The Best Cheap Homeowners Insurance in Greensboro, North Carolina for 2022: Quotes and Reviews
In Greensboro, North Carolina, homeowners insurance costs $1,348 on average per year or $112 monthly. Depending on the insurer you choose, this cost varies widely. Universal North America, the cheapest option, costs an average of $812 per year, which is $1,473 cheaper than State Farm, the most expensive option at $2,285 per year on average. This means comparing quotes from different insurers can help you save money. If you are looking for the best combination of cost and coverage, MoneyGeek ranked the best homeowners insurance in Greensboro.
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The Cheapest and Best Homeowners Insurance in Greensboro
The Cheapest Home Insurance Companies in Greensboro
Insurance companies in Greensboro tend to offer the same core coverages, so the cost is always an important differentiating factor when buying home insurance.
In Greensboro, the cheapest insurance companies for the average home with $250,000 in dwelling coverage are:
- Universal North America: $812 per year
- Heritage: $896 per year
For expensive homes in Greensboro, the cheapest insurance companies for home insurance with $2,000,000 in dwelling coverage are:
- Universal North America: $4,454 per year
- Heritage: $5,055 per year
Home insurance rates in Greensboro vary depending on the dwelling coverage. You can adjust the dwelling coverage using the table below to see how the prices change.
The Cheapest Home Insurance in Greensboro, Ranked
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In this analysis, all policies with the initial baseline dwelling coverage of $250,000 have personal property limits of $100,000, while policies with a $2,000,000 dwelling coverage limit have personal property limits of $800,000. All policies have a liability coverage limit of $100,000.
North Carolina homeowners who live in other parts of the state can find statewide rates by checking North Carolina home insurance quotes.
The Average Cost of Homeowners Insurance in Greensboro for 2021
The average homeowners insurance rates in Greensboro are lower than both the state and national averages. Residents of Greensboro pay an average of $1,348 per year, $150 less than the average for North Carolina, which is $1,498 yearly. The national average is higher at $2,103 yearly, which is $755 more than the Greensboro average.
Calculate the Cost of Home Insurance in Greensboro
One of the main factors that influence home insurance costs in Greensboro is location. Your home insurance premium will also vary depending on your credit score, dwelling coverage limits and the value of your personal property.
If you would like to find out the rates of home insurance in your state, you can use MoneyGeek’s home insurance calculator to compare quotes.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Greensboro
When shopping for home insurance in Greensboro, other than cost, you will also need to consider an insurer’s performance in terms of financial stability and customer satisfaction. Some insurers may be affordable but have a bad claim settlement record, meaning you could run into problems if you file a claim.
MoneyGeek found that the best homeowners insurance companies in Greensboro are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: Auto-Owners Insurance Co
MoneyGeek used a comprehensive ranking system to find the best companies in Greensboro based on affordability, customer satisfaction ratings from J.D. Power and financial stability scores from AM Best.
USAA offers comprehensive coverage for members, including home-sharing coverage for homeowners who rent out rooms in their homes and need coverage for landlord costs. If you are an active member of the military, a USAA policy will cover you without a deductible if you lose or damage your uniform. Policyholders also get discounts for having a claim-free record, which makes this policy even more affordable.
Among insurers in Greensboro, USAA had the highest scores across key ranking categories, including customer satisfaction, affordability and financial stability. Only current or former members of the military can apply for this policy.Read MoneyGeek's USAA home Insurance Review
Auto-Owners is the only insurer in Greensboro offering homeowners optional equipment breakdown coverage. This coverage protects you against losses caused by electrical or mechanical failures in your home. You can also opt for guaranteed home replacement coverage to ensure that your home will be rebuilt even if your limits are lower than the replacement costs.
Our runner-up pick, Auto-Owners, has a high J.D. Power customer satisfaction rating and also outranked most Greensboro insurers on financial stability.Read MoneyGeek's Auto-Owners Insurance Co home Insurance Review
Cheapest Home Insurance Companies in Greensboro for Newly Constructed Homes
In Greensboro, newly constructed homes can be much cheaper to insure because the associated risk for the insurer is lower. Modern construction materials have a better safety profile, and if they need to be replaced, they are usually easily available. This makes newer construction cheaper to insure. Homeowners in Greensboro pay an average of $1,047 per year for new homes, while the rate for older homes is roughly $1,348 yearly.
The cheapest insurance companies in Greensboro for newly constructed homes with $250,000 in dwelling coverage are:
- Universal North America: $631 per year
- Heritage: $696 per year
The Cheapest Home Insurance in Greensboro for New Homes, Ranked
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Cheapest Home Insurance Companies in Greensboro if You Have a Lot of Personal Property
Homeowners insurance costs in Greensboro vary depending on the value of personal property to be covered. High personal property limits typically attract higher costs than policies with a lower limit. For a policy with high personal property limits of $250,000, homeowners pay an average of $1,566 yearly, while a policy with $100,000 in personal property limits costs around $1,348 per year.
In Greensboro, the cheapest home insurance companies with personal property limits of $250,000 are:
- Universal North America: $943 per year
- Heritage: $1,041 per year
Cheap Companies in Greensboro for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Greensboro for High Deductibles
Home insurance costs are influenced by the deductible you choose. If you choose a policy with a low deductible, your annual premiums will be high, but if you file a claim, you will have lower out-of-pocket costs. Policies with high deductibles attract lower premiums, but the trade-off is that the out-of-pocket costs when filing claims tend to be high. For a policy with a $2,000 deductible, Greensboro homeowners pay an average of $1,126 per year, compared to $1,348 yearly for a policy with a $1,000 deductible.
For homeowners in Greensboro with a $2,000 deductible, the cheapest insurance companies are:
- Universal North America: $678 per year
- Heritage: $748 per year
The Cheapest Companies in Greensboro for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Greensboro if You Have Poor Credit
When calculating home insurance rates, insurers in Greensboro use credit scores as a rating factor. This means that homeowners with good credit scores will likely pay significantly lower rates than those with poor credit scores. The average cost of home insurance if you have a poor credit score is $2,303 per year, while those with a good credit score pay roughly $1,348 per year.
The cheapest insurance companies in Greensboro for those with poor credit are:
- Heritage: $896 per year
- Auto-Owners Insurance Co: $1,169 per year
The Cheapest Companies in Greensboro for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Greensboro
If you want to get a home insurance quote online in Greensboro, you will need to provide the insurer with information so that they can calculate the costs and appropriate coverage limits for your home. Some of the details required include:
- Personal information: You will need to provide your address, details of who you live with and your past insurance history.
- Information about your house: Your insurer will require details such as the size of your home, when it was built and whether you have installed any special features.
- The replacement cost of your house: Home insurance rates largely depend on the cost it would take to rebuild your home if it is rendered a total loss by a covered peril. Your dwelling coverage limit will be determined using this cost, so it is important to get an accurate estimate from a construction professional. The replacement cost of your home is not the same as the market value.
- Personal property value: Your home insurance premiums will vary based on the value of the personal property that you want to cover under your policy. The higher the value of your personal property, the higher the costs of home insurance are likely to become.
Homeowners Insurance in Greensboro Analysis: Methodology
MoneyGeek’s study analyzed home insurance premiums from 10 insurers in Greensboro. The data used was provided in partnership with Quadrant.
For this analysis, we drew customer satisfaction ratings from J.D. Power surveys while calculating affordability scores by collecting quotes for a home with varying coverage levels. MoneyGeek also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
The base profile used in this analysis was for a homeowner with a 2,500-square-foot home built in 2000 with a dwelling coverage limit of $250,000. The personal property limit used was $100,000, with liability coverage of $100,000. The deductible for these policies was $1,000.
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