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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Nov 29, 2023

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Are you protecting one of your largest investments—your home? Living without comprehensive home insurance leaves this asset very vulnerable. That’s where Obrella comes in. We ensure that selecting and purchasing a North Carolina home insurance policy is as painless as possible. You can talk to insurance experts who simplify the process by explaining all of your options and helping you choose the policy that’s best for you. They can even help you to find the insurance you need and even bind your policy—all over the phone.

How much does North Carolina home insurance cost?

Premiums for home insurance in North Carolina have an average cost of $927 per year. That means you’re paying just under the national average of $1,034, making North Carolina the state with the 26th highest insurance premiums in the country.

  • Median Home Value: 165,000
  • Household Income: 46,784
  • Percent of Income on Home Ownership: 28.90%

North Carolina homeowners recognize the importance of protecting their investment. In North Carolina, the median household income is $45,906, and homeowners spend around 28% of their income on home ownership. With median home values of $153,600, North Carolinians have the 28th highest cost of home ownership in the country. When you’re making that type of investment, it’s crucial to have the right homeowners insurance policy.

Whether you recently purchased a home, or simply want to make sure your insurance policy is providing the right protection, let one of our insurance experts help you find the right homeowners policy today.

How are premiums calculated for homeowners insurance in North Carolina?

When it comes to determining the cost of homeowners insurance, there are many factors to consider. Insurance companies begin calculating an insurance premium based on the size of the home, the year it was built, and building costs in the area.

Premiums are basically a reflection of the amount of risk that the insurance company assumes by insuring your house. Consequently, environmental factors such as earthquakes, floods, and tornadoes and high crime rates can drive up the cost of your policy. Your credit score may also affect your insurance premium.

The cost of homeowners insurance may be higher if you have a swimming pool or guest house, as well, as these types of amenities make your home more valuable, which increases the potential cost of damages. Although you may not be able to control environmental factors, there are a few things you can do to lower your home insurance rates. One of the best ways to keep your costs manageable is to install extra protection, like motion-sensitive lights, a security system, or surveillance cameras.

Make sure to ask about homeowners insurance discounts when you’re looking for quotes. Many companies offer discounts for having certain safety features in your home, and for bundling two types of insurance together, such an auto insurance policy and a homeowners insurance policy.

What kind of homeowners insurance is available in North Carolina?

Most North Carolina homeowners insurance companies offer a range of coverage options; some of which are defined below:

  • HO-1: Limited Coverage
    • While an HO-1 policy will cover your home in the event of the first 10 classified disasters fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption this type of policy is no longer available for purchase in most states.
  • HO-2: Basic Policy
    • A basic policy, HO-2 insures your home in the event of all 16 classified disasters.
  • HO-3: Standard, most popular
    • With very few exceptions, this standard policy offers the most extensive home protection.
  • HO-8: Older Home
    • This policy guards against declining home values by reimbursing homeowners on an actual cash value basis. However, some more aged homes may not qualify for complete replacement cost policies.

What is standard North Carolina homeowners insurance coverage?

Many people assume that their insurance will cover everything. The truth is that you will only be reimbursed if the damages to your home are the result of a situation specifically stated in your insurance policy. If your home is damaged by a flood, for instance, you will only be paid for damages if your policy specifically covers flooding. Check out the following list of common home insurance coverage terms to learn more about what kind of coverage to expect from your policy:

  • Coverage A – Dwelling
    • Coverage A deals with damage to the home itself, to any structures attached to the home, and to the home’s plumbing, heating, permanent air-conditioning system, or wiring.
  • Coverage B – Other Structures
    • Tool sheds, free-standing garages, fences, guest homes, and other non-attached structures are covered under Other Structures.
  • Coverage C – Personal Property
    • If the homeowner loses personal belongings due to theft or other damage, Personal Property coverage will compensate the homeowner for the value of the item be it clothing, furniture, electronics, or jewelry. Personal Property coverage even covers damage to or loss of personal belongings if the theft, loss, or damage occurs outside the home meaning any items kept in a storage unit are covered as well.
  • Coverage D – Loss of Use
    • If home repairs prevent you from inhabiting your house, Loss of Use coverage can help. This coverage reimburses the homeowner for their living expenses for as long as they are unable to live in their home.
  • Coverage E – Personal Liability
    • If a homeowner is sued and found legally responsible for damages or injuries to another person, Personal Liability will cover the homeowner’s financial loss.
  • Coverage F – Medical Payments to Others
    • If someone gets hurt on your property or by your pet, this coverage will take care of any resulting medical bills.

Make sure to look over the exclusions when you’re considering standard home insurance policies. Standard coverage might not give you everything you need. Some insurance providers may require you to purchase a separate policy for flood insurance or earthquake coverage if you live in an area prone to natural disasters. You don’t want to file an insurance claim for water damage only to find out you don’t have coverage for this peril. You may also need to increase your coverage limits if you have expensive items in your home, like jewelry or musical instruments.

What additional North Carolina insurance resources are available?

The North Carolina Department of Insurance :Regulates the insurance industry throughout the state. The department licenses and monitors insurance providers, educates consumers, and handles complaints. You can contact the department with questions about insurance requirements, provider options, and instructions for making a claim in North Carolina. You can reach Consumer Services toll free at 1 (855) 408-1212.

Shopping for home insurance can be frustrating but there’s a way to make the process less strenuous. With Obrella, getting the homeowners coverage you need is quick and easy. You can call an experienced insurance professionals, talk about your situation, and go over your options to determine exactly what coverage you need. You’ll even have the ability to bind your policy while you’re on the phone!

Are you ready to find a comprehensive home insurance policy for your North Carolina home? Call [mapi-phone-link /] today to talk to an insurance agent.

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