For various reasons, it’s difficult to estimate how much it will cost to protect your home against hurricane damage. For one, policies differ from one provider to the next. For another, the cost to insure a home depends on its age, size, location, and many other factors.
However, according to the Insurance Information Institute, the average North Carolina homeowner will pay $1,086 in premiums on their homeowners insurance policy every year, and Bankrate estimates that the average flood insurance policy costs $1,154 in premiums. Therefore, the average homeowner with both policies will be on the hook for approximately $2,240 per year in premiums.
In addition, North Carolina homeowners are subject to a hurricane deductible, which is often 1% of the home’s insured value. If, for example, your home is insured for $200,000 with a 1% hurricane deductible, you’d pay the first $2,000 of your claim out of pocket before your coverage kicks in.