The Best Cheap Homeowners Insurance in Charlotte, North Carolina for 2022: Quotes and Reviews
When it comes to homeowners insurance, Charlotte rates hit an average of $1,417 annually or $118 monthly. You could save up to $1,462 by exploring your options, as Heritage offers the cheapest homeowners insurance at $828 yearly on average, while State Farm offers the most expensive at roughly $2,290 per year. For those who want affordability and good service, MoneyGeek analyzed the best homeowners insurance providers in Charlotte, North Carolina.
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The Cheapest and Best Homeowners Insurance in Charlotte
The Cheapest Home Insurance Companies in Charlotte
There are many companies offering policies with the same core coverages at different rates, which is why finding cheap homeowners insurance in Charlotte requires shopping around.
On average, the companies offering the cheapest homeowners insurance in Charlotte with $250,000 in dwelling coverage includes:
- Heritage: $828 per year
- Universal North America: $839
For pricier homes, more dwelling coverage may be required. This can increase annual premiums. On average, companies offering the cheapest homeowners insurance with $2 million in dwelling coverage include:
- Universal North America: $4,619 per year
- Heritage: $4,657 per year
Take a look at the table below to see how prices can change based on dwelling coverage limits.
The Cheapest Home Insurance in Charlotte, Ranked
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Data on policies with the initial baseline dwelling coverage have personal property limits of $100,000, while those with $2 million in dwelling coverage have limits of $800,000. Regardless of dwelling coverage limits, all policies come with $100,000 in liability coverage.
For those who live elsewhere in the state, MoneyGeek also analyzed the cheapest homeowners insurance in North Carolina.
The Average Cost of Homeowners Insurance in Charlotte for 2021
The average cost of insurance varies based on the city and state. In Charlotte, the average cost of home insurance is $1,417 per year, $81 less than the state average of $1,498 and $686 less than the national average of $2,103.
Calculate the Cost of Home Insurance in Charlotte
When shopping around for home insurance quotes, Charlotte residents should remember that there are a number of factors considered beyond location. It is also determined by dwelling coverage, personal property coverage, the homeowner’s credit score and other factors. Compare quotes with MoneyGeek’s home insurance calculator to get the best rates and coverages within your budget.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Charlotte
Beyond just costs, the quality of customer service and the financial stability of the insurer are just as important. This is because filing for a claim may be a stressful experience, and you will want to make sure that it’s processed efficiently.
For those who want to balance quality and cost, the companies offering the best homeowners insurance in Charlotte are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: Auto-Owners Insurance Co
MoneyGeek chose these companies based on a scoring system that looked at affordability, user satisfaction and the financial stability of the company.
USAA offers policies with unique coverages, which contributes to their high user satisfaction. For instance, active service members are covered in the event that they lose their uniforms with no deductibles applied. Policyholders who equip their home with security systems and remain claims-free can even get discounts on their premiums.
Available only for current and former military members, USAA ranks as our top pick as it scores well across categories and achieves perfect marks in user satisfaction.Read MoneyGeek's USAA home Insurance Review
Auto-Owners Insurance Co. offers policyholders the option to add guaranteed home replacement to ensure full coverage even if the limits of the policy are too low. For homeowners who fully own their home, the company’s unique mortgage-free discount lets you get even cheaper annual premiums. Up to $15,000 of identity theft coverage can also be added to protect against the costs of restoring your financial identity.
Auto-Owners Insurance Co. is MoneyGeek’s runner-up as it the best and most accessible insurer in Charlotte, scoring particularly well in affordability.Read MoneyGeek's Auto-Owners Insurance Co home Insurance Review
Cheapest Home Insurance Companies in Charlotte for Newly Constructed Homes
New homes in Charlotte are cheaper to insure modern materials are more resistant to damage and easier to replace. Because it's new, owners are also less likely to make a claim.
Homes that are recently constructed cost an average of $1,103 per year to insure, $314 less to insure than the average $1,417 for homes built in 2000.
On average, the companies that offer the cheapest homeowners insurance for newly-constructed homes in Charlotte are:
- Heritage: $644 per year
- Universal North America: $653 per year
The Cheapest Home Insurance in Charlotte for New Homes, Ranked
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Cheapest Home Insurance Companies in Charlotte if You Have a Lot of Personal Property
Those who have high-value items in their home need to consider their personal property coverage as well, which all home insurance policies include. It costs an average of $1,637 to get personal property limits of $250,000, compared to $1,417 for $100,000 of coverage.
On average, companies that offer the cheapest insurance with $250,000 of personal property coverage in Charlotte include:
- Heritage: $956 per year
- Universal North America: $969 per year
Cheap Companies in Charlotte for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Charlotte for High Deductibles
Before filing for a claim, policyholders need to pay a deductible. This is the money out-of-pocket that insurers need before they cover a claim. The higher the deductible, the lower the premiums per year and vice versa.
Policies that have a $2,000 deductible cost an average of $1,184 per year, compared to $1,417 for a $1,000 deductible.
On average, the companies offering the cheapest insurance with a $2,000 deductible include:
- Heritage: $692 per year
- Universal North America: $701 per year
The Cheapest Companies in Charlotte for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Charlotte if You Have Poor Credit
In Charlotte, insurers factor in credit scores when determining rates. Those with bad credit pay more annually for home insurance, costing them an average of $2,426 per year compared to $1,417 for homeowners with good credit.
Nevertheless, there are insurers who offer cheap homeowners insurance in Charlotte for those with bad credit. On average, the best companies include:
- Heritage: $828 per year
- Auto-Owners Insurance Co: $1,183 per year
The Cheapest Companies in Charlotte for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Charlotte
Before getting home insurance quotes, Charlotte residents need to provide certain information, including:
- The replacement cost of your home: Insurers will want to know how much it will cost to rebuild your home to determine your dwelling coverage limits. For homeowners with older houses, you can hire a construction professional to get the replacement cost.
- The value of your personal property: Having high-value items may require that you have higher personal property limits.
- Personal information: Basic information such as your address, the residents who live within the home, insurance history and other details may also be required.
- Information about your house: Next to the replacement cost of your home, other relevant information on it is necessary. This includes when it was built, how big it is, security systems installed and more.
Homeowners Insurance in Charlotte Analysis: Methodology
MoneyGeek took a look at ten companies and got their home insurance premiums based on a sample homeowner profile. This homeowner had a home built in 2000 with 2,500 square feet, along with a baseline dwelling coverage of $250,000, personal property coverage of $100,000 and $100,000 in liability limits. All policies had a $1,000 deductible. Quotes were collected for a home with varying coverage levels to calculate affordability scores.
Data was also collected on homeowners in various situations, such as having poor credit, high-value personal property, newly-constructed homes, increased dwelling or property coverage and higher deductibles.
MoneyGeek also collected data in partnership with Quadrant. Customer satisfaction ratings were drawn from J.D. Power surveys.
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