The Cheapest and Best Homeowners Insurance in Raleigh
The Cheapest Home Insurance Companies in Raleigh
Insurance providers in Raleigh typically provide the same standard coverages. However, their rates vary significantly. That’s why you need to carefully consider the cost of coverage while purchasing your homeowners policy.
As per MoneyGeek’s scores, the cheapest providers of homeowners insurance in Raleigh for a dwelling coverage of $250,000 are:
- Universal North America: $942 per year
- Travelers: $959 per year
Individual costs for each homeowner may vary depending on several factors, including the coverage amount they purchase.
The rates may also vary significantly depending on your dwelling coverage limits. For expensive homes, the cheapest providers for a dwelling coverage limit of $2,000,000 are:
- Universal North America: $5,203 per year
- Heritage: $5,647 per year
You can check how prices vary for different dwelling coverage limits using the table below.
The Cheapest Home Insurance in Raleigh, Ranked
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For this study, MoneyGeek used a sample homeowner whose policy has a dwelling coverage base limit of $250,000 and a personal property coverage limit of $100,000. All policies in Raleigh with a dwelling coverage of $2,000,000 feature a personal property coverage limit of $800,000. Regardless of the dwelling coverage, homeowners get a liability coverage limit of $100,000 on their policies.
If you live elsewhere in North Carolina, you can use MoneyGeek’s research to compare quotes across the state.
The Average Cost of Homeowners Insurance in Raleigh for 2022
Homeowners insurance in Raleigh costs an average of $1,508 per year, which is higher than the state average by $10. Raleigh’s average cost of homeowners insurance is lower than the national average by about $595 per year.
Calculate the Cost of Home Insurance in Raleigh
While your location can impact how much you pay for homeowners insurance in Raleigh, it is not the only factor that insurers consider while calculating your rates. Your personal property coverage, credit score and dwelling coverage limit also influence your premiums.
By using the MoneyGeek calculator, you can easily compare quotes across various providers in the city before choosing one that meets your needs.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Raleigh
To help Raleigh residents find the best homeowners insurance, MoneyGeek ranked providers by affordability, financial stability and customer satisfaction. When purchasing homeowners insurance in Raleigh, cost should not be the only consideration you make. Be sure to choose an insurer that offers the best customer and claims experience.
Based on MoneyGeek’s research, the best insurers in Raleigh for homeowners are:
- Best Overall: Travelers
- Runner-up: Auto-Owners Insurance Company
Travelers policyholders in Raleigh are allowed to add identity fraud expense coverage to their policies for limits of up to $25,000. You will also receive additional replacement cost, which ensures that you receive coverage even if the cost of repairing or replacing your home exceeds your dwelling coverage limit. Travelers also allows you to include water backup and sump pump discharge coverage.
Travelers is ranked the best insurer overall for homeowners in Raleigh. The company offers added protection to cover the cost of repairing homes using green materials.Read MoneyGeek's Travelers home Insurance Review
You can add guaranteed home replacement coverage to your Auto-Owners policy so that you are fully covered even if your limits are quite low. Raleigh residents who fully own their homes can get subsidized insurance rates through the company’s mortgage-free discount. You can also add breakdown coverage, as well as identity theft coverage, for a limit of up to $15,000.
The second-best homeowners insurance company in Raleigh, with some of the best affordability and customer satisfaction scores, is Auto-Owners. This insurer protects your home if mechanical and electrical systems fail, a coverage option that’s not available from most other companies.Read MoneyGeek's Auto-Owners Insurance home Insurance Review
Cheapest Home Insurance Companies in Raleigh for Newly Constructed Homes
If you own a newly constructed home in Raleigh, your homeowners insurance rates will be lower since the materials used to build your home are resistant to damage and also easy to replace. That means there’s less probability that you will file a claim.
The average cost of homeowners insurance in Raleigh for a newly built home is $1,176 per year, compared to $1,508 for a home built in 2000.
According to Moneygeek’s study, the most affordable homeowners insurance for residents with a newly constructed home and a $250,000 dwelling coverage limit are:
- Universal North America: $734 per year
- Travelers: $763 per year
The Cheapest Home Insurance in Raleigh for New Homes, Ranked
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Cheapest Home Insurance Companies in Raleigh if You Have a Lot of Personal Property
Homeowners insurance protects you against damage to your home and personal property. If you wish to cover more property, you will need to pay more for your policy. Homeowners insurance in Raleigh costs an average of $1,727 per year for a personal property limit of $250,000 and $1,508 for a personal property limit of $100,000.
According to MoneyGeek’s study, the most affordable companies for homeowners insurance in Raleigh with high personal property limits are:
- Universal North America: $1,079 per year
- Heritage: $1,145 per year
Cheap Companies in Raleigh for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Raleigh for High Deductibles
The deductible is the amount you pay out of pocket when your insurer agrees to process your claims. Policies with a high deductible often have lower monthly premiums, while those with lower deductibles feature higher premiums. In Raleigh, if your policy has a deductible of $2,000, you will pay $1,259 on average per year. However, for a deductible of $1,000, the average cost of your policy will be $1,508.
Insurers that offer the best cheap homeowners insurance in Raleigh for high deductibles are:
- Universal North America: $786 per year
- Travelers: $801 per year
The Cheapest Companies in Raleigh for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Raleigh if You Have Poor Credit
Several factors determine how much you pay for homeowners insurance in Raleigh. One of these is your credit score. If your credit score is bad, you will pay more because insurers think you are more likely to file claims.
The average cost of homeowners insurance for Raleigh residents with a poor credit score is $2,579 per year, while those with good scores pay an average of $1,508 per year.
The cheapest providers of homeowners insurance in the city for residents with poor credit scores are:
- Heritage: $1,000 per year
- Travelers: $1,250 per year
The Cheapest Companies in Raleigh for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Raleigh
Insurance companies in Raleigh allow you to request a quote online. However, you will need to provide a lot of information, including:
- Home replacement cost - This refers to the cost of rebuilding your home, and not its actual market value. Insurance companies use the home replacement cost to calculate your dwelling coverage limits. To determine this cost, you will need the services of a building contractor or a construction professional.
- Personal property value - Personal property value is the value of your possessions included in your policy. This determines your personal property limits.
- Personal information - Insurers will also ask for information about your home address, the number of occupants and your insurance history.
- Property information - You may also need to indicate the size of your home, year of construction and the type of safety equipment you have.
Homeowners Insurance in Raleigh Analysis: Methodology
For this study, MoneyGeek used the base profile of a 2,500-square-foot home built in 2000. The policy has a dwelling coverage limit of $250,000, personal property and liability coverage limits of $100,000 each and a deductible of $1,000.
MoneyGeek used information for 10 insurance companies in Raleigh obtained in liaison with Quadrant. We also calculated affordability scores for each company by analyzing a home with varying coverage levels. Customer satisfaction scores are from J.D. Power.
About Mark Fitzpatrick