The Best and Cheapest Renters Insurance in Charlotte, NC, for 2024: Rankings, Reviews and Rates

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.

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.

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.

Charlotte renters insurance is 19.0% less than the U.S. average.

While there are several factors that impact your renters insurance cost, the following are the most impactful to the amount you will spend.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.

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.

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.

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.

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.

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.