bestrenters insuranceCharlotteThe Best and Cheapest Renters Insurance in Charlotte, NC, for 2024: Rankings, Reviews and Rates
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bestrenters insuranceCharlotteThe Cheapest and Best Renters Insurance in Charlotte
Cheapest renters insurance in Charlotte - State Farm
The Companies With the Cheapest Renters Insurance in Charlotte
Renters insurance cost is an important factor to consider when picking a policy. That is because many companies in the city offer similar coverages. If you want to find affordable renters insurance, shop around and compare renters insurance quotes. MoneyGeek’s study found that the cheapest options in the city are:
- State Farm: $84 per year
- Travelers: $88 per year
MoneyGeek evaluated renters insurance prices based on policies with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. You can check the table below to see how prices change by adjusting the personal property coverage limits. If you live elsewhere in the state, you can also compare renters insurance for North Carolina as a whole.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
$20,000
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What Are the Best Renters Insurance Companies in Charlotte?
Based on MoneyGeek’s study, the top renters insurance companies in Charleston are:
- Best Overall: State Farm
- Runner-Up: Travelers
USAA received the highest score in Charleston by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
These two companies are MoneyGeek’s top picks after calculating scores of insurance companies based on a unique rating system, which incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. These carriers also offer certain coverages that other insurance companies often do not provide.
1
USAA
Score:96
USAA is almost always one of the most affordable insurance companies across the country. It also offers unique coverages. Policyholders who are deployed abroad or have decided to move overseas are still eligible for coverage. If you are currently serving in the military, you can get significant discounts to make your policy even cheaper.
More About USAA
USAA is MoneyGeek’s top pick as it scored well across all categories, including a perfect score in user satisfaction. Only military members and their families are qualified to buy USAA policies.
2
State Farm
Score:95
State Farm is also consistently one of the most affordable options across the country. By buying inflation coverage, State Farm policyholders can have renters insurance plans with personal property coverage limits that automatically increase over time. You can also easily increase the limits for your valuable items while getting an insurance quote.
More About State Farm
State Farm got the second-highest score and is the best option for Charlotte renters who are not eligible for USAA policies.
3
Travelers
Score:93
4
Allstate
Score:90
5
Nationwide
Score:85
6
MetLife
Score:70
The Average Cost of Renters Insurance in Charlotte for 2024
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The average cost of renters insurance in Charlotte is $103 per year, which is approximately $9 per month. Meanwhile, the national average renters insurance cost is $159 per year. That means Charlotte renters typically pay $56 less than the average rate in the country.
What Factors Impact Renters Insurance Costs in Charlotte?
While there are several factors that impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount – How much property your policy will cover is the most important factor that will determine the cost of renters insurance in Charlotte.
- Location within a city – Crime rates can have a minor effect on the cost of renters insurance. That means rates may vary depending on the neighborhood location.
- Deductible – Choosing to pay the insurance company a higher deductible to cover a claim will result in lower renters insurance premiums. That is because you will be paying more out of pocket if you file a claim.
- ACV vs. RCV – If your policy is an actual cash value (ACV) plan, then the carrier will pay for the depreciated value of the item that you have lost due to a covered peril. On the other hand, replacement cost value (RCV) plans base reimbursements on the cost to buy a new item of similar quality and type without considering depreciation. RCV policies pay more for claims, so they are more expensive than ACV plans.
- Liability coverage amount – The liability coverage limits will impact the cost of your renters insurance. However, it is a minimal effect. You can add thousands of dollars to the policy limits by paying a few dollars more per year.
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Does My Charlotte Neighborhood Impact Cost of Renters Insurance?
Where your rented home is located may also affect the cost of renters insurance in Charlotte, but the impact is limited. Based on MoneyGeek’s study, the impact of the neighborhood location on the cost is only a few dollars per month.
Understanding Renters Insurance in Charlotte
A renters insurance policy is not legally required in Charlotte. But some landlords may require their renters to buy insurance. MoneyGeek also strongly encourages Charlotte renters to purchase renters insurance as it is a low-cost way of protecting one’s assets.
What Does Renters Insurance Cover in Charlotte?
When buying renters insurance, it is important to make sure that the coverage is suitable to your needs as a renter. This insurance is an affordable way to protect yourself against unexpected expenses caused by covered perils like theft. In 2018, the FBI reported 3,421 property crimes per 100,000 residents in the city. That is 73% above the national average.
If you think your rental home is prone to other risks that are not covered by renters insurance in Charlotte, you can buy additional insurance. Standard renters insurance policies typically include the following:
- Personal property coverage – This coverage includes all the items in your rented home damaged by certain perils like fire, vandalism, theft, plumbing issues, electrical malfunctions and some weather-related damages.
- Additional living expenses – If a covered peril causes your rented home to be uninhabitable, this coverage will take care of temporary housing expenses.
- Liability insurance – If an accident in your rented unit causes damages or injuries to other people, you have liability. This coverage will help with related legal expenses and court judgment payments.
- Medical payments coverage – If an accident in your rented unit causes injuries to someone, the medical payments coverage will pay out the medical expenses related to said injuries no matter who is at fault.
What Is Not Covered by Renters Insurance in Charlotte?
Renters insurance in Charlotte only includes your personal property. The owner is responsible for insuring the structure of the building. Certain perils are also not covered by renters insurance. For these risks, it is best to get additional coverage.
Water damage caused by broken pipes is typically covered by renters insurance, but flooding from natural disasters is not. If you want flood coverage, you will have to buy incremental insurance through the National Flood Insurance Program (NFIP).
Renters insurance policies in Charlotte also exclude your roommates’ possessions, damage from earthquakes, damages to your car, jewelry and other valuables that cost more than the policy limits. It is important to read the policy carefully before making your purchase to make sure you are getting sufficient coverage.
Frequently Asked Questions About Renters Insurance in Charlotte
It is important to find a renters insurance policy that balances affordability and quality. Here are the most common questions about renters insurance in Charlotte.
The average cost of renters insurance in the city is $103 per year or around $9 per month.
Based on average rates, the cheapest renters insurance company in Charlotte is State Farm ($84 per year).
MoneyGeek’s study shows that the best renters insurance company in the city is USAA. If you do not qualify for USAA policies, then the best option for you is State Farm.
Some landlords require renters insurance in Charlotte, but it is not a legal obligation. MoneyGeek recommends it for all renters as it provides asset protection at a low cost. To find out how much coverage to get, assess your needs as a renter and the belongings you want to be covered.
Renters Insurance in Charlotte Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Charlotte to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
sources
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.