Best and Cheapest Renters Insurance in North Carolina (2024)

Nationwide is the best and cheapest renters insurance provider in North Carolina, with a MoneyGeek score of 94 out of 100. It offers $20K in personal property coverage at an average annual premium of $66.

Although it is the best overall, the best rates and providers depend on your needs. For example, USAA is the top choice for veterans.

Nationwide is the best renters insurance provider in North Carolina, with a MoneyGeek score of 94 out of 100 and an average annual premium of $66 for $20K in personal property coverage. These are the two best renters insurance providers in North Carolina for the same policy:

• Nationwide: MoneyGeek score of 94 out of 100 ($66 per year)
• State Farm: MoneyGeek score of 88 out of 100 ($84 per year)

Nationwide has perfectly balanced customer satisfaction and affordability. However, the best choice for you will still depend on your specific needs and preferences.

Nationwide offers the cheapest renters insurance in North Carolina, with an average annual premium of $66 for $20K in personal property coverage. The following providers are the top two cheapest in North Carolina for $20K in personal property coverage and a $1,000 deductible:

• Nationwide: $66 per year
• Heritage Insurance: $77 per year

Personal property coverage protects your belongings, such as furniture, electronics and clothing, against risks like theft or fire. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits may cost more monthly but provide better protection if you have many personal belongings.

In North Carolina, Nationwide is the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible, with an average annual premium of $21. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest in North Carolina:

• Nationwide: $21 per year
• Heritage Insurance: $58 per year

A deductible is what you pay out of pocket before your insurance covers the rest. Higher deductibles usually lower your premium costs. Check the table below to see how rates change.

Nationwide is the best renters insurance company for service quality in North Carolina. It provides $20K in personal property coverage at an average annual premium of $66. These are the top two best providers in North Carolina for those who value excellent customer service and need $20K in personal property coverage:

• Nationwide: MoneyGeek score of 88 out of 100 ($66 per year)
• Erie: MoneyGeek score of 85 out of 100 ($160 per year)

Excellent customer service is vital for renters seeking insurance as it ensures security and support during stressful times. For instance, when you make a claim, great customer service means quick, clear communication and a hassle-free process.

Nationwide is the best renters insurance company for renters who need $100K in personal property coverage in North Carolina, with an average annual premium of $294. For $100K in personal property coverage, these are the top two best providers in North Carolina:

• Nationwide: MoneyGeek score of 94 out of 100 ($294 per year)
• State Farm: MoneyGeek score of 89 out of 100 ($374 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage helps protect your valuables like furniture, electronics and clothing. Higher personal property coverage often comes at a higher cost, so it's important to find a provider who balances cost and service. This balance is essential when covering valuable items.

USAA ranks first for renters insurance for those with military backgrounds in North Carolina. It has an average annual premium of $89. USAA is a company exclusively for those with military backgrounds. These are the top two best providers in North Carolina for military members who need $20K in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($89 per year)
• Nationwide: MoneyGeek score of 94 out of 100 ($66 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that suit the military lifestyle. Despite other companies having cheaper premiums, USAA's tailored offerings may be worth considering for military families.

Nationwide is the best renters insurance company for those with poor credit in North Carolina, with an average annual premium of $106. These are the top two best providers in North Carolina for those with poor credit:

• Nationwide: MoneyGeek score of 93 out of 100 ($106 per year)
• State Farm: MoneyGeek score of 90 out of 100 ($115 per year)

Rates for those with poor credit are often higher as they pose a greater risk to providers. Insurers see individuals with poor credit as more likely to file claims. Improving your credit score and seeking available discounts can help lower your insurance rates.

The average cost of renters insurance in North Carolina is $123 annually or about $10 per month. This cost is $23 less per year than the national average of $146 per year. These rates are based on a policy with $20,000 in personal property limits, $100,000 in liability limits and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in North Carolina may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings, such as furniture, electronics and clothing, against damage or theft. Use the tool below to get an estimate based on your needs.

The average cost for renters insurance varies not only by state but also by city. For instance, the average annual premium in Charlotte is $92, while in Wilmington, it is $337. These rates are based on a renters insurance policy with $20,000 in personal property limits, $100,000 in liability limits, a $1,000 deductible and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in North Carolina, including location, coverage amount and deductible. Understanding these factors is crucial for renters to manage their insurance expenses effectively.

• Location: Urban areas typically have higher premiums due to increased risk.
• Coverage amount: More coverage leads to higher premiums.
• Deductible: Higher deductibles usually result in lower premiums.
• Claims history: Filing more claims can increase your premiums.
• Credit score: Poor credit can lead to higher premiums.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas, such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: Assists with additional living expenses. For example, if your rental is uninhabitable due to a fire, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider depends on your needs. To help you find the right information, we've answered some of the most common questions about renters insurance.