According to a 2022 Bankrate study of average premium prices, the average cost of homeowners insurance in North Carolina is $1,317 for $250,000 coverage.
That’s just the tip of the iceberg in understanding how much you can expect to pay for insurance coverage.
Here’s what you need to know.
Average Homeowners Insurance Costs Vary
North Carolina’s average cost for homeowners insurance is lower than the national average of $1,383. But that’s only one number based on a specific amount of coverage. Even with the same amount of coverage, you may pay more than the average or, even better, less than the average.
Across the state, insurance costs vary from city to city. Among the top 10 cities in North Carolina, the average price for homeowners coverage varies. Wilmington has the highest average premiums at $2,165. Asheville has the lowest average insurance cost at $947, significantly below the state average. And in Charlotte, the average price of homeowners insurance is $1,194.
What Determines the Cost of North Carolina Homeowners Insurance?
Knowing the average price of homeowners insurance only gets you so far. What you pay for coverage might be much lower or higher. Why? Because the cost of insurance is determined by a lot of factors, and everyone’s situation is different.
Here’s a list of some of what determines your homeowners premiums:
- Zip code
- Crime rates
- Proximity to a fire station
- Size of your home
- Age of your home
- Cost to rebuild your home
- Your age
- Marital status
- Credit score
- Claims history
- Amount of total coverage you need
- Any extra coverage you need
- Whether you’re in a hurricane zone
Some of those factors you can control, but some you can’t.
It’s also important to shop around for homeowners insurance because insurance carriers don’t all charge the same amount. Getting quotes from multiple insurers could save you hundreds of dollars a year.
Cheapest Isn’t Always Best
One thing to remember, though. While you shouldn’t overpay for insurance coverage, the cheapest policy isn’t always the best policy. You want homeowners insurance that covers your dwelling, any unattached structures on your property, as well as your possessions. If you lose everything in a fire or storm, you should have enough coverage to rebuild from scratch. Plus, you need enough liability coverage to weather potential lawsuits from injured parties.
A comprehensive policy that offers enough protection for your home and family may cost more than the state average. But it will be worth it when you need to file a claim.
Make sure you have the right coverage at the right price. Contact Charlotte Insurance today for free quotes on a new homeowners insurance policy for your North Carolina home. We can answer your questions and help you every step of the way.