The Cheapest and Best Renters Insurance in Greensboro
The Companies With the Cheapest Renters Insurance in Greensboro
Since most companies offer similar coverage types, Greensboro’s renters should think carefully about how much they pay for renters insurance. You can save money by comparing quotes from several insurance providers. MoneyGeek's research indicates that the following companies provide the cheapest renters insurance in Greensboro:
- State Farm: $84 per year
- USAA: $84 per year. Only available to current and former military members and their families.
USAA policyholders can benefit even more from their insurance, as the company's plans cover flood and earthquake damage, along with any items at replacement cost.
The rates in this research represent personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible. However, your rate will vary based on several variables. Toggle the table below to see how rates change for different levels of personal property coverage. In addition to Greensboro, renters can compare policies across North Carolina.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Greensboro?
MoneyGeek also reviewed the companies offering the best cheap renters insurance policies in Greensboro, ranking the following as the best overall:
- Best Overall: USAA (only serves current and former military personnel)
- Runner-up: State Farm
MoneyGeek's final rankings use a unique scoring methodology that considers the companies' affordability, J.D. Power customer satisfaction scores and AM Best financial stability ratings. Furthermore, MoneyGeek observed that certain companies provide unique coverages not offered by other carriers.
USAA was chosen as the best company in Greensboro because it scored the best in every category. However, this provider only serves active and retired military personnel and their families.
USAA is consistently one of the cheapest insurance companies in the U.S., and it offers unique coverages to its policyholders. The company's renters insurance is different from other insurers' plans because it covers damage caused by floods and earthquakes. People currently serving in the military can receive significant discounts through USAA's policies.Read MoneyGeek's USAA renters Insurance Review
State Farm's strong scores in all categories, including a perfect score for affordability, make it the best alternative to USAA in Greensboro.
State Farm often ranks among the cheapest renters insurance providers in the country. Individuals residing in earthquake-prone locations can obtain earthquake coverage from State Farm. By purchasing its inflation insurance, the coverage limits for your personal property will increase over time.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Greensboro for 2023
renters insurance is equal to the average.
In Greensboro, renters insurance costs an average of $100 per year or about $8 per month. This is $59 lower than the annual national average.
What Factors Impact Renters Insurance Costs in Greensboro?
While there are several considerations that can affect your renters insurance cost, the following factors are the most impactful to the amount you will spend.
- Personal property coverage amount. This is the most significant component of all. Your premiums will increase with your coverage level. To minimize unnecessary expenditures, do a household inventory and assess the true worth of your valuables.
- Location within a city. The ZIP code is important since rates increase in regions with higher crime rates, wildfire damage and harsh weather conditions.
- Deductible. Before your claim may be processed, you must pay your deductible. Higher deductible policies can help you save money. Plans with lower deductibles are more expensive. This is because your insurer must pay more as coverage.
- ACV vs. RCV. The depreciation of your assets is taken into consideration by ACV insurance, which reduces the amount of coverage available for older assets. RCV coverage, on the other hand, will cover the cost of a similar, brand-new replacement item in the event of a total loss. RCV plans cost more as a result of higher claim payouts.
- Liability coverage amount. Your renters insurance premium will be minimally influenced by the level of liability coverage you buy. The standard maximum liability coverage is $100,000, but you can increase it by thousands of dollars for a slight yearly premium increase.
Calculate How Much Renters Insurance You Need
Does My Greensboro Neighborhood Impact Cost of Renters Insurance?
Unlike other insurance types, the cost of renters insurance in Greensboro is unaffected by your neighborhood area. According to MoneyGeek's study, location only has a little impact on monthly rental insurance rates.
Understanding Renters Insurance in Greensboro
If you live in Greensboro, North Carolina, the state law does not mandate renters insurance. MoneyGeek suggests purchasing enough insurance to guard your personal property against theft or natural disasters. Additionally, some landlords may require this coverage.
What Does Renters Insurance Cover in Greensboro?
Individuals in need of renters insurance in Greensboro, North Carolina, should ensure that their plans include all necessary protections. Saving money while protecting against theft and other unanticipated disasters is a good move. According to FBI statistics, the city recorded 3,358 property crimes per 100,000 inhabitants in 2018, which was about 78% higher than the national average.
Residents of Greensboro can purchase additional insurance to protect their rented homes and apartments from fire and water damage, which can happen anywhere. Most renters insurance policies in the city cover the following risks:
- Personal property coverage: Personal property insurance protects your possessions in the event of a fire, theft, electrical damage, plumbing problems, vandalism or weather-related damage.
- Additional living expenses: If your rental property becomes uninhabitable due to a covered risk, the additional living expenses coverage will pay for your interim lodging.
- Liability insurance: Following an accident on your rental property that results in damage or harm to a third party, you will be covered by liability insurance. It pays for the costs of attorneys and other court-related charges.
- Medical payments coverage: Third parties injured on your rental property will be covered by medical payments coverage, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Greensboro?
In Greensboro, renters insurance only protects your personal property rather than the building itself. It is the owner's obligation to insure the building's structure. However, renters insurance may also exclude coverage for other perils. Additional insurance may be necessary to fully protect your personal belongings and the rental property.
While some renters insurance plans cover water damage, most conventional policies do not cover flood-related water damage. You can purchase flood insurance from the National Flood Insurance Program to cover these costs.
Furthermore, the majority of renters insurance policies do not cover property belonging to your roommates, vehicle damage, earthquake damages, jewelry and valuables that exceed the limits of your renters insurance policy. No two insurance policies are the same, so before making a final choice on your purchase, you should thoroughly read and study the policy statement.
Frequently Asked Questions About Renters Insurance in Greensboro
Prospective policyholders should seek companies with great customer service and affordability ratings. MoneyGeek answers some frequently asked questions about Greensboro renters insurance below.
Renters Insurance in Greensboro Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Greensboro 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, which we derive from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States." Accessed June 10, 2022.