Get Charlotte, NC Home Insurance Rates!
Charlotte is a sophisticated city that has managed to maintain it's small town feel. Comprised of diverse and historic neighborhoods that are inviting to residents of all ages, Charlotte is a great place to live and work. Charlotte is home to NASCAR, major league sports teams as well a cultural events such as the ballet, museums, and the symphony.
Charlotte is the largest city in North Carolina with a population of 792,862. This makes it the 16th largest city in the U.S. and with a metropolitan area population of 2,335,358 it is the 23rd largest metro area in the country.
Trulia data shows that the median sale price in Charlotte is currently $206,000. This is an increase of 1 percent or $2,000 over last year's figures. The average price per square foot increased 3.1 percent to $135. Home sales plunged 18.7 percent over the past year.
Homeowners Insurance in Charlotte
When it comes to homeowners insurance in Charlotte, this "Queen City" falls pretty much in the middle. A recent report puts North Carolina's homeowner premiums as 26th in the country. The average premium came in at roughly $671, which was a decrease of about $7 from April.
A great way to lower your premium even more is to search out all of the discounts that you are eligible to receive. Insurers love to give discounts and they can reduce your premium significantly. Non-smokers should see their rates cut, as should homeowners who remain claim free for a number of years. If you are moving into a freshly built house, ask if your insurer offers a brand new home discount.
Factors to Consider in Charlotte
The crime rate in Charlotte is significantly higher than the rest of the state and almost twice the national median. A high crime rate can have a severe impact on your premium. Research neighborhoods that you are interested in, if the crime rate is high your may want to reconsider. If you move into a high crime area, putting in a monitored security system can help lower your rates.
While Charlotte is considered a low-risk city for tornado's and other severe weather, it does happen from time to time. Maintaining an up to date home inventory can be a lifesaver if your home is destroyed by a twister, fire or other devastating event. There are many different apps available that can help you inventory your home. You can also visit our FAQ page to learn more about questions like "How do I create a home inventory list?."
Compare Homeowners Insurance Rates in Charlotte, NC!
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Charlotte, NC Insurance Carriers
With over 20 years of North Carolina home insurance coverage and quoting experience, we enjoy helping customer find the best rate and coverage options for your home in Charlotte, NC. Our new carrier platform includes quick rates from the very best insurance companies, like Liberty Mutual, Safeco Insurance, Tower Hill, ShoreOne, Kind Group Underwriting, AIG, Chubb, Travelers, National General, Heritage Insurance and the North Carolina Joint Underwriting Association (NCJUA) for wind and hail insurance policies. Getting the best insurance rates with the right insurance company is key to protecing your most valuable investment, your Charlotte home. Let us help you shop the best North Carolina home insurance rates and coverages today!
Average Rates Nearby Charlotte
Are you looking for homeowners insurance in a city near Charlotte? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Charlotte, NC
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Charlotte.
Charlotte, NC Home Insurance Average Premiums
For the city of Charlotte, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
|Coverage Amount:||Annual Premium|
|1800 sq. ft. or below |
|Average Coverage:||$911 /yr.|
|2600 sq. ft. or higher |
(all discounts applied)
What is the average home insurance cost for a home in Charlotte, NC?
- • The average homeowners insurance premium paid annually for a home in Charlotte is around $911 per year.
What does it cost on average per month for home insurance in Charlotte, NC?
- • Homeowners in Charlotte pay an average cost per month around $76.00 for insurance coverage.
Charlotte, NC - 2023 Housing Information
|Month||Current Home Value (2023)||Last Year Home Value (2022)|
Homeowners insurance will help cover the cost to repair or replace your Charlotte home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Charlotte
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Charlotte, NC homeowners insurance rates all in one place!
Saving Money Tips on Charlotte Home Insurance
A great way to save money on Charlotte homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Charlotte area? Check out what homeowners are paying on average for North Carolina homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
|701 ft.||This is the average home elevation in Charlotte, NC||
Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local North Carolina flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954.
To get online quotes on your home and compare rates on home insurance premiums in Charlotte, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Mecklenburg County.
North Carolina Homeowners Insurance News & Information
North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 30th November, 2023
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
Nationwide Insurance Company Will Not Be Renewing policies for Homeowners in North Carolina Posted on Monday 9th October, 2023
Nationwide insurance company recently informed the North Carolina Department of Insurance (NCDOI) that it will not be renewing homeowner policies for 10,525 homeowners in North Carolina. Over 1,000 of those non-renewals are in the Dare County, NC. The NCDOI claims that more the half of the non-renewals are based on the “hurricane hazard assessment tool,” […]
2023 Home Insurance Rates Are Increasing, Take a Look! Posted on Monday 15th May, 2023
Homeowner insurance rates have been climbing for more than five years, increasing a shocking 19.1 percent since 2018 according to ValuePenguin. This trend will continue in 2023. According to the latest ValuePenguin study, between Jan. 1 and March 17, 2023, homeowner insurance premiums have increased 2.8% across the country. “In 2023, the rising cost of […]
Will my home insurance cover roof replacement? Posted on Saturday 24th December, 2022
The answer to the question “does insurance cover roof replacement,” is not always clear cut. In most cases, it will depend on the reason that your roof needs to be replaced. If your roof has simply reached the end of its life, the cost to replace it will fall to you. On the other hand, […]
Charlotte, NC Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Charlotte so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Charlotte, NC?
- The average square footage in Charlotte is around 2,023 Sq. Ft. which would cost you around $273,169 to replace the home if you base the home on the price to build per square foot of $135.
Minimum Replacement Cost Total: $273,169
Location: Charlotte, North Carolina (Mecklenburg County)
Average Building Cost Per Square Foot in Charlotte: $135 (low end)
Average Square Footage in Charlotte: 2,023 Sq. Ft.
|Home Improvement Status||Price per Sq. Ft.||Dwelling Coverage|
|None or Very Minor Improvements||$135||$273,169|
|Some Additional Upgrades||$169||$341,462|
|Major Home Updates or Advancements||$203||$409,754|
The dwelling coverage is calculated by the average cost per square foot ($135) in Charlotte, North Carolina times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $421,875 (Media price to build of $169 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.