6 Best Renters Insurance Companies in North Carolina of 2023
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, especially if you’ve never purchased renters insurance.
At PropertyNest, we want renters in the Tar Heel State to be protected in the face of property damage or property loss.
According to PropertyNest research, the average basic renters insurance cost in North Carolina is $15.52 a month.
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.
Compare Renters Insurance in NC
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. Remember 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, an additional fee can be applied if you want even more features.
Read a full Liberty Mutual home insurance review.
| J.D. Power (out of 1,000) | 834 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | 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.
Read a full Allstate renters insurance review.
| J.D. Power (out of 1,000) | 837 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
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.)
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.
Read a full State Farm renters insurance review.
| J.D. Power (out of 1,000) | 836 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | 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.
| J.D. Power (out of 1,000) | 859 |
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.04 (Very Low) |
Amica: Best for Customizable Coverage
- Average basic renters insurance cost: $16.35 mo.
- Available in 48 states & Washington, D.C.
- Quote access: Online & by phone
Amica Insurance was founded in 1907, originally offering auto, fire, and theft insurance.
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.
Read a full Amica renters insurance review.
| J.D. Power (out of 1,000) | 854 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.32 |
Progressive: Best for Single Deductible Insurance
- Average basic renters insurance cost: $21.01 mo.
- Available in 50 states & Washington, D.C.
- Quote access: Online, by phone and through independent agents
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.
Read a full Progressive renters insurance review.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Lemonade | 5.0 | 853 | Not Rated | B+ |
| Allstate | 5.0 | 837 | A+ | A- |
| Liberty Mutual | 4.5 | 834 | A | A+ |
| State Farm | 4.5 | 836 | A++ | A+ |
| USAA | 4.5 | 886 | A++ | A+ |
| Erie Insurance | 4.5 | 851* | A+ | A+ |
| Travelers | 4.0 | 801 | A++ | A |
| Amica | 4.0 | 854* | A+ | A+ |
| Nationwide | 4.0 | 859 | A+ | A+ |
| Jetty | 4.0 | Not Rated | A | A+ |
Is Renters Insurance Mandatory to Rent an Apartment in North Carolina?
Renters insurance is often recommended for renters, but it is not mandatory in North Carolina.
However, renters should consider having coverage as renters insurance can protect renters from bearing the financial burden of any damages to the rental property, and if anything is stolen from the property renters may be able to get compensation from their renters insurance provider.
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 why you should buy insurance if you’re a renter.
- Most people don’t have enough savings to replace their belongings if they are 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 is the Average Cost of Renters Insurance in North Carolina?
North Carolina renters can expect to pay an average cost of renters insurance premiums that is generally lower than the national average.
Depending upon various factors, including the size of renters' homes and the level of coverage they desire, basic renters insurance premiums in North Carolina are $186.24 annually.
This low-cost option provides renters with financial protection against damage to their belongings and liability resulting from accidents within the rental property. Renters should always ensure they choose a policy that meets all their coverage needs while not breaking the bank.
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.
Deductible
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.
Coverage Limits
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.
Location
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.
Add-Ons
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.
- Clothing
- Furniture
- Electronics
- Jewelry
- Books
- Small appliances & kitchen items
- Home decor items
It may be helpful to take pictures. You should consider the actual cash value of your items compared to the replacement value to decide on the amount and type of coverage you need to have peace of mind.
What Renters Insurance Covers in North Carolina
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.
| Type | Items | Coverage |
|---|---|---|
| Cash or Other Forms of Currency | Bank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards. | Most renters insurance policies will only cover up to $200 in stolen cash. |
| Electronic Equipment | Phones (iPhones, Androids, etc.), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc. | Standard renters insurance policies cover the loss or damage of electronic devices. |
| Clothing | Designer purse/handbags, shoes, jewelry, designer watches | Standard renters policies cover your personal clothing or designer handbags etc. |
| Power Tools | Drills & drivers, saws. | Covered under the personal property coverage. |
| Kitchen appliances | Refrigerators, microwaves, blenders, electric mixers, ice makers, coffee machines, and other appliances. | Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril. |
| Prescription drugs | Will not cover stolen prescription drugs. | |
| Personal information | Bank accounts, identity information stolen from documents, or stolen personal equipment. | Most companies do not include identity theft as a covered peril in a standard renters insurance policy. |
| Firearms | Pistols, rifles | Legal firearms are covered under personal property coverage. |
What Renters Insurance Doesn’t Cover
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.
Synopsis
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 losing 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, mainly 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.
Our Methodology
We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in North Carolina. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.
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.
Discounts
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 reduce costs to most renters.
Cost
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.
Coverage Options
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.
Customer Service
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
Technology has the potential to make everything about renters insurance easier. While some people still like to communicate by phone, we prioritized companies that prioritize technology.
Companies that have customer portals, mobile apps and online resources for policyholders were chosen for this list.
Locations
We surveyed insurance coverage prices in Charlotte, Raleigh, Greensboro, Durham, and Winston-Salem.
