The Best Cheap Homeowners Insurance in Fayetteville, North Carolina for 2022: Quotes and Reviews
The cost to insure a home in Fayetteville, North Carolina, averages $2,081 per year or $173 per month. The cheapest option — Heritage — has an average annual rate of $1,521, while the most expensive — Allstate — has an average of $2,636, which means shopping around can help you save up to $1,115 per year. For homeowners looking for a company that balances affordability and quality service, MoneyGeek ranked the best homeowners insurance in Fayetteville.
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The Cheapest and Best Homeowners Insurance in Fayetteville
The Cheapest Home Insurance Companies in Fayetteville
How much the homeowner’s insurance in Fayetteville costs is an essential factor to consider when buying a policy because most insurance companies in the city offer the same core coverages.
If you are looking for cheap homeowners insurance, the top companies in the city for a policy with $250,000 dwelling coverage are:
- Heritage: $1,521 per year
- Travelers: $1,525 per year
Dwelling coverage limits also affect homeowners insurance rates in Fayetteville. For expensive homes with dwelling coverage of $2,000,000, the most affordable options in the city are:
- Heritage: $8,629 per year
- Universal North America: $9,100 per year
The table below shows how prices can change depending on dwelling coverage limits.
The Cheapest Home Insurance in Fayetteville, Ranked
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The sample policies with the initial dwelling coverage of $250,000 have personal property limits of $100,000. Meanwhile, policies with dwelling coverage of $2,000,000 have personal property limits of $800,000. Thus, liability coverage for all these policies is $100,000.
Homeowners living in another city can also look up home insurance in North Carolina as a whole.
The Average Cost of Homeowners Insurance in Fayetteville for 2021
The average cost of home insurance in Fayetteville is $2,081 per year. That is more expensive than the state average but cheaper than the national average. In comparison, Fayetteville homeowners pay $583 more than the $1,498 state annual average but $22 less than the $2,103 national average.
Calculate the Cost of Home Insurance in Fayetteville
Aside from neighborhood location, there are other determining factors to consider when calculating the homeowner’s insurance rates in Fayetteville, including the dwelling coverage limits, amount of personal property coverage you buy, your credit score and other individualized factors. Compare quotes using MoneyGeek’s home insurance calculator to find the most accurate policy.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Fayetteville
Cost is an important consideration when looking for a policy, but it should not be the only factor. Choose a company that can process claims quickly and fairly. Policyholders typically make claims during stressful times, so the best provider has good customer service and is financially stable.
Based on MoneyGeek’s study, the best homeowners insurance providers in Fayetteville are:
- Best Overall: Travelers
- Runner-up: Auto-Owners Insurance Co
MoneyGeek ranked companies offering homeowners insurance in Fayetteville using three criteria. These are affordability, user satisfaction and financial stability.
Travelers offers different features beneficial for Fayetteville homeowners. For example, you can get an additional replacement cost in your policy. That means you will still get covered even if the cost to replace your home after a covered peril is higher than the dwelling coverage. The company also offers additional protection to cover repair expenses for eco-friendly homes.
Travelers got the highest overall score in Fayetteville due to high ratings across categories, especially affordability.Read MoneyGeek's Travelers home Insurance Review
Auto-Owners offers a mortgage-free discount for those who fully own their homes. Policyholders can choose to add identity theft coverage, which protects against the cost to restore financial identity up to $15,000. Additionally, Auto-Owners allows you to add equipment breakdown coverage to cover expenses related to electrical and mechanical failures.
In second place is Auto-Owners Insurance Co, which received high customer service experience and affordability ratings.Read MoneyGeek's Auto-Owners Insurance Co home Insurance Review
Cheapest Home Insurance Companies in Fayetteville for Newly Constructed Homes
Homeowners’ insurance rates for newly constructed homes are typically cheaper than older houses. Modern materials are usually more resistant to damage, so these homeowners are less likely to make a claim. Additionally, newer materials are easier for insurers to replace because of availability.
Home insurance quotes in Fayetteville for newly built homes cost an average of $1,484 per year, which is $597 cheaper than the $2,081 average for houses built in 2000.
Based on average rates, the cheapest companies for newly built homes in Fayetteville are:
- Heritage: $1,085 per year
- Travelers: $1,087 per year
The Cheapest Home Insurance in Fayetteville for New Homes, Ranked
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Cheapest Home Insurance Companies in Fayetteville if You Have a Lot of Personal Property
Home insurance policies in Fayetteville cover damages to personal belongings you keep in your house. If you want to increase personal property coverage, you will have to pay higher annual premiums. The average cost for a standard policy with personal property limits of $250,000 is $2,255 per year, while a similar policy with personal property limits of $100,000 costs an average of $2,081 per year.
If you are looking for a policy with high personal property limits, the cheapest options in Fayetteville are:
- Heritage: $1,648 per year
- Travelers: $1,652 per year
Cheap Companies in Fayetteville for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Fayetteville for High Deductibles
How much your deductibles are will have an impact on the rates for homeowners insurance in Fayetteville. Having higher deductibles lead to cheaper annual premiums because you will be paying more out-of-pocket if you make a claim. On average, a standard policy with a $2,000 deductible in the city costs $1,840 per year. On the other hand, a similar policy will cost an average of $2,081 per year if you only have a $1,000 deductible.
The most affordable companies in Fayetteville for a standard policy with $2,000 deductibles are:
- Heritage: $1,345 per year
- Travelers: $1,348 per year
The Cheapest Companies in Fayetteville for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Fayetteville if You Have Poor Credit
Your credit score can also affect the cost of your home insurance in Fayetteville. Homeowners with bad credit have higher annual premiums compared to those with good credit scores. The average annual rate of home insurance for Fayetteville homeowners with poor credit is $3,543, compared to an average of $2,081 for those with good credit.
The top two companies with the least expensive rates for homeowners with poor credit in Fayetteville are:
- Heritage: $1,521 per year
- Auto-Owners Insurance Co: $1,790 per year
The Cheapest Companies in Fayetteville for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Fayetteville
Most insurers allow homeowners to get home insurance quotes online. However, you will have to provide certain information.
- Home replacement cost – Insurance carriers consider the cost to rebuild your home when determining dwelling coverage limits. To get an accurate estimate, you may need to hire a building contractor or construction professional.
- Personal property value – Home insurance in Fayetteville covers personal belongings kept at home. So, you will need to inform the insurer of the value of the personal property you want to be covered.
- Personal information – Insurers will need to know your address, the number of people living in your home, your insurance history, your credit score and other individualized factors.
- Details about your house – To evaluate your needs, the company needs to know specific information about your home, like the year it was built, its size and whether or not you have a security system.
Homeowners Insurance in Fayetteville Analysis: Methodology
MoneyGeek analyzed insurance premiums from 10 carriers offering homeowners insurance in Fayetteville using data provided in partnership with Quadrant. Quotes from various coverage levels were collected to calculate affordability scores. MoneyGeek also evaluated rates considering multiple factors, such as newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores. For customer satisfaction ratings, data from J.D. Power surveys were used.
The base profile for this study is a home with 2,500 square feet built in 2000 with dwelling coverage limits of $250,000, personal property coverage limits of $100,000 and liability coverage limits of $100,000. In addition, these policies had a $1,000 deductible.
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