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Best cheap homeowners insurance in Winston-Salem

Brown House in Winston Salem
WendyOlsenPhotography/Getty Images
Brown House in Winston Salem
WendyOlsenPhotography/Getty Images
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Winston-Salem has almost 250,000 residents who call the city, which is located within Forsyth County, North Carolina, home. Homeowners make up over 54% of the population in this city, which means that a large percentage of residents may be searching for the best cheap homeowners insurance companies in Winston-Salem. The average cost of homeowners insurance in Winston-Salem is $1,125 per year for $250,000 in dwelling coverage as of 2022, which is well below the national average of $1,383.

Best home insurance companies in Winston-Salem

Residents in Winston-Salem have a multitude of options for homeowners insurance. Bankrate reviewed average rate data from Quadrant Information Services to determine which carriers have the most competitive rates in 2022. What we found was that Kemper, Travelers, Nationwide, State Farm and USAA offer some of the best cheap homeowners insurance in Winston-Salem.

We also weighed other factors, like customer satisfaction ratings and financial strength ratings from third-party agencies like J.D. Power, AM Best, S&P, NAIC and Moody’s, in order to award each company a Bankrate Score. Bankrate Scores have a maximum score of 5 out of 5.

Home insurance company Bankrate Score Average annual premium for $250K dwelling coverage J.D. Power score
Nationwide 4.0 $716 878/1,000
Kemper Not rated $754 N/A
Travelers 3.7 $904 852/1,000
State Farm 4.7 $1,100 876/1,000
USAA* 4.8 $1,289 893/1,000

*Based on membership eligibility restrictions, USAA is considered rank-ineligible by J.D. Power.


Nationwide offers the cheapest average home insurance rates of the providers on this list, and also offers a wide range of coverage options, including standard and optional coverages. Standard protection includes everything you might expect, like dwelling coverage, personal property coverage, and coverage for other structures and loss of use, as well as ordinance insurance for rebuilding your home to code following a covered loss. Nationwide also features optional add-ons, like water backup, identity theft protection and credit card coverage, plus the option to purchase a separate flood insurance policy.

Discount opportunities with Nationwide may include savings for multi-policy holders, home purchase, protective devices (such as fire alarms and security systems), discounts for being claims-free and for having a home in a gated community. You may even be eligible for a discount if you update your home’s electrical, heating or plumbing systems. Not only does Nationwide offer some of the cheapest Winston-Salem homeowners rates, it also performed above average in the J.D. Power Property Claims Satisfaction study.

Learn more: Nationwide Insurance Review


Kemper provides a number of insurance products in the Winston-Salem area, including homeowners. Of the providers on our list, Kemper offers some of the cheapest average rates for homeowners insurance in Winston-Salem, with average rates that are just slightly higher than Nationwide. It also offers tiered coverage options for homeowners insurance, which may make it an option worth considering for a wide range of budgets.

The Kemper Prime Home Essentials policy includes the basic coverage for your home, with the option to add on coverages such as personal property replacement cost, water backup and other specialty options. The Enhanced plan includes the same basic and optional coverages, but includes higher limits for those who want larger payouts to cover potential damages. The Prime plan is similar to the Enhanced plan, but allows for even higher limits to maximize your coverage and minimize the amount you pay out of pocket.

Learn more: Kemper Insurance Review


A homeowners insurance policy with Travelers includes the basic coverages you would expect, including dwelling coverage, personal property coverage, and coverage for other structures and loss of use. Travelers offers numerous add-on options, including water backup, contents replacement costs, additional replacement cost protection and a personal articles floater.

Numerous discount opportunities may also be available, with the potential for savings up to 12% on average if you have multiple policies, as well as discounts for being a recent homebuyer, a loss-free discount if you’re claims-free and a green home discount. While Travelers has one of the cheapest average rates for homeowners insurance in Winston-Salem, it’s worth noting that it received a below average score for property claims satisfaction from J.D. Power.

Learn more: Travelers Insurance Review

State Farm

State Farm offers average rates that are below the citywide average in Winston-Salem, and it also ranked above average in both the J.D. Power Property Claims Satisfaction Study and Home Insurance Study. Homeowners who opt to use State Farm for their homeowners insurance policies have the option to purchase standard home coverage and add optional endorsements to tailor their policy to their unique needs. In addition to the standard coverage options, State Farm offers additional coverage that includes water backup and surge protection, as well as options for covering home and garden tools and equipment, hobbies and keepsakes, like jewelry and collectibles.

Learn more: State Farm Insurance Review


USAA offers average rates that are slightly higher than the other providers on this list, but it may still be worth a look, as it received the highest Bankrate Score of 4.8 and received the most points from J.D. Power of any provider. However, USAA only offers policies to its members, which are limited to military members, veterans and their qualifying family members. This makes it ineligible for official ranking in the J.D. Power studies limits who can purchase homeowners insurance from this provider.

That said, USAA offers unique policy options in addition to its standard coverage, which includes earthquake coverage and home-sharing coverage for homeowners who rent out part of their homes to tenants. Plus, USAA offers unique benefits that are geared toward military members and may not be available from other insurance carriers. For example, your military uniform may be covered if you experience a loss while serving as an active or deployed member. USAA also covers personal belongings at the current replacement cost with no depreciation, which means you may receive the full replacement amount for a covered incident.

Learn more: USAA Insurance Review

Home insurance coverage options in Winston-Salem

Homeowners insurance is not required by law in North Carolina, unlike auto insurance. However, a homeowners policy is almost always required by your mortgage lender, and a thorough policy may also provide additional financial protection for what is arguably your largest investment.

Not only does a policy help you cover the costs to rebuild or repair your residence if there is damage from a covered peril, but it could also provide peace of mind by knowing that your investment is covered. The following coverages may be beneficial for residents of Winston-Salem.

  • Extended replacement coverage: This option offers coverage that could extend past your policy’s limits if your home is damaged or destroyed from a qualifying peril. For example, the coverage could be 150% of your dwelling coverage amount, helping to rebuild your home as it was before even if the cost of rebuilding is more than the property’s value. Some companies offer guaranteed replacement cost, which pays the full amount to replace your home after a total loss from a covered disaster, regardless of your policy limits.
  • Flood insurance: Winston-Salem does have areas with an increased risk of flooding. Since a standard HO-3 homeowners insurance policy does not typically include protection against damage from flooding, a separate flood insurance purchase may be warranted for your area. If you are interested in getting a quote and purchasing flood insurance, many insurance agents in Winston-Salem offer these types of policies through the National Flood Insurance Program (NFIP).
  • Other structures: Other structures coverage provides financial protection for structures on your property that are separate from your main dwelling. Examples of this include a detached garage, tool shed or fence. Other structures coverage is typically included as a small part of your dwelling coverage for certain types of structures, like detached garages or sheds. However, not all structures on your property may be covered, and in some cases, you may need to purchase additional coverage to ensure you’re fully protected.

Home insurance discounts in Winston-Salem

While home insurance rates in Winston-Salem average less than other parts of the country or North Carolina, you will likely still want to save money where possible. Fortunately, there are a number of home insurance discounts that may be available to Winston-Salem residents, including:

  • Security equipment: If your home is equipped with an alarm system, either with a smart home device or professional monitoring service, then you may save on your premiums.
  • New home/new buyer: Those purchasing their first home or those buying a new home may be eligible for this discount if offered by their insurance carrier.
  • Automatic payments: Setting up automatic drafts from your checking or savings account may make you eligible for additional discounts.
  • Bundling: Purchasing your homeowners insurance policy through the same carrier you purchase your auto insurance from could result in savings on premiums.
  • New roof: If you upgrade to a new roof, you may be able to save on your insurance premium with this discount.
  • Claims free: The longer you have your policy without making a homeowners insurance claim, the more likely you are to receive a claims-free discount.

Not only are discounts an effective way to find the best cheap homeownership rates in Winston-Salem, but shopping around with multiple carriers is another. By comparing several carriers side by side, you not only see the available coverage options, but you often find which carrier offers the lowest rates.

Frequently asked questions


Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers 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 will differ.

Written by
Sara Coleman
Former Insurance Contributor
Sara Coleman is a former insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar,, and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.
Edited by
Insurance Editor