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Best homeowners insurance companies in North Carolina for 2024
Powered by Coverage.com (NPN: 19966249)
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.
Compare the best homeowners insurance companies in North Carolina
The average cost of homeowners insurance in North Carolina is $2,435 per year, or about $203 a month, for $300,000 in dwelling coverage. North Carolina homeowners insurance is, on average, more expensive than the national average of $2,285 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, Erie, State Farm, Travelers 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 2023 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.
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881
/1,000 |
$290
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$3,477
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||
674
/1,000 |
$310
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$3,717
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||
643
/1,000 |
$77
|
$922
|
||
609
/1,000 |
N/A
|
N/A
|
||
North Carolina Farm Bureau
|
Not rated |
$161
|
$1,936
|
Powered by Coverage.com (NPN: 19966249)
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.
Bankrate's trusted insurance industry expertise
Read our full methodologyThe 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.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The top 5 home insurance companies in North Carolina
Best for military-focused coverage
4.7
4.7
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 Liberty, New River or Camp Lejeune, may appreciate USAA's attention to their specific needs, which includes coverage for uniforms.
Best for optional coverage
4.4
4.4
Avg. premium for $300K dwelling
$310/mo
Avg. premium for $300K dwelling
$3,717/yr
Customer satisfaction
674/1,000
-
Why Erie made our list: Erie is a regional carrier available through local independent agents. The company offers a standard range of property coverage types and discounts but allows you to personalize your coverage with a range of optional endorsements. 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 other carriers.
Who Erie may be good for: If your situation requires a policy customized to your circumstances, check out Erie. The company's wide range of endorsements, or add-ons, gives you the flexibility to personalize your insurance to suit your needs.
Best for local offices
4.2
4.2
Avg. premium for $300K dwelling
$77/mo
Avg. premium for $300K dwelling
$922/yr
Customer satisfaction
643/1,000
-
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 home 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 and claims handling.
Best for potential discounts
4.1
4.1
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
609/1,000
-
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 homebuyer discount and a discount for having a green home. You can personalize your policy with endorsements for jewelry, furs and other high-value items and add coverage for water backup and sump pump overflow. However, it may be worth considering that Travelers ranked near the bottom for customer satisfaction in the 2023 J.D. Power Home Insurance Study.
Who Travelers may be good for: If saving money is most important to you, consider Travelers. The company offers a wealth of discount opportunities.
Best for local knowledge
4.1
4.1
Avg. premium for $300K dwelling
$161/mo
Avg. premium for $300K dwelling
$1,936/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 through a mobile app, 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.
Additional North Carolina home insurance companies to consider
Bankers Insurance Group
Homeowners looking for coverage specific to North Carolina.
Bankers Insurance Group acts as a managing general agent, representing numerous national and regional insurers. 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, as the company says it can tailor coverage to specific situations.
Lititz Mutual Insurance Company
Homeowners who want a regional insurance provider that offers low rates.
Lititz is a regional insurance provider that operates four carriers. Lititz Mutual offers standard homeowners insurance at competitive rates. North Carolinians can add a VIP or A Plus package for expanded coverage. Policyholders can feel comfortable doing business with Lititz, which received an A (Excellent) rating from AM Best.
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.
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.
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---|---|---|---|
Lititz Mutual
|
$7
|
$80
|
- $2,355 |
$77
|
$922
|
- $1,513 |
|
North Carolina Farm Bureau
|
$161
|
$1,936
|
- $499 |
$223
|
$2,675
|
+ $240 |
|
$240
|
$2,883
|
+ $448 |
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 when it was built, what it's made of and even details like the age and condition 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 estimation.
- 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 endorsements 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 NC. 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 premiums, since they’re less likely than older roofs to become damaged. A new roof also does a better job protecting your home and your personal belongings from severe weather events, which can save you and the insurance company money in the long run.
- Improve your credit: While working on your credit does take time, moving into a better credit tier can help you get a better 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 then have 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 impact-resistant windows.
How much is home insurance in North Carolina?
The average cost of North Carolina home insurance for October 2024 is $2,435. This is 7 percent more than the national average of $2,285. 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 tropical cyclones. 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 $2,312 per year on average, and South Carolina homeowners pay $2,368 per year.
|
|
|
|
|
---|---|---|---|---|
$2,077
|
$3,477
|
$3,775
|
$4,544
|
|
N/A
|
N/A
|
N/A
|
N/A
|
|
$597
|
$922
|
$1,002
|
$1,171
|
|
$2,665
|
$3,717
|
$3,921
|
$4,932
|
|
North Carolina Farm Bureau
|
$1,044
|
$1,936
|
$2,176
|
$2,656
|
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: $1,312 per year — 46 percent below state average
- Mars Hill: $1,312 per year — 46 percent below state average
- Canton: $1,315 per year — 46 percent below state average
- Clyde: $1,316 per year — 46 percent below state average
- Lake Junaluska: $1,317 per year — 46 percent below state average
- Sneads Ferry: $12,007 per year — 393 percent above state average
- Avon: $11,980 per year — 392 percent above state average
- Hatteras: $11,946 per year — 391 percent above state average
- Frisco: $11,929 per year — 390 percent above state average
- Nags Head: $11,896 per year — 389 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 16 named perils like theft, vandalism, and hail, but there are some hazards that aren't included in a standard home policy, 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 it anyway. However, very few home insurers offer flood insurance as an endorsement 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 10 percent of your home’s insured dwelling value.
- Earthquake damage: Earthquakes are more common in the western part of North Carolina. An earthquake endorsement 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 endorsement, there is typically no coverage for earthquake damage on most North Carolina homeowners insurance policies.
Related content:
Common North Carolina home insurance problems
North Carolina faces its share of natural disasters, ranging from coastal and inland flooding to tornadoes, hurricanes and wildfires. 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: Frequent costly storms, litigated claims 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 homeowners insurance if they’ve filed multiple claims in the past. Further, some property insurers are limiting their risk exposure in coastal areas of the state.
News
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 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 October 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The 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.
Additional profiles:
- Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
- Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impact 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.
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Cost & ratings 50%
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Coverage & savings 30%
-
Support 20%
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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.