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Raleigh, NC Homeowners Insurance Quotes (2023)
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Written by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.
Updated February 28, 2022
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Raleigh, NC Homeowners Insurance
Raleigh, North Carolina, knows how to offer the best in big-city living while still keeping a small-town feel. Maybe that is why Numbeo recently ranked it the #1 city for quality of life in the nation! It is definitely one of the fastest-growing cities in the United States.
Did you know Raleigh has surpassed Munich, Germany, with the largest beer garden in the world? How much fun is that? Whether you are looking for great beer, the best in Southern cuisine, art galleries, live music, outdoor activities, or beach living, you are sure to find something to love if you choose to live in this charming city.
As great as life is in Raleigh, its residents know the area is frequently hit by natural disasters and weather events that can cause havoc and affect daily life.
Whether you need protection from tornadoes, floods, hurricanes, or some other damaging event, Insurify has you covered! Use Insurify to compare home insurance quotes and get a great rate. It’s so simple and only takes a few minutes.
Cheapest Home Insurance Companies in Raleigh
For homeowners in Raleigh, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Raleigh. The following are the best insurance rates from carriers that offer homeowners insurance in Raleigh.
| Cheapest Companies | Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| Encompass | $678 |
| USAA | $801 |
| Travelers | $815 |
| UPC | $1,613 |
| State Farm | $1,981 |
How to Find Cheap Home Insurance in Raleigh
Buying a home in Raleigh makes perfect financial sense. The area offers some of the most affordable homes in the nation. Young homebuyers can find the homes of their dreams without breaking their budget.
Buying a new home is a big step and may be one of the largest financial investments of your lifetime. Of course, there are risks involved, as there are with any financial investment, but there are steps homeowners can take to minimize these risks and protect their investment.
The first important step to protecting your property is homeowners insurance coverage. Even though there are no legal requirements to purchase homeowners insurance, why wouldn’t you? Home insurance protects your property from natural disasters and theft. Different coverage levels are available for different property types, locations, and other factors.
Keep reading for a full guide on Raleigh home insurance.
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Cheapest Home Insurance in Raleigh by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2020, the average home insurance premium in the Raleigh area costs $307,349 annually, and the median home value is $1,463.
It is easy to use Insurify’s shopping comparison tools to find great Raleigh home insurance rates from top home insurance companies, including Farm Bureau, State Farm, and Nationwide.
| Average Home Cost in Raleigh The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. | Average Annual Insurance Premium in Raleigh The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| $307,349 | $1,463 |
Average Annual Home Insurance Premium in Raleigh by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Encompass$678
USAA$801
Travelers$815
UPC$1,613
State Farm$1,981
Auto-Owners$2,029
Allstate$2,691
Nationwide$2,961
Erie$3,219
Cheapest ZIP Codes in Raleigh for Home Insurance
North Carolina cities, including Durham, Cary, and Raleigh, all have varying home insurance costs based on several factors. Whether you live in Raleigh or one of its surrounding areas, you can find the absolute cheapest home insurance available while still getting great protection for your home and property.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Raleigh can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Raleigh
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- explosions,
- theft,
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed North Carolina city level guides, check out these below.
Windstorm Coverage in North Carolina
The North Carolina coast is one of the nation’s most vulnerable areas for hurricane damage. Every county in the state has been impacted by hurricanes at some point. Flooding, storm surge, and heavy winds can cause devastating damage to homes and property. Hurricane Floyd was one such storm, and it ravaged the North Carolina coast in 1999, causing 57 deaths and more than $6 billion in damage to homes and properties.
North Carolina homeowners can take steps to protect their homes and properties from windstorm damage. Wind is among the perils covered by standard homeowners insurance. However, you may find that for hurricane-prone areas, there could be a separate windstorm deductible. It is a good idea to review your policy with your insurance agent and make any changes necessary to provide yourself with enough windstorm protection before hurricane season begins. The Atlantic hurricane season runs from June 1 to November 30.
Purchasing Raleigh Flood Insurance
Any area can flood, whether it is in an area designated as a flood zone or not. North Carolina residents know all too well the need to protect their homes from property damage caused by flooding. In addition to the windstorm damage from Hurricane Floyd in 1999, it was also a record-setting flood year. Many of the state’s buildings and properties were destroyed by flood damage.
Don’t leave your home unprotected from flood damage. Your North Carolina homeowners insurance policy doesn’t protect from flood damage, but you can purchase flood insurance through the National Flood Insurance Program (NFIP). Visit the NFIP website to find an approved flood insurance agent in your local area.
How to Find the Cheapest Home Insurance in Raleigh
Raleigh residents really know how to enjoy life and make the most of all the city’s amenities, activities, and economic opportunities. Home insurance can give you the peace of mind to just relax and enjoy life, knowing you are protected.
Use Insurify’s home insurance comparison for your property in Raleigh.
Frequently Asked Questions
Yes, you do have protection from vandalism with your standard homeowners insurance policy, and it is not necessary to purchase additional coverage for vandalism. Homeowners insurance covers vandalism if your home, property, or personal belongings are damaged through an intentional act of vandalism. Vandalism is intentionally inflicted damage to your home and property by someone not living in your home. Common forms of vandalism include broken windows, graffiti, removal or damage to signs, arson, landscape damage, and broken pipes. Does homeowners coverage always pay for vandalism damage? No, not always. Vacant homes are not covered unless you have added additional coverage to your policy to specifically cover when your home is vacant. Contact your insurance agency about adding coverage options for a vacant home to get further details.
Bundling is a common discount given by most insurers when you insure both your home and car with the same company. You don’t have to do anything extra to receive this discount, and in some cases, you could save up to 25 percent. If you own a business, be sure to ask if you qualify for added savings to your business insurance policy through bundling it with your home and auto insurance.
It is in the best interest of the insurance company and the homeowner for home insurance claims to be paid as quickly as possible. Although it is not always possible to get out to damaged property after a catastrophic event such as a flood, drone technology is improving the process. Insurance companies in North Carolina are required by law to acknowledge receipt of your home insurance policy claim within 30 days, but there is no specific time frame set for when a claim must be settled. The state says each claim is different and the length of settlement time could vary. You’ll want to take steps to expedite the processing of your claims, such as documenting your valuables through photos or a video home inventory.
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