North Carolina Condo Insurance

Providing you a seamless experience to finding the best condo insurance in North Carolina

Getting a Condo Insurance Quote in North Carolina

Many residents in North Carolina select the ease of living in condos. Deciding on the right condo insurance can be confusing, so we're here to help you by outlining a few important elements you need to remember when negotiating the final cost of your condo insurance to receive the right coverage for your needs at the right cost. There are lots of aspects that will influence how expensive or inexpensive your annual condo insurance estimate is going to be, so we've made it our goal is to make the condo insurance purchasing process a breeze.

Difference in Costs of Condo insurance in Charlotte, NC Compared to State Average

19 %

Difference in Costs of Condo insurance in Raleigh, NC Compared to State Average

19 %

Difference in Costs of Condo insurance in Greensboro, NC Compared to State Average

25 %

Difference in Costs of Condo insurance in Durham, NC Compared to State Average

19 %

North Carolina Condo Insurance Statistics at a Glance

Given the various factors which impact the price of condo insurance, and taking into consideration that property values are on the upswing, North Carolina condo insurance policies can be more on the pricey side. North Carolina is ranked the 17th most expensive country in the nation for condo insurance. North Carolina residents pay an average of $110 per month or $1,316.00 per year in condo insurance premiums. Even though North Carolinians are paying more on condo insurance, the fantastic thing is that trends demonstrate that rates are becoming cheaper. Overall, most North Carolina cities have similar average monthly rates, but Asheville, NC, has been found to be the lowest priced cities at $367.00 per year or $30.58 per month. On the flip side, Wilmington, NC, has the highest condo insurance rates in the state at $1,561.50 per year or $130.13 per month. Different insurance companies have significant differences in rates, so it is necessary to shop around if you're searching for condo insurance in North Carolina.

  • $472

    Average Annual Cost of Condo Insurance in North Carolina

    The average cost of condo insurance in North Carolina on an annual basis is $472.

  • $39

    Average Monthly Cost of Condo Insurance in North Carolina

    The cost of condo insurance in North Carolina is roughly $39 per month.

  • 26%

    Percentage of Income on Ownership for Condos in North Carolina

    Residents of North Carolina spend an average of 26% of their income on condo ownership.

  • 19 years

    Median Age of a Property Which Requires North Carolina Condo Insurance

    The average age of a property requiring condo insurance in North Carolina is roughly 19 years.

What Affects the Costs of Your Condo Insurance in North Carolina

There are quite a few factors which cause condominium insurance policies in North Carolina to change in price. Insurance companies use many factors to calculate your personal risk and coverage needs, as well as to secure you a precise quote for your condo insurance coverage. However, there're many factors out of your control that may influence your condo insurance price in North Carolina. Those factors may include things such as the location of the condo, condos in high-risk areas, the age of your condo in North Carolina, along the building quality of your condo. It’s also important to note that high-risk flood zone condos must have flood insurance to qualify for a mortgage.

They might also be able to see if property owners are eligible for discounts. Some factors in your control that can help or hurt the final pricing of your North Carolina condo insurance costs could be factors such as your own credit history, your claims history with other condo insurance providers, your driving record, the sum of personal belongings which you have in your condo, the people that reside in your condo, and whether you rent or own the condo. To get the best possible quotation, we highly recommend that you have a lot of this information prepared prior to getting a condo insurance quote for the North Carolina property. Doing this ensures that you are able to get the best possible pricing for your North Carolina condo insurance coverage.​​
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Average Cost of Condo Insurance in North Carolina by City

The most common type of condo insurance in North Carolina is an HO6 insurance plan. Whether you're living the city life in Charlotte or Raleigh or own a condo in a bigger town like Huntersville, you'll probably need H06 insurance to your condo in North Carolina. To give you a notion of just how much it will cost to insure your condo, we've provided a full list of estimated condo insurance quotes to your North Carolina city. These averages are based on all insurance prices for your respective city or town in North Carolina, so depending on where your condo is located in your neighborhood, your final price could differ radically than what's quoted below.

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Choosing the Best Condo Insurance Company in North Carolina for Your Needs

Making certain that you set in time and effort to choose the ideal condo insurance company in North Carolina for your needs will give you peace of mind in the long term. You are insuring your distance, yourself, and your possessions, therefore spend that extra time to hunt for the insurance which you can find. Don't short-change your North Carolina condo as well as the properties inside it by settling for the most affordable one in the marketplace. The ideal thing to do is to look around and compare several businesses prior to making final decisions and choosing the ideal condo insurance company in North Carolina for your needs. Keep in mind that a reliable company will not force you into making a decision or pay, which you simply don't need. Look for condo insurance businesses that benefit their long-term customers with discounts, loyalty benefits or also provide bundle insurance discounts. Be certain that your provider is accredited. Assess the North Carolina Department of Insurance website to learn the licensing status, financial stability, and complaint history of your chosen insurer.

The Top Rated Condo Insurance Companies in North Carolina Based off Consumer Ratings

The top spot is held by state Farm at being the biggest condo insurance provider in the United States for more than 50 decades. In North Carolina, a study done by JD Power revealed that State Farm had been scored a 3 out of a 5 (an average rating) in the policy offerings, billing, payment, customer service, and claims. In North Carolina, State Farm also obtained an NAIC complaint ratio of 0.2. Like most condo insurance providers in North Carolina, they provide premium discounts on condos which have been renovated or made to withstand any natural disasters which might happen in The Tar Heel State. When considering pure metrics of condo insurance firms in North Carolina independently, Amica has the highest JD Power rating in the country at 5, while MetLife has the cheapest at 2. The condo insurance provider in North Carolina, which has the cheapest NAIC complaint ratio in North Carolina, is Chubb at 0.09, while Universal Insurance has the highest NAIC complaint ratio at 8.6.

North Carolina Condo Insurance Requirements

Beneath the North Carolina Condominium Act, a condo unit owner in North Carolina is permitted to receive insurance for their own advantage but is not required to do so. The Act says that if at the time of the reduction, the device owner has an insurance plan that covers exactly the danger as the institution's policy, then the institutions ' policy will take precedence and offer the primary insurance. North Carolina law requires condominium institutions to obtain insurance for the condominium building as a whole. But, condo unit owners might still need to consider purchasing insurance policies to cover their accountability for their possessions, any developments they install, or any reduction or event not covered by the institution's policy.

What's Covered with Your Condo Insurance in North Carolina

While browsing for the condo insurance coverage, what you'll notice is that most condo insurance providers in North Carolina will offer standard coverage, which can include building property coverage, personal property coverage, loss of use coverage, and liability coverage. Building property coverage protects you financially out of damage to the interior of your condo (floors, walls, tiles) and reduction of permanent fixtures caused by a covered event, such as fire. Personal property coverage protects your personal belongings, such as furniture, electronics, and clothing, which are lost due to a covered event. With liability coverage, if you're held accountable for property damage or bodily injury afterward, liability coverage provides financial protection for you. Normally a condo insurance plan in North Carolina insures $100,000 in liability damages. With the loss of use coverage: If your condo in North Carolina becomes uninhabitable and you need to reside out of your condo due to a covered event and are paying more than you would live in your condo, then this feature will cover you for the increased living expenses.

How to Get North Carolina Condo Insurance Discounts

Every insurance company in North Carolina has its own reduction or dedication program. Be certain that while you're shopping around for a condo insurance quotation which you inquire about any discounts which may be available for your family or you. Normally, there are quite a few discounts offered on North Carolina condo insurance policies. A couple of discounts you can ask for are new customer discounts, multi-policy, bundled discounts, loyalty discounts, and discounts.

Getting the Best North Carolina Condo Insurance Rates

Shopping around is critical to determining the best rates for your North Carolina condo insurance plan. All you need to do is telephone us and determine if any other insurers can beat what you are currently paying. You might be amazed at the available savings. You might ask a friend to consult with their current condo insurance provider which might result in a referral reduction. It's possible to raise because the higher your deductible, the lower the price of your insurance plan. But make sure that your deductible is not high because, in the event of a loss, you're responsible for paying any sum up to the deductible. See if carriers offer discounts to clients bundle insurance policies with 25, if you're able to bundle multiple types of insurance policies with your supplier. For example, check with the supplier of your car insurance and see if they will reduce your premium if you get condo insurance from them as well. They may offer longevity discounts for long-time clients if you keep with the insurer for multiple decades afterward. A few of these discounts can save you around 10% on your premiums. Please pay attention to your credit rating and make sure it stays high as insurance providers take that into consideration when picking your condo insurance premium. Boost it keep it high to find a lower insurance premium.