The Best Cheap Renters Insurance in North Carolina for 2022

We compared rates from companies across the state to find North Carolina’s cheapest renters insurance.

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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.

NerdWallet compared rates from companies across the state to find the cheapest renters insurance in North Carolina.

How much is renters insurance in North Carolina?

The average cost of renters insurance in North Carolina is $147 a year, or about $12 a month, according to NerdWallet’s rate analysis. That’s cheaper than the national average of $179.

On average, renters in Charlotte pay about $128 a year, while those in Raleigh pay about $139. See the table below for average rates in North Carolina’s 20 biggest cities.

City

Average annual rate

Average monthly rate

Asheville

$112

$9

Burlington

$129

$11

Charlotte

$128

$11

Dunn

$148

$12

Durham-Chapel Hill

$128

$11

Fayetteville

$186

$15

Goldsboro

$162

$13

Greensboro-High Point

$129

$11

Greenville

$167

$14

Hickory-Lenoir-Morganton

$116

$10

Jacksonville

$204

$17

Lumberton

$175

$15

New Bern

$184

$15

Pinehurst-Southern Pines

$139

$12

Raleigh

$139

$12

Rocky Mount

$151

$13

Shelby

$124

$10

Wilmington

$217

$18

Wilson

$154

$13

Winston-Salem

$129

$11

Cheap renters insurance companies in North Carolina

These are the cheapest renters insurance companies we discovered in North Carolina.

Company

Average annual rate

Average monthly rate

North Carolina Farm Bureau

$100

$8

State Farm

$148

$12

Auto-Owners

$154

$13

Nationwide

$155

$13

USAA*

$108

$9

*USAA renters insurance is available only to active military, veterans and their families.

About the cheapest companies

North Carolina Farm Bureau: Membership, at an annual cost of $25, is required to buy Farm Bureau renters insurance. It includes other benefits such as hotel and rental car discounts. Although online quotes may be available, you may need to work with an agent to get your policy. You can make payments and file claims on the Farm Bureau’s website. Learn more about Farm Bureau insurance.

State Farm: 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 NAIC. Read our State Farm renters insurance review for more details.

Auto-Owners: 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 endorsement 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. Check out our Auto-Owners renters insurance review to learn more.

Nationwide: 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. See our Nationwide renters insurance review for more details.

USAA: 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. Get more details on USAA renters insurance.

North Carolina renters insurance from the best companies

If you’re looking for a highly rated national carrier, consider one of these insurers from NerdWallet’s list of The Best Renters Insurance Companies. Click on each company’s name to read our review.

Company

NerdWallet rating

Average annual rate

4.5

NerdWallet rating 

$148

4.5

NerdWallet rating 

$154

5.0

NerdWallet rating 

$155

4.5

NerdWallet rating 

$170

4.5

NerdWallet rating 

$199

5.0

NerdWallet rating 

$108

*USAA renters insurance is available only to active military, veterans and their families.

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.

But if the same hurricane caused a flash flood on your street, sending water into your unit, any damage likely wouldn’t be covered 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.

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

Many companies use a credit-based insurance score to help set renters insurance rates. While this isn’t identical to your traditional credit score, the two are typically similar. So the worse your credit, the more you may pay for renters insurance.

Below are the companies offering the cheapest North Carolina renters insurance for people with poor credit.

Company

Average annual rate

Average monthly rate

North Carolina Farm Bureau

$100

$8

Allstate

$170

$14

State Farm

$175

$15

Nationwide

$238

$20

USAA*

$229

$19

*USAA renters insurance is available only to active military, veterans and their families.

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. Below are the North Carolina carriers with the cheapest rates for renters who’ve previously filed a theft claim.

Company

Average annual rate

Average monthly rate

North Carolina Farm Bureau

$100

$8

State Farm

$148

$12

Auto-Owners

$154

$13

Allstate

$170

$14

USAA*

$149

$12

*USAA renters insurance is available only to active military, veterans and their families.

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.

Want additional types of insurance in North Carolina? See these resources:

Methodology

NerdWallet averaged rates for 30-year-old renters from insurance companies in every ZIP code across the state. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment.

They had a $500 deductible and the following coverage limits:

  • $30,000 in personal property coverage.

  • $100,000 in liability coverage.

  • $10,000 in additional living expenses coverage.

  • $1,000 in medical payments coverage.

We used the same assumptions for all other renter profiles, with the following exceptions:

  • We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for renters with poor credit.

  • For renters with a history of claims, we added a single theft claim to their record.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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