Wilmington, NC Home Insurance Quotes!
Wilmington is a gorgeous city located on the coast of North Carolina. Wedged between the Cape Fear River and the Atlantic Ocean, Wilmington is known for its historic downtown that features a 1.75-mile Riverwalk bustling with shops and restaurants.
Wilmington is a great place to enjoy the beach, there are four nearby beach communities, Wrightsville Beach, Carolina Beach, Kure Beach and Fort Fisher State Park are all right down the road from Wilmington.
Regardless of whether your home is located in Wilmington or at a nearby beach, homeowners insurance is an absolute necessity. Unfortunately, Wilmington comes with insurance challenges, being located on the coast means severe weather and flooding can be an issue.
We have been helping Wilmington homeowners find great coverage for years and we are lucky to work with some of the best insurance companies available to homeowners within the New Hanover County area. Keep reading to learn everything you need to know about insuring your home in Wilmington.
How Much Does Home Insurance Cost in Wilmington?
While the cost of coverage can vary depending on several factors, when we ran the numbers, we found the following as average costs for homeowners insurance in Wilmington:
- Smaller homes: If your home comes in at 1800 square feet or less, the average premium in Wilmington was roughly $629 /yr.
- Average home: If your home comes in at less than 2600 square feet the average premium was a very affordable $879 /yr.
- Larger homes: If you live in larger home, one that is 2600 sq. ft. or larger, the average annual premium for homeowners was $1179 /yr.
Please remember that these are average premiums, and your specific costs will vary depending on both your personal risk factors as well as the risk factors of your home.
The cost of homeowners insurance will vary dramatically depending on a variety of factors. These factors can include all the following:
- Home size and value: Smaller homes are almost always cheaper to insure, if you have a large home, expect to pay more for coverage.
- Security systems and storm protections: Installing a monitored security system or updating your home with storm protections such as wind resistant roofing materials, should lead to a lower premium.
- Crime rate: Insurers consider the crime rates in your neighborhood, and you will pay more for coverage if your area is a hotbed for crime.
- Weather hazards: Coastal homes or houses located in an area that experiences lots of flooding or other severe weather will cost more to insure.
- Credit score: Insurers consider your credit score when setting a premium as statistics show that people with lower credit scores tend to file more claims. If you have a lower score, you will pay more for coverage.
- Claims history: Insurance companies also consider your claim history when deciding on a rate. If you have filed numerous claims on previous insurance policies, you will pay more for coverage.
- Deductible: Homeowners coverage comes with a deductible which is the amount you must pay before coverage kicks in to cover the rest of the cost. Average deductibles for homeowners coverage range from $500 to $2,500 or more. Raising your deductible will lower your premium.
Our insurers in North and South Carolina
We work with a wide variety of insurers to provide the best coverage to residents of Wilmington, the rest of North Carolina as well as South Carolina. Here is a quick overview of a few of the insurers we work with in these states:
Liberty Mutual: Liberty Mutual is well known national insurer that is based in Boston, Massachusetts. They are currently the third-largest property and casualty insurer in the United States. It also operates in 29 countries and economies around the world. Liberty Mutual had $133.6 billion in consolidated assets, $110 billion in consolidated liabilities, and $43.2 billion in annual consolidated revenue, making it the 6th largest property and casualty insurer globally.
Safeco Insurance: Safeco is a major insurance company in the United States and is wholly owned by Liberty Mutual, so you have all the financial backing of Liberty Mutual.
Tower Hill: Tower Hill is one of Florida’s largest residential property insurers. They currently work with more than 850 insurance agencies throughout the state. Tower Hill has been protecting Florida’s home and business owners for almost 50 years.
ShoreOne: This insurer specializes in coastal properties. They have developed an all-inclusive coastal insurance policy that we use mainly for homes located on the coast.
AIG: AIG is a multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. AIG companies employ roughly 49,600 people and they sell a wide variety of insurance and financial products. AIG is the 87th largest public company in the world.
Chubb: Chubb is the world’s largest publicly traded P&C insurance. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance. Chubb has more than $200 billion in assets and reported $46.8 billion of gross premiums written in 2021. Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Travelers: Travelers is the second-largest writer of U.S. commercial property casualty insurance and also the sixth-largest writer of U.S. personal insurance through independent agents. Travelers is incorporated in Minnesota, but their headquarters are based in New York City. Travelers employs roughly 30,800 employers and had revenue of $31.5 billion in 2019.
North Carolina Joint Underwriting Association (NCJUA): Also known as the FAIR (Fair Access to Insurance Requirements) Plan, this is the insurer of last resort in North Carolina. If you are unable to get coverage from a mainstream insurer this may be your only option. We mainly use this insurer for wind and hail insurance policies.
Do I Need Homeowners Insurance in Wilmington?
The quick answer is yes and in many cases, it will not be your choice. If you have a mortgage on your home, your lender will require that you carry homeowners insurance to protect their investment in your home. If your home is in a flood zone, they may also require you to carry flood insurance.
If your home is paid off, technically you can drop your homeowners coverage but this is rarely a good idea. Perils such as fire, flooding, and hurricanes can do massive damage to a home, destroying it completely in many cases. If you are not carrying homeowners insurance you will have to cover all of the costs to rebuild your home and replace your possessions.
What Does a standard Wilmington, NC Home Insurance Policy Cover?
A standard home insurance policy provides a wide variety of protections for your home and property. Most standard policies provide the following coverages:
Property damage to your home: One of the most important sections of your policy, the dwelling portion, will cover costs to repair or replace your home if it is damaged by a covered peril. A standard policy typically covers the following perils:
- Fire and smoke
- Lightning strikes
- Windstorms and hail
- Vandalism and malicious mischief
- Damage from an aircraft, car or vehicle
- Falling objects
- Weight of ice, snow or sleet
- Water damage
Damage to your possessions: A homeowners policy will also protect your personal possessions. This includes most things in your home such as furniture, electronics, pans, plates, and even artwork.
Coverage for possessions is often capped at 20% to 50% of your dwelling coverage limits. This means that if you are carrying $250,000 in coverage your personal possessions would be protected up to $50,000 and $125,000 depending on your policy.
Most policies will put a cap on expensive items such as jewelry, artwork and even wine collections. While the cap can vary by policy, $1,500 is fairly standard.
Liability: The liability portion of your policy will protect you if someone is injured on your property. It also steps up if someone from your household damages another person’s property.
If a guest slips and falls on your icy sidewalk, your homeowners policy will help cover any resulting medical or legal bills up to your policy limits. Your policy will also cover damage you or members of your family do to other people’s property. As an example, if one of your kids manage to put a soccer ball through the neighbor’s window, your policy will cover the cost of replacing the window.
Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
Loss of use: This coverage will pay for everyday costs 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.
Common Weather Perils in Wilmington
Unfortunately, Wilmington is located on the ocean which means your risk of hurricanes and windstorms is much higher. This often translates into more expensive homeowners coverage, particularly if you are located oceanfront. In coastal areas, wind and hail damage may require a separate policy or rider and many of these polices come with a percentage deductible. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flooding can also be an issue in Wilmington. If your neighborhood is prone to flooding, you should absolutely consider flood insurance. Flood damage is almost always excluded from a standard homeowner policy which means that if you are not carrying a flood policy the cost to repair your home will fall to you.
While flood insurance can be somewhat pricey, it can be a financial life saver if you experience massive flood damage. We can help you find the best flood insurance coverage for your home in Wilmington at a price you can afford.
Tips for saving money on homeowners insurance
We will help you find a great policy at an affordable price but there are a few ways you can lower your insurance costs. Here are a few tips to help lower your premium:
Shop your coverage: Shopping your coverage on a regular basis is probably the best way to find more affordable insurance. Insurers rate risk differently which can result in dramatically different premium quotes. We can help you shop tons of insurers quickly and easily.
Discounts: Insurance companies offer tons of discounts that can help lower your premium. Be sure you are getting all of the discounts that you are qualified to receive.
Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors will help keep your premium affordable.
Upgrading your home: 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.
Compare Homeowners Insurance Rates in Wilmington, NC!
Get up to 12 competitive Wilmington, NC homeowners insurance rates all in one place!
Wilmington, 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 Wilmington, 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 Wilmington home. Let us help you shop the best North Carolina home insurance rates and coverages today!
Average Rates Nearby Wilmington
Are you looking for homeowners insurance in a city near Wilmington? 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 Wilmington, NC
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Wilmington.
Wilmington, NC Home Insurance Average Premiums
For the city of Wilmington, 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:||$879 /yr.|
|2600 sq. ft. or higher |
(all discounts applied)
What is the average home insurance cost for a home in Wilmington, NC?
- • The average homeowners insurance premium paid annually for a home in Wilmington is around $879 per year.
What does it cost on average per month for home insurance in Wilmington, NC?
- • Homeowners in Wilmington pay an average cost per month around $73.00 for insurance coverage.
Wilmington, NC Coastal Wind, Hail & Flood Information
Wilmington is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Wilmington is know for it's beautiful beaches and waterways. Because New Hanover County (FIPS: 37129) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Wilmington, NC.
Coastal NC Home Insurance Information:
Wilmington, 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 Wilmington 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 Wilmington
- 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 Wilmington, NC homeowners insurance rates all in one place!
Saving Money Tips on Wilmington Home Insurance
A great way to save money on Wilmington 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 Wilmington area? Check out what homeowners are paying on average for North Carolina homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
|20 ft.||This is the average home elevation in Wilmington, NC||
» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Wilmington, North Carolina.
A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.
Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.
It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.
To get online quotes on your home and compare rates on home insurance premiums in Wilmington, 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 New Hanover 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, […]
Wilmington, NC Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Wilmington 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 Wilmington, NC?
- The average square footage in Wilmington is around 1,675 Sq. Ft. which would cost you around $226,147 to replace the home if you base the home on the price to build per square foot of $135.
Minimum Replacement Cost Total: $226,147
Location: Wilmington, North Carolina (New Hanover County)
Average Building Cost Per Square Foot in Wilmington: $135 (low end)
Average Square Footage in Wilmington: 1,675 Sq. Ft.
|Home Improvement Status||Price per Sq. Ft.||Dwelling Coverage|
|None or Very Minor Improvements||$135||$226,147|
|Some Additional Upgrades||$169||$282,683|
|Major Home Updates or Advancements||$203||$339,220|
The dwelling coverage is calculated by the average cost per square foot ($135) in Wilmington, 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.