Getting Home Insurance in Raleigh
Home insurance in Raleigh protects homeowners against the myriad perils that could damage or destroy their home, including fire, windstorm, theft, and more. Although it is not required by North Carolina law, insurance will protect you from bearing the hefty financial costs that you would face if your home were damaged or destroyed.
Furthermore, your lender may require you to purchase home insurance in Raleigh. Homeowners insurance provides property coverage, which insures your home against perils that can damage or destroy your home, such as fire and smoke; windstorm and hail; lightning; and vandalism and theft. It also protects you against liability for accidents that injure your visitors or damage their property. Insurance rates in North Carolina average $725, well below the national average of $880, according to the Insurance Information Institute.
Factors of Home Insurance Rates in Raleigh
Several factors can influence the cost of your homeowners’ insurance premium. The location of your home is one factor that can significantly affect your insurance premium. Some areas are prone to specific disasters, such as hurricanes and earthquakes. Urban areas tend to have higher crime rates, while rural areas might have less access to fire protection services. Standard insurance policies cover perils related to theft, so a higher crime rate in a specific area will translate to a higher premium for those North Carolina residents. The City of Raleigh provides online crime mapping services which track occurrences of crimes such as arson, burglaries, and robberies. The chart below presents average crime rates in Raleigh:
The age, location, and condition of your home, as well as the type of construction, can also impact your rate. For instance, wood-frame houses usually cost more to insure than brick houses because the former are more susceptible to fire damage. New homes, on the other hand, may qualify for discounts. Even your home’s distance from fire hydrants and stations can affect your rate. Installing protective devices, such as deadbolt locks, security systems, and fire alarms may reduce your premium. Contact your insurer to determine if you are eligible for these discounts or others.
To lower your premium in Raleigh, consider selecting a higher deductible, which is a fixed amount that you must pay per claim or accident before the insurance company will pay. Standard deductibles are approximately $500. If you select the highest deductible that you can afford in the event of a loss, keep in mind that you will have to pay a greater portion of the cost if your home incurs damage.