Best and Cheapest Renters Insurance in North Carolina for 2024 - NerdWallet (2024)

North Carolina sees its share of natural disasters, especially hurricanes and tropical storms. That’s why you might want to buy renters insurance to cover your belongings.

The average North Carolina renters insurance policy costs $162 per year, according to NerdWallet’s rate analysis. For comparison, the national average is $148. But you may be able to find more affordable options. NerdWallet compared rates from companies across the state to find the cheapest renters insurance in North Carolina.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

The cheapest renters insurance in North Carolina

Below are the five most affordable renters insurance companies in North Carolina, according to NerdWallet’s rate analysis.

The best renters insurance in North Carolina

If you’re looking for quality coverage from a well-rated insurer, consider one of these picks from our list of the Best Renters Insurance Companies.

More about the best renters insurance companies in North Carolina

See more details about each company to help you decide which one is best for you.

You may be able to save money on Erie insurance by bundling renters and auto policies, getting an advance quote or having safety devices in your home. The personal property coverage on your policy offers financial protection if your stuff is stolen or damaged anywhere in the world. In North Carolina, you can add extra coverage for identity theft, backed-up drains or valuables such as jewelry.

You may be able to save on your Auto-Owners renters policy if you haven’t filed any recent claims, buy more than one type of insurance through the company or pay your premium in full each year. If you want more than just the basics, ask about the Renters Plus option. This endorsem*nt includes extra coverage for things like damage from backed-up drains and refrigerated food spoiled in a power outage. Auto-Owners sells policies through independent agents.

State Farm renters insurance stands out for including replacement cost coverage for personal belongings, which means you’ll get enough to buy brand-new items if your stuff is stolen or destroyed. Many companies cover your things on an actual cash value basis, paying only what your belongings are worth at the time of your claim. The company has drawn fewer consumer complaints than expected for an insurer of its size, according to the National Association of Insurance Commissioners.

One of the largest home insurers in the U.S., Nationwide sells renters policies with a variety of potential add-ons. You may be able to add “Brand New Belongings” coverage, which pays enough to replace stolen or damaged items with new replacements. If you have valuable items such as jewelry or fine art, you may also be able to add special coverage for those items.

Does your home have smart-home technology, a burglar alarm or an interior sprinkler system? If so, you might be able to save with Travelers renters insurance. You may also be eligible for a bundle or claims-free discount. Extra coverage may be available for expensive items such as jewelry or computers.

Farmers offers a variety of ways to save on your renters insurance policy, including potential discounts for bundling multiple policies, having a security system or being a nonsmoker. Teachers, doctors, nurses and police may also be eligible for savings. If you have expensive belongings, such as an engagement ring or fine art, ask about extra coverage to make sure those items are properly insured.

Only active-duty military, veterans and their families can buy USAA renters insurance, but it’s worth considering if you’re eligible. Unlike most insurance companies, USAA includes flood and earthquake coverage in its standard renters insurance policies. Active military members living on a base may be eligible to save up to 28% on their renters policy. And there’s no deductible if your uniform or other military equipment is damaged while you’re on active or reserve duty.

How much is renters insurance in North Carolina?

The average cost of renters insurance in North Carolina is $162 a year, or about $14 a month, according to NerdWallet’s rate analysis. For comparison, the national average is $148.

In most U.S. states, including North Carolina, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In North Carolina, those with poor credit pay an average of $231 per year for renters insurance, according to NerdWallet’s rate analysis. That’s about 43% more than those with good credit.

Average cost of renters insurance in North Carolina by city

Your renters insurance rates will vary depending on where you live within the state. For example, the average cost of renters insurance in Charlotte is $163 per year, while renters in Raleigh pay $159 and those in Fayetteville pay $244, on average. Find your city below.

What to know about North Carolina renters insurance

Due to its coastal location, North Carolina often finds itself in the path of hurricanes and tropical storms. If such a storm destroys your belongings, renters insurance may be able to help.

A standard renters policy generally covers damage from wind but not flooding. For example, say hurricane winds blew part of the roof off your apartment building and rain got in through the gap, ruining your furniture. In most cases, your renters insurance policy would cover the cost of replacing your lost items, minus your deductible.

But if the same hurricane caused a flash flood on your street, sending water into your unit, you likely wouldn’t have coverage for any damage unless you had flood insurance. Learn more about flood insurance for renters.

Note that your insurance company may charge you a separate, higher deductible for windstorm damage if you live along the coast.

Other disasters

Here’s how renters insurance might help when dealing with other potential disasters in North Carolina.

Fires. Most standard renters insurance policies cover damage due to fire or smoke.

Tornadoes. As noted above, your renters policy will likely cover wind damage unless you live in a coastal area at risk for hurricanes and tropical storms.

Earthquakes. Most renters insurance will not cover earthquake damage, though you may be able to add it to your policy for an extra cost. Learn more about earthquake insurance.

Ice storms. Burst pipes could cause water damage to your belongings, which renters insurance would likely cover.

Some policies may also offer coverage for food lost in your refrigerator during a power outage due to a covered disaster.

What determines North Carolina renters insurance rates?

Your rates may differ from the averages listed above based on the following factors:

Where you live

Insurers may charge more for renters insurance if they think your location makes you more likely to file a claim. So if you live in a neighborhood with a high crime rate or in a hurricane-prone area along the coast, prepare to pay a little more.

Your credit history

As explained above, many companies charge more for renters insurance if you have poor credit. Learn how to rebuild your credit.

The coverage you need

The higher your coverage limits, the more you’ll pay for a policy. So if you’ve got lots of stuff to cover, expect a higher premium.

Your deductible

Raising your deductible — the amount of a claim you pay out of pocket — can lower your renters insurance premium. Just be sure it’s an amount you’d feel comfortable covering in a pinch.

Your claims history

If you’ve filed a renters claim in the past few years, insurance companies may consider you a higher risk for filing another one. In North Carolina, renters who’ve filed a recent claim pay 14% more on average than those with no claims history, according to NerdWallet’s rate analysis.

Your other policies

Bundling your renters insurance with another policy from the same insurer is an easy way to get a discount from many companies.

Your home’s features

Insurers often offer discounts if your home has a burglar alarm, smoke detectors, deadbolt locks or other protective devices.

Your dog

Some companies will charge you more for renters insurance if you have a dog they consider an aggressive breed, such as a pit bull or Rottweiler. That’s because dog bites are a common source of renters liability claims. Learn more about personal liability insurance for renters.

North Carolina Department of Insurance

On the state agency’s website, you can learn about insurance coverage, request help or file a complaint about your carrier. There’s also a toll-free customer assistance line at 855-408-1212.

Looking for more insurance in North Carolina?