Best And Cheapest Home Insurance In Charlotte, NC

State Farm offers the best cheap homeowners insurance in Charlotte, North Carolina.

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Updated: 10 January 2024
Written by
Bob Phillips
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Charlotte has been known to feel the brunt of some pretty epic storms, with hurricanes roaring in from the Atlantic, or tropical storms sweeping up from South Carolina – destroying everything in their path. Not only that, but the people of Charlotte are also at a much higher risk of falling victim to crimes committed against their property than any other city in North Carolina.

It’s for this reason that home insurance in Charlotte costs, on average, over $6,5000 a year – much higher than the state average of $1,500. Naturally, Charlotte homeowners are constantly seeking the cheapest home insurance, as well as looking for a reliable provider that can guarantee good coverage.

Well, they no longer need to endure a grueling search as we’ve done all the hard work for them – discovering that State Farm offer the best rates and best policies for home insurance in Charlotte at an annual cost of $2,807.

State Farm are undoubtedly the best provider overall; however, personal circumstances may mean that another home insurance provider could be more appropriate for you and your needs. Our research revealed that Universal North America is extremely competitive for newly built homes, whereas Allstate is best suited for homeowners in need of extra personal property coverage.

We also discovered that USAA is a fantastic choice for military families, North Carolina Farm Bureau is superb when it comes to customer support, and Heritage is the best choice for those with a poor credit score.

Best Cheap Home Insurance Providers In Charlotte, NC 2024

Cheapest Home Insurance, Charlotte 2024

Compare The Cheapest Home Insurance Providers In Charlotte, NC

Overall Rating Best For J.D. Power Rating Average Annual Cost AM Best Rating Get A Quote
State Farm
4.9

Cheapest Overall

829

$2,290

A++

Instant Quote
Universal North America
4.6

Newly Constructed Homes

Not Rated

$657

B++

Instant Quote
Allstate
4.7

Extra Personal Property Coverage

815

$2,051

A++

Instant Quote
USAA
4.9

Military Families

884

$1,460

A++

Instant Quote
North Carolina Farm Bureau
4.5

Customer Service

Not Rated

$1,234

A

Instant Quote
Heritage
4.4

Poor Credit

Not Rated

$989

Not Rated

Instant Quote
Scroll to see comparisons

Our Methodology

In order to find the company offering the cheapest home insurance in Charlotte, we took a deep dive into the various findings taken from several review sites, with some discoveries including rates from public filings obtained by Quadrant Information Services. From these rates we’ve taken an average for the purpose of this review, however, it’s important to note that the rates of each company can change, and their premium with differ depending on your personal circumstances.

Also playing a role in the review is my own subjective period which is based on over a decade spent working as a licensed insurance agent, and over three decades of being a home insurance buyer.

62

Quotes Analyzed

15+

Years Of Industry Experience

20

Brands Reviewed

40+

Research Hours

Best Cheap Home Insurance Companies In Charlotte, NC


Cheapest Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims/payouts
10/10 Coverage Level

Why We Like Them

When researching the cheapest home insurance providers in Charlotte, N.C., we discovered that the cheapest overall was State Farm despite the size of the company and the high overheads that come with maintaining a large number of offices across North Carolina. Their low-cost premiums and superb policies, irrespective of the amount of dwelling coverage you opt for, also clinch State Farm as the best overall home insurance provider in Charlotte.

Their rate quoted above is for a $250,000 dwelling coverage limit, which is around the typical amount of coverage purchased in North Carolina. For higher dwelling coverage limits, State Farm still came out on top as having the lowest rates – going up to as high as $3 million.

Benefits & Drawbacks

Benefits
  • Several agents based in Charlotte to assist with queries and claims
  • Cheapest rates of all the providers we researched
Drawbacks
  • Fewer discounts when compared to other insurers
  • Discounts for first-time homebuyers are not available
  • Discounts for policyholders who have gone a year without making a claim are not available

Cheapest Overall Rates In Charlotte

Company Rate Per Year
State Farm $2,823
Universal North America $2,478
Travelers $3,737
Allstate $4,314
Heritage $4,472

Best For Newly Built Homes

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
8/10 Claims/payouts
8/10 Coverage Level

Why We Like Them

Universal North America offers competitive rates across all price categories, especially for newly built houses. Purchasing home insurance for a new build in Charlotte is much cheaper than purchasing a policy for an older building. The reason being is that newly constructed homes are seen as less of a risk to insurance providers. This is mainly down to the materials used in modern buildings being less prone to damage, and much easier to replace should things go wrong.

One example being that a newly built house in 2023 in Charlotte, typically costs over $5,000 a year to insure. Compare this with the annual rate of $6,500 for a home built at the start of the new millennium. Out of all the insurance providers we researched, Universal North America came with no J.D. Power ranking for customer satisfaction (more than likely because of its size), and the lowest AM Best Rating (B++ Very Good).

Benefits & Drawbacks

Benefits
  • Lowest rates in Charlotte for insuring newly built homes
  • Large amount of policyholders in North Carolina
Drawbacks
  • Lowest AM Best rating of all the insurers we ranked
  • No rating by J.D. Powers for customer support

Cheapest Overall For Newly Built Homes

Company Rate Per Year
Universal North America $758
Travelers $826
USAA $1,174
Allstate $1,512
State Farm $1,616

Best For Extra Personal Property Coverage

Overall Rating
4.7

Key Statistics

10/10 Affordability
10/10 Customer Reviews
8/10 Claims/payouts
9/10 Coverage Level

Why We Like Them

While researching the cheapest home insurance policies in Charlotte, Allstate stood out as being the best insurer for extra personal property coverage. Allstate offer extremely competitive premium rates for standard dwelling coverage, as well as for homeowners with houses of a much higher value who pay more for personal property.

A basic homeowners insurance policy does provide a degree of coverage for personal property, although it isn’t quite sufficient for policyholders with expensive belongings such as artwork, antiques, and electronics. An example being, in Charlotte, it costs a policyholder around $6,565 annually for personal property limits of $100,000, yet this increases to $7,555 a year when limits are raised to $250,000.

Benefits & Drawbacks

Benefits
  • Frequent high customer satisfaction ratings from J.D. Powers
  • Strong Allstate agent presence in Charlotte for sales and service
  • Numerous discounts available on policies
Drawbacks
  • Below average J.D. Powers homeowners’ insurance customer satisfaction score

Cheapest Rates For Extra Property Coverage In Charlotte

Company Rate Per Year
Allstate $2,051
State arm $2,520
Nationwide $1,963
Auto-Owners $1,366
Heritage $5,715

Cheapest For Military Families

Overall Rating
4.9

Key Statistics

10/10 Affordability
10/10 Customer Reviews
8/10 Claims/payouts
9/10 Coverage Level

Why We Like Them

Research shows that North Carolina ranks fourth in the United States for most active military members. A separate study carried out in 2018, by Carolina Demography, found that there were almost 700,000 veterans living in The Tar Heel State. People who fall into these categories who are looking to purchase home insurance can become a member of USAA, and therefore apply for a home insurance policy.

Despite only being available for a limited group of Charlotte residents, USAA consistently ranks high when it comes to customer support and loyalty, as well as having a high percentage of renewed policies. Being a member of a military community is important to a number of service members, whether they are active or retired, and USAA has established itself as a reputable insurer with fantastic customer support available, and the competitive rates on offer to its loyal customers.

Benefits & Drawbacks

Benefits
  • Coverage available for high-value homes
  • Members can access other USAA services, including banking
  • Additional coverage available for military uniform replacement
Drawbacks
  • Limited to active and former military members, and their families
  • Receiving a quote requires an active USAA membership

Cheapest Rates For Military Families

Company Rate Per Year
USAA $1,460
State Farm $2,788
Universal North America $2,815
Travelers $3,148
Allstate $3,893

Best For Customer Service

Overall Rating
4.5

Key Statistics

9/10 Affordability
10/10 Customer Reviews
8/10 Claims/payouts
8/10 Coverage Level

Why We Like Them

For Charlotte homeowners looking to purchase an insurance policy with a local company, famous for providing superb customer support, North Carolina Farm Bureau earned the top spot. North Carolina Farm Bureau is the second largest home insurance company in North Carolina, providing a strong network of local agents who are committed to serving the residents of Charlotte and North Carolina.

North Carolina Farm Bureau does not have an online quote tool; however, they do have an AM Best financial strength rating of A (meaning Excellent). A notable reward to have, especially in the event of a hurricane and your insurance is needed.

Benefits & Drawbacks

Benefits
  • Fantastic customer support provided by local agents
  • Most competitive rates in the state
Drawbacks
  • Online quotes unavailable
  • Limited discounts offered to its customers

Best For Customer Service

Company Rate Per Year
North Carolina Farm Bureau $2,974
Universal North America $3,395
Travelers $3,837
Allstate $4,316
MetLife $5,859

Best For Poor Credit

Overall Rating
4.4

Key Statistics

9/10 Affordability
9/10 Customer Reviews
9/10 Claims/payouts
9/10 Coverage Level

Why We Like Them

North Carolina, unlike other states, enables your credit score to be utilized by providers when calculating your rates, meaning it’s also applicable to the people of Charlotte. Residents in Charlotte with a lower credit score, will pay a higher rate for insurance, as opposed to those with a good credit score.

An example being, a homeowner will pay around $11,000 a year for their insurance if they have bad credit, whereas a homeowner with good credit will pay around $6,500. If your credit score improves during the time of being a policyholder, a lot of providers will recalculate and reassess your premiums.

Benefits & Drawbacks

Benefits
  • Lowest rates for people with a bad credit score
Drawbacks
  • Not rated by either AM Best or J.D. Powers
  • The ability to financially withstand multiple claims at once is not known

Cheapest Rates For People With Poor Credit

Company Rate Per Year
Heritage $989
Universal North America $1,313
Nationwide $2,128
USAA $2,741
State Farm $4,750

How To Decide On The Best Home Insurance Provider For You

When deciding on the most affordable policy for home insurance in Charlotte, it’s important to take the time to review and research all options available to you. Many providers offer cost-friendly policies with good coverage within the city. We have hand-picked six providers in Charlotte that could potentially offer you a policy with fantastic protection for your home, and your belongings. Below are a few tips to follow when seeking the best, and cheapest, home insurance in Charlotte, North Carolina.

Consider your property: When deciding on a policy for your property, you must be prepared to provide specific information on the building in question. This will include details such as the age of the property, the materials it’s made up of, and the age of the roof. It’s vital that you have this information readily available when looking for accurate quotes.

Consider insurers: When deciding on an insurance provider, it’s important that you choose wisely. Begin by looking at a few companies that initially caught your attention. Take the time to then do your research and look at each of the company’s websites, to help you decide whether or not they meet your specific needs. If you prefer to deal with your insurance business online, make sure that the website or app allows you to perform everyday tasks such as paying your premium, and filing claims with ease. If you prefer an in-person discussion, then look for providers with local agents in Charlotte.

Gather quotes: We suggest getting quotes from a few insurers to ensure that you’re making an informed decision. You can obtain quotes either online or via an agent, depending on the company. When doing so, make sure that the requests are identical so that you can compare their rates accurately.

Choose the company that best meets your needs: Every individual’s situation is unique to them, meaning that certain insurers will be better suited to your needs. Some providers may offer the best deal or discounts, whereas another may rank higher for customer satisfaction. This is why it’s important to do your own research and compare each of the quotes to determine which provider is best for you and your requirements.

Largest Home Insurance Companies In North Carolina

Rank Insurance Company Direct Premiums Written
1 State Farm $513 Billion
2 North Carolina Farm Bureau $377 Billion
3 USAA $130 Billion
4 Allstate $122 Billion
5 Erie $103 Billion

Average Cost Of Home Insurance In Charlotte, NC

Compared to the average rates for North Carolina and the whole of the United States, Charlotte has the highest home insurance premiums in the state. Fortunately, all major insurers, as well as other much smaller companies, do business in North Carolina. Here are the average prices for five of the major home insurance providers in Charlotte.

Company Rate Per Year
State Farm $2,290
Universal North America $3,189
Travelers $3,894
Allstate $4,195
Heritage $4,963

Average Cost Of Home Insurance By ZIP Code (Coastal North Carolina)

Zip Code Average yearly cost
28277 $1529
28269 $1,590
28215 $1,512
28216 $1,502
28205 $1,589

Average Cost Of Home Insurance In North Carolina By Coverage Amounts

Dwelling coverage amount Average yearly cost
$100,000 $689
$200,000 $1,153
$300,000 $1,639
$400,000 $2,119

Average Cost Of Home Insurance In North Carolina By Deductible Amount

Deductible amount Average yearly cost
$500 $1,834
$1,000 $1,678
$2,000 $1,531

How To Get An Online Home Insurance Quote In Charlotte

Getting an online quote for home insurance in Charlotte can be done in four simple steps:

Step One: Try to decipher how much coverage is needed. If you’re a little confused about the amount of personal property liability protection you require, take a walk around your home and take a thorough inventory. Recording a video as you do so can also be helpful, in case you need to make a claim in the future.

Step Two: Select three providers and receive quotes. Get in touch with three separate providers and obtain a quote after communicating your needs. You can either ask an agent to get the quotes on your behalf or go online and use a quote tool.

Step Three: Ensure you’re receiving the same quote from each provider. Both the coverage limits and deductible should be the same across all insurers, thus helping you to make a more informed decision.

Step Four: Determine which provider you think will be most suited to your needs and proceed with the application.

Factors That Impact The Cost Of Your Home Insurance Policy In Charlotte

Home insurance providers consider a number of factors when deciding how much of a risk they think you’ll be to put forward a claim. The higher the risk they believe you to be, the higher the rates. Below are the factors that providers consider when deciphering the cost of your insurance.

Location. Providers calculate rates with factors as specific as your ZIP code. If you live in an area of Charlotte where a higher number of claims are submitted, the provider will charge you more based solely on this detail.

Coverage amount. The amount your home and your belongings are insured for will impact your premiums. The higher the value, the higher the rates.

Credit history. Home insurance companies can utilize your credit score to decide on your rates. If you have a bad credit score, then a provider may charge you more as statistically speaking, you are more likely to submit a claim.

Claims history. Insurers consider whether you have submitted a claim in the past as statistically, you are more likely to file a claim in the future.

Your home’s age. If you have an older property, then it is more likely to have been built with materials that naturally are deteriorating. For instance, electricals and plumbing. Insurers consider this as damage to these systems can result in water or fire hazards – ultimately leading to a big claim.

Deductible. If your deductible is higher, then your rates will be lower. Ensure that the deductible you select is affordable to you when applying.

For Charlotte homeowners, hurricanes pose a threat as they can often lead to flooding, or other damage. This means that home insurance rates are going to be high.

North Carolina Home Insurance Laws To Be Aware Of

For people residing in North Carolina, there is no requirement to purchase home insurance. However, people with a mortgage or those belonging to a Homeowners Associations (HOA) may be required to.

In The News

WTVD, an affiliate of ABC, reported that homeowners in North Carolina are seeing their premiums rising rapidly. This is because of the cost of lumber rising 21% within the last year, and the prices of roofing now being 22% higher. A report at the beginning of 2023 predicted a 9% rise in home insurance for this year.

Information About Charlotte

Charlotte is the largest city in the state of North Carolina, and the third fastest-growing major city in the United States. As the second-largest banking center in the country, Charlotte is home to the corporate headquarters of the Bank of America, as well as the east coast operations of Wells Fargo.

Charlotte has been dubbed the ‘Queen City’, after being named in honor of Charlotte of Mecklenburg-Strelitz – the former queen of Great Britain. A thriving cosmopolitan hub of culture and excellent food and wine, Charlotte has been a great tourist attraction for visitors.

Home Insurance Discounts In Charlotte

Home insurance rates are high in Charlotte, however, there are a number of discounts available for homeowners that they should take advantage of. Below are some discounts that you can discuss with your insurance agent. They are definitely worth keeping in mind as they could potentially save you a lot of money in the long run!

Your home may have features that can save you some money, including:

New or renovated home discount. Homes that are either newly built or recently renovated are often eligible for discounts due to more modern systems such as plumbing and wiring, reducing the risk of any failures.

Disaster preparedness discount. If you live in an area such as Charlotte which is prone to hurricanes and tropical storms, your insurer could potentially offer you a discount if you take the steps to prevent any damage caused by severe weather. This includes implementing storm shutters, reinforcing a door, and installing shatterproof glass. These are all ways to reduce damage caused by high winds.

Safety and security discounts. This tends to apply to devices such as smoke detectors, fire extinguishers, fire alarms, burglar alarms, sprinklers, water shut-off devices, and implementing deadbolts on exterior doors.

Proximity to a fire hydrant or fire department. Your provider may offer a discount if you live in close range to fire-damage control resources.

Roof age discount. Roof repair expenses are substantial loss-leaders for providers. Companies such as USAA offer discounts based on the age of your roof.

Military discounts. If you are an active military member, a veteran, or family of a military member, you could be eligible for a discount.

Employment, organization, and association discounts. Your provider may offer a discount if you work within a specific industry, such as educators. You may also be eligible if you are a union, organization, or professional association member.

Seniors or retirees. Some home insurance providers offer a price break if you’re retired or are a senior who is working part-time. Usually, the house must be your main residence, you must be over the age of 55, and work outside of your home less than 24 hours a week.

Bundling discount. You receive a discount for having multiple policies with the same provider.

You can also save a bit of money on your home insurance by increasing your deductible and keeping a good credit score.

FAQs

How much is homeowners’ insurance in Charlotte?

The annual cost of insuring your Charlotte home averages over $6,500, compared to the state average of $1,500. Our research found that in Charlotte, State Farm offers the lowest rates and best homeowners’ insurance at $2,807 per year.

Why is homeowners’ insurance so expensive in Charlotte?

Despite its distance from the nearest beach, home insurance rates are higher in Charlotte due to its proximity to the coast and its history of claims because of hurricanes and tropical storms.

Who is the largest home insurer in Charlotte?

State Farm is the largest home insurer in the United States, including Charlotte.

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