Renters Insurance in North Carolina

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Contributor, Benzinga
December 27, 2021

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You want to be sure your apartment and belongings are covered when you’re renting in the Tarheel State. Whether you rent near the natural tranquility of the Great Smoky Mountains or live in a bustling city like Asheville or Charlotte, the right renters insurance can ensure that you aren’t stuck with a bill for any damage to your property. 

Benzinga has compared the best companies for renters insurance in North Carolina to help you stay protected.

Best Renters Insurance Providers in NC

Just like homeowners insurance is often necessary for homeowners who have a mortgage and landlord insurance is often necessary for landlords to protect themselves from damages, loss of rent and other tenant issues, renters insurance is designed to protect you and your valuables in case of damage. 

To find the best renters insurance for your needs, it’s a good idea to compare prices from our top picks. Not only will you save money by going with some of the lowest-priced yet highest rated insurance companies, but you may also be entitled to additional discounts depending on the company you choose. 

1. Best Overall: Assurant

Assurant is our pick for the best overall renters insurance provider in North Carolina for several reasons. Not only do they offer affordable rates, but its main coverage includes damages from fire, lightning, wind, hail and smoke. It also covers vandalism, theft, smoke and damage from burst pipes.

Another benefit from Assurant is the optional coverage it offers that you can add, including replacement cost of your valuables, repairing damage from a sewer backup or damage from pets. Assurant also offers unemployment insurance, coverage against identity theft and even earthquake damage coverage. 

2. Cheapest Renters Insurance in NC: Amica

With an average rate of $133 for up to $30,000 worth of renters insurance, Amica scored among the top companies for the cheapest renters insurance in North Carolina.

Amica’s main renters insurance covers personal property and loss of use, but also provides personal liability in the event that someone is hurt on your premises and sues you for damages.

Optional coverage includes personal property replacement, scheduled personal property, and coverage for your smart devices and computers. Protection is also available for damages caused by identity fraud. Grab a quote on their website

3. Best for High-Value Items: Country Financial

Country Financial typically offers renters insurance that covers liability and medical claims for injuries that occur at your location.

For high-value items, additional coverage is available that pays you the actual cash value of the stolen or damaged property or the replacement cost.

If you have valuables that need extra protection, it’s worth getting a quote from Country Financial for your peace of mind. 

4. Best for Renters with Businesses: State Farm

If you run a business out of your apartment, such as freelancing or another type of service, you’ll want to take a closer look at State Farm.

Not only does its renters insurance cover personal property, liability and loss of use, but its additional options can cover additional business property and incidental business liability, giving you an extra layer of legal protection in case an injury happens.

You can start the process of getting a quote with State Farm using its free online quote tool. 

Renters Insurance in North Carolina Overview

Slightly over 1/3 of residents in North Carolina rent and the average gross monthly rent is $865. North Carolina rent is more affordable than the national median across all types of apartments, including studios and 1- to 3-bedroom apartments. 

No matter what type of apartment you rent, you’ll want to be sure that the dwelling itself is protected by your landlord’s insurance. Remember, renters insurance is the only thing that will cover your personal property — your landlord’s insurance will only cover the exterior of the building. 

Renter’s insurance typically covers damages to the items within the property caused by fire, smoke, hail and wind damage. Depending on the insurer, theft and vandalism damage may also be covered. But you want to be sure that your priceless valuables like jewelry or other goods are adequately protected as well. In these cases, it can be a smart idea to invest in additional coverage. 

Average Annual Renters Insurance Premium in NC

The average annual renters insurance premium in North Carolina is $175, making it also lower than the national average of $197. Different renters insurance companies offer different amounts of coverage, and some offer optional coverage for specialized or high-value items. You can save more on your renters insurance by taking advantage of the many discounts available. 

  • Multi-policy discount: Having multiple policies with the same insurance company could save you 15%–20% on average.
  • Higher deductible: Choosing a higher deductible (the amount of money you pay out of pocket before insurance kicks in), may entitle you to greater savings over time. 
  • Paperless billing: Opting in to pay your bill electronically can save you a small amount on your insurance (and it saves trees). 
  • Autopay discount: Paying for your insurance automatically through your bank account gives you a slight discount with some insurance companies.
  • Online quote discount: In some cases, you may be able to get a discount for getting an online quote from renters insurance companies. 
  • Claims-free discount: Going for a specific period of time without filing a claim may save you a small amount from some insurers.
  • Loyalty discount: Some insurers provide you with a discount if you’ve been a customer of theirs for a longer period of time. 

Renters Insurance Coverage Explained

There are generally 3 basic types of coverage you can opt for in a renters insurance policy: 

  • Personal property insurance: You’ll generally want a minimum of $2,500 worth of coverage.
  • Liability insurance: You’ll want to choose an amount that would be enough to cover you for things like liability claims and legal defense in case you are sued because of an accident that occurs at your residence.
  • Additional riders:  If you have specific items you’d like to protect, like jewelry or recreational vehicles like an ATV or personal watercraft, you may want to have additional riders to provide specific protection for the value of those items. 

North Carolina’s coastal state status occasionally sees its share of hurricanes and tropical storms. As a result, high winds, heavy rains and hail can cause property damage. Tornadoes and flash floods can also occur in North Carolina, and lightning strikes that come with these ferocious storms can cause fire damage, fallen trees and more.  

Most Affordable Cities for NC Renters Insurance

It’s a smart idea to find out which cities have the lowest rates if you’re relocating to North Carolina and looking for affordable renters insurance. Hickory, nestled in the foothills of the Appalachian Mountains, has the cheapest renters insurance. Rates are around 20% lower than other places in the state. 

Following Hickory, Hendersonville (not to be confused with Henderson, a larger North Carolina city) also offers affordable renters insurance. Rates are between $179–$230 on average. Hendersonville’s growth is primarily fueled by tourism, but its close proximity to DuPont State Forest and Gorges State Park means that it also enjoys a lot of great natural beauty. 

If you’re looking for a larger city in North Carolina to call home, you’ll definitely want to check out renters insurance rates in Asheville. A popular blend of small town charm and big city life, Asheville truly is the best of both worlds. Renters insurance in Asheville on average is $180, with Amica and State Farm quoting the lowest rates. 

Most Expensive Cities for Renters Insurance

Clinton, North Carolina tops the list as one of the most expensive cities for renters insurance, with average rates nearly $400 per year, more than double the state average. If you live in Clinton and are looking for cheap renters insurance, be sure to check out our cheapest insurance provider review below when getting customized quotes for your needs.

Right behind Clinton is Whiteville, where residents pay an average of $360 for renters insurance. The city itself is rather small, topping out at a little over 5,000 residents. But when it comes to affordable renters insurance, size has nothing to do with it, since Fayetteville, one of North Carolina’s largest cities, also has one of the more expensive rates for renters insurance. With an average of around $350 per year. 

Protecting What’s Most Valuable to You in the Tarheel State

No matter where in North Carolina you choose to rent, your landlord will likely require you to have renters insurance. But this doesn’t mean that you have to overpay for coverage. Quotes among rental insurance providers can vary widely even between 2 different providers in the same city. That’s why it’s a good idea to get a quote from our top choices. 

Not only will you save money and time, but you’ll be adequately protected against damages from mother nature as well as loss by theft or other damage. Give yourself peace of mind that you’re protected in your time of need by getting a free quote today. 

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.