North Carolina Homeowners Insurance Quotes
Everything You Need to Know about Home Insurance in North Carolina
As with many Southern states, North Carolinians are known for their southern hospitality, so if you are contemplating a move to the Tar Heel State, you should make friends quickly. Those who live here like a laid-back lifestyle, but don’t misunderstand: North Carolina is full of people who believe in “early to bed and early to rise” with a full day’s work and activities in between.
For those who like the outdoors, you are in luck with this beautiful and lush state. Whether your hankering is for a hike in the mountains or a day at the beach. With the Great Smokey, Blue Ridge and Appalachian Mountains all around, there’s plenty of opportunities to rough it. Emerald Isle and Carova Beach feature sandy shorelines just waiting for those who want to get away and listen to the Atlantic Ocean.
North Carolinians also enjoy a low cost of living and an affordable housing market. As for mouth-watering delights, vinegar barbecue is the perfect way to end a day out with the family.
Winters are mild here in the Tar Heel State, but summers are very hot and humid, so be prepared. The nickname Tar Heel is a badge of honor and harks back to a time when the production of tar, pitch and turpentine was big business. If you walked in the wrong place at the wrong time, you might come out of that pine forest with tar on your heel!
Hurricanes happen here, as well as wildfire and drought. That’s why it’s important for homeowners to purchase top-rated home insurance from a well-known company. At InsureOne, we can help you find that coverage at a price you’ll love.
How Much Does Homeowners Insurance Cost in NC?
Homeowners in North Carolina pay an average of $1,545 per year for $300,000 worth of dwelling coverage, slightly lower than the national average of $1,820. Some insurers have recently pulled out of North Carolina due to the threat of hurricane damage on the eastern seaboard.
Dwelling coverage is the amount your insurer agrees to pay to rebuild the physical structure of your home in a covered event. Regardless of whether you live on the eastern side of North Carolina or not, there are steps you can take to lower your premium.
How Do Home Insurance Deductibles Affect Rates in the Tar Heel State?
As with most insurance policies across lines of service, your deductible is one way you can increase or decrease your premium. Your deductible is the amount you are responsible for in the event of an approved claim. The more financial responsibility you take on, the lower your premium.
Sounds simple, right? Keep in mind that picking a high deductible you may not be able to come up with out of pocket in a claim will not be helpful. Instead, choose one that you are comfortable with that won’t stress out your bank account. Most commonly, homeowners choose a $500 to $1,000 deductible, but the amount is up to you.
The more financial burden you assume, the lower your annual premium. It’s always best to choose the highest deductible you can afford since it will lower your overall policy cost.
Compare Home Insurance Rates by Coverage Levels in North Carolina
The following table shows the average annual premiums in North Carolina for different levels of dwelling coverage.
| Dwelling Coverage (North Carolina) | Average Annual Insurance Cost |
|---|---|
| $100,000 | $664 |
| $200,000 | $1,024 |
| $300,000 | $1,545 |
| $400,000 | $1,928 |
| $500,000 | $2,308 |
The possibility of a hurricane may affect your ability to find home insurance you can afford. InsureOne can help you find a flexible plan to meet your specific needs at a price you can handle.
Is Home Insurance Tax Deductible in NC?
No, home insurance is not tax deductible. You may find some associated costs that you can deduct, such as a dedicated home office.
Another example is if you filed a home insurance claim that was only partially approved, so you paid more out of pocket than you expected. You may be able to find some recourse in your taxes.
However, it’s a good idea to get professional advice on tax questions.
Does North Carolina Have the 80% Homeowners Insurance Rule?
Most North Carolina insurance companies will invoke the 80% rule if you file an approved claim. In layman’s terms, the 80% rule states a homeowner must insure their home for at least 80% of its replacement cost value (RCV).
What does that mean? Your RCV is how much it will cost to rebuild your home if you suffer a total loss. How much you insure your home for is your dwelling coverage amount. That dwelling coverage needs to be at least 80% of your RCV.
Here is an example: If it will cost $325,000 to replace your home, you should have, at the least, $260,000 (80%) in dwelling coverage.
What happens if you do not have 80% of dwelling coverage? There is most likely language in your contract stipulating your insurer does not have to pay out the full amount of your claim if this is the case. Always go over your contract with your agent so you have a full understanding of what’s included.
Keep in mind if you make improvements to your property, your RCV may increase. Inflation also plays a part. It’s important to check in with your agent on a regular basis to ensure you have the proper amount of coverage.
Bundling Home and Auto Insurance in North Carolina
North Carolina homeowners want the best protection their money can buy, but getting a discount on the premium is still a bonus. One way to do that is by combining multiple policies, or bundling, with one insurer. Those who choose to purchase both their home, as well as their auto insurance from the same carrier may receive up to 25% off their annual premium.
Bundling is a sign of trust and loyalty, and most insurers are happy to reward their policyholders who trust them with multiple plans. It doesn’t have to stop with home and auto, either. If you love to take family and friends out to experience the joys of swimming and fishing on Lake Norman, you need affordable boat insurance in North Carolina. Similarly, if you plan on purchasing an RV for a week-long adventure into the Blue Ridge Mountains, RV insurance in North Carolina is recommended.
By using one insurer for all your needs, it’s easier for you to deal with paying premiums and managing your policies when they are all under the same roof.
How Does Home Composition Impact Insurance Rates?
Recently, some insurers have pulled out of home insurance on the eastern seaboard side of North Carolina due to the potential for damaging Atlantic hurricanes. Wildfires are another risk and, not so often, winter storms with
snow and ice will make a visit to the Tar Heel State. The material used in the construction of your home can make a big difference in your insurance rates – and how easy it may be to find home insurance.
Those living in hurricane prone areas can take a page from Florida’s handbook. Homes in hurricane zones there are likely to be built using concrete to withstand the terrific wind force of a hurricane. Not surprisingly, round homes tend to fare better than homes with sharp angles and corners.
If you are building a home on the eastern side of North Carolina, take a look at fiber cement as a primary building material. Unlike traditional stick homes made mostly of wood, these homes are built to face strong winds and heavy rain.
Those on the more inland side can use more old-style construction materials, such as wood, but keep in mind that insurance companies like materials that don’t burn easily, such as brick and stone, much better.
What are the Different Types of Home Insurance?
There are eight basic types of home insurance policies. Regardless of which one you choose, you can add riders and other necessary items to fully customize your plan.
Whether you have a rancher in Raleigh, a condo in Charlotte or a manufactured home in Mooresville, there’s a home insurance for you. It’s vital to choose the right type of home insurance. You can trust the team at InsureOne to help you find a flexible policy from a top-rated carrier that meets your individual needs.
What is the Most Common Homeowners Insurance in NC?
Types of homes that are popular in North Carolina include the Cape Cod, Colonial Revival, Modernist and Mid-Century Modern. These home styles will work well with an HO-3 style policy, which is also the most common policy written in the U.S.
Homeowners here also purchase and renovate historic Victorians and farmhouses, which may call for a more specialized policy due to their inherent and hard-to-find aspects, such as original wood and stained glass..
By understanding the coverage you need, you can ensure your home is adequately protected with the right insurance policy.
Get the Best Homeowners Insurance in North Carolina Today
Those who call the Tar Heel State home are friendly and welcoming. They work hard but like a nice evening with sweet tea visiting with neighbors on the front porch. Home insurance here should work hard, too.
At InsureOne, you’ll find professional agents who have one goal: to find you the best insurance with a known carrier at an affordable price. We do the work, so you can take the family out for a day trip to Carowinds or up to Great Smokey Mountain National Park. Give InsureOne a call at (800) 836-2240 or check their online site today. Or, if you are in the neighborhood, take time to stop in for a one-on-one visit.