Best Cheap Home Insurance Providers In Concord, NC

State Farm is our choice for the best cheap home insurance company in Concord.

min read
Updated: 23 January 2024
Written by
Bob Phillips
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Concord, North Carolina, is occasionally subjected to severe weather including thunderstorms and tornadoes. Such weather can cause a lot of damage to homes, which is why homeowners in Concord should consider purchasing home insurance. In addition to severe weather, homeowners of Concord, North Carolina, are also targets for crimes such as vandalism.

On average, Concord homeowners could pay over $2,600 per year. This is a big increase when you discover that the average for home insurance across the state is $1,500 per year. As you can imagine, residents of Concord are always on the hunt for the best coverage for the cheapest price.

Our team’s goal is to help homeowners in Concord, which is why we’ve made a list of the cheapest rates offering the best policies. Coming out on top, our research found that State Farm offers the best policies in Concord, with the most competitive rates at just $2,307 per year.

State Farm may be the cheapest and best provider overall; however, different circumstances can mean that other providers may be better suited to an individual. In doing our research, we discovered that Universal North America is best for newly built homes, Allstate is best for homeowners who need extra coverage for personal belongings, and USAA offers the best rates for military members, veterans, and military families. We also found that North Carolina Farm Bureau offers the best customer service, and Heritage is best for individuals with poor credit.

Best Cheap Home Insurance In Concord, NC 2024

Best Home Insurance, Concord 2024

Comparison Of The Cheapest Home Insurance In Concord, 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

$2,310

A++

Instant Quote
Universal North America
4.6

Newly Constructed Homes

Not Rated

$1,159

B++

Instant Quote
Allstate
4.7

Extra Personal Property Coverage

815

$2,862

A++

Instant Quote
USAA
4.9

Military Families

884

$1,487

A++

Instant Quote
North Carolina Farm Bureau
4.5

Customer Service

Not Rated

$1,982

A

Instant Quote
Heritage
4.4

Poor Credit

Not Rated

$1,961

Not Rated

Instant Quote
Scroll to see comparisons

Our Methodology

When researching the various insurers in Concord, our team carried out a detailed analysis into several findings taken from numerous review sites, with some including rates from public filings obtained by Quadrant Information Services. For this review, we took an average from multiple rates, but it’s important to note that each company may vary, with their rates changing depending on your circumstances.

I also worked as a licensed insurance agent for many years and have over 30 years of experience as a buyer, therefore my subjective opinion has also contributed to this

32

Quotes Analyzed

15+

Years Of Industry Experience

13

Brands Reviewed

20+

Research Hours

Best Cheap Home Insurance Companies In Concord, 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

Our research found that of all the insurers in Concord, N.C., State Farm was the cheapest overall, despite the size of the company and its high overheads. They offer cheap rates and fantastic policies, regardless of the selected dwelling coverage.

The annual rate quoted above is for a $250,000 dwelling coverage limit – an average coverage amount in the state of North Carolina. For much higher limits, State Farm still beat its competition for lowest rates, with coverage limits as high as £3 million.

Benefits & Drawbacks

Benefits
  • High number of agents in Concord to help with claims and queries
  • Cheapest rates of all providers researched
Drawbacks
  • Less discounts on offer when compared to other insurers
  • Discounts for first-time homeowners unavailable
  • Discounts for policyholders who have never claimed are unavailable

Cheapest Overall Rates In Concord

Company Rate Per Year
State Farm $2,310
Nationwide $2,586
USAA $1,983
Allstate $2,636
Erie $2,616

Best Insurer For Newly Constructed 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

Our research found that Universal North America offers the most competitive rates across all price categories, specifically newly built homes. Purchasing home insurance for a new build in Concord costs a lot less than it would for an older property. Insurers find that newly constructed homes pose less of a risk due to the materials used to build being less prone to damage, and easier to replace.

For example, a home built in Concord in 2023 costs an annual rate of over $5,000 to insure. A home built 20 years ago would cost an annual rate of $6,500. Of all the providers researched, Universal North America has the lowest AM Best Rating (B++ Very Good), but no ranking for customer satisfaction levels by J.D. Power.

Benefits & Drawbacks

Benefits
  • Cheapest rates in Concord for insuring newly built houses
  • High amount of policyholders in North Carolina
Drawbacks
  • Lowest AM Best rating of all providers analyzed by us
  • Comes without a rating by J.D. Powers for customer satisfaction

Cheapest Overall For Newly Built Homes

Company Rate Per Year
Universal North America $1,159
USAA $1,424
Auto Owners $1,285
State Farm $1,629
Allstate $1,892

 


Best For Additional 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 analyzing insurers to find the cheapest home insurance policies in Concord, we discovered that Allstate was the best insurer for extra personal property coverage. On top of this, Allstate offers cheap rates for standard dwelling coverage, and extra coverage for homeowners with higher value properties who pay a higher amount for personal belongings.

A standard policy provides basic coverage for personal belongings, but it’s not quite sufficient for policyholders with belongings of a higher value. This includes expensive artwork, antiques, and electronics. In Concord, it costs $6,565 annually for personal property limits of $100,000. This increases to $7,555 annually when limits are increased to $250,000.

Benefits & Drawbacks

Benefits
  • Consistently positive reviews from J.D. Powers
  • Strong presence in Concord for sales and support
  • Discounts available
Drawbacks
  • Lower than average J.D. Powers homeowners’ insurance customer satisfaction score

Cheapest for Extra Personal Property Coverage Rates In Concord

Company Rate Per Year
Allstate $2,856
State Farm $2,475
Nationwide $2,794
Universal North America $1,768
Auto-Owners $1,946

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

Studies show that North Carolina ranks fourth in the country for most active military members. A separate study carried out in 2018 by Carolina Demography found that there were around 700,000 veterans living in The Tar Heel State. Residents in either of these categories looking to purchase home insurance are eligible for a USAA membership, and therefore can apply for the company’s home insurance policy.

Although limited in eligibility, USAA are consistent in their rankings for customer satisfaction, as well as a high percentage of returning customers wanting to renew their policies. Being a member of a community is important to veterans and active military alike, and USAA is an established insurer offering excellent customer service and competitive rates.

Benefits & Drawbacks

Benefits
  • High-value property coverage available to customers
  • Membership allows access to other USAA services
  • Additional coverage available to replace military uniforms
Drawbacks
  • Limited in who is eligible to apply
  • Obtaining a quote requires an active USAA membership

Cheapest Rates For Military Families

Company Rate Per Year
USAA $1,460
State Farm $2,816
Universal North America $3,184
Travelers $3,897
Allstate $4,193

Best Insurer 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

Residents in Concord seeking insurance with a local company offering good customer support should look at North Carolina Farm Bureau. North Carolina Farm Bureau is the second largest home insurance provider in the state, with a solid network of agents ready to serve homeowners of Concord and North Carolina.

North Carolina Farm Bureau doesn’t have an online quote tool; however, they do have an AM Best financial strength rating of A (Excellent).

Benefits & Drawbacks

Benefits
  • Great customer support from local agents
  • Most competitive rates across N.C.
Drawbacks
  • Doesn’t have an online quote tool
  • Few discounts available

Best For Customer Support

Company Rate Per Year
North Carolina Farm Bureau $1,986
Universal North America $3,184
Travelers $3,897
Allstate $4,193
MetLife $5,876

Best Insurer For Bad 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 allows a person’s credit score to be checked over by insurers to help calculate rates, which also applies to homeowners in Concord. If you have a poor credit score, then your rates will be higher than they would if you had good credit.

A homeowner could pay rates of $11,000 per year if they have a poor credit score, whereas a homeowner with good credit will pay up to $6,500 per year. If a person manages to improve their credit score whilst they are a policyholder, a provider may recalculate rates.

Benefits & Drawbacks

Benefits
  • Best rates for individuals with poor credit
Drawbacks
  • No rating by either J.D. Powers or AM Best
  • Ability to financially withstand more than one claim at once is unknown

Cheapest Rates For People With A Poor Credit History

Company Rate Per Year
Heritage $1,521
Universal North America $2,567
Nationwide $3,275
USAA $4,068
State Farm $4,744

Deciding On The Best Home Insurance Provider For You

Before purchasing home insurance in Concord, we recommend that you review all your options, and take some time to research each insurer. There are several insurers on the market who offer good policies at a good rate, and from these we selected six of the best insurers in Concord. When reviewing each of your options, consider the following.

Consider your property: During the application process, you will be asked to share specific details of your home. These details include the age of your home, materials used for building, and the age of your roof. Be sure to have this information at hand so that you can relay it accurately to the insurer.

Consider insurers: Ensure that the provider can meet the requirements laid out by you. Begin by researching the companies that you’re interested in – this may involve looking at their website, for example. If you are a person who prefers to deal with their insurance business online, then choose a company that enables you to perform tasks such as paying premiums and filing claims through their site or app. If you prefer to do things in person, opt for a provider with agents located in Concord.

Gather quotes: Ask for quotes from a select few companies as this will allow you to make a more informed decision. Depending on the company, you can get these quotes either online or through an agent. Be sure to make identical requests to each provider so that you can compare rates as accurately as possible.

Choose the company that best suits your requirements: Each person’s situation is unique to them, which means some insurers may be better suited to you than others. Whether it’s better discounts, or good customer support – there are insurers available to suit everyone.

Largest Home Insurance Providers 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 Concord, NC

When compared to the average rates of North Carolina and the rest of the country, Concord’s rates are quite high. However, all the major insurers, as well as smaller companies, can all be found in N.C. Below are the average costs per year by the five biggest insurance companies in Concord.

Company Rate Per Year
State Farm $2,310
Nationwide $2,586
USAA $1,983
Allstate $2,636
Erie $2,616

Average Cost Of Home Insurance In North Carolina By Coverage Amounts

Dwelling coverage amount Average yearly cost
$100,000 $720
$200,000 $1,178
$250,000 $1,437
$400,000 $2,091

Average Cost Of Home Insurance In North Carolina By Deductible Amount

Deductible amount Average yearly cost
$500 $1,632
$1,000 $1,477
$1,500 $1,338
$2,000 $1,126
$5,000 $976

How To Get An Online Quote In Concord

Getting an online quote for home insurance in Concord can be done in four easy steps:

Step One: Determine amount of coverage necessary. Take a thorough inventory of all your personal belongings and consider recording a video as it can be helpful when filing a claim.

Step Two: Select three companies and ask for a quote. You can get in touch with three insurers and request a quote, either through an agent or an online tool.

Step Three: Be certain that you’re getting an apples-to-apples quote from each provider. Both the coverage limits and deductible should be the same to help you make an informed decision.

Step Four: Choose the provider that best suits your needs and proceed with the application.

Factors That Impact The Cost Of Home Insurance In Concord

Insurers consider many factors to determine how high of a risk they feel you are. If an insurer decides you are high risk, your premiums will be much higher. Listed below are the factors that influence your rates.

Location. Providers look at your ZIP code, and depending on where you live, your ZIP code can have an impact on your rates. If you live in a certain part of Concord where many claims are filed, your premiums will be higher because you will be viewed as high risk.

Coverage amount. Rates will be higher based on the value of your home and its contents, and how much they are insured for.

Credit history. Insurance companies in N.C. can access your credit score and from this, can calculate your rates. If you have poor credit, your rates will be higher as you will be seen as high risk.

Claims history. Companies consider any previous claims submitted by you and will increase your rates if you have filed claims previously. This is because you are deemed more likely to submit a claim again in the future.

Your home’s age. When calculating your rates, insurance providers look at the age of your home, as the older it is, the more likely the materials used during construction are beginning to deteriorate. This includes things such as plumbing and electrical systems.

Deductible. If you opt for a higher deductible, you will find that your rates will be lower. Be sure to select a deductible that’s affordable to you.

For Concord homeowners, severe weather can pose a potential threat. This is another reason that Concord’s rates are considerably higher than other cities.

North Carolina Home Insurance Laws To Be Aware Of

Purchasing home insurance is not a requirement in North Carolina, although it may be a requirement for those with a mortgage, or anyone part of a Homeowners Association (HOA).

In The News

ABC affiliate, WTVD, reported in Raleigh that North Carolina residents are noticing their insurance premiums getting higher and higher. This is due to the cost of lumber increasing by 21% within the last year, along with the cost of roofs rising by 22%. A 2023 report predicted a 9% increase in rates for this year.

Information About Concord

As the county seat and most populous city in Cabarrus County, with a total of 105,240 participating in the 2020 census, Concord is located within the Charlotte Metropolitan area and is home to some of most popular tourist destinations found in North Carolina. These include the Charlotte Motor Speedway and Concord Mills Mall. The city of Concord was primarily known for its cotton production; however, it is now a major textile manufacturing hub.

Concord values racing and its history. Popular museums to visit are the Historic Cabarrus Association, Inc., and Bost Grist Mill.

Home Insurance Discounts In Concord

Despite the high rates, a number of Concord’s insurers offer discounts to homeowners. Be sure to discuss these discounts with your agent, as they could save you money.

Your home may have features that make it eligible for a discount. These include:

New or renovated home discount. If your home has been built or renovated recently, it could be eligible for a discount as materials used are less likely to fail.

Disaster preparedness discount. For cities that often see severe weather, a discount may be offered if you are taking preventative steps to reduce risk of damage caused by a storm. These include adding storm shutters, reinforcing doors, and adding shatterproof glass.

Safety and security discounts. Discounts could be offered to residents who add smoke detectors, fire alarms, burglar alarms, water shut-off devices, fire extinguishers, and deadbolts on exterior doors.

Proximity to a fire hydrant or fire department. Companies may offer a discount if you live close-by to fire-damage control resources.

Roof age discount. Roof repair costs are significant loss-leaders for home insurance providers.

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

Employment, organization, and association discounts. Home insurance providers could offer a discount for people working within certain sectors, including education. You may also be eligible for a discount if you are a union, organization, or professional association member.

Seniors or retirees. Some home insurance providers will offer a price break if you’re retired or over the age of 55 and working part-time. To be eligible to apply for a discount, the home you’re wanting to insure must be your primary residence, you must be 55 or over, and work outside of your property for less than 24 hours per week.

Bundling discount. You may be eligible for a discount if you have several policies with the same provider.

You can also save money on your home insurance by increasing your deductible and maintaining a good credit rating.

FAQs

How much is homeowners insurance in Concord?

Homeowners insurance in Concord averages around $2,600 per year, compared to the state average rate of $1,500 per year. Our analysis found that in Concord, State Farm offers the cheapest and best overall insurance premiums at an annual rate of $2,310.

Why is homeowners insurance so expensive in Concord?

Rates are higher in Concord because of the risk that comes with severe weather.

Who is the largest home insurer in Concord?

State Farm is the biggest insurance provider in the United States, including Concord.

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