If you’ve recently moved into a new rental property, it’s time to start thinking about purchasing renters insurance. Because North Carolina experiences hurricanes and other extreme weather, homes and apartments in the state are at an increased risk of damage or destruction—and so are your personal items. Although it’s not required, having renters insurance ensures that your personal belongings are protected from certain catastrophic events.
In North Carolina, the average cost of renters insurance is around $157 per year, according to the Insurance Information Institute (III). However, the cost of your premium depends on several factors, including the type of home you live in, the location, the value of your belongings, your deductible and even your credit score.
Before choosing a plan, consider how much coverage you’ll need. Take inventory of your belongings and their total estimated value. The higher the value, the more coverage you’ll need, and the higher your premium will be. Keep in mind that luxury items, like jewelry and art, aren’t always covered under basic renters insurance policies and may require a separate policy.
Best rental insurance companies in North Carolina
Finding the best North Carolina renters insurance company for you can be difficult because there are so many providers on the market. To make your shopping experience easier, we put together a list of the cheapest renters insurance in North Carolina, using J.D. Power’s 2019 U.S. Renters Insurance Study. These providers were ranked based on real customer reviews about coverage options, price, customer service and overall satisfaction, as noted in the table below.
- American Family: American Family was the top ranked renters insurance company in J.D. Power’s study, with perfect 5-star ratings across the board.
- State Farm: State Farm was the second runner-up in J.D. Power’s study, which was also ranked highly by customers in every category.
- AAA: AAA offers affordable renters insurance policies to North Carolina residents and provides a variety of coverage options to meet your specific needs.
- Eerie: Erie Insurance is well-known for it’s low cost policy offerings and exceptional customer service that makes claim filing fast and easy.
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| American Family |
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| State Farm |
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| AAA |
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| Eerie |
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The renters insurance providers on our list all offer affordable premiums, a wide range of policy offerings and reliable customer service. However, each company is suited to a different type of renter.
Cheapest North Carolina renters insurance for renters without a claim: American Family
If you’re a renter who hasn’t filed a claim in the past five years, American Family might be the cheapest provider for you. The company offers discounts to customers who are claim-free for five years, which can help you save money on your annual premium.
Cheapest North Carolina renters insurance for high value items: State Farm
State Farm offers a wide variety of coverage options for their renters insurance policies, so it’s ideal for people who need coverage for expensive or luxury items. When getting a quote, you can enter the types of items you want to cover and see how much they affect the price of your premium.
Cheapest North Carolina renters insurance for high deductibles: State Farm
Electing for a higher deductible generally means you will pay less for your annual premium, but you’ll be required to pay more out-of-pocket if your personal items were to get damaged. Of the providers on our list, State Farm offered the lowest premiums for higher deductibles.
The four providers we evaluated received high marks from J.D. Power and several other prominent market research firms. Here is how American Family, State Farm, AAA and Erie are rated on similar ranking lists from AM Best and the Better Business Bureau (BBB).
| J.D Power | AM Best | BBB | |
| American Family | 5 out of 5 | A | A |
| State Farm | 5 out of 5 | A++ | A+ |
| AAA | 3 out of 5 | A | A+ |
| Eerie | 3 out of 5 | A+ | A+ |
Frequently asked questions
How much renters insurance do I need in North Carolina?
Renters insurance is not required in North Carolina. However, it’s still a good idea to have coverage. The amount of coverage you need depends on the value of your items and how much you are able to pay out-of-pocket to replace your items if they were to get damaged or destroyed.
What is the best renters insurance company in North Carolina?
The best renters insurance company is different for everyone. Some companies are better for renters with a history of claims, while others are ideal for renters with a poor credit score. It’s important to shop around and get multiple quotes before choosing a provider.
What does renters insurance cover?
Renters insurance pays you to replace your personal belongings if they are damaged or destroyed by a covered peril, such as a fire, damage from extreme weather, theft or vandalism. Most policies will also pay for repairs if you accidentally damage someone else’s property.
How can I save money on my renters insurance?
Many renters insurance companies—including the ones on our list—offer discounts that can lower your annual premium. Some common ways to save money include bundling your policies, having home safety features installed, setting up auto-pay, getting paperless bills, raising your deductible and improving your credit score.
The post The Cheapest North Carolina Renters Insurance Companies 2019 appeared first on The Simple Dollar.
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