Average Cost of Homeowners Insurance in North Carolina (2024)

The average cost of homeowners insurance in North Carolina in 2024 is $3,383 — $960 higher than the national average of $2,423. Aside from the coverage you get, credit rating has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $5,613 on average.

If your rates have recently increased, we've also analyzed the cheapest policies in North Carolina that may offer more affordable options. Remember, the insurance provider you choose also determines your premiums.

In North Carolina, homeowners pay an annual premium of $3,383 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. This rate is more than the national average of $2,423.

When it comes to how much coverage you need, it's important to have sufficient insurance to rebuild your home and replace personal belongings in the event of a total loss. This includes ensuring you have the right coverage for additional structures, liability, and living expenses if you need to live elsewhere temporarily.

The average premium adjusts with the level of coverage. For a policy with $100K in dwelling coverage, North Carolinians pay an annual premium of $1,689. On the other hand, a more substantial home needing $500K in dwelling coverage would have an annual premium of $6,039.

Homeowners insurance premiums in North Carolina can vary significantly from one provider to another for comparable coverage. For instance, a policy from Nationwide may cost over four times as much annually as a similar one from State Farm, illustrating the range of prices in the market.

For those seeking the best fit for their home insurance needs, there are plenty of great providers in North Carolina. Differences in underwriting criteria, such as risk assessments and discount offerings, contribute to the variation in premiums across companies.

Homeowners in North Carolina with poor credit scores pay an average annual premium of $8,370 for homeowners insurance, which is $4,987 more than the state average of $3,383. Conversely, those with excellent credit enjoy rates that average $2,757 annually, saving them $626 below the state average. Credit scores impact rates as insurers use them to gauge the risk of potential claims.

While immediate improvement of your credit score may not be feasible, gradual enhancements can lead to lower insurance rates over time. In the interim, it's worthwhile to compare insurers to identify cost savings. In less than 15 minutes, you can see which North Carolina home insurance policy is cheapest by reviewing different quotes.

The type of roof on your home also influences your homeowners insurance premium. In North Carolina, homes with tile roofs, valued for their durability, generally see lower insurance costs than homes with shake-treated roofs.

Similarly, the construction materials used in your home can affect your insurance rates. Superior construction materials, which are more resistant to hazards like fire, can lead to lower premiums than standard frame construction.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Homeowners insuring new constructions in North Carolina enjoy lower premiums, reflecting the benefits of modern materials and adherence to current building codes. The average annual premium for new homes is $1,786, which is $1,597 less than the $3,383 average for older homes. The table below shows how premiums differ between new and existing constructions across various coverage levels.

In North Carolina, the annual premium for homeowners who have not filed a claim in over five years averages $3,383. However, for those who have submitted one claim within the past five years, the average jumps to $4,158, marking a $775 increase. Homeowners with two claims in the same period see an even steeper rise, with premiums averaging $4,989, which is $1,606 above the baseline. These figures underscore the financial benefit of maintaining a claim-free record.

For the cities we analyzed, we found annual premiums ranging from $1,766 to $17,727. In Charlotte, the annual premium is $1,939, while Wilmington's is significantly higher at $17,727. Cary offers a lower cost at $2,189 per year.

Location impacts premiums due to varying risks like weather, crime, and local construction costs. City factors can greatly influence premiums, sometimes more than construction type or year.

Getting a handle on homeowners insurance costs in North Carolina doesn't have to be a headache. You can find a policy that fits both your needs and your budget by understanding what influences premiums. Then, shop smart with our guide:

Homeowners can save by bundling home and auto insurance in North Carolina. The average annual premium for homeowners insurance is $3,383. By choosing a multipolicy bundle, North Carolinians might save anywhere from $156 to $801 per year — about 17%.

North Carolina residents can take advantage of various homeowners insurance discounts.

• Loyalty discount for long-term policyholders
• Protective devices discount for homes with security systems
• Claim-free discount for homeowners without recent claims

To maximize your savings, inquire about all available discounts when requesting a quote.

For those navigating the homeowners insurance landscape in North Carolina, here's a curated list of resources that might prove helpful:

• North Carolina Department of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in North Carolina: Find cost-effective options for your home.
• North Carolina Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in North Carolina: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.