Best cheap homeowners insurance in Charlotte

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The average price of a home in Charlotte, North Carolina, has jumped roughly $50,000 from the previous year to a current median home value of $295,000. Almost 53% of the homes in the city are occupied by the owner. If you are one of the 53%, you probably recognize that home insurance in Charlotte is an essential way to protect your investment in case of burglary, theft or extreme weather.

Home insurance Charlotte rates are $1,131 per year for a $250,000 dwelling — close to the state average of $1,295. How does that compare to what you are currently paying? You may be able to find lower rates from a different carrier, especially from one of the cheap home insurance Charlotte companies. Bankrate compared customer satisfaction, coverage options, average rates and other factors to determine the best home insurance in Charlotte.

Best cheap home insurance companies Charlotte

We collected data from the best homeowners insurance Charlotte has to offer. After comparing rates, company options and customer ratings, we narrowed down the list of carriers to five that offer cheap home insurance Charlotte. J.D. Power’s home insurance study was an objective source of customer reviews. Here is how the top five companies compare.

Home insurance company Average annual premium for $250K liability J.D. Power customer satisfaction score
Travelers $863 803/1,000
Kemper $960 Not rated
USAA $1,216 889/1,000
Nationwide $1,244 808/1,000
Erie $1,342 839/1,000

Travelers

The cheapest coverage in Charlotte came from Travelers Insurance. The average rates in town are $863 per year. However, you might find lower rates if you take advantage of Travelers’ discounts. Some of the more substantial include multi-policy that combines home and auto insurance for up to 15% off. New homebuyers or homeowners living in an eco-friendly LEED-certified home could also get additional discounts.

Learn more: Travelers Insurance review

Kemper

Kemper Insurance also has a number of discounts that could help you beat the city average for home insurance. A few discounts could save you 10% or more on your premiums, such as bundling and a renovated home discount for homes with modernized heating, electrical or plumbing. Kemper also offers additional coverage options like trip interruption, dependent protection, enhanced car seat protection, pet coverage and roadside assistance.

Learn more: Kemper Insurance review

USAA

According to the Census Bureau, over 35,000 Charlotte residents are veterans. Anyone who is a veteran, in the military or an eligible relative could join USAA to access its member-exclusive, quality home insurance at lower-than-average rates. USAA’s rates are not the lowest on the list, but the company provides plenty of value for the price. A USAA HO-3 includes replacement value coverage for free, which could be invaluable in case of a claim. Replacement value pays for new versions of the items lost or damaged in a covered peril. Most policies only cover for actual cash value, which pays you for the value of the items after deducting depreciation.

Learn more: USAA Insurance review

Nationwide

Nationwide’s standard home insurance covers your dwelling and property for the basics. However, the company’s special coverages stand apart from the competition. Ordinance insurance covers unexpected costs if you need to make repairs or rebuild your home to the current building codes. Replacement cost plus adds 20% in coverage for your property to account for price increases. Water backup expands on your home’s limited water coverage by including water damage due to a sump pump overflow or backed-up sewer. All the coverages mentioned may have a nominal upcharge but could save you thousands of dollars in expenses.

Learn more: Nationwide Insurance review

Erie

Pennsylvania-based Erie Insurance is climbing up the ranks to be one of the largest carriers in the country. It now ranks as the 19th largest insurer. Erie’s standard home insurance package complies with HO-3 requirements. Add-ons such as water backup, identity recovery and service line protection expand a basic home insurance policy to provide extra protection for your home and contents.

Learn more: Erie Insurance review

Charlotte home insurance options

Home insurance is not required by law but can help pay for damages if your home is flooded, burglarized or lost in a fire.

Although 30 hurricanes have hit the Charlotte area in the last 100 years, the risk of hurricanes is low. A homeowners policy with the following add-ons could provide you with financial protection in case of the unexpected:

  • Personal liability: If you have a dog, you could be held liable if it bites someone. In addition, homes with pools are also exposed to more liability than normal if someone is hurt or drowns in your pool. Personal liability insurance expands your coverage to account for higher-risk circumstances like the two mentioned.
  • Flood insurance: Approximately 2,900 structures and dwellings are located in Charlotte’s flood plain. Flood insurance is not included in an HO-3 and needs to be purchased additionally.
  • Water backup: Just as flooding is not covered in a basic policy, flood damage due to a backed-up sewer or sump pump is not either, unless you purchase water backup insurance.

Home insurance discounts in Charlotte

We have covered how you can save on your home insurance by choosing the right carrier. Shopping around by getting quotes to compare can show you how much you should expect to pay. Once you find a carrier you like, look into the discounts offered to policyholders. Some include:

  • Advance discount: Get a discount for signing up for home insurance in advance before it lapses.
  • Bundling: If you buy car and home insurance with the same company, you could receive a reduction in price.
  • Home renovation: If you own one of Charlotte’s historic homes, modernizing the wiring or making improvements to the home’s systems could lower your home insurance rate.
  • Protective devices: Adding deadbolt locks, a security system or a fire alarm could lower your insurance premiums.

Frequently asked questions

What is the best home insurance company in Charlotte?

Travelers Insurance is the best home insurance company in Charlotte for the right combination of cheapest premiums, high customer ratings and plenty of coverage options and discounts.

How much does home insurance in Charlotte cost?

Charlotte home insurance averages $1,131 per year for a $250,000 dwelling. To find the best rate, get quotes from a handful of home insurance companies to compare.

Methodology

Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homeriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Rates are determined based on 2021 Quadrant Information Services data.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance and business journalist who has been featured in Bankrate, Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. She regularly travels to Africa and the Middle East to consult with women’s NGOs about small business development and works with select startups and women-owned businesses to provide growth and visibility.
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