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Best homeowners insurance in North Carolina for 2023

USAA, Travelers and State Farm offer some of the best homeowners insurance in NC, per Bankrate’s analysis.

Written by
Mary Van Keuren
Edited by
Jessa Claeys
Reviewed by
Mark Friedlander
Edited by
Jessa Claeys
Reviewed by
Mark Friedlander
Updated Sep 01, 2023
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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Compare the best homeowners insurance companies in North Carolina

The average cost of homeowners insurance in North Carolina is $1,294 per year, or about $108 a month, for $250,000 in dwelling coverage. North Carolina homeowners insurance is, on average, slightly cheaper than the national average of $1,428 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 2022 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.

USAA
3.7
Bankrate Score
Info
AM Best
A++
J.D. Power score
884
/1,000
Average monthly premium
$138
Average annual premium
$1,651
 Get a quote
Travelers
3.3
Bankrate Score
Info
AM Best
A++
J.D. Power score
794
/1,000
Average monthly premium
$84
Average annual premium
$1,012
 Get a quote
State Farm
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power score
829
/1,000
Average monthly premium
$71
Average annual premium
$853
 Read review
Erie
3.1
Bankrate Score
Info
AM Best
A+
J.D. Power score
827
/1,000
Average monthly premium
$125
Average annual premium
$1,501
 Get a quote
North Carolina Farm Bureau
3.0
Bankrate Score
Info
AM Best
A
J.D. Power score
Not rated
Average monthly premium
$87
Average annual premium
$1,041
 Get a quote
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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.

*USAA not officially ranked by J.D. Power due to eligibility restrictions.

The top 5 home insurance companies in North Carolina

USAA

Best for military-focused coverage

3.7 Bankrate Score
JD Power: 884/1,000 AM Best: A++

Average annual premium

$ 1,651 for $250k dwelling coverage
USAA Review Get a personalized quote

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.

Travelers

Best for potential discounts

3.3 Bankrate Score
JD Power: 794/1,000 AM Best: A++

Average annual premium

$ 1,012 for $250k dwelling coverage
Travelers Review Get a personalized quote

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 endorsements 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 2022 J.D. Power Home Insurance Study. Additionally, Travelers scores high 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, rather than good customer service or any other factors, 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.

State Farm

Best for local offices

3.2 Bankrate Score
JD Power: 829/1,000 AM Best: A++

Average annual premium

$ 853 for $250k dwelling coverage
State Farm Review Get a personalized quote

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. However, shoppers who prioritize customer service should know that State Farm has a higher-than-baseline amount of complaints with the NAIC.

Who State Farm may be good for: State Farm has the lowest average rate for North Carolina homeowners of any company on our list, so if you're looking for the cheapest North Carolina homeowners insurance, it may be worth asking for a quote. Although the company has a slightly higher-than-normal complaint index with NAIC, its high ranking on J.D. Power's list suggests it's also a good option for those who value responsive customer service.

Erie

Best for optional coverage

3.1 Bankrate Score
JD Power: 827/1,000 AM Best: A+

Average annual premium

$ 1,501 for $250k dwelling coverage
Erie Review Get a personalized quote

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 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 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 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.

North Carolina Farm Bureau

Best for local knowledge

3 Bankrate Score
JD Power: Not rated AM Best: A

Average annual premium

$ 1,041 for $250k dwelling coverage
Get a personalized quote

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.

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.

Clock Wait
46
years of industry expertise
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122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much is home insurance in North Carolina?

The average cost of North Carolina home insurance for 2023 is $1,294. This is $134 less than the national average of $1,428. 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 $1,755 per year on average, and South Carolina homeowners pay $1,172 per year. 

Average annual premium by coverage level in North Carolina

USAA
$150K
$1,030
$250K
$1,651
$350K
$2,111
$450K
$2,556
$750K
$3,895
Travelers
$150K
$627
$250K
$1,012
$350K
$1,308
$450K
$1,618
$750K
$2,551
State Farm
$150K
$589
$250K
$853
$350K
$1,028
$450K
$1,218
$750K
$1,992
Erie
$150K
$1,003
$250K
$1,501
$350K
$1,993
$450K
$2,483
$750K
$3,788
North Carolina Farm Bureau
$150K
$650
$250K
$1,041
$350K
$1,330
$450K
$1,593
$750K
$2,427
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
Insurance Disclosure

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.

Although knowing the average rate for your state can help you make a smart decision on home insurance, it's also good to remember that your own rate could be higher or lower. One of the primary factors insurers use in determining rates is where you are located. The following cities all have average annual rates for $250K in dwelling coverage that are 7 percent below the state average.

  • Winston-Salem: $1,204 
  • Buxton: $1,207
  • Rodanthe: $1,207 
  • Salvo: $1,207 
  • Stumpy Point: $1,207

Other cities in North Carolina see average rates that are on the higher side. Each insurer uses a proprietary algorithm for determining rates, so it pays to get several quotes if you live in one of these areas — you may find a rate that is considerably less than average. These five cities have average annual rates for $250K in dwelling coverage that are 19 percent above the state average.

  • McFarlan: $1,538 
  • Conway: $1,536 
  • Margarettsville: $1,536 
  • Murfreesboro: $1,536 
  • Pendleton: $1,536 

How to find the best 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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Common 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:

Home insurance coverage options 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 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 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 endorsement may help cover repairs needed 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 incredibly common in the state, without the endorsement, there is typically no coverage for earthquake damage on most North Carolina homeowners insurance policies.

Frequently asked questions

Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by
Jessa Claeys
Editor, Insurance
Reviewed by
Mark Friedlander
Director of corporate communications, Insurance Information Institute