WEST JEFFERSON — A recent study of 114 North Carolina cities found that West Jefferson is among the cheapest cities to insure a home.
The study was completed by ValuePenguin, a research company based in New York that researches and compares prices of auto, health and homeowners insurance for consumers.
According to ValuePenguin, their research allows consumers to compare all possible options when deciding if a particular purchase or decision is worth the cost.
For this particular study, researchers analyzed and compared homeowners insurance in 114 of North Carolina’s cities, towns and municipalities.
ValuePenguin gathered sample rates from four different insurance agencies including Progressive, Liberty Mutual, State Farm and Nationwide.
To obtain the rates from the insurance agencies, ValuePenguin used a “benchmark property” which consisted of a $200,000, 2,000 square foot home which included two stories, one and one half bathrooms, and a garage attachment.
The sample homeowner was an unmarried 41-year-old male with no pets.
The study found that average premiums for homeowners insurance in West Jefferson were significantly below the North Carolina state average.
West Jefferson ranked in the top 25 cities for cheapest homeowner insurance with an average premium of $868 which is 28 percent below the state average of $1,198.
According to the study, the premiums gathered throughout North Carolina directly correlate with a city’s geographic location.
Cities with a closer proximity to the east coast had more expensive premiums than those in the western part of the state.
Extreme weather and higher crime rates were also listed as possible factors for the differences in premiums.
Among the most expensive cities were Nags Head, Wrightsville Beach, Carolina Beach, Swansboro and Oriental. Premiums for these cities ranged from $2,511 to $3,564.
Nags head was ranked as having the most expensive premium at $3,564 which is 197 percent above the state average.
Most of the cheaper premiums were found in the western region of the state with the average cost of insuring a home being 35 percent less than what it would cost in a typical North Carolina home.
Among the cheapest cities were Thomasville, Lexington, Spruce Pine, Tryon and Eden with average annual rates ranging from $717 to $814.
Thomasville was ranked the cheapest city at $717 which is 40 percent below the state average.
The study also compared North Carolina’s premiums with the premiums of neighboring states.
It was found that North Carolina premiums were 10 percent more expensive than cities in Virginia, 30 percent cheaper than cities in Tennessee and 40 percent cheaper than cities in Georgia.
Other western cities that were below the state average include: Black Mountain at $849, Statesville at $868, Sparta at $889 Elkin at $896, Asheville at $869, North Wilkesboro at $899 and Boone at $1,026.
For the complete list of North Carolina cities and their ranking visit http://www.valuepenguin.com/best-cheap-homeowners-insurance-north-carolina
Hannah Myers can be reached at 336-846-7164 or on Twitter @cmedia_hmyers.