Flooding can cause permanent damage to your home

Getting Home Insurance in Charlotte

Home insurance in Charlotte protects homeowners in the event that their home or personal property is destroyed due to perils including, but not limited to, fire, storms, or theft. While homeowner’s insurance is not required in North Carolina, it may be required by lenders who provide home mortgage loans. Regardless, insurance is a smart, proactive measure to take in case an unforeseen event occurs. Standard policies consist of property coverages, including dwelling, other structures, personal property; loss of use; and liability, which protects you if accidents to people or their belongings occur on your property.

North Carolina is among the states with the lowest homeowner insurance rates. The average home insurance premium is $725, which is lower than the U.S. average of $880, according to the Insurance Information Institute. Even though premiums are generally lower in North Carolina, you may want to consider factors that influence insurance Charlotte rates for ways to reduce your own.

Factors of Home Insurance Rates in Charlotte

There are several factors that can determine how much your homeowner’s insurance premium will cost you. According to the North Carolina Department of Insurance, these factors include: the age of your home, type of construction, deductible, dollar amount of coverage, underwriting guidelines, and additional endorsements selected. For example, homes constructed from brick cost less to insure than a frame house, which is more vulnerable to perils like fire or severe weather.

The location of your house in Charlotte can also affect how much you pay for insurance, especially when it comes to criminal activity. Because insurance covers losses from burglary, theft, and vandalism, the more frequently these perils occur in your area, the higher your premiums likely will be. To find out how crime may affect homeowners insurance Charlotte, consider the following chart:

  Robbery Burglary Larceny-theft
2010 1,795 9,325 22,711
2009 2,346 9,817 25,379
2008 2,984 11,933 29,735

Insurance companies also consider the quality and proximity of fire protection when determining your premiums, such as the distance of your house from a fire hydrant and the quality of your city’s fire department. Those living near fire protection, for instance, may pay a lower average cost than those living farther away. Luckily, Charlotte residents are well protected in the event of a fire. The Charlotte Fire Department provides protection for 300 square miles through its 41 fire stations, 41 engine companies, 15 ladder companies, and 18 special operations teams, according to the department.

Home Insurance in North Carolina

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