You want to make sure your apartment and belongings are covered when you rent in Tarheel State. Whether you are renting near the natural tranquility of the Great Smoky Mountains or living in a vibrant city like Asheville or Charlotte, the right renters insurance can help keep you out of bills for any damage to your property.
Benzinga has compared the best rental insurance companies in North Carolina to help you stay protected.
The Best Renters Insurance in North Carolina:
Overview renter insurance in North Carolina
Just over 1/3 of the residents of North Carolina rent, and the average gross monthly rent is $ 865. North Carolina rentals are cheaper than the national median for all apartment types, including studios and 1 to 3-bedroom condos.
Whatever type of apartment you rent, you want to make sure that the property itself is protected by your landlord’s insurance policy. Remember, tenant insurance is all that covers your personal belongings – your landlord’s insurance only covers the outside of the building.
Tenant insurance usually covers damage to the items in the property caused by fire, smoke, hail and wind damage. Depending on the insurer, theft and vandalism damage can also be covered. But you want to make sure that your invaluable valuables, such as jewelry or other goods, are also adequately protected. In these cases, it can be a smart idea to invest in extra coverage.
Average annual tenant insurance premium in NC
The median annual North Carolina renter insurance premium is $ 175, also making it lower than the $ 197 national average. Different renter insurance companies offer different amounts of coverage, and some offer optional coverage for specialty or high-value items. You can save more on your renter insurance by taking advantage of the many discounts available.
- Discount for multiple policies: If you have several policies with the same insurance company, you can save an average of 15% –20%.
- Higher deductible: Choose a higher one own risk (the amount you pay out of pocket before insurance commences) can entitle you to greater savings over time.
- Paperless billing: If you choose to pay your bill electronically, you can save a small amount on your insurance (and it will save trees).
- Discount for automatic payment: If you pay for your insurance automatically through your bank account, you get a small discount with some insurance companies.
- Discount online quote: In some cases, you may be able to get a discount for receiving an online quote from renters’ insurance companies.
- Claims-free discount: Going for a period of time without making a claim can save you a small amount with some insurers.
- Loyalty discount Some insurers give you a discount if you have been a customer with them for a longer period of time.
Renters insurance coverage explained
There are generally 3 basic types of coverage you can choose in renters insurance:
- Personal Property Insurance: In general, you want at least $ 2,500 in coverage.
- Liability insurance: You want to choose an amount that is sufficient to cover you for things like liability claims and legal defense in the event that you are prosecuted for an accident that occurred in your home.
- Additional riders: If you have specific items you want to protect, such as jewelry or recreational vehicles such as an ATV or 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 has its share of hurricanes and tropical storms. As a result, strong winds, heavy rainfall and hail can cause property damage. Tornadoes and flash floods can also occur in North Carolina, and lightning strikes that accompany 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 moving to North Carolina and looking for affordable renters insurance. Nestled in the foothills of the Appalachians, Hickory has the cheapest renters insurance. The rates are about 20% lower than other places in the state.
Following on from Hickory, Hendersonville (not to be confused with Henderson, a larger North Carolina city) also offers affordable renter insurance. Rates average between $ 179 and $ 230. Hendersonville’s growth is primarily fueled by tourism, but its proximity to DuPont State Forest and Gorges State Park also enjoys great natural beauty.
If you’re looking for a larger North Carolina city to call home, you’ll definitely want to check out the insurance rates for Asheville renters. A popular mix of small town charm and big city life, Asheville truly is the best of both worlds. Insurance for Asheville tenants averages $ 180, with Amica and State Farm listing the lowest rates.
Most expensive cities for renters insurance
Clinton, North Carolina tops the list as one of the most expensive cities for rental insurance, with average rates of nearly $ 400 per year, more than double the state average. If you live in Clinton and are looking for low cost renters insurance, check out our cheapest insurance company review below when you receive quotes tailored to your needs.
Directly behind Clinton is Whiteville, where residents pay an average of $ 360 for renters’ insurance. The city itself is quite small, with just over 5,000 inhabitants. But when it comes to affordable renter 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 on renter insurance. With an average of about $ 350 per year.
Best Renters Insurers in NC
Like homeowner insurance is often needed for homeowners who have a mortgage and landlord insurance Often required for landlords to protect themselves from damage, loss of rent and other renter issues, renters insurance is designed to protect you and your valuables in the event of damage.
To find the best renter insurance for your needs, it’s a good idea to compare the prices of our top picks. Not only will you save money by dealing with some of the lowest priced but 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 renter insurance company in North Carolina for several reasons. Not only do they offer affordable rates, but main coverage also includes damage from fire, lightning, wind, hail, and smoke. It also covers vandalism, theft, smoke and damage from burst pipes.
Another Assurant benefit is the optional coverage that you can add, including replacement costs of your valuables, sewer backup damage, or pet damage. Assurant also offers unemployment insurance, identity theft coverage and even earthquake damage coverage.
2. Cheapest Renters Insurance in NC: Amica
With an average rate of $ 133 for up to $ 30,000 in renter insurance, Amica was among the top companies for the cheapest renter insurance in North Carolina.
Amica’s main renter insurance covers personal property and loss of use, but also provides personal liability in the event that someone is injured on your property and sues you for damage.
Optional coverage includes personal property replacement, planned personal property, and coverage for your smart devices and computers. Protection is also available for damage caused by identity theft.
3. Best for quality items: financial land
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 any valuables that need extra protection, it is worth getting a quote from Country Financial for peace of mind.
4. Best for Renters with Businesses: State Farm
If you run a business, such as freelancing or some other type of service, from your apartment, you’ll want to take a closer look at State Farm.
Not only does the renter’s insurance cover personal property, liability and loss of use, but the additional options can also cover additional business property and incidental business liability, giving you an extra layer of legal protection in the event of injury.
You can start by getting a quote from State Farm using the free online quote tool.
Protect what’s most valuable to you in the state of Tarheel
Wherever you choose to rent in North Carolina, your landlord will likely require you to have renters insurance. But this doesn’t mean you should overpay for coverage. Rental insurers’ quotes can vary widely, even between 2 different providers in the same city. That’s why it’s a good idea to get a quote of our top picks.
Not only will you save money and time, but you will also be adequately protected against damage from Mother Nature and loss through theft or other damage. Give yourself peace of mind that you are protected in your time of need by requesting a free quote today.