There’s no mistaking it: North Carolina is one of the most exciting places to move to right now. Not only is Charlotte among the fastest-growing cities in America, but the mountains in Asheville, the Raleigh-Durham research triangle, and the breathtaking coastline make North Carolina a dynamic state with something for everyone.
So if you’re moving to North Carolina or starting a lease in a new place there, your landlord might require you to have renters insurance. If so, read on for the basics of renters insurance and how to find it cheap in North Carolina. Even if it’s not required, you’ll want to consider buying a renters insurance policy.
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So what does renters insurance cover? There are three main components of most renters insurance policies: liability coverage, personal property coverage, and additional living expenses (also called “loss of use”).
Liability coverage protects renters from legal fees and medical bills resulting from injuries that happen to anyone on their rental property. Like if your dog sitter cuts herself slicing vegetables or there’s a bad accident at a party, you may be covered if someone decides to sue you.
Personal liability is a very important aspect of renters insurance because legal and medical expenses can be devastating without liability protection.
Personal property coverage insures you from damage to your stuff, whether that’s from vandalism, water damage, a burglary, or some other covered loss. Property damage happens all the time, so this is nice to have.
When you sign up for personal property coverage, you may have a couple of coverage options: replacement cost, which reimburses you enough to buy new versions of the items you lost (this is more expensive), or actual cash value, which compensates you for the depreciated value of the item at the time it was damaged.
Additional living expenses coverage helps you get compensated for a hotel room or other accommodations necessary when property damage requires you to temporarily vacate your home while repairs are made.
You can have the comfort of liability insurance and personal property protection in your rental property, all so cheap that you’ll barely notice it in your budget. Insurify’s quote-comparison tool, which is free and fast, will give you a slate of prices that will help you make the best decision for you and your home. Learn everything you need to know about buying renters insurance and more on Insurify’s blog.
Renters Insurance For Everyone
What factors determine the cost of renters insurance in North Carolina?
Renters insurance rates are set by a handful of components. Read on and you’ll get a sense of how to avoid potholes that will raise your premium while still making sure your policy covers your bases.
The amount of coverage you need will definitely affect your renters insurance premium. Liability insurance generally has limits starting at $100,000, but if you need more than that, you’ll pay more for that extra insurance.
It can be a delicate financial decision, but if it’s worth it to you, you may be able to lower your monthly premium by choosing a higher deductible on your renters insurance policy. If you ever make a claim, the deductible will be the sum you pay before you start to get reimbursed up to your coverage limit.
When you choose a deductible, ask your insurer to give you a separate quote for each deductible they can offer you. Then, you can make sure the savings are worth it. And don’t set a deductible so high that you can’t pay it out of pocket at a moment’s notice.
Value of Property
When you buy a renter’s insurance policy, your insurance provider will ask you to estimate the value of all the belongings in your home. If you own super valuable stuff, you’ll pay more to protect it.
Just like with homeowners insurance, the more valuable the property you live on, the more expensive the place will be to cover. A duplex will command a higher rate than a studio in a big apartment building, and both will be cheaper to insure than a luxury condo or large house.
As usual, the higher your credit score, the more likely you’ll be offered a cheaper premium. It’s not fair, but it’s still how the system works in North Carolina. Not every insurance provider will check your credit or weigh it as heavily in setting your premium. So if credit is a challenge for you, it’s all the more important to shop around.
Certain dog breeds and other animals might hike up your insurance rate because they require extra liability insurance. If you have a pooch, find an insurance company that has cheap pet coverage.
North Carolina-Specific Factors
Here’s a reason to love living in North Carolina that you’ve probably never thought of. Thanks to a state ratings board, North Carolina renters insurance is cheaper than the national average! But if you live in a coastal area where tropical storms could pose a greater risk of property damage, you might not benefit quite as much from those low rates.
[infogram showing average cost of renters insurance in North Carolina compared to New York, California, Florida, and Texas (or for cities––NYC, Los Angeles, Miami, and Houston)]
How to Find Cheap Renters Insurance in North Carolina
Affordable renters insurance is a possibility no matter your needs or financial difficulties. Here are some tips for getting a super affordable premium.
Shop around and compare quotes
Renters insurance is a competitive marketplace, and every policyholder has different attributes that qualify them for discounts with different insurance companies. It pays to be patient and find the best match by getting renters insurance quotes from around the industry.
The best place to start is the insurance company you already work with for life insurance, auto insurance, home insurance, or especially car insurance. Insurers love to bundle policies together and offer you what they call multi-policy discounts for purchasing a diverse insurance portfolio. So it rarely makes sense to buy different policies from separate insurers.
Install safety devices
Home security discounts are a nice way to bring down your premium, especially if you are renting in the long term or you’re able to transfer your safety devices to the place you move to next.
Automatic payment discount and other deals
Paying your premium up front instead of month to month, setting up automatic payments on your insurer’s app or website, and switching to paperless billing can all usually help lower your insurance premium. Before you sign your policy, ask your insurance company if there are any discounts you ought to know about.
Best Companies for Cheap Renters Insurance in North Carolina
While you’re shopping for quotes, you might try these industry leaders that are known for offering the best cheap renters insurance in North Carolina.
State Farm is a top-ranked insurance company with a sterling national reputation, but it’s also credited with providing the cheapest prices in North Carolina. Definitely get in touch for a quote.
Best for older residents and those who have cars, Allstate offers great rates. You can get a solid multi-policy discount with Allstate if it’s your auto insurance provider. Customers who are over 55 or retired can save 25 percent, so seasoned renters take note!
Amica has a range of add-ons that can provide the most worry-prone renters with an exceptional level of comfort: you can get your electronics protected from malfunction and damage, replacement cost coverage for your belongings, and a sky-high ceiling for personal property coverage. You might pay a bit more, but less comprehensive coverage is affordable, too.
What is renters insurance—and what does it cover?
Hold on—maybe you’re only reading about renters insurance because your lease says you’re required to have it. What is renters insurance, and how does it work in North Carolina?
Let’s say, heaven forbid, you leave your tea kettle on too long and start a fire in your rental property. Your landlord’s insurance will protect them from the building damage. But unless you have renters insurance coverage, you’ll have to replace all your belongings and pay for a place to live while your home gets fixed up. And if someone gets hurt, you could fight them in court out of your own pocket if they sue you, and you may be responsible for their medical bills.
With a renters insurance policy, you could be covered for those expenses. And while that level of disaster is unlikely to occur, coverage is so affordable that the peace of mind comes at a low enough cost to feel worthwhile. Many renter policies also come with extra perks, like identity theft protection.
|Coverage Type||What It (Usually!) Covers||What’s (Usually!) Not Covered|
|Liability||May cover medical payments or property bills if you accidentally damage someone else’s property or a guest hurts themselves in your residence||Any liability costs that exceed your coverage limit, damage to your personal property, additional living expenses|
|Personal Property||The cost to repair or replace your personal belongings should they be damaged or stolen||Damage to personal property over your coverage limit, liability damages, or additional living expenses|
|Additional Living Expenses||Additional coverage that pays for hotel bills or other living expenses if your current residence is damaged or otherwise not habitable||The cost of repairing damage to your rented residence (your landlord’s insurance policy may cover that)|
Frequently Asked Questions
How much does renters insurance cost in North Carolina?
The average cost of renters insurance in North Carolina is $12 per month. This is a bit cheaper than the national average. Finding cheap renters insurance in North Carolina is possible—so don’t settle for an expensive policy!
What are the best renters insurance companies in North Carolina?
State Farm and Allstate are the best insurance companies for solid, no-frills, affordable policies. Try Amica if you have extra coverage needs and are looking for a bunch of add-ons.
Can I get a discount for buying my auto and renters insurance as a bundle?
Yes, nearly every insurance company offers a multi-policy discount. So when you’re shopping for renters insurance coverage, start with the insurer that covers your car.
What’s the best way for me to quickly and easily compare insurance quotes?
Buying insurance is serious, but it shouldn’t take over your life. Don’t go to the trouble of calling each company individually for a quote. Head to Insurify, and in just a few minutes, you’ll get a personalized list of quotes from the top insurers, for free.
How to Find the Best and Cheapest Insurance Quotes in North Carolina
North Carolina is a great place to live, work, and learn—with the added perk of affordable renters insurance. You shouldn’t have trouble finding a cheap policy that suits your needs. Start with your auto insurance provider, but if they can’t beat the state average of $12 per month for a renters policy, you might want to reconsider your insurance situation more broadly.
It’s never a bad time to reassess your insurance because you can usually save money. Using Insurify’s quote-comparison tool, you can find the cheapest and most effective insurance for your situation—and sort out all the aspects of your life that deserve protection.
Starting with the best home insurance quotes for your car and area, Insurify will help you make sure you’re getting the coverage you deserve at the best rate.
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