6 Best Renters Insurance Companies in North Carolina of 2022
North Carolina residents who don’t own homes may think they don’t need insurance, but that’s not the case. While North Carolina does not have a law requiring renters to buy insurance, some landlords may impose a requirement for tenants in their buildings.
As the 10th most populous state in the US, North Carolina has a lot of renters, and many may believe, mistakenly, that their landlord’s property insurance will protect them if their belongings are lost or damaged.
There are many options for North Carolina renters, with multiple insurance companies offering renters insurance. Evaluating your options can feel overwhelming, particularly if you’ve never purchased renters insurance before.
At PropertyNest, we want renters in the Tar Heel State to be protected in the face of property damage or property loss. We have researched the top insurance companies that offer renters insurance in North Carolina.
We’ve highlighted the best features of each company to help you determine which company offers the coverage you need, including information on coverage, customer service, claims, technology, and pricing.
Best Renters Insurance Companies in North Carolina
- Liberty Mutual: Best for Renter’s Insurance Discounts
- Allstate: Best for Seniors
- State Farm: Best for High Coverage Limits
- Nationwide: Best for Unique Coverage Options
- Amica: Best for Customizable Coverage
- Progressive: Best for Single Deductible Insurance
Liberty Mutual: Best for Renter’s Insurance Discounts
Liberty Mutual is a well-known insurance company that has been in operation since 1912. They are known for their affordable rates and comprehensive coverage.
With Liberty Mutual renters insurance, you can get standard coverage and add additional coverage for valuables such as electronics, jewelry, and artwork.
Liberty Mutual’s renters insurance protects North Carolina renters against theft and damage, including some of the damage related to hurricanes. It will not cover flooding.
If you want to purchase flood insurance, you can do so through FEMA. Keep in mind that this will require a separate policy with its own premiums and deductible.
Liberty Mutual offers a variety of plans to suit your needs and budget, starting with the basics for only $5 per month. However, if you want even more features, an additional fee can be applied.
What Renters Insurance Discounts Are Available with Liberty Mutual?
One of the reasons we chose Liberty Mutual for our list is that it offers an array of discounts for renters who purchase insurance. Here are some of the available discounts.
- Multi-policy discount. Also known as bundling, this discount may offer substantial savings if you consolidate your insurance coverage with Liberty Mutual.
- Claims-free discount. If you have purchased renters insurance previously and have not filed a claim, you may qualify for a discount on your coverage.
- Early-shopper discount. Get a quote from Liberty Mutual before your current policy expires and get a break on your premium.
- Automatic payment discount. Liberty Mutual will discount your rate if you sign up to pay your monthly premium automatically.
- Online purchase discount. Get a quote, purchase your policy online, and save on your premium.
You can save with any of these discounts but keep in mind that you can layer them to get the lowest possible price for your renters insurance.
Read a full Liberty Mutual home insurance review.
There are pros and cons to buying your renters insurance through Liberty Mutual Here are the pros and cons as we see them.
Liberty Mutual Renters Insurance Pros and Cons
- Multiple discounts make renters insurance affordable in North Carolina.
- File claims quickly and easily online.
- Policyholders may choose between actual cash value (ACV) and replacement cash value (RCV) for their belongings.
- 24/7/365 online customer support.
- Not always possible to get a quote online.
- Maximum coverage for renters insurance is $25,000.
- Water damage coverage is not included.
- Replacement value and theft coverage will increase the cost of insurance.
|J.D. Power (out of 1,000)||872|
|A.M. Best - Financial Strength Rating||A|
|NAIC Complaint Index||2.37|
Allstate: Best for Seniors
Allstate Insurance was once part of Sears, Robuck. Founded in 1931, it has grown to be a Fortune 500 company and one of the largest insurance carriers in the US.
Allstate’s renters insurance is available in all 50 states, including North Carolina. The company offers some unique discounts, including one that makes it the best choice for people over 55.
The company receives high ratings on the financial side and makes it easy for policyholders to review the status of claims with a well-designed mobile app.
What Renters Insurance Discounts Are Available from Allstate?
Allstate Insurance offers four discounts, including one designed to help seniors pay renters insurance.
- Multi-policy discount. Allstate offers a discount to policyholders who bundle their insurance policies.
- Easy Pay Plan discount. People who enroll in Allstate’s automatic payment plan will receive a discount on their renters insurance.
- 55 and retired discount. Policyholders who are over 55 and not actively seeking employment can save up to 25% on their premiums.
- Safe home discount. You can save if you have alarms in your rental unit.
Read a full Allstate renters insurance review.
Let’s review some of the pros and cons of choosing Allstate for your renters insurance.
Allstate Renters Insurance Pros & Cons
- Allstate offers four discounts, including one that can help people who are retired save money on their premium.
- Provides a free online tool to estimate the value of the belongings to be covered.
- Option to choose between actual cash value and replacement value.
- Offers an easy-to-use mobile app for claims tracking.
- Additional coverage is available, including identity theft protection, scheduled coverage for valuables, and flood insurance.
- Doesn’t provide full details about covered events.
- Rates are higher than the national average.
- Has received a higher-than-average number of complaints.
|J.D. Power (out of 1,000)||833|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||2.05|
State Farm: Best for High Coverage Limits
State Farm was founded in 1922 as an auto insurance company and soon expanded into other types of coverage, including homeowners’ insurance and renters insurance.
State Farm is the largest property and casualty insurance company in the United States, with a long history of good customer service. Online reviews praise the company’s quick online claims process and payment.
State Farm renters insurance policies cover North Carolina renters against the loss, damage, or theft of their belongings. Flood insurance must be purchased separately.
The company offers an array of add-ons, including identity restoration and additional liability coverage (above the usual limits.)
Does State Farm Offer Renters Insurance Discounts in North Carolina?
State Farm doesn’t offer as many discounts on renters insurance as some of the other companies on our list. In fact, they offer only two.
- Bundling discount. If you buy both your auto insurance and renters insurance through State Farm, you can save on your renters insurance.
- Home alert protection discount. You can qualify for a discount if your rental has a smoke detector, fire alarm, or burglar alarm.
If you already have your auto insurance policy with State Farm, it’s worth considering adding renters insurance for a few dollars more per month.
State Farm Renters Insurance Pros and Cons
Here are some pros and cons of buying your renters insurance with State Farm.
State Farm Renters Insurance Pros and Cons
- Offers high coverage limits to protect your personal belongings.
- Five types of coverage are available, including personal liability and identity restoration.
- Has a good record of paying claims quickly.
- Cost of renters insurance is below the national average.
- Offers only two discounts.
- Does not offer coverage limits below $10,000.
- No online customer support except FAQ.
- Telephone support is not available 24/7.
|J.D. Power (out of 1,000)||866|
|A.M. Best - Financial Strength Rating||A++|
|NAIC Complaint Index||1.77|
Nationwide: Best for Unique Coverage Options
Nationwide Insurance started in Ohio as the Farm Bureau Mutual in 1926 with the mission of providing affordable car insurance to farmers, who at that time were paying the same high rates as city dwellers.
After expanding to other states, the company changed its name Nationwide in 1955. Since then, they have grown exponentially, offering many types of coverage, including renters insurance in North Carolina.
Online reviews praise Nationwide’s user-friendly claims process. The company has fewer registered complaints than other insurance carriers and offers discounts and flexible coverage.
What Discounts Are Available for Nationwide?
Nationwide offers several renters insurance discounts that put it in line with other companies on our list.
- Multi-policy discount. If you bundle multiple policies with Nationwide, you can get a significant discount on your renters insurance.
- Claims-free discount. Policyholders who have never filed a claim may qualify for a discount.
- Protective device discount. You can save with a discount if your rental unit has a burglar alarm, fire alarm, or smoke detector.
Nationwide has high financial ratings, but it’s also important to review the pros and cons of buying your renters insurance with them.
Nationwide Renters Insurance Pros & Cons
- Offers several discounts to help policyholders save money.
- Provides some coverage that other insurers don’t, including credit card protection, loss of refrigerated food, and repairs related to code violations.
- Claims center is open 24/7.
- Has a user-friendly mobile app.
- Live representatives are only available from 8 AM to 8 PM Eastern time.
- Nationwide’s premiums for renters insurance are higher than the national average.
|J.D. Power (out of 1,000)||834|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.04 (Very Low)|
Amica: Best for Customizable Coverage
Amica Insurance was founded in 1907, originally offering auto, fire, and theft insurance. As of 2022, it has 44 locations across the US.
The company receives high ratings for customer service and claims processing and has multiple options to customize coverage.
While Amica does not yet offer renters insurance in all 50 states, they do provide coverage to renters in North Carolina. They offer low deductible options as well as high coverage limits.
What Renters Insurance Discounts Does Amica Offer?
Amica offers five discounts on renters insurance, including two that will benefit most policyholders.
- Loyalty discount. Keep your coverage with Amica for 2+ years and get a reduction in your premium..
- Multi-line discount. Save up to 15% if you bundle your auto insurance with renters insurance.
- Claim-free discount. If you go three years without a claim, you’ll get a discount.
- Auto-pay discount. Sign up to make automatic payments on your policy and receive a discount.
- E-discount. Get a discount when you opt to receive policy information and bills electronically.
Amica’s customizable renters insurance has some significant pros and a few cons.
Amica Renters Insurance Pros & Cons
- No limit on personal property coverage.
- Offers multiple discounts to reduce renters insurance premium.
- User-friendly website and app.
- Low volume of customer complaints.
- Provides limited details to define covered events.
- Does not offer 24/7 customer support.
|J.D. Power (out of 1,000)||854|
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||0.32|
Progressive: Best for Single Deductible Insurance
Founded in 1937, Progressive Insurance is the third-largest insurance company in the United States.
They offer reliable renters insurance with an array of discounts and coverage options, although their prices are slightly higher than the national average.
We chose Progressive for our list because they offer a unique, single deductible option for people who bundle their coverage. If you have a claim that affects more than one policy, you will only be required to meet one deductible before the company pays.
What Renters Insurance Discounts Does Progressive Offer?
Progressive offers an array of discounts, including two that are unique among the companies we have included here.
- Multi-policy discount. You can save a significant amount by bundling your auto and renters insurance with Progressive.
- Quote in advance discount. You can qualify for a discount if you request a quote from Progressive before your existing policy expires.
- E-document discount. Opt to receive your policy and other documents via email to save on your premium.
- Pay in full discount. You can save on your total premium if you pay your annual premium upfront.
- Secure/gated community discount. Rent a home in a secure or gated community and save on your renters insurance premium.
Here are the pros and cons of buying renters insurance from Progressive.
Progressive Renters Insurance Pros & Cons
- 24/7 phone support plus other support options, including a customer portal, online chat, and mobile app.
- Offers an array of discounts.
- Coverage options include coverage for personal use of business computers and devices.
- Single deductible benefit is available for bundled coverage. If your car is stolen and you had personal belongings inside, you’ll pay only one deductible instead of two.
- Online and in-app claims filing.
- Charges additional fees at the inception of a new policy.
- Sometimes getting a quote through a Progressive agent will result in a policy from a third-party carrier.
- On average, Progressive’s premiums are higher than other carriers.
|A.M. Best - Financial Strength Rating||A+|
|NAIC Complaint Index||1.66|
How We Ranked and Picked the Best Apartment Renters Insurance Companies in North Carolina
We researched the top insurance companies for North Carolina renters insurance using the following criteria.
We looked for companies that offer an array of discounts on renters insurance, including discounts for policy bundling, security, and automatic payments.
We recognize that the expense of renters insurance can be an obstacle for some and chose the carriers that offered discounts that would offer a reduction in cost to most renters.
The total cost of renters insurance was important when we made our choices for this list.
We prioritized companies that offer affordable options for renters at every income level.
No two people have the same insurance needs, which is why we looked for companies with flexible and customizable policy options.
Many of the companies on our list offer an array of deductibles, policy limits, and add-on coverage, so people can get the best coverage suited to their needs.
North Carolina renters should expect a smooth experience with their insurance company, whether they’re requesting a quote, asking a question, or filing a claim.
We selected companies that offer quality customer service and simplify communications for policyholders.
Technology has the potential to make everything about renters insurance easier. While some people still like to communicate by phone, we prioritized companies who prioritize technology.
Companies that have customer portals, mobile apps, and online resources for policyholders were chosen for this list.
We surveyed insurance coverage prices in Charlotte, Raleigh, Greensboro, Durham, and Winston-Salem.
Why Do You Need Renters Insurance?
Now that we’ve revealed the best renters insurance companies in North Carolina and how we chose them, let’s review the reasons that you should buy insurance if you’re a renter.
- Most people don’t have enough savings to replace their belongings if they were lost or destroyed.
- Your landlord’s property insurance covers only their property, not yours.
- You’ll get liability coverage to protect you if someone is injured in your rental unit.
- The cost of renters insurance is far less than the expense of replacing everything you own.
- You can add extra coverage for high-value items such as electronics, artwork, and jewelry.
- You’ll have peace of mind if your belongings are damaged by a fire or plumbing problem or stolen.
- You’ll be covered even if your belongings are not in your apartment when they are lost or destroyed.
The monthly cost of renters insurance is about the same cost as a large pizza. In return for that relatively small amount, you’ll receive the coverage you need to replace your belongings, protect you for personal liability, and even pay temporary living expenses if your apartment becomes uninhabitable.
What Factors Impact the Cost of Renters Insurance?
While renters insurance is affordable for most people, you should be aware that a variety of factors can impact how much you pay.
If you want a policy with a low deductible, you should expect your premium to be substantially more than it would be with a high deductible.
Some carriers offer the option to buy a policy with high coverage limits. If you have belongings worth more than a standard policy will pay, you’ll need to prepare yourself for the higher cost of renters insurance.
Where you live can have an impact on the cost of renters insurance. For example, renters in high-crime areas may pay more than those in rural areas.
Finally, choosing to add additional coverage to your policy will increase the cost. If you opt for coverage for replacement value or schedule high-cost items, you will pay a higher rate than someone with a standard policy.
How Much Renters Insurance Coverage Should You Buy?
The best way to determine how much coverage you need is to take an inventory of your belongings. You should include the following items.
- Small appliances & kitchen items
- Home decor items
It may be helpful to take pictures. You should think about the actual cash value of your items as it compares to the replacement value to decide on the amount and type of coverage you need to have peace of mind.
What Renters Insurance Covers and Doesn’t Cover
Anybody who purchases renters insurance should know what it covers and what is not covered by renters insurance. Let’s start with what’s covered.
- Damage to your personal property - If your covered belongings are lost, damaged, or stolen, your renters insurance will cover the loss based on your policy limits and options.
- Your personal liability - If someone is injured or their property is damaged in your rental unit, your liability will be covered.
- Additional living expenses - If your rental is damaged and becomes uninhabitable, renters insurance will pay for you to live somewhere else while the damage is repaired.
- Medical payments - If someone incurs medical expenses due to an accident in your rental space, some of their expenses will be reimbursable under your policy.
Now let’s review what renters insurance doesn’t cover.
- Damage caused by non-covered events. If your property is damaged due to something not covered in your policy, such as a flood, you won’t be able to file a claim. (Some insurers allow renters to add flood insurance, as noted above.)
- Damage over your policy limit. A renters insurance claim may be for anything from a single damaged item to a total loss of belongings. If you lose everything and have a policy limit of $10,000, you will be reimbursed for $10,000 less your deductible.
- Loss or damage of unscheduled valuables. High-cost items such as jewelry, electronics, and art must be scheduled separately at an additional cost. If you don’t schedule these items, their replacement cost will not be covered.
It’s essential to read the fine print of your insurance policy to be sure you understand the coverage you’re buying.
PropertyNest recommends renters insurance for anybody in North Carolina who rents an apartment, condo, or house.
Your landlord’s property insurance will not protect you against the loss of your personal items. It is there to protect the landlord, not the tenants.
For that reason, we think every renter should buy renters insurance. Renters in North Carolina may want to consider extra coverage, including flood coverage, particularly if they rent near the water.
To make renters insurance as affordable as possible, get quotes from at least three companies and make sure to take advantage of all applicable discounts.