Those looking for coverage can apply for coverage under the National Flood Insurance Program.įor homeowners who can’t qualify for insurance coverage on the private market, North Carolina has the Fair Access to Insurance Requirements (FAIR) Plan, also known as the North Carolina Joint Underwriting Association (NCJUA). In 2013, only about 9% of all insured property in North Carolina was located in a coastal area, but the total insured value was worth $163.5 billion, according to the Insurance Information Institute. Hurricane Sandy resulted in $57 million in private insurance claims in North Carolina, and two of the most hurricane prone counties in the U.S. While the majority of homes in North Carolina aren’t on the coastline, for those considering coastal property, additional insurance will be a consideration. This is pretty affordable compared to the rest of the nation. North Carolina homeowners pay an average of $884 per year for a policy. This includes elderly persons, disabled veterans and disabled persons over 65.Īfter taxes you’ll want to consider homeowners insurance. Certain populations can apply for property tax relief in North Carolina. Certain cities, counties and tax districts will collect additional taxes for certain services, such as fire protection. Property tax is collected and determined by the county in which your home is located, and is not collected at the state level. North Carolina property taxes are based on the value of the property, which is determined by a county assessor at least once every eight years. This is the 17th-lowest state effective tax rate in the nation. In North Carolina, you can expect to pay roughly 0.77% of your home value. Property taxes are one of the first things to consider as an added cost to homeownership. Factors in Your North Carolina Mortgage Payment

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