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Homeowners Insurance in North Carolina

North Carolina homeowners insurance is available to all state residents who own a home and wish to protect their valuables and personal property from damages. While homeowners insurance coverage does not protect residents against losses from earthquakes, mudflows or floods, more comprehensive policies are available if customers wish to receive additional protection for losses such as these. While home and property insurance coverage is not a requirement under state law, homeowners may still need to obtain a policy if their mortgage lender requires it as part of the terms of the loan. To compare homeowners quotes in NC, residents can contact several homeowners insurance companies to obtain specific policy information. Whether residents wish to purchase a cheap homeowners insurance policy, or they prefer to obtain more comprehensive coverage, many policies are available to meet their specific needs. To learn more about property and homeowners insurance benefits, review the information below.

North Carolina Homeowners Coverage Insurance Requirements

Homeowners insurance in North Carolinais not a requirement under state law, unless a mortgage lender requires it. For instance, residents may need to obtain homeowner insurance coverage if they mortgage their home and their lender requires them to purchase an insurance policy from a licensed company in the state. If home and property insurance is a requirement as part of the terms of a mortgage, residents must purchase a homeowner insurance plan to meet the lender’s requirements.

What does North Carolina home and property insurance cover?

While North Carolina homeowner insurance coverage is not a requirement under state law, there are many benefits to purchasing a comprehensive and cheap homeowners insurance policy from a reputable company. For instance, homeowners insurance covers any damages acquired from fires, thefts and windstorms, up to a certain amount. Additionally, basic homeowner insurance policies cover the following:

  • Coverage A (dwellings) – damages to major properties such as homes and attached structures
  • Coverage B (other structures) – damages to unattached structures such as detached garages and tool sheds
  • Coverage C (personal property) – damages to personal belongings and in-home contents
  • Coverage D (loss of use) – covers additional living expenses such as meals, housing or warehouse storage
  • Coverage E (personal liability) – provides a defense and pays for damages if a member of the household is responsible for an injury
  • Coverage F (medical payments to others) – pays for accidental injuries occurring in the home (including accidents involving a neighbor or guest)

Furthermore, many basic North Carolina homeownership insurance policies provide additional coverages such as debris, tree, plant and shrub removal, unauthorized credit card coverage (of up to $500) and physical losses related to fungi, bacteria or wet and dry rot. However, comprehensive home or property insurance policies include benefits such as inflation guard endorsement, guaranteed replacement cost coverage, refrigerated property coverage, water backup and sump overflow, scheduled personal property endorsement, personal property replacement cost and watercraft endorsement. Many homeowners insurance companies in North Carolina offer comprehensive policies such as these.

How much does North Carolina homeowners insurance coverage cost?

The cost of homeowners insurance in North Carolina varies depending on the city and county in which customers reside. Additionally, the cost of home and property insurance generally varies depending on the age of the home, its construction type, the policy’s deductible amount and any endorsements or additional coverages customers wish to purchase.

Furthermore, home and property insurance coverage is more expensive in beach or coastal areas such as Brunswick, New Hanover and Pender Counties, while premiums are lower in areas such as Chatham or Orange Counties. For instance, the cost of NC homeowner insurance premiums in December of 2014 were $551 in counties such as Orange and Chatham and $2,649 in counties such as Pender, Brunswick and New Hanover. However, home and property insurance premiums may increase by an average rate of 18.7 percent in the 2018 year.

How to Compare Homeowners Quotes in North Carolina

When purchasing property and homeowner insurance, it is important to shop around and compare quotes and coverages between various companies. Before speaking with homeowners insurance companies and requesting a quote, however, customers need to determine the amount of coverage they need. Claimants can do this by making a list of their valuables and obtaining receipts or documentation for each item. Additionally, customers who wish to obtain homeowners insurance coverage must review the terms of their mortgage contract to ensure that they meet any specific requirements. Once customers know what they are looking for in a homeowners insurance policy, they can begin their search for a home and property coverage in the state.

Note: When comparing NC homeowner insurance quotes, customers should ensure that the company or independent agent is licensed in the state. To verify a homeowner insurance company’s licensure status, customers can contact the North Carolina Department of Insurance (NCDOI).

Obtaining Cheap Homeowners Insurance in North Carolina

Whether customers wish to obtain a basic home and property insurance policy, or they plan to purchase additional coverages, they can find cheap homeowner insurance policies by comparing quotes and asking about their agent about any available discounts. When comparing homeowners quotes in North Carolina, it is important to keep the following tips in mind:

  • Find out if customers can lower their annual premium by increasing their deductible
  • Determine whether discounts are available if a home has a burglar alarm system or dead bolt locks
  • Find out if the homeowners insurance company offers discounts to customers who insure their car and home through the same agency

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