Jamie is a meticulous researcher who has published 2,000+ personal finance articles. Her expertise is trusted by major brands like Bankrate and Rocket Mortgage.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Charlotte, North Carolina, ranks in the top 25 U.S. cities in terms of population, with more than 874,000 people living there. It’s also one of the most desirable places to purchase a home, thanks to its investments in housing, transportation, and economic development.[1]
On average, Charlotte homeowners pay $1,984 annually for a homeowners insurance policy with $300,000 in dwelling coverage and a $1,000 deductible, which is lower than the national average of $2,377. The entire state of North Carolina is prone to tornadoes and hurricanes, so you’ll want to consider these hazards when purchasing homeowners insurance.
Here’s what you should know about comparing quotes and finding affordable coverage in the Queen City.
Quick Facts
State Farm, Bankers Insurance Group, and Encompass are some of the cheapest home insurers in Charlotte.
The annual cost of homeowners insurance in Charlotte is lower than the North Carolina annual average of $2,110 for a policy with a $1,000 deductible and $300,000 in dwelling coverage.
Standard home insurance covers wind damage, but you may consider a separate hurricane insurance policy if you want additional coverage.
Best home insurance companies in Charlotte
Many quality home insurance companies serve the Charlotte area, and the best company for you will depend on your individual situation and needs. If you’re looking for a place to start, the following table outlines Insurify’s top picks for home insurance companies in Charlotte.
Insurance Company
▲▼
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Average Annual Premium
▲▼
Best For
▲▼
State Farm
8.2
$604
Cheapest rates
Encompass
NR
$1,088
New homes
North Carolina Farm Bureau
NR
$1,402
State-specific needs
Allstate
8.2
$1,661
Home-sharing
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$50/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$66/mo
In Charlotte, State Farm customers pay an average annual rate of $604 for home insurance, which is much lower than what competing insurers offer. You’ll purchase your policy from a State Farm agent, who can help you find the best coverage for your circumstances. The company also offers discounts for bundling your home and auto insurance or installing a security system.
Pros
Lowest home insurance rates in Charlotte
Above-average J.D. Power customer satisfaction and claims satisfaction ratings
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$91/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$133/mo
Charlotte is a growing city and ranked eighth in the country for new home construction.[2] If you’re thinking about purchasing a newer house, Encompass could be a good option for you — the insurer offers discounts for homes less than 49 years old. And if you choose one of the company’s top-tier plans, your coverage limits are extended to 200% of your home’s value.
Pros
Wide variety of available discounts
Different levels of coverage available
Cons
Quotes not available online
Online claims filing not available
Best insurer for state-specific needs: North Carolina Farm Bureau
The North Carolina Farm Bureau is only available in North Carolina, so agents have a unique understanding of the challenges Queen City residents face. The insurer will customize the coverage options and discounts for your situation, and the company has an excellent rating for its financial strength.
Pros
Offers coverage specifically for North Carolina residents
AM Best financial strength rating of A- (Excellent)
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$141/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$208/mo
As home and rental prices continue to increase, more Americans are turning to home-sharing to save money. Allstate is one of the few insurers offering home-sharers protection through its HostAdvantage plan. This coverage protects you from theft and personal property damage while you’re renting out your home.
Pros
Coverage for home-sharing hosts
An agent can help you purchase flood insurance through the National Flood Insurance Program
Cons
Higher average rates than other insurers
Higher-than-average number of complaints with the National Association of Insurance Commissioners (NAIC)
Find Cheap Home Insurance in Charlotte
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Cheapest home insurance in Charlotte
Homeowners insurance costs are rising due to extreme weather, inflation, and high homebuilding costs. Homeowners will likely experience a 6% increase in home insurance costs by the end of the year, Insurify data shows.
If you’re looking for affordable coverage, here are some of the cheapest home insurance companies in Charlotte. Rates shown are for policies with $300,000 in dwelling coverage and a $1,000 deductible.
Insurance Company
▲▼
Average Annual Premium
▲▼
State Farm
$604
Bankers Insurance Group
$799
Encompass
$1,088
Lititz Mutual Group
$1,402
North Carolina Farm Bureau
$1,402
Unitrin
$1,472
Lighthouse Prop Ins Corp
$1,609
Allstate
$1,661
Travelers
$1,661
Erie
$2,126
Cost of homeowners insurance in Charlotte
Charlotte homeowners pay an average annual premium of $1,984 for a $300,000 homeowners policy with a $1,000 deductible. But the cost of home insurance can vary depending on the following factors:
Total coverage
The more coverage you purchase, the higher your home insurance premiums will be.
Location
Your home’s location is one of the biggest factors affecting how much you pay for insurance. If you live in an area that experiences a lot of natural disasters, you’ll pay more for coverage.
Deductible
Your deductible is a one-time expense you pay out of pocket when filing an insurance claim. The higher your deductible, the less you’ll pay for coverage, and vice versa.
Any protective devices
Installing certain safety features, like a security or sprinkler system, could help you qualify for a discount from your insurer.
Your home’s features
Insurance companies also consider the age and condition of your home. If your home is in poor condition or has many outdated features, you’ll pay more for insurance.
Cost of homeowners insurance by dwelling coverage amount
Dwelling coverage protects the physical structure of your home as well as attached structures, like a deck or garage. The more dwelling coverage you buy, the higher your home insurance premiums will be. But you should at least have enough coverage to rebuild your home in case of a total loss.
In the table below, you can see what North Carolina homeowners pay, on average, based on their dwelling coverage amount for policies with a $1,000 deductible.
Coverage Limit
▲▼
Average Annual Premium
▲▼
$100,000
$1,069
$200,000
$1,592
$300,000
$2,110
$400,000
$2,670
$500,000
$3,196
Cost of homeowners insurance by deductible
If you file a homeowners insurance claim, your insurer won’t pay out on the claim until you pay the deductible. Choosing a higher deductible will lower your monthly insurance rates, but you’ll have a higher out-of-pocket expense if you ever need to file a claim. Choosing a low deductible will lead to higher insurance premiums, but you’ll pay less when filing a claim.
You can see how much Charlotte homeowners pay for home insurance based on the deductible amount they choose for policies with $300,000 in dwelling coverage.
Deductible Amount
▲▼
Average Annual Premium
▲▼
$500
$2,041
$1,000
$1,984
How to get cheap homeowners insurance in Charlotte
Homeowners insurance is necessary to protect your home and personal belongings if the unexpected happens. Policies can be pricey, but you can save money with the following four tips:[3]
Bundle your policies. You can receive a discount for purchasing multiple policies from the same insurer. For example, you couldbundle your homeowners policy with autoand life insurance policies.
Evaluate your coverage. It’s a good idea to review your insurance coverage annually to ensure you aren’t paying for coverage you no longer need.
Take advantage of discounts. Ask your insurer about any additional discounts you qualify for. For example, many insurance companies offer discounts to homeownerswho set up automatic billing, enroll in paperless billing, or have safety features set up.
Shop around. One of the best ways to save on homeowners insurance is by shopping around before choosing a policy. Receive quotes from at least three different companies and compare the price and coverage each offers.
North Carolina homeowners insurance rates by city
Your location plays a big role in determining how much you pay for homeowners insurance. Different cities, along with different ZIP codes with that city, come with different home insurance premiums. Living in a highly populated city like Charlotte will lead to higher homeowners insurance rates.
Living in an area with a high risk of natural disasters will also increase your premiums since you’re a higher risk to your insurer. North Carolina is at risk for flooding, so living in a flood zone will cause you to pay more.[4]
The following table outlines the average costs for different cities in North Carolina. As you can see, the costs can vary substantially depending on your city.
City
▲▼
Average Annual Premium
▲▼
Asheville
$1,646
Cary
$2,267
Charlotte
$1,984
Concord
$1,999
Fayetteville
$3,009
Greensboro
$1,849
Raleigh
$2,264
Raleigh
$2,264
Wake Forest
$1,966
How much homeowners insurance do you need in Charlotte?
If you take out a mortgage on your home, your lender will require you to purchase homeowners insurance. Before purchasing a policy, you should understand exactly what your policy covers and any exclusions to ensure you have adequate coverage.
The North Carolina Department of Insurance recommends purchasing at least 80% of the full replacement cost of the home and other structures.[5] In addition to standard coverage options, you might consider looking into common insurance endorsements.
For example, guaranteed replacement cost coverage ensures your insurance company will cover the full cost of repairing or replacing your home, even if it exceeds your policy limits. Water backup coverage will protect you if your sump pump fails or a sewer line bursts.
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What are some of the biggest risks when owning a home in Charlotte?
Charlotte homeowners face several weather-related risks — here are some of the most common perils and how you can protect yourself:
Hurricanes and tropical storms
Charlotte is inland, but the city is still at risk for hurricanes and tropical storms. Hurricanes can cause winds of more than 74 miles per hour, causing significant property damage.[6] Standard homeowners insurance covers hurricane and storm damage, so ensure you have adequate dwelling and loss of use coverage.
Flood damage
In Charlotte, roughly 2,700 residential and commercial properties are in active floodplains.[7] Floods can cause significant water damage to your home, including structural damage or foundation cracks. A standard homeowners insurance policy won’t cover flood damage, so if you live in a flood zone, you’ll want to purchase a flood insurance policy from the National Flood Insurance Program (NFIP).
Severe thunderstorms
Charlotte experiences severe thunderstorms, which can lead to tornadoes, high winds, and hail. Thunderstorms can damage your home and other structures on your property, and lightning strikes can cause a fire or power outage. Homeowners insurance covers storm damage, so make sure you have sufficient personal property coverage.
Charlotte homeowners insurance FAQs
If you’re shopping for home insurance in Charlotte, this additional information may help as you research your coverage options.
How much is home insurance in Charlotte?
Home insurance in Charlotte costs $1,984 per year for a $300,000 policy with a $1,000 deductible, Insurify data shows. But your rates will vary depending on many factors, including your ZIP code, the age and square footage of your home, and the coverage levels you choose.
Which company has the cheapest homeowners insurance in Charlotte?
State Farm has the cheapest homeowners insurance in Charlotte, with average annual premiums of $604. Bankers Insurance Group and Encompass also offer affordable coverage, with annual premiums of $799 and $1,088, respectively.
Does Charlotte require homeowners insurance?
No. Charlotte law doesn’t require homeowners insurance, but your lender will require it if you have a mortgage on your home.
Even if you don’t have a mortgage, it’s still essential to maintain home insurance coverage. It protects you financially if something damages or destroys your home and you have to make expensive repairs or rebuild.
What is the best insurance company in North Carolina?
With low rates, above-average J.D. Power customer and claims satisfaction ratings, and an Insurify Quality (IQ) Score of 8.2 out of 10, State Farm is one of the best home insurance companies in North Carolina.
Jamie Johnson is a Kansas City-based personal finance writer whose work has been featured on several of the top finance and business sites in the country, including Insider, Credit Karma, Bankrate, Rocket Mortgage, Fox Business, Quicken Loans, and The Balance. For the past six years, she's dedicated more than 10,000 hours of research and writing to more than 2,000 articles about personal finance topics.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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