Cheapest North Carolina Homeowners Insurance Quotes (2024)

State Farm offers some of the cheapest homeowners insurance policies in North Carolina, with annual premiums of $720.

A.M. Steinbach
Written byA.M. Steinbach
A.M. Steinbach
A.M. SteinbachInsurance Writer
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A Harvard graduate, Mark has worked as a freelance personal finance and tech writer. He’s also written for Saturday Night Live.

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Ashley Cox
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Ashley CoxSenior Managing Editor
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Andrew Huang
Data reviewed byAndrew Huang
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Andrew HuangVice President, Performance Marketing
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Updated May 21, 2024

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North Carolina’s average homeowners insurance rate is $2,171 per year for a policy with $300,000 in dwelling coverage and a $500 deductible, according to Insurify data.

North Carolina is one of the most hurricane-prone states in the country.[1] It also has more than 300 miles of coastline and an extensive river system, which raises the threat of storm surges and flooding. In addition to standard homeowners insurance, homeowners should purchase robust windstorm coverage and consider flood insurance.

Here’s what you should know about comparing home insurance quotes and finding affordable coverage in the Tar Heel State.

Quick Facts
  • Many home insurers in North Carolina offer average rates much cheaper than the state average, including State Farm ($720 per year), Bankers Insurance Group ($1,043 per year), and Unitrin ($1,191 per year).

  • Homeowners insurance in North Carolina is $286 lower than the national average for a policy with $300,000 in dwelling coverage and a $500 deductible.

  • North Carolina residents in high-risk areas along the coast may face higher average home insurance rates.

Best home insurance companies in North Carolina

North Carolina homeowners have plenty of quality insurance companies to choose from. Shopping around and comparing quotes can help you find the best homeowners insurance for your unique needs and budget.

Insurance CompanyIQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
Average Annual PremiumBest For
State Farm4.1$720Cheapest rates
North Carolina Farm BureauN/A$1,571High-risk homes
Travelers3.9$1,752Flood insurance
Allstate4.1$2,020Older homes
  • Our editorial team spent 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. Criteria are weighted 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 5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. We update ratings once a year or as more recent information becomes available.

    • Third-party financial ratings: We use 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 20,000 customer reviews across 155 car insurance companies. We also considered 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 United States, 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 identified the number of states in which insurers offer coverage and company size by market share to score availability and reach.

Cheapest rates: State Farm

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.5
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.
$53/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.
$69/mo

State Farm, the largest home insurance company in the U.S. by market share, offers the lowest average rate. North Carolina’s state average is more than three times higher than State Farm’s. Taking advantage of State Farm’s discounts, including home and auto bundles, can help you save even more.

Pros
  • Above-average J.D. Power customer satisfaction rating

  • Lowest rates in North Carolina

Cons
  • Not as many discounts as some competitors

  • Mixed reviews on Better Business Bureau site

Best insurer for high-risk homes: North Carolina Farm Bureau

North Carolina is one of the most hurricane-prone states in the country, which means homeowners in the state should consider robust windstorm coverage. North Carolina Farm Bureau’s selection of surplus lines and specialty insurance products might be worth considering if you own a high-risk home.

North Carolina Farm Bureau is also a respected regional insurer that knows the area and its unique risk factors. And if you need an adjuster to come out and assess damage after a storm, NCFB has agents in every county — including multiple locations in the capital, Raleigh.

Pros
  • Local agents in every NC county

  • Serves North Carolina exclusively

Cons
  • Not the cheapest option available

  • Negative credit outlook from AM Best

Best insurer for flood insurance: Travelers

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
829
$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.
$131/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.
$201/mo

With hundreds of miles of coastline, an extensive river system, and regular coastal storms, North Carolina residents are no strangers to floods. Travelers is one of the few insurers in the state to offer private flood insurance, which it provides through its partner, Neptune Flood.

Property owners in high-risk zones can add several additional coverages to their Neptune Flood policy, including coverage for their pools, basements, and unattached structures. Unfortunately, Travelers isn’t the most affordable option in the state — and homeowners who have a greater flood risk might face higher rates.

Pros
  • One of a few insurers to offer private flood insurance

  • AM Best financial strength rating of A++ (Superior), the highest rating possible

Cons
  • Below-average J.D. Power customer satisfaction score

  • Some negative customer reviews on Trustpilot

Best insurer for older homes: Allstate

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.2
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.
$151/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.
$222/mo

Allstate, the fourth-largest home insurance company in the country by market share, offers a wide array of additional coverages that can benefit owners of older homes. For example, Allstate’s water backup coverage and umbrella insurance are good options for owners of older homes that may sustain damage more easily.

Allstate offers plenty of discounts for homeowners, including protective device discounts for people who update their properties with theft and fire safety devices.

Pros
  • Many discounts available for homeowners

  • Offers flood insurance through the National Flood Insurance Program (NFIP)

Cons
  • North Carolina has cheaper options

  • Below-average J.D. Power customer satisfaction score

Cheapest home insurance in North Carolina

North Carolina is home to many affordable homeowners insurance companies. Prices will vary based on several rating factors, including your home’s age, ZIP code, and prior claims history. Shopping around and comparing rates from multiple home insurers can help you find the cheapest rate.

The table below lists the state’s cheapest homeowners insurance companies.

Insurance CompanyAverage Annual Premium
State Farm$720
Bankers Insurance Group$1,043
Unitrin$1,191
Encompass$1,220
Lititz Mutual Group$1,571
North Carolina Farm Bureau$1,571
Travelers$1,752
Lighthouse Property Insurance$1,770

Cost of homeowners insurance in North Carolina

On average, North Carolina homeowners pay $2,171 per year for home insurance, or $181 per month. The average cost of homeowners insurance varies from homeowner to homeowner. For example, North Carolina residents in a high-risk area by the coastline will likely pay higher rates than inland residents at lower risk for flooding.

Homeowners can lower their rates by comparing quotes, taking advantage of discounts, bundling home insurance and auto insurance, and installing anti-theft and anti-fire devices in their homes.[2]

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Cost of homeowners insurance by dwelling coverage amount

How much dwelling coverage you buy also affects your homeowners insurance rates. The higher your coverage limits, the more you’ll end up paying. Most insurance agents suggest coverage limits around $300,000, but you might choose a higher or lower level based on your home’s risk profile and claims history.[3]

Compare rates and coverage levels in North Carolina in the table below. Rates shown are for policies with a $1,000 deductible.

Coverage LimitAverage 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

Your home insurance deductible is the amount you pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible typically leads to lower insurance rates. Assess your financial situation before choosing a higher deductible, because you’ll be on the hook for more out-of-pocket costs in the event of a covered loss.

As you can see below, choosing a higher deductible will result in a lower home insurance premium. Rates shown are for a policy with $300,000 in dwelling coverage.

Deductible AmountAverage Annual Premium
$500$2,171
$1,000$2,110

How to get cheap homeowners insurance in North Carolina

While North Carolina’s risk of severe weather can lead to higher rates, you have plenty of ways to save on insurance:

  • Upgrade your home. Investing in storm shutters or stronger roof materials can make your home more disaster-resistant — and lower the risk of an expensive claim. Additionally, making repairs to your home can lower its chances of sustaining serious damage, which can help you qualify for discounts.

  • Choose the right home. Saving on home insurance can start during the home-buying process. Seeking out a home that’s newer and in an area that’s at low risk for severe weather can help you save. Buying a house near emergency services, like a fire department, can also come with lower rates.

  • Find out if you qualify for discounts. Most home insurance companies offer generous discounts. Bundling home insurance with an auto policy is a popular option for many homeowners. Discounts for installing anti-theft devices or going several years without a claim can also lower the price of your homeowners policy.

  • Shop around and compare quotes. Every home is unique, and rates can vary significantly between different insurance companies. Request quotes from at least three insurers and compare them side by side to help you find a home insurance rate that works for your needs and budget.

Speak with your insurance agent to find out if you qualify for discounts. Checking your insurer’s official site or mobile app can also give you more information about the discounts you might qualify for.

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How much homeowners insurance do you need in North Carolina?

When you take out a mortgage on a home, your mortgage lender will require you to purchase a home insurance policy. The mortgage company might provide suggested coverage limits based on your home’s risk profile.

Read your policy closely and make sure you understand exactly what it does and doesn’t cover. You might find you need to purchase additional coverages or choose a different type of insurance policy to better protect your property.

The North Carolina Department of Insurance advises homeowners to purchase coverage equal to at least 80% of their home’s replacement cost.[4] Taking inventory of your personal belongings can help you determine how much personal property insurance you need. You might find you need additional riders to cover valuable assets, like jewelry or fine art.

What are some of the biggest risks when owning a home in North Carolina?

Homeowners in the Tar Heel State should always be prepared for severe weather. The following natural disasters are common in the state, which you should consider when buying homeowners insurance:

  • illustration card https://a.storyblok.com/f/162273/x/68ed522f01/windstorm-and-hail.svg

    Hurricanes and tropical storms

    Just last year, Tropical Storm Ophelia touched down in North Carolina, bringing heavy rainfall, severe wind, and widespread flooding. The storm produced nearly $450 million in damage. Check your policy closely to make sure it covers wind damage. Most — but not all — standard policies do.

  • illustration card https://a.storyblok.com/f/162273/150x150/56dd10ca36/climate-change-96x96-yellow_013-flood.svg

    Floods

    In North Carolina, flooding is the second most common natural disaster — occurring every 7.5 days on average.[5] Standard homeowners insurance policies don’t cover flood damage. Many homeowners purchase flood insurance through FEMA’s National Flood Insurance Program.

    The NFIP’s policies come with exclusions and limitations for pools, hot tubs, decks, patios, and various unattached structures. If you want a wider range of coverage options for flood insurance, you might want to work with a private insurer.

  • illustration card https://a.storyblok.com/f/162273/x/a0c151e1ba/accidental-tearing-apart-cracking-etc.svg

    Earthquakes

    North Carolina occasionally experiences earthquakes, particularly in the western side of the state.[6] Most standard homeowners insurance policies don’t include earthquake coverage, though they usually cover fire or water damage resulting from earthquakes. Unlike flood insurance, no federal agency provides earthquake insurance.

Looking at historical weather data for your area or requesting your home’s CLUE report, which tracks previous claims, can help you determine if it’s worth purchasing coverage for the perils outlined above.

North Carolina homeowners insurance FAQs

If you’re shopping for home insurance in North Carolina, this additional information may help as you research your coverage options.

  • How much is home insurance in North Carolina?

    Home insurance in North Carolina costs an average of $2,110 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, according to Insurify data. That price increases to $2,171 per year for a policy with the same coverage and a $500 deductible.

  • Which company has the cheapest homeowners insurance in North Carolina?

    State Farm has the cheapest homeowners insurance in North Carolina, with premiums averaging $720 per year, or $60 per month. Bankers Insurance Group and Unitrin also offer cheap policies in the state, with average yearly premiums of $1,043 and $1,191, respectively.

  • Does North Carolina require homeowners insurance?

    No. North Carolina doesn’t legally require homeowners insurance, but your lender will require it if you have a mortgage on your home. Carrying home insurance coverage is important even if your home is paid off. It protects you financially if something damages or destroys your home and you have to repair or rebuild.

  • What does homeowners insurance cover in North Carolina?

    A standard homeowners policy in North Carolina covers your home’s structure, personal belongings, liability, and additional living expenses if your home is damaged and you have to live somewhere else temporarily while it’s being repaired.

Sources

  1. Federal Emergency Management Agency. "Hurricane."
  2. Insurance Information Institute. "12 Ways to Lower Your Homeowners Insurance Costs."
  3. Insurance Information Institute. "How much homeowners insurance do I need?."
  4. North Carolina Department of Insurance. "Basic Homeowners Insurance."
  5. North Carolina Flood Insurance. "Statewide Flood Facts."
  6. North Carolina Department of Environmental Quality. "Earthquakes in North Carolina."
A.M. Steinbach
A.M. SteinbachInsurance Writer

A.M. is a Brooklyn-based writer, editor, and content marketing strategist who's worked with major brands in insurance, tech, finance, and healthcare. He also contributes to The Average Joe, a personal finance newsletter that reaches over 250,000 daily readers. Since 2019, he's written for Insurify, breaking down a diverse range of insurance topics into crisp, readable prose.

Ashley Cox
Edited byAshley CoxSenior Managing Editor
Headshot of Managing Editor Ashley Cox
Ashley CoxSenior Managing Editor
  • 7+ years in content creation and management

  • 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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Andrew Huang
Data reviewed byAndrew HuangVice President, Performance Marketing
Headshot of Andrew Huang, Directory of Analytics at Insurify
Andrew HuangVice President, Performance Marketing
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

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