The Cheapest and Best Renters Insurance in Raleigh
The Companies With the Cheapest Renters Insurance in Raleigh
Since most companies offer the same core features, price becomes a vital consideration for consumers. You should ideally compare renters insurance quotes from several carriers to find the most affordable premiums. To help you find cheap renters insurance, MoneyGeek rated the best options and found that the least expensive rates in Raleigh were offered by:
- State Farm: $73 per year
- USAA: $79 per year (offered only to veterans, current military members and their families)
USAA policyholders get the advantages of reimbursement for items at replacement cost and flood and earthquake coverage with all policies. The costs stated in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual prices will differ. Read the table below for different personal property coverage limits and see how rates change.
Tenants living elsewhere in the state can compare renters insurance for North Carolina as a whole.
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What Are the Best Renters Insurance Companies in Raleigh?
According to MoneyGeek’s data, the best renters insurance companies in Raleigh are:
- Best Overall: State Farm
- Runner-Up: Travelers
USAA received the highest score in Raleigh 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.
To compute the rankings, MoneyGeek used a unique rating system that included the criteria of financial stability ratings from AM Best, customer satisfaction ratings from J.D. Power and affordability data. Moreover, MoneyGeek found that these providers present a few unique coverages not offered by other renters insurance companies.
Unlike many other firms, USAA policies cover earthquake and flood damage. If you're deployed abroad or decide to move overseas, USAA will still cover you. Current military members can qualify for an additional discount that will make their policy even cheaper.
USAA serves only former and current military members and their families. It is MoneyGeek’s top pick in Raleigh for its high ratings across all categories, including perfect scores for affordability and financial stability.Read MoneyGeek's USAA renters Insurance Review
State Farm offers consistently cheap renters insurance prices across the country. You can choose to pay an extra $25 per year to include restoration coverage in your policy and safeguard yourself against possible costs due to identity fraud. In addition, State Farm allows you to easily increase limits for valuable items while getting an insurance quote.
State Farm takes second place in Raleigh based on impressive scores across multiple categories. It is the next best option for consumers who do not qualify for USAA policies.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Raleigh for 2023
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The average cost of renters insurance in Raleigh is $97 per month, or about $8 a month. This price is $62 less than the U.S. average of $159 per year.
What Factors Impact Renters Insurance Costs in Raleigh?
Though several factors can influence your renters insurance premium, the following may have the greatest effect on the amount you will spend.
- Personal property coverage amount – To start, you should examine your valuables and other costly items and determine the right level of coverage to buy for them. Your coverage amount is a crucial factor in deciding your policy cost.
- Deductible – Policyholders are required to pay a deductible to the carrier to get their claim covered. Plans with higher deductibles generally have lower premiums. That is because you will need to pay more out of pocket in case you file a claim.
- Location – Your ZIP code also has a slight influence on your renters insurance cost in Raleigh. For example, insurance rates are a bit higher in neighborhoods with high crime rates.
- Amount of liability coverage – Your liability coverage level also has a minor effect on your rates. A standard package presents $100,000 in liability coverage, but you can add thousands more by shelling out only a few more dollars per year.
- ACV vs. RCV – For ACV (actual cash value) policies, the provider will only reimburse the cost based on your used goods’ depreciated value. But RCV (replacement cost value) plans do not consider depreciation and pay the equivalent cost of a new product of similar quality and type. Since RCV packages pay more for claims, their premium charges are higher.
Calculate How Much Renters Insurance You Need
Does My Raleigh Neighborhood Impact Cost of Renters Insurance?
Renters insurance is different from other insurance types as your neighborhood does not significantly impact your insurance cost. In fact, MoneyGeek’s research shows that your locality will affect your quotes by only a few dollars per month.
Understanding Renters Insurance in Raleigh
It’s advisable to get rental insurance coverage as it is an affordable way to safeguard your valuables and property. Some landlords in Raleigh may also ask you to get this insurance as a condition in their lease agreement.
What Does Renters Insurance Cover in Raleigh?
To effectively shop for renters insurance, you need to get the correct coverage level for your needs. FBI statistics reveal that 1,627 property crimes per 100,000 residents were reported in Raleigh in 2019. That is 14% less than the national average.
Tenants in Raleigh can opt to purchase extra insurance to cover risks such as fires and water damage that can occur anywhere. Raleigh providers typically present renters insurance plans that include:
- Personal property coverage – This shields the contents of your rented home from covered perils like plumbing issues, theft, fire, vandalism, electrical mishaps and some weather-related damages.
- Additional living expenses – If your rented home becomes uninhabitable due to a covered peril, this feature will pay for the expenses of your temporary housing.
- Medical payments coverage – If a visitor gets injured while in your rented home, this coverage can pay for the medical costs to treat the injury. You’re guaranteed coverage regardless of who is at fault.
- Liability insurance – This coverage provides protection if an accident happens in your rented unit and causes damages or injuries to other people. It can help to pay for legal expenses and court judgment payments.
What Is Not Covered by Renters Insurance in Raleigh?
The building’s structure is not generally covered by renters insurance in Raleigh. Instead, the homeowner is responsible for this coverage.
Most renters insurance policies also exclude your roommates’ assets, damages due to earthquakes, vehicle damages and valuables like jewelry whose price is higher than the policy limits. You should ideally obtain added coverage for these potential events.
Standard renters insurance typically excludes water damage due to flooding. You can obtain additional insurance via the National Flood Insurance Program (NFIP) for protection against flood damage.
Different companies issue different policies. Read the details of your policy with care, so you’ll understand what’s covered and what’s not.
Frequently Asked Questions About Renters Insurance in Raleigh
While shopping for renters insurance in Raleigh, you should look for companies that offer the best coverage at the lowest prices. To help you in this task, MoneyGeek answers some common queries on the subject.
Renters Insurance in Raleigh Analysis: Methodology
MoneyGeek examined hundreds of renters insurance rates in Raleigh to help you find affordable renters insurance. The best renters insurance company rankings were computed using information from AM Best, J.D. Power and our affordability metrics extracted from a complete analysis of quotes presented by Quadrant.
About Mark Fitzpatrick