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CheapRenters InsuranceNorth Carolina2022The Best and Cheapest Renters Insurance Companies in North Carolina for 2022: Rankings, Reviews and Rates
In North Carolina, renters insurance costs around $9 per month, which is lower than the national average of $13. But, insurers price policies differently. By comparing quotes, MoneyGeek found you could save as much as $56 a year.
According to our data, State Farm offers both the lowest and best renters insurance in North Carolina, costing an average of $7 per month or $84 per year.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Advertising & Editorial DisclosureLast Updated: 11/11/2022
Edited By |
Kathryn Schroeder
Written By |
Mark Fitzpatrick
If you want a company that prioritizes customer service while maintaining affordable rates, MoneyGeek found it. We compiled sample quotes for renters insurance policies and used J.D. Power satisfaction scores and AM Best financial stability ratings to rank multiple companies in North Carolina. That helps you get the best company at the best price.
CheapRenters InsuranceNorth Carolina2022The Cheapest Renters Insurance in North Carolina
Cheap Renters Insurance Companies in North Carolina
Most people consider the cost of a policy while making their buying decision. In North Carolina, the most affordable renters insurance provider is State Farm. Their renters policies cost $84 on average, which comes out to $7 per month.
MoneyGeek analyzed quotes across multiple ZIP codes in North Carolina to come up with these prices. Each price is for a package with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in North Carolina by City
MoneyGeek reviewed quotes for renters insurance in six North Carolina cities to find the cheapest company. You can get the cheapest renters insurance through State Farm in Charlotte, Durham, Greensboro, Raleigh and Winston-Salem. In Fayetteville, USAA is cheapest for military members and their families, but State Farm has the best price for everyone else. The average cost per year varies by city, from $73 to $122.
Companies With the Cheapest Renters Insurance in North Carolina by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$84
- State Farm$73
- State Farm$122
- State Farm$84
- State Farm$73
- State Farm$82
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in North Carolina
State Farm is the best renters insurance company in North Carolina, with a MoneyGeek score of 99 out of 100. In second place for everyone is Travelers, while USAA is second-best for eligible military members and their families. The next best are Allstate and Nationwide.
We assign scores based on affordability, J.D. Power customer service ratings and AM Best financial stability ratings.
The top renters insurance companies in North Carolina aren't necessarily the cheapest but provide the most value. Policyholders should have confidence in their insurance company's ability to provide timely and effective service at a reasonable cost.
1
State Farm
Score:99
With a perfect score for affordability and financial stability and an excellent customer satisfaction rating, MoneyGeek chose State Farm for the best renters insurance in North Carolina. State Farm offers an add-on personal liability umbrella policy of $1,000,000 or more.
More About State Farm
State Farm offers policies to renters in 50 states and Washington, D.C. It has two add-on coverage options and two discounts; however, both are lower than the industry average. Renters can manage their insurance policy, set up automatic payments and use calculators for retirement or college savings on State Farm's website, where they can also obtain a customized quote for renters insurance.
Read MoneyGeek's State Farm renters Insurance Review2
USAA
Score:98
USAA nabbed the second spot for MoneyGeek’s best renters insurance in North Carolina thanks to its perfect customer satisfaction and financial stability ratings, but only people with a military background are eligible for a USAA renters insurance policy.
More About USAA
USAA is accessible in every state and Washington, D.C. The standard renters insurance policy from USAA includes unique coverages like flood, earthquake and identity theft coverage. Renters interested in receiving a quote may do so using its website, which also includes calculators for insurance, savings and debt management. Its smartphone app allows them to manage their insurance policy from anywhere.
Read MoneyGeek's USAA renters Insurance Review3
Travelers
Score:93
Travelers has a perfect rating for financial stability and excellent scores in customer satisfaction and affordability. It has an extensive list of add-on coverages, which includes personal property replacement cost and refrigerated property coverage.
More About Travelers
Travelers renters insurance is available in 49 states and Washington, D.C. It offers nine add-on options, which is more than the industry average. Travelers also offers four discount opportunities, one shy of the industry average. A rare available discount is good payer, rewarding customers for paying on time. The company provides online policy quotes and has online account management and an app.
Read MoneyGeek's Travelers renters Insurance Review4
Allstate
Score:88
Allstate has excellent ratings for customer satisfaction and financial stability but is a tad lower on affordability. It has unique add-on coverages like flood and personal injury.
More About Allstate
Renters in every state and Washington, D.C, can purchase Allstate renters insurance. It offers five discounts, including one for retirees aged 55 and older, while having four additional coverage options. Policyholders can manage their accounts online, set up recurring payments or use the Allstate app to submit a claim and pay bills.
Read MoneyGeek's Allstate renters Insurance Review5
Nationwide
Score:86
Nationwide ranked fifth among the best renters insurance providers in North Carolina due to its above-average financial stability and affordability scores. Nationwide has a theft extension add-on coverage for property stored in a vehicle, watercraft or trailer.
More About Nationwide
Nationwide serves renters in 43 states and Washington, D.C. Policyholders can add 10 coverages, which is significantly more than the industry average. Nationwide also offers several discount opportunities, including an associate discount for current or retired employees of the company. Policyholders can acquire quotes online and pay bills and make claims using Nationwide's web portal or mobile app.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
Going with the cheapest renters insurance company means you may not get excellent service. Paying a little extra for the best renters insurance provides you peace of mind for quick and correct claims handling. You may even save money in the end.
Largest Renters Insurance Companies in North Carolina
When it comes to renters insurance, big-name firms may be a smarter choice in North Carolina. Larger organizations are more likely to be financially stable, which is important for ensuring claims are handled properly. Also, they tend to spend more on enhancing the customer experience, making the claims procedure and others much simpler for you.
- CompanyMarket Share
- 1.State Farm16.9%
- 2.North Carolina Farm Bureau12.2%
- 3.Nationwide9.4%
- 4.USAA8.9%
- 5.Allstate6.5%
Average Cost of Renters Insurance in North Carolina
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renters insurance is equal to the average.
The average cost of renters insurance in North Carolina is $106 per year, which is around $54 less than the national average of $159. These costs are for a policy with personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible.
As you price a renters insurance policy, the rate will depend on how much personal property coverage you choose. A higher amount means you pay more for your policy. You can calculate how much insurance you need based on the worth of your belongings using our tool below.
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Total:
MONEYGEEK EXPERT TIP
Comparing renters insurance quotes in North Carolina can help you save a lot of money. For example, you could save up to $56 per year by choosing the cheapest provider, State Farm, rather than the most expensive, Nationwide.
What Factors Impact Renters Insurance Cost in North Carolina
Several factors affect the cost of your renters insurance policy in North Carolina, including the following key elements:
Coverage Amount
If you buy more coverage, you will pay a higher premium. To avoid unnecessary coverage and costs, you can perform a home inventory to learn your possessions’ actual value.
Location
Your ZIP code also impacts your premium, as areas with greater exposure to crime, adverse weather conditions and other risks typically have higher renters insurance rates.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
It’s important to learn the difference between ACV and RCV. ACV policies assess that your possessions depreciate over time, so they pay less for old items. RCV plans will cover your costs for a new item of the same type and quality, but they cost more, as their payout is higher for a claim.
Deductible
You need to pay a deductible to the provider for your claim processing. A higher deductible means a lower premium, as you need to pay more out of pocket when making a claim.
Credit Score
A good credit score can earn you a discount on your policy. Conversely, those with bad credit scores need to pay a higher premium, as insurance companies think they are more likely to file claims.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in North Carolina: What You Need to Know
Industry analysts recommend buying renters insurance because you can secure your assets from natural disasters, burglary and other unanticipated catastrophes at a relatively low price.
33% of the North Carolina population are renters, and the average monthly rental rate in this state is $931. The average monthly cost of a basic policy is $9, or less than 1% of the average monthly rental price. This rate is for a plan with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
What Renters Insurance Typically Covers in North Carolina
It’s wise to learn what your renters insurance policy in North Carolina covers before you shell out the premium. A standard policy typically covers basics like personal property, liability insurance, additional living expenses and medical payments.
Personal property insurance in North Carolina generally covers damages caused by extreme events like wildfires, tornadoes, hurricanes and others.
What Renters Insurance Typically Does Not Cover in North Carolina
Make an effort to read the fine print to learn what is covered and excluded. This information can help you make a successful claim.
Renters insurance in North Carolina generally covers multiple emergencies, but the following items are often excluded:
- EventDescription
Earthquake Damage
You need to buy a rider for earthquake coverage, as it is normally excluded.
Flooding
Water damage due to a broken main or pipe is usually covered, but not flooding from natural disasters. If you live in an area prone to floods, you can acquire flood insurance through the National Flood Insurance Program (NFIP).
Roommate Property
Renters insurance does not cover your roommate’s possessions, and they need to buy their own personal coverage.
Structural Damage
Damage to the building’s frame and structure is excluded, and it is up to your landlord to insure against structural damage.
Expensive Items
High-end items that exceed policy limits are not included, and you need to buy add-on coverage to protect your valuables.
MONEYGEEK EXPERT TIP
The North Carolina Department of Insurance can assist you with learning what renters insurance covers in North Carolina and what it does not. The organization exists to help residents with all aspects of insurance, including how to submit a claim, prevent being scammed and where to seek assistance.
The North Carolina Department of Insurance can be reached via the following channels:
- Office Address: Albemarle Building, 325 N. Salisbury St., Raleigh, NC 27603
- Consumer Help Line: 855-408-1212
The office and helpline are open from 8 a.m. to 5 p.m. CT on weekdays.
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FAQs About Renters Insurance in North Carolina
Renters insurance may feel like a complex issue. That's why MoneyGeek provided answers to some of the most frequently asked questions about renters insurance in North Carolina.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in North Carolina Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from six of the top insurance companies in North Carolina provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across North Carolina. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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