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What’s the Average Homeowners Insurance Cost in North Carolina?

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As of 2015, the average homeowners insurance cost in North Carolina was $1,075.

This is about $100 less than the national average.

In January 2018, the North Carolina Rate Bureau requested an 18.7 percent increase in home insurance rates. The state’s insurance commissioner reprieved the request but stated that they’d reach a common resolution in future.

If it had been approved, this request was to take effect July 1.

In this post, we’re going to share more about home insurance in North Carolina.

Keep on reading.

Factors that Affect Rates

Like all states, several factors affect insurance rates in North Carolina. This include:

  • Age of the home
  • Location of the home
  • The appraised value of the home
  • The type of construction
  • The crime rate in the area

In some cases, insurers may reject to insure older homes. Or, they may recommend a limited coverage. On the other hand, new homes are likely to get reduced rates. Homes in urban areas and those in locations that are prone to natural disasters attract high home insurance rates.

A home’s ability to withstand or minimize damage determines rates, too. Also, the more expensive your home is, the more cost you’re likely to pay.

What Does Insurance Cover?

When assessing home insurance cost in North Carolina, it helps to know what the plan covers.

Ideally, a standard plan provides coverage for the house and other structures, personal liability, loss of use, and personal property. It also covers heating installations, plumbing, electrical wiring, and permanent air-conditioning systems.

It covers damage caused by smoke, fire, theft, vandalism, and windstorm. However, a standard plan doesn’t offer coverage for floods, landslides, mudflows, mudslides, and earthquakes.

Standard home insurance plans also include liability coverage. This means injuries to a person on your premises will be covered. This will also cover property damage of things you don’t own. However, it doesn’t offer cover for intentional acts.

Optional Coverage Options

Depending on your location and other factors, you may need to get optional coverage options. Bear in mind that this will increase your homeowners insurance cost.

These coverage options include flood, fire and lighting, hazard, and windstorm. You can also benefit from the National Flood Insurance Program. It offers coverage for mudslide and flood damage. However, this program has cost limits.

A standard policy offers coverage for fire and lightning. However, due to the potential extensive damage by these events, you may need additional cover. This is the same for windstorm damage.

Homeowners Insurance Cost – Final Thoughts

Before buying coverage policy, it helps to take the time to compare home insurance rates in North Carolina. Be sure to pay attention to the details of each plan.

At Amistad Insurance Services we strive to offer complete home insurance policy at reasonable rates. If you have a unique home, we can help you to get a custom coverage that meets your needs. You can also qualify for discounted rates if you combine all your policies with us.

Do you have any questions about home insurance cost? Feel free to contact us for a free home insurance quote.

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