Homeowners Insurance in North Carolina
If you’re a homeowner in North Carolina, consider investing in a home insurance policy that covers harsh coastal weather damage—like damage from hurricanes.
Written by Sadie Lovemore
Reviewed by Melanie Reiff
If you’re a homeowner in North Carolina, consider investing in a home insurance policy that covers harsh coastal weather damage—like damage from hurricanes. Not only will home insurance give you more peace of mind, but it’s also financially prudent and simple to get coverage.
Every homeowner should consider
homeowners insurance
to safeguard their property and belongings from unexpected disasters, theft, and accidents. You don’t want to pay out of pocket when a catastrophe strikes. The average cost of homeowners insurance in North Carolina is $1,295 per year—a cost that could save you thousands in repairs.Before you settle for any old coverage, make sure you understand what sort of coverage you need and how you can save money on this necessity. Trusted home and
car insurance
broker and comparison app Jerry
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What is homeowners insurance?
Homeowners insurance is a type of property insurance that protects your home and assets from sudden and accidental losses or damages. It can even cover personal injuries that occur on your property. Home insurance is always a smart investment, providing you with necessary relief when the unexpected happens.
When purchasing coverage for the structure of your home, consider what it would cost to rebuild your home. This will help you determine how much coverage you need if you need to make a claim.
Basic components of homeowners insurance
Most insurance policies include these 5 essential types of coverage:
- Coverage A (Structure): This covers the entire structure of your house if it’s damaged by any of the disasters listed in your policy—like theft or explosions.
- Coverage B (Additional structures): This covers you if other structures on your property are damaged, like your shed, detached garage, pool, or fence.
- Coverage C (Personal property): This covers personal belongings like furniture, jewelry, and electronic equipment. It also covers belongings stored elsewhere.
- Coverage D (Additional living expenses): This covers the cost of living away from home if you cannot live in your home due to sudden or accidental damage.
- Coverage E (Personal liability): Also known as personal injury coverage, this covers the cost of medical and legal fees if someone is injured on your property.
Keep in mind that you can choose a policy that covers either the replacement cost or the actual cash value of your property. Replacement cost coverage generally costs a bit more, but it means you’ll get paid to have your damaged property repaired or replaced to its original condition. Actual cost value coverage, on the other hand, takes depreciation into account—so you’ll only be able to claim the current cost of the item for repairs.
MORE: How to choose the best type of home insurance for you
Named perils
There are four main types of home insurance, HO-1, HO-2, HO-3, and HO-5. HO-3 insurance policies typically cover 16 named perils, from fires to vandalism. If you face damage from one of these perils, you are likely entitled to reimbursement.
A good rule of thumb is that if the damage is sudden or accidental, it’s likely covered by a comprehensive home insurance policy. There are common exceptions to this rule, like flood or earthquake damage, so always check your policy for any limitations or exclusions.
Key Takeaway Comprehensive homeowners will generally protect you from perils including explosions, fires, theft, and vandalism.
Is homeowners insurance required in North Carolina?
Home insurance is not a requirement in North Carolina. However, if you have a mortgage, your agreement with your lender might require the purchase of home insurance.
Mortgage lenders want to protect their investment, so they will generally require coverage for the purchase price of the home and won’t finalize a transaction without it. The good news is that you can control which company you decide to purchase a policy from, potentially saving you hundreds of dollars a year.
How to get homeowners insurance
If you’re shopping around for a homeowners insurance quote, you’ll want to make sure to compare the costs and coverage available (insurance comparison app
Jerry
makes this a breeze!).The fact is, homeowners insurance can be costly. It might be convenient to sign up for the first offer you get, but you don’t want to get stuck with cancellation fees when you realize you’re getting ripped off.
A good place to start is with your
car insurance
company as many companies offer deals for bundling home and auto
insurance. If your company does, you could save hundreds of dollars on both policies.MORE: How to decipher home insurance quotes
Why is homeowners insurance in North Carolina so expensive?
Homeowners insurance in North Carolina may seem expensive at $1,295 per year, but the state’s average cost of home insurance is slightly less than the national average (the national average is $1,312 per year).
Several factors impact the cost of your insurance, including your zip code, age, marital status, and credit history. Some costs, however, are directly related to North Carolina’s moody weather. Here are some recommendations for home insurance coverage in North Carolina, based on common perils:
- Hurricanes. North Carolina contains some of the most hurricane-prone counties, so it’s wise to make sure you’re covered for hurricane-related damage. Most home insurance policies protect you from wind damage, but they often exclude damage from hurricanes.
- Flood insurance. Home insurance policies generally don’t include flood damage, so you’ll need to get flood insurance separately. You can get flood insurance through FEMA’s National Flood Insurance Program or a private insurer.
- Earthquake damage. Most home insurance policies exclude earth movement, from earthquakes to sinkholes. Without it, you’re on your own if an earthquake leads to structural damage.
Homeowners insurance discounts in North Carolina
There are many ways to reduce your annual home insurance premiums. Always make sure you discuss the improvements with your insurer to find out if it qualifies for a discount. Here are some common discounts offered by providers:
Discount | How to get it |
|---|---|
Bundling | Bundling your car and home insurance could save you tons of money. |
Improve your home security | You can usually get discounts on your home insurance policy by installing smoke detectors or sophisticated burglar alarms. |
Group discounts | Some insurance companies provide discounts if you’re a part of a specific professional organization. Ask your insurer for a list of partners. |
Credit score discount | A good credit score will generally get you a better rate, but you might be eligible for extra discounts. |
Renovation discount | If you’ve made updates to your home like installing storm shutters, let your provider know. Home improvements that reduce risks are often rewarded. |
New client discount | It’s always a good idea to shop around for the best rate, but it might even get you a discount if you sign up with a new insurer. |
How to save on home insurance
Finding a
home insurance
policy that covers your needs at a rate that works for you can be a stressful process, but you’re not in this alone. With Jerry
, you can get the latest competitive rates at your fingertips in less than 45 seconds.As a licensed insurance broker, Jerry compares rates from the top name-brand providers so that you can pick the most affordable policy for you, without sacrificing coverage. Once you choose a policy, Jerry makes signing up effortless—they even help you cancel your old policy if you have one.
Whether you’re insuring your first home, looking to bundle home and auto, or switching policies in North Carolina, Jerry has the end-to-end support you need to save you time and money.
“With little to no work on my part,Jerrysaved me $70 a month in North Carolina. The process was simple and flawless. I will be working with Jerry in the future!” —Emmanuel K.
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Is hurricane insurance required in North Carolina?
The short answer is no, it’s not required. Truth is, there is no all-inclusive “hurricane insurance” policy in North Carolina, but you can combine policies to make sure you’re protected from the damage.
What is the average cost of homeowners insurance in North Carolina?
The average cost of North Carolina homeowners insurance varies based on your level of coverage, zip code, and other factors. Anticipate paying around $1,295 annually for $250k in dwelling coverage.
Save an average of 18% by bundling your home and auto insurance
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