Best Condo Insurance In North Carolina 2025

While condo insurance isn’t legally required in North Carolina, your mortgage lender may require you to have coverage. This type of insurance covers the inside of your condo. Depending on your HOA, condo insurance may also provide dwelling coverage foryour condo’s interior.

As a former licensed insurance agent, I can’t stress enough how vital it is to have the right coverage. In the last few years finding affordable insurance has been a bit of a challenge for residents in North Carolina in large part due to a request from insurance companies to increase premiums up to 99% because of the increase in natural disasters. State insurance regulators have rejected recent petitions to increase premiums to this degree, but it is still important to find affordable coverage no matter where your condo is located.

Average Cost Of Condo Insurance In North Carolina

The average cost of condo insurance is $894 per year however, the cheapest company for condo insurance is North Carolina Farm Bureau.

The table below will compare the average annual condo insurance costs in North Carolina from top national insurance providers.

Compare Condo Insurance Rates In North Carolina – By City

The following table displays the average monthly and annual condo insurance costs for residents in of 10 North Carolina cities.

Average Cost Of Condo Insurance In North Carolina – By Building Property Limits

Determining the appropriate level of condo insurance depends on the value of your condo and personal belongings. The first table below compares the average annual rates for various building property limits in North Carolina.

Most Expensive ZIP Codes For Condo Insurance In North Carolina

Cheapest ZIP Codes For Condo Insurance In North Carolina

Keep in mind that the costs shown in the tables above are estimates and can vary based on several factors, such as your insurance needs, the location of your condo, and its structural characteristics.

Besides the cost, it’s important to evaluate other factors when selecting a policy. You should look for affordable insurance that also provides extensive coverage, a high financial strength rating, and reliable customer service.

How Much Condo Insurance Do You Need In North Carolina?

The amount of condo insurance you require in North Carolina varies based on factors like your condo’s structure, the value of your personal belongings, and the coverage offered by your condo association’s master policy.

Additionally, you can include loss assessment coverage in your policy to cover damages or losses in shared areas of a condo complex.

Condo policies can be difficult because you need to review:

1. The master policy your condominium association has,
2. Your personal belongings and the value of your condo
3. What extra protection you want especially if your condo is not your primary residence

You can find easy online tools to help you take inventory of your property value and the cost for repairs and replacements in the event of a covered loss and from there decide what level of coverage is best.

Is Condo Insurance Legally Required In North Carolina?

In the state of North Carolina, condominium associations must maintain insurance for all common property as well as individual condominium units that were constructed after October of 1986. The association must maintain at least 80% of the replacement cost to the entire property as well as liability insurance for things like bodily injury, property damage, and death.

Note: Laws pertaining to condominium insurance do not extend to any improvements that unit owners make.

Condo owners, however, are not legally required to carry insurance although it is typically a requirement from lenders if you are buying your condo, it could be a requirement in the governing documents for your condominium association, and it is a good investment to cover improvements or belongings that a master policy will not.

Factors That Impact The Cost Of Your Condo Insurance Policy

Insurance companies in North Carolina review four main factors when deciding your insurance policy premiums:

Age Of Your Condo

If you live in an older condo, that comes with a higher risk of outdated systems like electrical and plumbing. The higher likelihood of outdated systems directly corresponds to a higher risk of more claims in the eyes of the insurance company and this means potential increases in your premiums.

Replacement Cost

Replacement cost refers to the estimated expense of rebuilding your condo if it’s damaged. A higher replacement cost will lead to increased insurance premiums.

Location Of Your Condo

The location of your condo is a primary factor. The location can be advantageous or disadvantageous:

• Areas prone to natural disasters particularly storms and hurricane damage are more likely to have higher costs
• Condos in areas with high burglary rates will have higher costs
• Condos in close proximity to fire stations, police departments, and other emergency services will typically have lower costs

The average cost of homeowners insurance throughout the state is $1,545 per year but Fayetteville, Greenville, and Rocky Mount are the most expensive with Jacksonville, Asheville, and Wilmington being the least expensive.

Claims History

Insurance companies will look at your claims history to determine what level of risk you pose. Someone with a history of multiple insurance claims is considered a higher risk for the insurance company because there’s a bigger risk of having to pay out on a frequent basis. This typically means higher premiums.

What Does Condo Insurance Cover In North Carolina?

Condo insurance, called HO-6 insurance, is a type of homeowners insurance meant for condominium owners. It can be purchased in addition to any association-provider insurance to protect the interior of your condominium (e.g., walls, cabinets, flooring, and fixtures) and personal belongings. The protection typically extends to damage, theft, and other covered losses.

Condo insurance in North Carolina also covers personal liability claims, loss of use, and assessments for shared losses. So if there is a fee levied on all condo owners for a shared loss, you might be able to cover that deductible with your personal policy, and if you cannot live in your condo during repairs for a covered loss, your living expenses can be reimbursed under a personal policy.

In general, policies in North Carolina offer between $100,000 to $500,000 in liability coverage and loss assessment coverage of up to $1,000, if the loss assessment is automatically included. If it is automatically included, you can generally increase that amount with an endorsement to cover damages to shared areas that exceed the master policy limit.

How To Find The Best Condo Insurance Company For You

Since your condo might be your most valuable asset, securing quality coverage is essential to protect against potential financial loss. However, identifying the right policy that fits your needs requires time and effort.

When you start your search for the best condo insurance company in North Carolina, be sure to know exactly what coverage options, including endorsements, you need to fill any gaps provided by the master policy from your association as well as the coverage amounts you need for your personal belongings.

You can compare companies online or use an insurance agent to help you with this process.

There are several homeowners insurance providers that can give you condo coverage in North Carolina and comparing companies can help you pick coverage levels and premiums that work for your financial needs and your budget.

It is recommended that you compare at least three providers based on things like:

1. Stability
2. Claims process
3. Discounts
4. Customer reviews
5. Coverage options

Once you have the company and the coverage you want, you can start your new policy immediately.

To simplify this process, here are five steps you can take to protect yourself, your family, and your belongings:

1. Assess the amount of condo insurance you require.
2. Conduct an online search for condo insurance providers and choose three that you feel most at ease with.
3. Reach out to each of the three carriers and request a quote.
4. Compare their coverage options, pricing, financial stability, customer feedback, and available discounts.
5. Submit an application for coverage with the provider that suits you best.

Compare Condo Isurance Rates By State