Home Insurance

Best Cheap Homeowners Insurance in Wilmington

Fewer than half (44%) of the residents of Wilmington own their home, and home insurance is an important consideration for this group. When it comes to home insurance, Wilmington, N.C. residents pay an average of $2,096 per year for $250,000 in dwelling coverage, which is higher than the North Carolina average.

Fortunately, there are ways to seek out cheap home insurance in Wilmington without sacrificing coverage. Bankrate’s research might help you find a policy that fits your needs and your budget, so your finances are protected against the threat of home damage.

Best cheap home insurance companies in Wilmington

When searching for the best cheap home insurance in Wilmington, our insurance editorial team first reviewed average premiums from Quadrant Information Services for the largest insurance companies in Wilmington by market share. We also took coverages, discounts and third-party rankings into account.

If you need homeowners insurance in Wilmington, you might want to consider getting quotes from the following companies:

Home insurance company Average annual premium for $250k dwelling coverage J.D. Power score
Travelers $1,484 803 / 1,000
Kemper $1,543 Not rated
Erie $2,238 839 / 1,000
Nationwide $3,573 808 / 1,000

Travelers

Travelers could be a great choice for Wilmington residents who are looking for a variety of coverage options. The company’s average premium is well below Wilmington’s average, and the savings could be used for optional coverages such as contents replacement cost or a personal articles floater. Travelers also offers several discounts, like savings for green homes and new home buyers.

Learn more: Travelers Insurance review

Kemper

Kemper’s average premium is below the city’s average cost, making it possible to have quality and affordable coverage in Wilmington. Homeowners of the city’s luxury home communities such as Figure Eight Island and Porters Neck may be particularly attracted to Kemper’s blanket property limit, which combines the coverage limits for your property coverages into one lump sum, allowing greater flexibility when settling claims.

Learn more: Kemper Insurance review

Erie

Erie is a regional company headquartered in Pennsylvania. Its average premium is higher than Wilmington’s average, but that could be because of the numerous optional coverages that Erie provides to help policyholders tailor their coverage to their needs. You might consider adding service line protection, which could help pay for the costs to repair damage to underground utilities located on your property. Additional optional coverages include water backup and identity recovery.

Learn more: Erie Insurance review

Nationwide

Nationwide has the highest premium on our list, but its coverage could be worth the extra money. You can add unique options like Better Roof Replacement, which will pay to repair or replace your damaged or destroyed roof with stronger, safer materials after a covered claim. And there are plenty of ways to save. You might lower your premium by insuring a new home, having prior insurance, living in a gated community or being claims free.

Learn more: Nationwide Insurance review

Home insurance coverage options in Wilmington

Homeowners insurance is not mandatory in Wilmington or the state of North Carolina, but you may be required to carry a policy if you have a mortgage. And even if you own your home outright, home insurance is an important consideration. Coverage is relatively affordable compared to the costs associated with repairing or replacing your damaged or destroyed home out of pocket. To round out a standard home insurance policy, you may want to consider adding the following coverages:

  • Scheduled personal property: Rare, collectible or higher-value items are best insured on their own insurance rider — they are often too valuable to bundle in with everyday household belongings. Items such as fine jewelry, art and high-end wine collections should have their own scheduled personal property rider that specifically lists the items’ values.
  • Flood insurance: Flood damage is not covered by a standard home insurance policy. While a few companies offer flood endorsements, you will generally need to purchase a separate flood insurance policy to get this coverage. Many parts of Wilmington are at risk for flooding due to the city’s position near the ocean and the Cape Fear river.
  • Business property insurance: Startup founders or homeowners working remotely may want to protect their computers and business equipment by adding business property coverage to their homeowners insurance.

Each company offers its own array of optional coverages. Talking with a licenced insurance professional might help you choose coverages that are appropriate for your situation.

Home insurance discounts in Wilmington

When searching for cheap home insurance, Wilmington, N.C. residents may want to consider a company’s discounts. Taking advantage of as many discounts as possible could lower the cost of your home insurance. Some common discounts in the Wilmington area are:

  • Bundling: The average Wilmington household owns at least two vehicles. And some homeowners might also own boats and personal watercraft to enjoy the city’s beautiful coastline. Bundling multiple insurance policies with one company will often result in a discount on each policy.
  • Recently upgraded home: If you recently remodeled your home or plan on doing upgrades, you might save some money on your home insurance. Some companies offer discounts for updated roofing, plumbing or HVAC systems.
  • New homeowners: This discount can help you catch a break on the influx of home-related expenses. A home insurance discount may be available if you purchased your home in the last 12 months.
  • Protective devices: Certain devices can discourage intruders, warn you and guests of dangerous situations and minimize the risk of damage from fires. Installing a security system, deadbolt locks, a fire alarm or automatic sprinklers might help lower the cost of home insurance.

While bundling discounts often have the greatest impact on your premium, looking for a company that offers several discounts that you qualify for might help you find the coverage you need for less.

Frequently asked questions

What is the best home insurance company in Wilmington?

Wilmington residents have numerous options for home insurance coverage, but there is not one single company that is the best. Finding the best home insurance for you often starts with you understanding what you need and want from your policy and comparing several quotes from different companies.

How much does home insurance in Wilmington, N.C. cost?

Wilmington homeowners pay an average of $2,096 per year for $250,000 in dwelling coverage, which is higher than North Carolina’s average rate of $1,295 per year and the national average of $1,312 per year.

Do I need flood insurance in Wilmington?

You might. If you live in a flood zone and have a mortgage, your lender likely requires flood insurance. Flood damage is excluded from standard home insurance policies, so having a flood insurance policy can be a good idea in a coastal city like Wilmington.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.