North Carolina Homeowners Insurance Guide
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North Carolina Homeowners Insurance
Explore North Carolina Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Tar Heel State does not require its inhabitants to carry home insurance, but those North Carolinians with a mortgage or are a part of a homeowners association, more often than not, are contractually obligated to do so. North Carolina experiences great weather given its located in the southern part of the United States. However, it also shares a border with the Atlantic Ocean, so it is unfortunately, also prone to hurricanes and flooding.
How Much Will Homeowners or Renters Insurance Cost?
Even with the higher risk areas along the border of the Atlantic, North Carolinians still on average spend significantly less on home insurance than the rest the of the country.
Average Premiums for Homeowners and Renters Insurance
| HOMEOWNERS | RENTERS | |
| North Carolina | $1,086 | $157 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
These figures are inherently driven by the fact that most of the major cities, and corresponding population, in North Carolina is inland. The Tar Heel State’s three largest cities, Charlotte, Raleigh, and Greensboro are all located fairly far from the coastline. A standard homeowners or renters policy would be more than adequate for the North Carolinians that call these cities, and those areas that surround them, home. Coverage for perils such as fire, vandalism and theft should be able to cover the majority of the risks presented inland.
What About the Coastal Regions?
However, if you are a North Carolinian that resides in Wilmington or Jacksonville, then flood, hurricane and possibly windstorm are coverages that should be of interest, in addition to the customary homeowners and renters ones. Five of the ten worst hurricanes to inflict damage in the United States, touched down in the Tar Heel State. Due to the severity of the risk associated with the coastal region of North Carolina, the state has a few markets that are available to those that cannot secure property coverage in the standard market. The North Carolina Joint Underwriters Association (NCJUA) and North Carolina Insurance Underwriting Association (NCIUA) were created in 1969 in efforts to provide North Carolinians with viable property insurance options should they not be able to secure coverage from a private carrier. In addition, flood coverage is provided by the National Flood Insurance Program.
Which Carrier is Best?
The region in which your property is located will play an integral role in your decision of which carrier to choose for coverage. Those North Carolinians that live inland will have a number of carriers to choose from, both regional and national. The closer you are to the coast, and resulting catastrophic perils, the fewer options you have. Below lists the five largest carriers within the region.
North Carolina’s Largest Property Insurance Carriers
| Carrier | Market Share |
| State Farm | 17.8% |
| North Carolina Farm Bureau Insurance | 12.2% |
| Nationwide | 10.2% |
| USAA | 8.3% |
| Allstate Corp. | 6.6% |
Source: Insurance Information Institute (2019)
A potential carrier’s reserves and ability to pay a claim should be an important part of the decision process, especially for those inhabitants that live in catastrophe-prone areas. Again, note that North Carolina JUA and IUA provide great property coverage options for those that cannot find it in the standard market.
Although parts of the Tar Heel State are prone to catastrophic losses, the state has done a phenomenal job of providing markets so all North Carolinians can protect their property adequately.
