Get Spruce Pine, NC Home Insurance Rates!
Shopping for new homeowners insurance in Spruce Pine, North Carolina?
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A Few Facts about Spruce Pine, North Carolina Home Insurance Rates
Residents of Spruce Pine pay an average of $1,119 for a standard home insurance policy, the national average premium across the United States is $1,311. For the state of North Carolina, the premium rank is #32 and the most recent premium change was -6.2% from the previous year.
We can help lower your homeowners insurance costs by shopping your coverage with a variety of national insurance companies. It’s quick and easy. You can get multiple free quotes, just enter your Spruce Pine zip code to get started.
Spruce Pine and Homeowners Insurance
Shopping for homeowners insurance is never fun but we strive to make the process quick and simple while also taking the time to carefully review your needs to make sure your home and property is fully covered.
We will search for home insurance discounts and examine your enhanced coverage options to make sure your home and possessions are fully protected. In most cases, we can help you save up to 40% on your current rates, all from the comfort of your own home.
In addition to finding a great policy and price, our goal is to make sure you have a complete understanding of your policy before you sign on the dotted line. We are always available to answer any questions you have and explain the various coverages that make up a homeowners policy.
Our agents will guide you through the entire process and evaluate your current coverage to make sure you are protected against all risks including flooding or earthquake damage.
North Carolina Insurance Coverages You May Not Know About
While homeowners insurance will absolutely protect your home’s structure and your personal possessions, it also includes some coverages you may not be familiar with, here is a quick overview of other structures coverage as well as loss of use:
Other Structures: This coverage will protect all other structures on your property. If you have a shed, barn, other outbuildings, fencing or other structures on your property that are detached from your home, this coverage will protect them. Other structures coverage is often capped at 10 percent of your dwelling coverage so if you are carrying $300,000 in dwelling coverage your other structures coverage is $30,000.
Loss of Use: This coverage will help pay your living costs if you are forced out of your home due to a covered peril. A covered peril might include fire, theft or water damage. Loss of use coverage will pay for expenses such as hotels, restaurants and even dry cleaning if you are not able to live in your home while it is being repaired or rebuilt after a claim.
| Avg. NC Rate | Discounts | Savings | Shop Rates |
|---|---|---|---|
| $1119 | up to 40% off | $448 |
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Spruce Pine, NC Insurance Carriers
With over 20 years of North Carolina home insurance coverage and quoting experience, we enjoy helping customer find the best rate and coverage options for your home in Spruce Pine, NC. Our new carrier platform includes quick rates from the very best insurance companies, like Liberty Mutual, Safeco Insurance, Tower Hill, ShoreOne, Kind Group Underwriting, AIG, Chubb, Travelers, National General, Heritage Insurance and the North Carolina Joint Underwriting Association (NCJUA) for wind and hail insurance policies. Getting the best insurance rates with the right insurance company is key to protecing your most valuable investment, your Spruce Pine home. Let us help you shop the best North Carolina home insurance rates and coverages today!
Average Rates Nearby Spruce Pine
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Home Insurance Rates by Zipcode in Spruce Pine, NC
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Spruce Pine.
Spruce Pine, NC Home Insurance Average Premiums
$560 /yr.
For the city of Spruce Pine, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $560 /yr. |
| Average Coverage: | $810 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1110 /yr. |
What is the average home insurance cost for a home in Spruce Pine, NC?
- • The average homeowners insurance premium paid annually for a home in Spruce Pine is around $810 per year.
What does it cost on average per month for home insurance in Spruce Pine, NC?
- • Homeowners in Spruce Pine pay an average cost per month around $68.00 for insurance coverage.
Spruce Pine, NC - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $218,973 | $182,062 |
| February | $224,310 | $186,869 |
| March | $229,765 | $193,211 |
| April | $233,234 | $199,026 |
Homeowners insurance will help cover the cost to repair or replace your Spruce Pine home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Spruce Pine
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Spruce Pine, NC homeowners insurance rates all in one place! |
Saving Money Tips on Spruce Pine Home Insurance
A great way to save money on Spruce Pine homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Spruce Pine area? Check out what homeowners are paying on average for North Carolina homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 2600 ft. | This is the average home elevation in Spruce Pine, NC | Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local North Carolina flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954. |
To get online quotes on your home and compare rates on home insurance premiums in Spruce Pine, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Mitchell County.
North Carolina Homeowners Insurance News & Information
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North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Wednesday 5th June, 2024
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Sunset Beach, Oak Island Beach, Calabash, Bald Head Island, […]
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North Carolina Coastal Home Insurance Rates Posted on Friday 29th March, 2024
North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]
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NC Residents Speak Against 42% Rate Increase Requested by Rate Bureau Posted on Tuesday 13th February, 2024
During a recent public comment session held by the North Carolina Department of Insurance, dozens of North Carolina residents spoke out against an average rate increase of 42% that the North Carolina Rate Bureau is requesting. The Rate Bureau represents insurance companies in the state and earlier this year requested average rate increases of 42%. […]
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North Carolina: 2024 Homeowners Insurance Rate Increase Proposed Posted on Friday 19th January, 2024
Recently, the North Carolina Rate Bureau requested that the N.C. Department of Insurance allow increases to homeowners’ insurance rates by an average of 42.2 percent. If the NCDOI agrees, the proposed rates will go into effect Aug. 1. However, it is also possible that the NCDOI will not agree to the increase and deny the […]
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2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
Spruce Pine, NC Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Spruce Pine so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Spruce Pine, NC?
- The average square footage in Spruce Pine is around 1,200 Sq. Ft. which would cost you around $162,000 to replace the home if you base the home on the price to build per square foot of $135.
Minimum Replacement Cost Total: $162,000
Location: Spruce Pine, North Carolina (Mitchell County)
Average Building Cost Per Square Foot in Spruce Pine: $135 (low end)
Average Square Footage in Spruce Pine: 1,200 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $135 | $162,000 |
| Some Additional Upgrades | $169 | $202,500 |
| Major Home Updates or Advancements | $203 | $243,000 |
The dwelling coverage is calculated by the average cost per square foot ($135) in Spruce Pine, North Carolina times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $421,875 (Media price to build of $169 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.