Renters Insurance in North Carolina: Best Options, Cheapest Prices

Table of Contents

1. How much does renters insurance cost in North Carolina?
2. Average price of renters insurance in North Carolina by city
3. Average price of renters insurance in North Carolina by insurance company
4. The cheapest renters insurance in North Carolina: State Farm
5. The best renters insurance in North Carolina: Liberty Mutual
6. Other North Carolina renters insurance providers you should consider
7. What else do you need to know about renters insurance in North Carolina?

How much does renters insurance cost in North Carolina?

On average, renters insurance costs $20.05 per month in North Carolina, which falls almost exactly on the national average of $20 per month. The most expensive quote that we received came from Progressive, who sells policies in Fayetteville for $51.25 per month, more than double the national average. State Farm provided the cheapest policies ($12 per month) in Apex, Durham, and Cary.

It’s unsurprising there are such significant differences between cities. High crime rates increase the price of renters insurance, and Jacksonville (where renters insurance costs $27.45), Fayetteville ($30.11), and Wilmington ($33.60) all have crime rates that are between 89% and 139% higher than the national average.

The rest of North Carolina’s major cities generally have renters insurance prices that fall below the national average. For instance, in Raleigh, the state capital, renters insurance only costs $18.41 on average.

The other major factors affecting the price of renters insurance are:

• Extreme weather: If you live near North Carolina’s coast, which is susceptible to hurricanes and flooding, you can expect to pay more for renters insurance than your friends who live further inland.
• Coverage: Before you purchase renters insurance, you’ll have to tell your insurer how much coverage you need. If you’ve got a diamond necklace stashed away in your apartment (and we sincerely hope that you do), then you’ll need to buy more personal property coverage to insure it, and in turn, your premium will go up.
• Your personal history: If you’re young and haven’t rented before, or you’ve filed a lot of insurance claims in the past few years, the price of your renters insurance will be higher.
• Your credit score: Unfortunately, insurers are allowed to run your credit in North Carolina. If you have a low credit score, it may make your renters insurance more expensive.

Scroll down and you’ll find two tables that display the average cost of renters insurance in North Carolina by city and insurance provider. We explain how we collected this data at the end of this article.

Average price of renters insurance in North Carolina by city

The following table shows North Carolina’s largest cities and what the average cost of renters insurance is in each one, on both a monthly and yearly basis.

Average price of renters insurance in North Carolina by insurance company

This table shows the average cost of a policy from each of the main insurers in North Carolina, as well as how near they are to the average price of renters insurance in the state.

The cheapest renters insurance in North Carolina: State Farm

State Farm offers the cheapest renters insurance in North Carolina, offering policies for an average of $15.52 per month, although Nationwide insurance is only $1.22 more expensive per month.

They sell the least expensive insurance in all of the cities we looked at, with two exceptions: Asheville, where Allstate is marginally cheaper ($12.25, compared with State Farm’s $12.67), and Winston-Salem, where Nationwide is cheapest ($14.50 to State Farm’s $15.25)

State Farm’s prices particularly stand out in Apex, where you can buy renters insurance from them for $12, which is 40% cheaper than the average.

Should you get State Farm’s renters insurance in North Carolina?

In addition to being inexpensive, State Farm has agents across the state that you can call for personalized support. They also offer several renters insurance riders that aren’t provided by other major insurers.

We’ve listed State Farm’s other key benefits and disadvantages to help you decide whether you want to purchase a policy from them.

Benefits of State Farm renters insurance in North Carolina

• Cyber event coverage: This is one of State Farm’s many add-ons, which covers cybercrime, such as phishing scams and identity theft.
• Replacement cost coverage: State Farm’s renters insurance replacement cost policies are far more comprehensive than actual cash value policies because you’ll receive a bigger reimbursement for lost items.
• Excellent app quality: State Farm has a well-reviewed mobile app which was awarded a Webby Award for excellent design two years in a row. State Farm’s app is available on both iOS and Android.

Disadvantages of State Farm renters insurance in North Carolina

• Limited discounts: Aside from bundling your renters and auto insurance together or installing safety features in your home, State Farm’s discount options are limited.
• No flood damage riders: While it’s uncommon for renters insurance to cover floods, most insurers are happy to be the middle-man between you and the National Flood Insurance Program (NFIP), a non-profit that provides flood insurance. State Farm, however, no longer works with the NFIP, which means you’ll have to call the NFIP Referral Call Center yourself at (888) 379-9531 and ask them to refer you to an insurer that does offer coverage in your area.

That last point is a significant drawback. If you’re looking for cheap renters insurance, State Farm is a good choice, but in a state as prone to flooding and hurricanes as North Carolina, we advise looking for a different provider with more comprehensive coverage.

The best renters insurance in North Carolina: Liberty Mutual

Although Liberty Mutual offers renters insurance policies for around $22.75 per month, which is slightly more expensive than the state average, they also provide their customers with more support than their competitors. Overall, we found that Liberty Mutual offered the best renters insurance in NC.

Benefits of Liberty Mutual renters insurance in North Carolina

• Personalized service: Some providers, like Lemonade, don’t employ many insurance agents. Fortunately, Liberty Mutual has agents across North Carolina who will help you pick the coverage that’s right for you.
• Flood insurance: Liberty Mutual is one of the only insurers in North Carolina that provides flood insurance through the NFIP, so you don’t have the inconvenience of having to buy policies from two different organizations. This is a major plus given how prone North Carolina is to flooding.

Disadvantages of Liberty Mutual renters insurance in North Carolina

• Actual cash value coverage: Unfortunately, Liberty Mutual’s standard policy comes with actual cash value coverage. If you want replacement cost coverage, your monthly premiums are going to increase, which is disappointing, especially given that many of their competitors default to replacement cost coverage.

Other North Carolina renters insurance providers you should consider

Everyone has different needs when it comes to purchasing insurance, which is why we’ve also covered the best renters insurance companies in North Carolina for:

• Flood insurance
• Discounts
• Coverage options
• First-time renters and college students

Best North Carolina renters insurance for flood insurance: USAA

North Carolina is ranked 5th in America for the most homes at risk of flooding, but very few renters insurance policies in the state come with flood insurance included. This is because even the biggest insurers would go bankrupt if they had to make large payouts each time there was a major flood.

USAA’s flood coverage stands out in North Carolina because they don’t have any competition. USAA’s policies always include flood coverage at no extra charge. They’re the only insurer that includes this coverage in their standard policies.

The caveat here is that most people aren’t eligible for USAA’s insurance. It’s exclusively sold to those who are in the military, veterans, and to relatives of USAA members.

If you don’t have any military links but still live in a high-risk flooding zone, you’ll have to speak to your insurance provider or the NFIP directly. The average monthly premium for a flood insurance policy is about $58 per month or $699 per year, but the price fluctuates depending on where you live.

Best North Carolina renters insurance for discounts: Liberty Mutual

Despite being one of the most expensive insurance providers in North Carolina, Liberty Mutual’s many discounts on renters insurance make them more affordable than you’d expect.

While most other insurers only offer one or two discounts, Liberty Mutual offers five:

• Claims-free: You can get a discount if you haven’t filed a renters insurance claim in five years
• Early shopper: You can qualify for this discount if you purchase a Liberty Mutual policy before your old insurer’s policy expires.
• Multi-policy: You can get 5–15% off by bundling your renters insurance with auto.
• Preferred payment: Liberty Mutual will lower your premiums if you set up automatic payments (autopay).
• Online purchase: Liberty Mutual also offers a discount for buying a policy online.

Best renters insurance for coverage options: Nationwide

Nationwide offers an impressive range of coverage options. Their policies include:

• Building additions/alterations coverage: Protects you against damages during renovations.
• Credit card coverage: Protection against fraudulent activity on your credit card up to your policy limit.
• Replacement cost coverage: Reimburses you for the amount of money it would take to buy a new replacement for your lost items.

There are also several coverage add-ons you can get, including earthquake coverage, water backup coverage, and extra coverage for your valuables.

In the end, having comprehensive renters insurance that’s slightly more expensive could end up saving you a lot of money. You should consider Nationwide if you’re willing to spend more to protect yourself against significant future expenses.

Best renters insurance for college students and first-time renters: State Farm

If you are a college student or someone renting your first apartment, you might not have much income to spend on renters insurance. For this reason, we recommend State Farm, the cheapest insurer in North Carolina.

If you’ve never bought insurance before, you probably won’t have much idea of what kind of coverage you need, which is where their network of friendly agents across the state really comes in handy. Tell them your situation and what your budget is and they’ll give you some guidance on what to buy.

Alternatively, if the thought of speaking to an agent on the phone makes you uncomfortable,  State Farm has an award-winning app that you can use to buy your policy independently.

How to learn more about renters insurance providers in North Carolina

If you need more help choosing who to go with, read our renters insurance reviews of the major providers in North Carolina:

• Allstate
• Lemonade
• GEICO
• State Farm
• USAA
• Progressive

What else do you need to know about renters insurance in North Carolina?

Insurance policies sometimes differ significantly between states. Here are some points regarding renters insurance in North Carolina:

Renters insurance covers many types of storm damage

Although renters insurance doesn’t cover flooding, it does cover other types of hurricane damage, including:

• Non-flood related water damage
• Burst pipes
• Wind/hail/tornado damage
• Fire
• Lightning
• Explosions
• Falling objects

If a tree hits your apartment during a hurricane, for instance, your renters insurance will usually cover the damage to your personal property.

Does renters insurance require a credit check in North Carolina?

Yes, virtually all renters insurance companies require a credit check in North Carolina. Although it isn’t a legal requirement, most insurers will run your credit score before they decide how much to charge you for your policy.

Can landlords require renters insurance in North Carolina?

Yes, landlords can require renters insurance in North Carolina. With the exception of Oklahoma, landlords can require renters insurance in every state.

How we gathered our data on North Carolina renters insurance prices

To calculate the average cost of North Carolina renters insurance, we collected quotes from every major insurer in the state’s 15 biggest cities.

Because your personal information (such as your age and employment status) and your desired coverage affect the price of renters insurance, your quotes may differ from ours. We collected quotes for a hypothetical person with the following information:

• Insured party: 30-year old male, employed, unmarried, with no pets
• Personal property coverage: $30,000
• Personal liability coverage: $100,000
• Guest medical coverage: $1,000
• Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
• Deductible: $500

Note that our figures also don’t reflect down payments or installation fees. It’s usually possible to avoid these charges by choosing your insurer’s preferred payment schedule; check out our article on how to get renters insurance with no down payment for more info.

The price of renters insurance in North Carolina: complete data set

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