Best Cheap Homeowners Insurance Companies In Wilmington, NC For April, 2024

After conducting rigorous research, I believe State Farm has the best homeowners insurance in Wilmington.

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Updated: 04 January 2024
Written by
Bob Phillips
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One of the most storm-prone cities in North Carolina is Wilmington. Hurricanes and tropical storms sweeping in off the Atlantic or charging north from Georgia and South Carolina have been known to cause extensive damage with high winds and flooding. Wilmington insurers and residents also are at a higher risk of property crimes and vandalism than other cities in North Carolina.

Because of this, homeowners insurance in Wilmington averages over $6,500 per year, compared to the state average of $1,800. Due to the high cost of home insurance in Wilmington, residents want to find the cheapest and best home insurance policy available. Fortunately, we’ve done that homework for them, and our research has uncovered that State Farm offers the cheapest and best homeowners insurance in Wilmington at $2,807 per year.

While State Farm is the best overall, you may find that another insurer will better meet your needs based on your situation. For example, we found that Universal North America is very competitive for newly constructed homes, that Allstate will serve you well if you need extra personal property coverage, that USAA is the best for military families, that North Carolina Farm Bureau is tops for customer service, and Heritage is your best option if you have poor credit.

Best Cheap Home Insurance Companies In Wilmington, NC 2024

Best Home Insurance, Wilmington 2024

Compare The Cheapest Home Insurance Companies In Wilmington, NC

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

Cheapest Overall

829

$2,819

A++

Instant Quote
Universal North America
4.7

Newly Constructed Homes

Not Rated

$2,488

B++

Instant Quote
Allstate
4.8

Extra Personal Property Coverage

815

$4,856

A++

Instant Quote
USAA
4.9

Military Families

884

$2,784

A++

Instant Quote
North Carolina Farm Bureau
4.2

Customer Service

Not Rated

$2,921

A

Instant Quote
Heritage
4.5

Poor Credit

Not Rated

$4,976

Not Rated

Instant Quote
Scroll to see comparisons

Our Methodology

To find the cheapest home insurance rates in Wilmington, we analyzed findings from numerous home insurance review sites, some of which analyzed rates from public filings obtained by Quadrant Information Services. We’ve used an average of those rates for this review, but each company’s rates change frequently and will vary based on your situation.

Also factored into the overall rating is my subjective opinion based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

64

Quotes Analyzed

15+

Years Of Industry Experience

21

Brands Reviewed

35+

Research Hours

Best Cheap Home Insurance Companies In Wilmington, 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 reviewing the cheapest home insurance in Wilmington, N.C., we found State Farm to be the cheapest, which is saying a lot considering the size of the company and its higher overhead costs of maintaining a sizable number of offices in North Carolina. State Farm’s combination of cheap rates and excellent coverage, regardless of the amount of dwelling coverage you select, also qualifies it as the best overall company for home insurance in Wilmington.

The rate quoted above is for a $250,000 dwelling coverage limit, which is about the average amount of coverage bought in North Carolina, But State Farm also had the lowest rates for higher dwelling coverage limits, including as high as $3 million.

Benefits & Drawbacks

Benefits
  • Large number of agents in Wilmington to assist with questions and claims
  • Cheapest rates among companies we reviewed
Drawbacks
  • Not as many discounts as some other insurers we rated
  • No discounts for first-time homebuyers or going a year without a claim

Cheapest Overall Rates In Wilmington

Company Rate Per Year
State Farm $2,817
Universal North America $3,186
Travelers $3,901
Allstate $4,212
Heritage $4,976

Best For Newly Constructed Homes

Overall Rating
4.7

Key Statistics

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

Why We Like Them

Universal North America is competitive in all price categories, particularly for newly constructed homes. Buying a homeowners policy for a newly built home in Wilmington is cheaper than buying a policy for an older home since newer homes pose a lower risk to insurers. This is partly due to modern building materials being more damage resistant and easier to replace.

For example, a newly constructed home in 2023 in Wilmington costs an average of over $5,000 per year to insure, compared to $6,500 for a home built in 2000. Of all the companies we ranked, Universal North America had the lowest AM Best Rating (B++ Very Good) and had no J.D. Power ranking for customer satisfaction, likely because of its size.

Benefits & Drawbacks

Benefits
  • Cheapest premiums in Wilmington for insuring new homes
  • Large number of policyholders in North Carolina
Drawbacks
  • Lowest AM Best rating of companies we ranked
  • Not rated by J.D. Powers for customer satisfaction

Cheapest Overall For Newly Constructed Homes

Company Rate Per Year
Universal North America $2,482
Travelers $3,107
Allstate $3,577
Heritage $3,871
MetLife $3,973

Best For Extra Personal Property Coverage

Overall Rating
4.8

Key Statistics

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

Why We Like Them

When reviewing the cheapest home insurance in Wilmington, Allstate figured prominently in the rankings for best for extra personal property coverage. In addition to its competitive rates for standard dwelling coverage, homeowners of high-value homes and those having expensive personal property benefit by considering Allstate.

While basic homeowners insurance provides some coverage for personal property, it isn’t adequate for many people with high-value items, like expensive artwork, wine collections, antiques, high-value musical instruments, and electronics. For example, in Wilmington, it costs $6,565 per year on average for personal property limits of $100,000 and jumps to $7,555 per year when you raise the limits to $250,000.

Benefits & Drawbacks

Benefits
  • Consistently high customer satisfaction ratings from J.D. Powers
  • Strong Allstate agent presence in Wilmington for sales and service
  • Numerous policy discounts are available
Drawbacks
  • Lower than average J.D. Powers homeowners insurance customer satisfaction score

Cheapest Overall Rates In Wilmington

Company Rate Per Year
Allstate $4,845
Travelers $4,998
Heritage $5,721
MetLife $5,872
Auto-Owners $6,318

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

A study by Governing in 2017 shows that North Carolina ranks fourth in the country for states with the most active military members. A different study by Carolina Demography in 2018 showed that there were over 667,000 veterans living in The Tar Heel State. Anyone in either of these groups and their family members can qualify for membership with USAA and subsequently apply for home insurance if needed.

Though USAA is available for a limited number of Wilmington residents, it consistently ranks highest in terms of customer loyalty and percentage of policies renewed. Being part of a fraternal organization is important to many active and retired service members, and USAA has been rewarded for its excellent customer service and competitive rates for those it serves.

Benefits & Drawbacks

Benefits
  • Offers coverage for high-value homes
  • Members get access to other USAA services, like banking
  • Additional coverage for military uniform replacement
Drawbacks
  • Only available to active or former service members and their families
  • Getting a quote requires membership in USAA

Cheapest Rates For Military Families

Company Rate Per Year
USAA $2,784
State Farm $2,817
Universal North America $3,186
Travelers $3,899
Allstate $4,198

Best For Customer Service

Overall Rating
4.6

Key Statistics

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

Why We Like them

For Wilmington homeowners wishing to do business with a local company known for providing excellent customer service, North Carolina Farm Bureau earned our trophy best for customer service. Fam Bureau is the second largest home insurance provider in the state and provides a network of agents who are residents who have exhibited a strong commitment to serving Wilmington and North Carolina residents.

Though North Carolina Farm Bureau doesn’t have an online quote tool, it does have an AM Best financial strength rating of “A: Excellent.” This is important when it’s called upon to pay a large number of expensive claims at one time due to a catastrophic event like a hurricane.

Benefits & Drawbacks

Benefits
  • Best customer service provided by neighborhood agents
  • Competitive rates in North Carolina
Drawbacks
  • You must get quotes from an agent, not online
  • Few discounts offered

Best For Customer Service

Company Rate Per Year
North Carolina Farm Bureau $2,921
Universal North America $3,186
Travelers $3,899
Allstate $4,198
MetLife $5,870

Best For Poor Credit

Overall Rating
4.5

Key Statistics

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

Why We Like Them

Unlike some states, North Carolina allows your credit score to be used by insurers when they are calculating your rates. This pertains to homeowners in Wilmington. Homeowners in the city with poor credit scores will pay more for home insurance than those with good credit scores.

For example, you’ll pay an average of over $10,700 per year if you have poor credit, compared to $6,565 for homeowners with good credit. However, if your credit score improves while you’re a policyholder, many insurers will recalculate and lower your annual premiums accordingly.

Benefits & Drawbacks

Benefits
  • Lowest rates for people with poor credit
Drawbacks
  • The company is not rated by either AM Best or J.D. Powers
  • The ability to financially withstand many claims at once is unknown

Cheapest Rates For People With Poor Credit

Company Rate Per Year
Heritage $4,976
Universal North America $4,989
Travelers $5,081
Auto-Owners Insurance Co. $5,492
State Farm $5,826

How To Find The Best Home Insurance Company For You

When looking for affordable home insurance in Wilmington, take your time to consider all your options. Numerous insurers are offering cost-effective policies with great coverage in the area. We have selected six companies that could offer you a policy providing excellent protection for your home and property. Follow this strategy to find the best cheap home insurance in Wilmington, North Carolina.

Consider your property: When looking for insurance for your property, you should be prepared to provide specific information about your house. This includes details such as the age of your home, the materials it’s made of, and even the age of your roof. It’s essential to have this information handy when requesting quotes so that you can receive an accurate price.

Consider insurers: When deciding on an insurance company, it’s important to choose wisely. Begin by selecting a few companies that pique your interest. Then, take a moment to explore each company’s website and determine if they meet your needs. If you prefer to handle your insurance business online, ensure that the website or app allows you to perform everyday tasks like paying your premium and filing claims easily. Alternatively, if you prefer the personal touch, seek out companies with local agents in Wilmington.

Gather quotes: To make a well-informed decision, obtaining quotes from multiple insurance companies is recommended. Some companies offer online quotes, while others require you to speak with an agent. It is important to ensure that you request identical coverage amounts from each company to compare their rates accurately.

Choose the company that best meets your needs: Every individual has unique needs, and some companies may provide the best deal, while others may excel in customer service, and some may offer various endorsements that suit your requirements. It’s important to compare the quotes and research you’ve done on each company to identify the one that best meets your needs.

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 Wilmington, North Carolina

Compared to the average rates for the state of North Carolina and the U.S. as a whole, Wilmington has the highest home insurance rates in the state. Fortunately, all major insurers, along with some smaller companies, do business in North Carolina. Here are the average prices for five major insurers selling homeowners insurance policies in Wilmington.

Company Rate Per Year
State Farm $2,819
Universal North America $3,186
Travelers $3,899
Allstate $4,198
Heritage $4,969

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

Zip Code Average yearly cost
28574 $10,292
28516 $19,274
28540 $10,287
28478 $10,633
28462 $11,495

Average Cost Of Home Insurance In North Carolina By Coverage Amounts

Dwelling coverage amount Average yearly cost
$100,000 $682
$200,000 $1,113
$300,000 $1,678
$400,000 $2,110

Average Cost Of Home Insurance In North Carolina By Deductible Amount

Deductible amount Average yearly cost
$500 $1,839
$1,000 $1,675
$2,000 $1,534

How To Get An Online Home Insurance Quote In Wilmington

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

Step One: Determine how much coverage you need. If you’re unsure how much personal property liability protection you need, go throughout your home and take a detailed inventory. Taking a video of your belongings can be very helpful if you ever need to submit a claim.

Step Two: Choose three insurers to get quotes from. You can contact three insurance companies for a quote, ask an independent insurance agent to get three quotes for you, or use an online home insurance quote tool to provide you with pricing.

Step Three: Make sure you’re getting an apples-to-apples quote from each insurer. The coverage limits and deductible should be identical for you to make an educated decision.

Step Four: Decide which insurance company you feel will best meet your needs, and then complete the application.

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

Home insurers use several factors to determine how much of a risk they believe you’ll be to file a claim. The more of a risk they think you are, the higher your premiums will be. Here are factors home insurers use that impact your cost of insurance.

Location. Insurers get as specific as your ZIP code when they calculate rates. For example, if you live in an area of Wilmington where more claims are filed, the insurer will charge you more.

Coverage amount. How much your home and its contents are insured for will affect your rates. The more valuable your home and possessions are, the more you’ll pay.

Credit history. Insurers in North Carolina can use your credit history to help determine your rates. For example, insurers charge you more if you have poor credit because you’re statistically more likely to file a claim.

Claims history. If you’ve filed claims in the past, insurance companies have found that you’re more likely to file claims in the future.

Your home’s age. The older the house, the more likely it is that aging materials can lead to damage to certain aspects of your home, such as electrical or plumbing. Damage to these systems can cause fire or water damage, which translates into large claims.

Deductible. The higher your deductible is, the lower your premium will be. But be sure to choose a deductible you can afford.

For Wilmington homeowners, there is a high risk of damage to their homes due to a hurricane, flooding, or other natural hazards. As a result, home insurance rates in Wilmington are the highest in the state.

North Carolina Home Insurance Laws To Know.

The state of North Carolina does not require its homeowners to carry home insurance. However, North Carolinians with a mortgage or who belong to a Homeowners Association (HOA) may be required to.

In The News

ABC affiliate WTVD in Raleigh reports that North Carolina homeowners are seeing their insurance rates rising, partly due to the cost of lumber being up 21% over last year and roof prices being 22% higher. One 2023 report predicts a 9% increase in home insurance premiums in 2023.

Information About Wilmington

According to Wilmington and Beaches, “The heart of Wilmington is concentrated in its lively, walkable River District, which showcases the city’s progressive culture and historic setting. Defined by its rich past and a bright future, Wilmington, NC, is a vibrant riverfront city with timeless character that has preserved its historic places while fostering an ever-evolving independent spirit.

As history moves forward with each exciting new addition, the city mingles historic architecture with modern design and new attractions like a waterfront park and amphitheater, hotels, and restaurants – all connected by the nearly two miles of scenic Riverwalk, making it easy to move around. At the center of it all is the Cape Fear River that inspires new experiences and fresh ideas, as seen from the local storefronts and cafes to the film industry and local arts and music scene.”

Home Insurance Discounts In Wilmington

Although home insurance rates are high in Wilmington, there are plenty of discounts homeowners can take advantage of. Here are some discounts you should ask your insurance agent about. It may save you a lot of money over the course of owning your home.

Your house itself might have features that can save you money, such as:

New or renovated home discount. Newly built or renovated homes are often eligible for discounts because upgraded systems like wiring and plumbing are less likely to fail and result in an insurance claim.

Disaster preparedness discount. If you live in an area like Wilmington that’s prone to severe weather, your insurer may give a discount if you take steps to prevent damage. For example, storm shutters, reinforcing a door, and shatterproof glass can reduce damage from high winds.

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

Proximity to a fire hydrant or fire department. If you live close to fire-damage control resources, your insurer may offer a discount.

Roof age discount. Roof repair costs are significant loss-leaders for insurers. Some, like USAA, offer discounts based on the age of your roof.

Military discounts. If you are a current military member, a veteran, or the spouse or child of a military member, you may be eligible for a discount.

Employment, organization, and association discounts. Your insurer may offer a discount for certain occupations, such as educators. You might also qualify if you are a union, organization, or professional association member.

Seniors or retirees. Some home insurance companies offer a price break if you’re retired or a senior working part-time. Typically, the house must be your primary residence, you must be over 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 insurer.

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

FAQs

How much is homeowners insurance in Wilmington?

Homeowners insurance in Wilmington averages over $6,500 per year, compared to the state average of $1,500. Our research has uncovered that In Wilmington, State Farm offers the cheapest and best homeowners insurance for $2,807 per year.

Why is homeowners insurance so expensive in Wilmington?

Home insurance rates are higher in Wilmington because of its proximity to the coast and its history of large claims caused by hurricanes and other storm damage.

Who is the largest home insurer in Wilmington?

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

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