The Cheapest and Best Homeowners Insurance in Winston-Salem
The Cheapest Home Insurance Companies in Winston-Salem
Insurance companies in Winston-Salem often have the same core coverages. However, each coverage rate varies considerably for each company and you will need to shop around if you wish to get the most affordable option.
According to MoneyGeek, the cheapest homeowners insurance in Winston-Salem with a dwelling coverage of $250,000 is from:
- Universal North America: $812 per year
- Heritage: $905 per year
You may need to pay more or less annual premiums than these averages, depending on factors like your coverage amount and insurer of choice.
Home insurance rates also vary depending on the dwelling coverage amount. The most affordable coverage in the city for a dwelling coverage limit of $2,000,000 is from:
- Universal North America: $4,457 per year
- Heritage: $5,104 per year
Use the following table to compare costs across different dwelling coverage limits.
The Cheapest Home Insurance in Winston-Salem, Ranked
Scroll for more
For this research, MoneyGeek used a sample homeowners insurance policy with an initial baseline dwelling coverage of $250,000 and a personal property coverage limit of $100,000. The personal property coverage limit for a dwelling coverage of $2,000,000 is $800,000. All the homeowner’s insurance policies in the city have a standard liability coverage amount of $100,000.
If you don't live within Winston-Salem but do reside in North Carolina, you can still use the MoneyGeek scores to compare the cheapest homeowners insurance providers in the entire state.
The Average Cost of Homeowners Insurance in Winston-Salem for 2021
In Winston-Salem, homeowners insurance costs an average of $1,355 per year, which is lower than the state average of $1,498 by $143 per year. The city average is also lower than the national average of $2,103 by $748.
Calculate the Cost of Home Insurance in Winston-Salem
While looking for the best homeowners insurance in Winston-Salem, note that your location will determine how much you pay alongside the dwelling coverage amount and personal property coverage you choose, your credit score and various other factors.
You can use the MoneyGeek home insurance calculator to compare quotes across different locations and insurers before making a purchase decision.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Winston-Salem
According to MoneyGeek, the best providers of homeowners insurance in Winston-Salem are:
- Best Overall: USAA (Limited to former and current military members and their families)
- Runner-up: Auto-Owners Insurance company
MoneyGeek ranked insurers in the city according to various factors, including financial stability, customer satisfaction and affordability. While cost is one of the main factors influencing the cost of homeowners insurance in Winston-Salem, you should also consider factors like financial stability, which determines the likelihood of an insurer settling your claims.
USAA provides discounts to homeowners who have protective security systems installed in their homes and those who don’t regularly file claims. If you rent out a section of your home, you also receive home-sharing coverage that covers the costs associated with being a landlord. The company also allows you to add earthquake damage to your insurance policy.
USAA provides significantly cheaper homeowners insurance in Winston-Salem and is also the best insurer overall. However, while the company has the highest financial stability and user satisfaction scores, its policies are only available to current and former military members.Read MoneyGeek's USAA home Insurance Review
One advantage of an Auto-owners insurance policy is that it offers you equipment breakdown coverage which protects you against the cost of mechanical and electrical damage to your systems. The company also provides home replacement coverage and identity theft coverage to cater to the costs of restoring your financial identity to a maximum limit of $15,000.
Auto-owners is the second-best home insurance provider in Winston-Salem, with one of the highest financial stability scores. In addition, the company provides a mortgage-free discount to individuals who fully own their homes.Read MoneyGeek's Auto-Owners Insurance home Insurance Review
Cheapest Home Insurance Companies in Winston-Salem for Newly Constructed Homes
When you buy a newly constructed home in Winston-Salem, you will pay less homeowners insurance than someone with an older home. This is because newer homes are built using modern materials that do not get damaged easily. They are also easy to replace, reducing your chances of filing a claim.
The average cost of homeowners insurance in Winston-Salem or a new home is $966 per year, while a house built in 2000 costs an average of $1,355 per year.
The cheapest homeowners insurance in Winston-Salem for people with a newly constructed home and a dwelling coverage limit of $250,000 are:
- Universal North America: $579 per year
- Heritage: $645 per year
The Cheapest Home Insurance in Winston-Salem for New Homes, Ranked
Scroll for more
Cheapest Home Insurance Companies in Winston-Salem if You Have a Lot of Personal Property
In Winston-Salem, homeowners insurance coverage also includes damage to your personal property. However, if you have a lot of personal property, you may need to purchase additional coverage.
The average cost of homeowners insurance for a personal property limit of $250,000 is $1,468 per year. In contrast, a policy with a personal property limit of $100,000 costs $1,355 per year.
According to MoneyGeek’s research, the most affordable homeowners insurance carriers in Winston-Salem with high personal property limits are:
- Universal North America: $880 per year
- Heritage: $980 per year
Cheap Companies in Winston-Salem for Extra Personal Property Coverage
Scroll for more
Cheapest Home Insurance Companies in Winston-Salem for High Deductibles
How much you pay out of pocket after your insurer agrees to settle your claim is known as the deductible. A policy with a higher deductible often has lower monthly premiums. However, you will pay more out of pocket. For example, a policy with a $2,000 deductible in Winston-Salem costs $1,198 on average per month. One with a deductible of $1,000 costs an average of $1,355 per year.
Insurers in Winston-Salem with the lowest rates for high deductibles include:
- Universal North America: $718 per year
- Heritage: $800 per year
The Cheapest Companies in Winston-Salem for High Deductibles, Ranked
Scroll for more
Cheapest Home Insurance Companies in Winston-Salem if You Have Poor Credit
Insurance companies often use credit scores as one of the determinants of homeowners insurance costs in Winston-Salem. If you have bad credit, you will typically pay more than a person with a good credit score because you are more likely to file a claim.
Homeowners with poor credit scores pay an average of $2,302 per year for insurance, while those with a good credit score pay $1,355 annually.
Companies with the lowest homeowners insurance rates for individuals with a poor credit score are:
- Heritage: $905 per year
- Auto-owners Insurance Company: $1,167 per year
The Cheapest Companies in Winston-Salem for Poor Credit, Ranked
Scroll for more
Getting Online Homeowners Insurance Quotes in Winston-Salem
While requesting home insurance quotes in Winston-Salem, you will need to provide certain information for your request to be processed. Some of the details to provide includes:
- Cost of home replacement - Insurance companies use the cost of rebuilding your damaged home and not its actual cost while calculating your dwelling coverage limits. This cost is known as the home replacement cost, and you can obtain it through calculations made by a building contractor or construction professional.
- Personal property value - This is the value of the personal property within your home. Insurers use this value to determine your personal property limits.
- Personal information - You will need to provide some details about your home, including the number of people living in it and any insurance policies held in the past.
- Property information - You will also need information about when your home got constructed, how many rooms it has, and whether it has safety devices installed.
Homeowners Insurance in Winston-Salem Analysis: Methodology
The scores used by MoneyGeek in this study are for a sample 2,500-square-foot home built in 2000. The policy has $250,000 and the dwelling coverage limit, $100,000 as personal property coverage and liability coverage of $100,000. The policy also has a deductible of $1,000.
MoneyGeek collected the data across different coverage levels in conjunction with Quadrant, and the customer satisfaction scores were from J.D. Power. The analysis comprises ten insurance companies within Winston-Salem.
About Mark Fitzpatrick