 and optional coverage for computer and equipment breakdowns. Although Erie is highly rated for customer satisfaction with J. D. Power — perhaps due to the service of its local agents — its Bankrate Score also reflects its limited state availability and premiums that may be higher than those of other carriers.
Who Erie may be good for: If your situation means that you need a policy that is customized to your own circ*mstances, check out Erie. The company's wide range of endorsem*nts, or add-ons, gives you the flexibility to personalize your insurance to suit your needs.
Pros
- Robust coverage options
- Scored above segment average in the J.D. Power 2023 U.S. Home Insurance Study
Cons
- Budget-conscious shoppers may find cheaper premiums elsewhere
- Not available in all states, so it may not be the best option for homeowners who move frequently
Erie is a regional insurance provider, but it offers competitive home insurance coverage to its policyholders. The company also allows its policyholders to add the following endorsem*nts:
- Personal valuables insurance: Increases the limits on personal valuables like jewelry, firearms, fine art and personal documents like passports.
- Flood insurance: Erie partners with American Bankers Insurance Company to provide coverage for flood damage.
- Extended water coverage: Offers coverage for water damage caused by sump pumps, water backup, storm surges, mudslides and more.
- Identity theft recovery coverage: Provides personalized support and financial reimbursem*nt to restore a policyholder’s identity after identity theft.
- Service line coverage: Covers damages to underground utility or service lines that run from a policyholder’s home to the curb.
North Carolina city Erie avg. annual premium for $300K dwelling Charlotte
Erie avg. annual premium for $300K dwelling
$2,297
Durham
Erie avg. annual premium for $300K dwelling
$2,601
Greensboro
Erie avg. annual premium for $300K dwelling
$2,168
Raleigh
Erie avg. annual premium for $300K dwelling
$2,463
Winston Salem
Erie avg. annual premium for $300K dwelling
$2,168
Best for local offices
4.2
4.2
Rating: 4.2 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read State Farm reviewGet a personalized quote
Avg. premium for $300K dwelling
$77/mo
Avg. premium for $300K dwelling
$921/yr
Customer satisfaction
829/1,000
Why State Farm made our list: As the largest insurance company in the United States by market share, it may be no surprise that State Farm makes our list as one of the best homeowners insurance companies in North Carolina. If you prefer to do business in person, State Farm may be an excellent choice as it has hundreds of agencies throughout North Carolina. In addition to its low average rates, State Farm policyholders may be eligible for a unique perk not found with other companies — a free electrical fire monitoring device through its partnership with Ting.
Who State Farm may be good for: State Farm has low average rates for North Carolina, so if you're looking for the cheapest North Carolina homeowners insurance, it may be worth asking for a quote. Its high ranking on J.D. Power's list suggests it's also a good option for those who value responsive customer service.
Pros
- Hundreds of local offices found throughout North Carolina
- Policyholders may qualify for a free electrical fire monitoring device
Cons
- May need to speak with an agent to get a full view of the company’s homeowners endorsem*nt options, as they are not listed on its website
- May not have as many discount opportunities compared to other companies on our list
State Farm provides extensive coverage as the largest company for homeowners insurance in the U.S. However, it also gives policyholders the option to add:
- Flood insurance: Available to policyholders if their neighborhood participates in the National Flood Insurance Program.
- Replacement cost condition coverage: Provides extra coverage to restore the home to its pre-loss condition.
- Personal articles coverage: Increases the limits for highly valued personal property, such as art, technology, jewelry, prosthetic devices and more.
- Inflation guard rider: Increases policy coverage for the home and its contents so that policyholders aren’t underinsured because of inflation.
- Identity restoration insurance: Provides up to $50,000 for restoring a policyholder’s identity following an identity theft attack.
North Carolina city State Farm avg. annual premium for $300K dwelling Charlotte
State Farm avg. annual premium for $300K dwelling
$709
Durham
State Farm avg. annual premium for $300K dwelling
$642
Greensboro
State Farm avg. annual premium for $300K dwelling
$567
Raleigh
State Farm avg. annual premium for $300K dwelling
$495
Winston Salem
State Farm avg. annual premium for $300K dwelling
$491
Best for potential discounts
4.1
4.1
Rating: 4.1 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read Travelers reviewGet a personalized quote
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
790/1,000
Why Travelers made our list: Travelers is known for competitive average rates that are complemented by a handful of potential discounts that may lower your premium even more — including a home buyer discount and a discount for having a green home. You can personalize your policy with endorsem*nts for jewelry, furs and other high-value items and add coverage for water backup and sump pump overflow. While coverage comes with an average premium that is lower than the state average, it may be worth considering that Travelers ranked near the bottom for customer satisfaction in the 2023 J.D. Power Home Insurance Study. However, Travelers has a low number of complaints for homeowners policies on the customer complaint index according to the National Association of Insurance Commissioners (NAIC).
Who Travelers may be good for: If saving money is most important to you, consider Travelers. Its listing of possible discounts is larger than some companies, and its average rate for North Carolina homeowners is the second lowest on our list.
Pros
- Low average premiums
- Discount opportunities that help policyholders save more
Cons
- Customer service may be lacking according to J.D. Power study
- Slightly below average J.D. Power claims satisfaction score
Travelers is known for allowing customers to customize their policies. Some additional endorsem*nts that may be available include:
- Special personal property coverage: Expands the number of situations in which a policy covers personal property loss. Policyholders can also add contents replacement cost coverage.
- Additional replacement cost protection insurance: Provides extra coverage to repair or rebuild the home if the dwelling coverage isn’t enough following a covered loss.
- Jewelry and valuable items insurance: Increases and expands the coverage limits on special classes of property. Travelers also offers a personal articles floater, which provides expanded coverage for specific items.
- Water backup and sump pump discharge insurance: Covers damages caused by a water or sewer backup outside of the home, along with damage caused by an overflowing sump pump inside the home.
- Identity fraud insurance: Provides up to $25,000 of expense reimbursem*nt following an instance of identity theft.
- Green home coverage: Pays to repair, replace or rebuild the home with green materials following a covered loss.
North Carolina city Travelers avg. annual premium for $300K dwelling Charlotte
Travelers avg. annual premium for $300K dwelling
N/A
Durham
Travelers avg. annual premium for $300K dwelling
N/A
Greensboro
Travelers avg. annual premium for $300K dwelling
N/A
Raleigh
Travelers avg. annual premium for $300K dwelling
N/A
Winston Salem
Travelers avg. annual premium for $300K dwelling
N/A
Best for local knowledge
4.1
4.1
Rating: 4.1 stars out of 5 Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings. Bankrate Score
Read North Carolina Farm Bureau reviewGet a personalized quote
Avg. premium for $300K dwelling
$159/mo
Avg. premium for $300K dwelling
$1,910/yr
Customer satisfaction
Not rated
Why North Carolina Farm Bureau made our list:If you are a member of the North Carolina Farm Bureau, you have access to home insurance through the organization. North Carolina Farm Bureau might be a good fit if you value working with agents who are local to your area and may more intimately understand the needs of homeowners in the state. However, the company’s digital tools aren’t as easy to use as some of its competitors, so if you like to handle your policy online or on your mobile phone, North Carolina Farm Bureau might not be a good fit.
Who North Carolina Farm Bureau may be good for:If you prefer to handle your insurance business with an in-person agent rather than a smartphone app, consider asking Farm Bureau for a quote. It might also be a good option if you're looking for guaranteed replacement cost coverage, which can pay up to 125 percent of your dwelling limit if you need to rebuild.
Pros
- Local agents hyper-focused on regional coverage
- Numerous potential discounts available
Cons
- Not rated by J.D. Power due to its smaller market share
- Digital tools may be lacking
North Carolina Farm Bureau is one of the largest and cheapest providers of home insurance in the state. Although its website doesn’t provide details about its options coverages, you can speak to an insurance agent about the following products:
- Flood insurance: Typically covers damages from flood water.
- Dwelling property: Covers damages to the policyholder’s primary home after a covered loss.
- Personal umbrella insurance: Provides additional liability coverage for medical or legal expenses.
North Carolina city North Carolina Farm Bureau avg. annual premium for $300K dwelling Charlotte
North Carolina Farm Bureau avg. annual premium for $300K dwelling
$1,165
Durham
North Carolina Farm Bureau avg. annual premium for $300K dwelling
$1,316
Greensboro
North Carolina Farm Bureau avg. annual premium for $300K dwelling
$1,188
Raleigh
North Carolina Farm Bureau avg. annual premium for $300K dwelling
$1,332
Winston Salem
North Carolina Farm Bureau avg. annual premium for $300K dwelling
$1,216
Additional North Carolina home insurance companies to consider
Bankers Insurance Group
Who this may be best for
Homeowners looking for coverage specific to North Carolina.
Bankers Insurance Group review
Bankers Insurance Group contracts with carriers all over the country. But it still may be worth looking into, as the company specializes in certain states, including North Carolina. Particularly, those living on the coast in North Carolina may be interested in Bankers Insurance Group, as the company says it can tailor coverage to specific situations.
Lititz Mutual Insurance Company
Who this may be best for
Homeowners who want a regional insurance provider that offers low rates.
Lititz Mutual Insurance Company review
Lititz is a regional insurance provider, but it’s made up of four companies. Lititz Mutual offers standard homeowners insurance at competitive rates. North Carolinians can add a VIP or A Plus package for expanded coverage. Policyholders can rest assured that Lititz is financially sound. It received an A+ rating from the Better Business Bureau and AM Best gave it an A (Excellent).
How Bankrate chose the best home insurance companies in North Carolina
To help you find the best North Carolina homeowners insurance, Bankrate first assessed average rate data from Quadrant Information Services. We then analyzed coverage offerings and discounts, as well as how third-party organizations, including J.D. Power and AM Best, rate the carriers for customer service and financial strength. We compiled this information into a Bankrate Score. The better a company performed in each category, the higher its Bankrate Score, for a maximum score of 5.0 out of 5.0. Utilizing our Bankrate Score can help provide a quick picture of which insurance companies may be worth requesting quotes from during your home insurance search.
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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Cheapest home insurance companies in North Carolina
Recognizing which insurance providers usually offer the best rates in the state can help you get a jump on finding the cheapest homeowners insurance. The following providers offer some of the lowest average premiums in North Carolina. Keep in mind that coverage varies between the providers, so read policy quotes carefully.
Carrier | Monthly premium for $300k coverage | Annual premium for $300k coverage | Savings vs state avg. for $300k coverage |
---|---|---|---|
State Farm | $77 | $921 | - $1,574 |
Lititz Mutual | $154 | $1,843 | - $652 |
North Carolina Farm Bureau | $159 | $1,910 | - $585 |
Heritage | $183 | $2,199 | - $296 |
Nationwide | $223 | $2,675 | + $180 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Jun 2024
Read our full methodology
How to get cheap home insurance in North Carolina
It’s typically not difficult to find the best cheap home insurance in North Carolina if you take your time with the decision and consider all your options. There are a number of insurers writing cost-effective policies in the state, including Bankrate’s five chosen companies. Any of them might be able to offer you a policy that will provide excellent protection for your home and property.
Here is a good step-by-step strategy to use when you are looking for cheap home insurance in the state.
- Consider your property: Potential insurers will want to know all about your house, including its age, what it's made of and even details like the age of your roof. When you are ready to gather quotes, you'll need to have these details available in order to receive an accurate price.
- Consider the choices: Pick a handful of companies that interest you, such as the ones on our list. Check out each company’s website. See if it’s easy to use and they have the answers to your questions. If you like doing your insurance business online, make sure you can handle common tasks like paying your premium and filing claims via the website or an app. If you prefer an in-person approach, look for companies that have local agents in your area.
- Gather quotes: It's a good idea to request a free quote from more than one company. Many insurers let you get a quote online after answering a few questions about your home. Others require you to call an agent. Make sure you are quoting the exact same amounts from each company, so that you can do an apples-to-apples comparison of their rates.
- Choose the company that best meets your needs: Everyone’s needs are different and some companies may offer you the best price, while others will offer excellent customer service. Still others might offer lots of endorsem*nts that fit your needs. Compare your quotes and your research on each company to determine which one is right for you.
Best home insurance discounts in North Carolina
Utilizing discounts that you qualify for might be one of the best ways to save money on your homeowners insurance in North Carolina. Most insurers have at least a few discounts available and they are generally not difficult to qualify for. Here are some of the common ones you may see while searching for your own policy:
- Online purchase:Some insurers will offer a small discount just for applying for your policy online, rather than through an agent.
- Bundling:By purchasing multiple policies from one carrier, such as home and auto, you might qualify for a bundling or multi-policy discount.
- Newly purchased house:If you've purchased your home within the last year, you could save money from some insurers who offer this discount.
- Protective devices: Since protecting your home means you'll be less likely to file a claim, insurers will often offer a discount if you have smoke detectors, burglar alarms or other security devices or systems.
- Claim-free: If you've been claim-free for a certain number of years — usually between three and five — you may earn a discount, depending on the company.
How to save on home insurance policy renewals in North Carolina
Once you’ve found the best insurance provider for you, there are still ways you can save on your policy at renewal time:
- Maintain your roof: New roofs typically qualify for discounts or cheaper premium rates, since they’re less likely to become as damaged as older roofs. A new roof also does a better job at protecting your home and your personal belongings, which can save you and the insurance company money in the long run.
- Improve your credit score: While working on your credit score does take time, moving into a better credit score category can help you get a better policy rate at renewal time.
- Limit your claims: Homeowners insurance is there for you if you suffer a loss that you can’t pay for out of pocket. However, if you frequently file claims, your insurance company could raise your premium or decide not to renew your policy.
- Install wind and flood mitigation updates: If you’ve made improvements that protect your home and have had a home inspection, your insurance company might reward you with policy discounts. Popular improvements include retrofitting your roof to be more wind resistant, installing storm or hurricane shutters and installing roof fasteners, and installing impact-resistant windows.
How much is home insurance in North Carolina?
The average cost of North Carolina home insurance for 2023 is $2,495. This is 12 percent more than the national average of $2,230. Your rate may vary depending on where in the state you live, how populated your city is and what the crime rates are. Additionally, those in coastal regions may pay more to account for the increased risk of hurricanes and windstorms. Aside from your location, the current condition of your home and roof, as well as your claims history, might all impact your insurance rate depending on your state’s regulations.
North Carolina’s average annual home insurance rate falls between surrounding states’ rates. Tennessee homeowners pay $2,410 per year on average, and South Carolina homeowners pay $2,360 per year.
Insurance company | $150K | $300K | $350K | $450K |
---|---|---|---|---|
USAA | $2,077 | $3,477 | $3,775 | $4,544 |
Travelers | N/A | N/A | N/A | N/A |
State Farm | $597 | $921 | $1,002 | $1,175 |
Erie | $2,384 | $3,657 | $3,702 | $4,275 |
North Carolina Farm Bureau | $1,044 | $1,910 | $2,146 | $2,656 |
Home insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.
Rates refreshed as of Jun 2024
Read our full methodology
North Carolina homeowners insurance rates by city
Home insurance prices vary by city throughout the Tar Heel State, from coastal towns to mountain cities. Take a look at the data below to get an idea of how much North Carolinians pay for homeowners insurance by city.
- Marshall: $1,324 per year — 47 percent below state average
- Mars Hill: $1,324 per year — 47 percent below state average
- Hot Springs: $1,325 per year — 47 percent below state average
- Canton: $1,327 per year — 47 percent below state average
- Clyde: $1,328 per year — 47 percent below state average
- Avon: $12,319 per year — 394 percent above state average
- Hatteras: $12,285 per year — 392 percent above state average
- Frisco: $12,268 per year — 392 percent above state average
- Sneads Ferry: $12,238 per year — 390 percent above state average
- Nags Head: $12,235 per year — 390 percent above state average
*Rates are for $300,000 in dwelling coverage.
What does home insurance cover in North Carolina?
A standard HO-3 home insurance policy covers quite a few perils, like theft, vandalism, and hail, but there are some key perils that aren’t included, which is why it’s important to know what your policy covers. As a coastal state, North Carolina frequently sees damaging hurricanes and tropical storms that can lead to serious flooding. The state also experiences a high number of wildfires and damage caused by wind. Keep these weather events in mind when selecting your insurance coverage. Here are a few of the most common types of damage that might lead North Carolinians to file home insurance claims:
- Wind: Damage from wind might not sound serious, but wind-related damage from tropical storms and hurricanes can be devastating. Most home insurance policies include windstorm coverage, although the state does not require carriers to include wind damage. This is why it might be a good idea to check your policy to see if it’s included or if exclusions apply.
- Fire: If your home’s electrical system is damaged by severe storms, fire could destroy your home. This is why standard home insurance policies cover fire damage. However, you might want to check your coverage limits to ensure that your policy would pay out enough for your structure and belongings if your home was completely destroyed.
Additional home insurance coverage types in North Carolina
Standard home insurance policies cover your home, detached structures, personal belongings and liability exposure, but you may want to consider additional coverage for more robust financial protection. Here are a few coverage types North Carolinians could benefit from:
- Flood insurance: Homeowners living in coastal regions or in an area that is prone to flooding may be required by their mortgage lenders to purchase flood coverage. Even if you aren’t, it could be a good idea to have. However, very few home insurers offer flood insurance as an endorsem*nt on a standard homeowners policy. Flood insurance is available through the National Flood Insurance Program and dozens of private flood insurers.
- 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. Some homeowners may need to purchase a separate windstorm and hail policy. If included in your policy, this coverage may come with a separate deductible, typically 1 to 5 percent of your home’s insured dwelling value.
- Earthquake damage: Earthquakes are more common in the western part of North Carolina. However, to date, North Carolina has only seen 22 earthquakes. An earthquake endorsem*nt may help cover repairs due to earthquake damage and might cover other structures not attached to your house, like a garage or shed. It can also insure your personal property, the cost to remove debris and extra living expenses you may have while your home is being rebuilt or repaired after an earthquake. While major earthquakes aren’t widespread in the state, without the endorsem*nt, there is typically no coverage for earthquake damage on most North Carolina homeowners insurance policies.
Related content:
North Carolina flood insurancePreviously Read
Windstorm insurancePreviously Read
What is earthquake insurance?Previously Read
Common North Carolina home insurance problems
North Carolina faces its share of severe weather, from coastal flooding to hurricane and wind damage. Insurers in the state look at claims and risk assessment tools like the hurricane hazard assessment tool to determine how costly it is to provide insurance coverage. Unfortunately, more frequent and severe storms are just a few of the challenges facing North Carolinians. Here are a few more problems with getting homeowners insurance in the state:
- Rising insurance rates: More frequent, costly storms, along with litigation and inflation contribute to higher insurance premiums for North Carolinians.
- Unable to get insurance: Residents in high-risk flood areas, like along the North Carolina coast, are often required to carry flood insurance, which may be cost prohibitive for some people. Other homeowners might be denied for homeowners insurance if they’ve filed multiple claims in the past.
!
Recent news in North Carolina homeowners insurance market
North Carolinians have been shocked by the recent news that Nationwide, one of the state’s biggest insurance providers, will no longer renew coastal properties for over 10,500 policyholders.
The move comes after the insurance provider utilized a hurricane hazard assessment tool and North Carolina’s Beach Plan, prepared by the North Carolina Insurance Underwriting Association.
According to their research, climate severity, weather-related losses, and the renewal market all make North Carolina a riskier market to insure. This led to the decision in February 2023 not to renew policies for properties due to hurricane risk.
Nationwide noted that these nonrenewed policies could eventually be renewed if the North Carolina Insurance Underwriting Association covers wind exposure and other underwriting guidelines are met.
For some North Carolinians, this move doesn’t come as a surprise. Nationwide hasn’t written new policies in coastal areas for over a decade. However, the company is trying to help customers find the coverage they need.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze June 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
5
Rating: 5 stars out of 5
Overall Score
Cost & ratings50%
Coverage & savings30%
Support20%
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.