Asheville homeowners insurance rates trend well below state & national averages.
Homeowners insurance is an undeniably hot topic that isn’t going away anytime soon. The increasing frequency of natural disasters and effects from climate change have forced insurance companies to pay out – and aggressive efforts are being made to recoup those costs through increased rates, deductibles, and other related expenses of carrying homeowners insurance. Some areas have become increasingly cost-prohibitive.
Take Florida for example, where insurance is more than three-and-a-half times the national average according to an NPR report from last fall. Fortunately, the insurance landscape in the Asheville area is generally less concerning than many places, making it an enticing option for prospective buyers seeking to relocate away from climate hot spots.
Facts about homeowners insurance in Asheville
Although Asheville home prices are among the highest in North Carolina, its homeowners insurance rates are 23 percent lower than the state average. Compared to other states, Asheville fares even better, with rates a healthy 38 percent lower than the national average. Check out how Asheville homeowners insurance rates stack up against other popular locations:
- Oklahoma City: 329% higher than Asheville
- Miami: 326% higher than Asheville
- Fort Lauderdale: 274% higher than Asheville
- Detroit: 215% higher than Asheville
- Denver: 164% higher than Asheville
- Houston: 164% higher than Asheville
- Minneapolis: 82% higher than Asheville
- Los Angeles: 79% higher than Asheville
- Atlanta: 79% higher than Asheville
- Philadelphia: 74% higher than Asheville
- New York City: 57% higher than Asheville
- San Francisco: 36% higher than Asheville
With figures like these, it’s no surprise people have their sights set on Western North Carolina!
(Source: https://www.policygenius.com/homeowners-insurance/home-insurance-rates-by-zip-code/)
Proposed rate increase rejected by NC Insurance Commissioner
The North Carolina Rate Bureau, which represents the insurance industry in the state, recently proposed a whopping 42.2 percent average increase in homeowners insurance rates statewide. The proposed increases were particularly drastic for coastal North Carolina areas which would have seen increases in excess of 100 percent. Following consumer backlash from across the state, NC Insurance Commissioner Mike Causey rejected the drastic increase in an announcement on February 6th, 2024. Although smaller rate increases are still possible, it appears that Asheville will remain competitive for the foreseeable future.
Asheville Realty Group agents are your insurance advocates
Securing a robust homeowners insurance policy is just one piece of the home buying process – but it is a crucial one. Our qualified local real estate agents understand the importance of insurance when it comes to home ownership. As part of our full-service approach, our agents have relationships with great local insurance agents and can connect you with them to meet your insurance needs. We look forward to hearing from you!
About Asheville Realty Group
Established in downtown Asheville in 2009, Asheville Realty Group is a boutique brokerage firm offering full-service real estate services. We have locally experienced agents who specialize in residential homes, luxury homes, investment properties, country-side acreage and everything in between. Asheville Realty Group has grown – from a handful of agents, to over 40 brokers serving all of Western North Carolina. We love Asheville and the surrounding mountain communities that we call home, and we love sharing it with you!
Contact Form
We would love to hear from you! Please fill out this form and we will get in touch with you shortly.
Leave a Reply