Charlotte, NC Homeowners Insurance

How to Find the Best Homeowners Insurance in Charlotte, NC

Experts break down home insurance costs, coverages, companies, and more.

A Charlotte, North Carolina suburban house. Find Charlotte North Carolina homeowners insurance.

With more than 885,000 residents, Charlotte is the most populous city in North Carolina. If you own a house in one of this growing city’s 199 neighborhoods, you can protect the investment you have made it in by purchasing a good homeowners insurance policy.

Local independent agents are available to help you find the best policy to cover your Charlotte home. Because they are not tied to to a particular insurance company, these agents can shop around to find a policy that meets your coverage and budgetary needs. 

Contact an insurance agent near you to learn more.

How Much Does Homeowners Insurance Cost in Charlotte, NC?

Overall, homeowners insurance rates in North Carolina are lower than the national average.

  • National average yearly premium: $1,211
  • North Carolina average yearly premium: $1,086

Of course, this average is statewide. Actual rates can vary from one homeowner to the next. Your quoted costs will be based on several factors such as the following.

  • Your home’s age, value, and size in square feet
  • The type of home you are insuring (e.g., single-family detached, multi-family home, condo, townhouse, rental property, etc.)
  • The crime rate and weather risks in your ZIP code
  • The distance your house is from the nearest fire hydrant
  • Your claims history and credit score
  • Whether you are bundling your home insurance with other coverage like car insurance or life insurance

Some neighborhoods have higher average insurance rates than others. For instance, houses in Charlotte’s Myers Park neighborhood will have a higher average insurance rate than homes in the Yorkmount neighborhood, which is a more affordable location.

Whatever neighborhood you live in, comparing quotes from a few different homeowners insurance providers can save you a lot of money.

Charlotte Homeowners Insurance Covers Your Property

Homeowners insurance is designed to cover the cost to rebuild, repair, or replace your property if it is damaged or lost due to a covered event. Most homeowners insurance policies cover damage caused by the following risks.

  • Fires
  • Property crimes
  • Severe weather events like hurricanes and tropical storms, thunderstorms and lightning, tornadoes, high winds, and hail.

Your home policy will include coverage for the structure of your home (dwelling insurance) and coverage for your personal property (contents insurance).

You will want to be sure that your coverage limits in both categories are high enough to enable you to fully replace all of your property if you experience a total loss, such as if your house burns down or is destroyed by a tornado.

A Word about Flood Insurance in Charlotte, NC

By the time hurricanes and tropical storms have moved inland and reached Charlotte, they are far less damaging than in coastal cities, but they usually bring prolonged heavy rains, which can overwhelm draining systems and lead to flash flooding. 

Unfortunately, as too many homeowners learn only after it is too late, homeowners insurance does not cover flood damage. According to FEMA, just one inch of rainwater in your home can cause as much as $25,000 in property damage, so floods can be quite problematic.

The good news is that only 6% of the properties in this city have a greater than 26% chance of sustaining flood damage over the next 30 years. That constitutes about 15,000 properties in total.

If your property is at risk, an independent agent can help you supplement your home insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

NFIP flood insurance policies enable homeowners to affordably cover their property with up to $250,000 in dwelling coverage and up to $100,000 in contents coverage. Flood insurance takes 30 days to go into effect so do not wait until heavy rains are imminent to purchase a policy.

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What Is Loss of Use Insurance?

The risk of tornado activity in Charlotte is 12% higher than the national average. While the area is not affected as frequently as cities in Tornado Alley, it is still a significant risk that property owners in this city should be prepared for.

One of the worst in the area was an F2 twister that touched town less than 10 miles from the Charlotte city center in 1992. This tornado caused approximately $2.5 million in damage to area homes and businesses.

If serious damage from a covered disaster like a tornado or a structure fire renders your home uninhabitable, loss of use insurance, which is a standard part of your home insurance, can help. This coverage is designed to pay for your temporary living expenses while your house is being repaired.

In addition to paying for a hotel or temporary rental accommodation, it can cover a wide range of associated expenses such as meals, moving costs, storage fees, and pet boarding costs.

Why Do Homeowners in Charlotte Need Liability Insurance?

There are times when accidents, negligence, and errors in judgement can lead to serious damage and, in turn, to extremely expensive lawsuits. That is why home insurance includes a significant amount of personal liability coverage.

Homeowners liability insurance is designed to cover expenses like court costs, legal fees, mediation costs, settlements, and judgements if you or someone in your household unintentionally cause someone else to experience injuries, financial losses, property damage, or other harm.

Examples of situations when homeowners liability coverage can help include if a guest is injured on your property and it can be attributed to negligence on your part, if your dog gets loose and bites a neighbor, or if you are accused of libel or slander.

If you have a lot to lose and would like to have more liability coverage than your home insurance company can provide, you may want to also consider purchasing an umbrella insurance policy. This is an affordable way to boost all of your personal liability coverage.

Homeowners Insurance Covers against Property Crimes in Charlotte

While the burglary rate in Charlotte is lower than the state average, it is still significantly higher than the national rate. Residents of this city report about 4,500 burglaries a year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in North Carolina: 6.00
  • Number of burglaries per 1,000 homes in Charlotte: 5.12

As with any metropolitan area, some neighborhoods in Charlotte have higher crime rates than others. Your insurance company will therefore take your ZIP code into account when calculating your coverage rates.

It is a good idea to take precautions to prevent burglaries. These include keeping doors and windows securely locked, keeping entryways well lit and unobstructed, and even getting a dog.

One of the most effective theft deterrents is a burglar alarm, and some insurance companies will offer you a discount if you have one installed in your house.

Of course, nothing is 100% foolproof against a determined burglar. If your house is broken into and your valuables are taken, you may gain some solace in knowing that your homeowners insurance can compensate you for your loss. You will need a copy of the police report when you file your claim.

How Can an Independent Insurance Agent in Charlotte, NC, Help?

Independent insurance agents in Charlotte are ready to help you find the best and most affordable homeowners insurance policy. These experienced agents can answer your insurance-related questions and can help you be certain that your property is suitably covered by a reliable, yet competitively priced, policy.

Arrange an obligation-free consultation with an insurance agent near you to learn more. You will soon discover how easy it can be to review customized quotes from some of the best homeowners insurance companies in North Carolina.

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https://www.city-data.com/city/Charlotte-North-Carolina.html
https://www.neighborhoodscout.com/nc/charlotte/crime
https://floodfactor.com/city/charlotte-northcarolina/3712000_fsid
https://www.fema.gov/flood-insurance
http://www.usa.com/charlotte-nc-natural-disasters-extremes.htm#TornadoIndex
https://www.homefacts.com/tornadoes/North-Carolina/Mecklenburg-County/Charlotte.html