6 Best Renters Insurance Companies in North Carolina of 2023
If you are a resident of North Carolina who does not own a home, you may think that insurance is unnecessary. However, this is not the case. Although no law in North Carolina requires renters to purchase insurance, some landlords may have this as a requirement for their tenants.
North Carolina is the 10th most populous state in the US and has many renters. Some renters may assume that their landlord's property insurance will cover them if their personal belongings are lost or damaged, but this is often untrue.
Fortunately, there are several options available for renters in North Carolina. Many insurance companies offer renters insurance, but it can be overwhelming to evaluate your options, especially if you have 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
The 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 premiums and deductibles.
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 more features.
Read a full Liberty Mutual home insurance review.
Liberty Mutual Renters Insurance Discounts
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 automatically discount your rate if you sign up to pay your monthly premium.
- Online purchase discount. Get a quote, purchase your policy online, and save on your premium.
You can save with any of these discounts, but remember that you can layer them to get the lowest possible price for your renters insurance.
| PropertyNest Rating | 4.5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 834 |
| A.M. Best - Financial Strength Rating | A |
| BBB Rating | A+ |
| NAIC Complaint Index Score | 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 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.
Allstate Renters Insurance Discounts
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 over 55 without seeking employment can save up to 25% on their premiums.
- Safe home discount. You can save if you have alarms in your rental unit.
| PropertyNest Rating | 5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 837 |
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index Score | 2.05 |
| BBB Rating | 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’ 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, adding renters insurance for a few dollars more per month is worth considering.
Read a full State Farm renters insurance review.
State Farm Renters Insurance Discounts
State Farm doesn’t offer as many discounts on renters insurance as other companies on our list. They offer only two.
- Bundling discount. If you buy auto 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.
| PropertyNest Rating | 5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 836 |
| A.M. Best - Financial Strength Rating | A++ |
| BBB Rating | A+ |
| NAIC Complaint Index Score | 1.77 |
Nationwide: Best for Unique Coverage Options
Nationwide Insurance started in Ohio as the Farm Bureau Mutual in 1926 to provide 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.
Nationwide Renters Insurance Discounts
Nationwide offers several renters insurance discounts that align 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.
| PropertyNest Rating | 4 out of 5 |
| J.D. Power (out of 1,000) Score | 859 |
| A.M. Best - Financial Strength Rating | A+ |
| BBB Rating | A+ |
| NAIC Complaint Index Score | 0.04 (Very Low) |
Amica: Best for Customizable Coverage
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 provide coverage to North Carolina renters. They offer low deductible options as well as high coverage limits.
Read a full Amica renters insurance review.
Amica Renters Insurance Discounts
Amica offers five discounts on renters insurance, including two that 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 and renters insurance.
- Claim-free discount. You'll get a discount if you go three years without a claim.
- 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.
| 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
Founded in 1937, Progressive Insurance is the third-largest insurance company in the United States.
They offer reliable renters insurance with various 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.
Progressive Renters Insurance Discounts
Progressive offers various discounts, including two unique among the companies we have included here.
- Multi-policy discount. You can save significantly 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.
| PropertyNest Rating | 4 out of 5 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index Score | 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 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 to replace your belongings, protect you from 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 insurance premiums 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 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 various 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, adding 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 inventory 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 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 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 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 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 various 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 chose 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, so 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 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 with 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.
