Table of contents
Table of contents
As a renter, major issues at your rental can lead to financial losses. After a disaster, like a fire or theft, the landlord will cover repairs to the building. But the landlord’s insurance policy won’t cover your personal belongings or living expenses during the repairs.
If you don’t want to cover the heavy costs on your own, renters insurance can provide the protection you need. The average monthly cost of renters insurance in North Carolina is $10, making purchasing renters insurance especially attractive.
Here’s what you need to know about renters insurance in North Carolina.
Quick Facts
North Carolina law doesn’t require renters to buy renters insurance, but your landlord might require it.[1]
Some insurance companies may also refer to renters insurance as tenant insurance or apartment insurance.
A renters insurance policy can help you pay to replace your personal possessions, protect you from liabilities, and cover some additional living expenses after a covered loss.
How renters insurance works in North Carolina
A basic North Carolina renters insurance policy includes some level of protection for personal property, personal liability, and additional living expenses. It’s helpful to determine how much coverage you want before shopping around for a policy.[2]
For example, a renter with limited possessions will likely opt for less coverage than someone with expensive belongings, like high-end furniture and electronics. Likewise, a renter with a dog might choose to buy higher levels of liability coverage.
Renters insurance policies cover your belongings and liabilities. They won’t cover structural property damage repairs because your landlord is responsible for maintaining the property. If a covered peril like a fire occurs, your insurance policy will help you pay to replace your stuff and for a place to live during the necessary repairs.
How to get a renters insurance policy
Here’s a closer look at the process for obtaining and using a renters insurance policy:
Shop around. Insurance companies use a range of information when determining rates, including your ZIP code. Getting quotes from multiple insurers can help you find the best coverage option for your specific needs.
Make premium payments. You can typically either make monthly payments or pay a lump sum for your insurance policy annually. Coverage stays in effect if you make on-time payments.
File claims if needed. The hope is that you won’t need to lean on your insurance policy. But if a covered peril destroys your things, you can file a claim by reaching out to the insurer.
Best renters insurance companies in North Carolina
The best renters insurance company for you varies depending on your situation. But some insurers consistently offer relatively low rates for the coverage you need.
Erie offers the lowest average renters insurance rates. But renters who prefer a seamless online experience might find what they’re looking for through Lemonade or State Farm.
The table below highlights the best renters insurance companies in North Carolina.
| Average Monthly Premium ▲▼ | |
|---|
| Erie | $14 | Top customer experience |
|---|
| USAA | $18 | Military members |
|---|
| Travelers | $17 | Cheap rates |
|---|
| Lemonade | N/A | Online experience |
|---|
| State Farm | $18 | Bundling opportunities |
|---|
What renters insurance covers in North Carolina
A basic renters insurance policy includes four main parts: personal property, liability, additional living expenses, and medical payments to others.[1] Here’s a closer look at what renters insurance covers:
Personal property coverage
If damage at a rental property damages your possessions or theft occurs at the property, your insurance company will help you replace the item. For example, if a wildfire destroys your couch or someone steals your laptop, you can file a claim with your insurance company.
Liability coverage
If someone sues you after incurring an injury on your property, renters liability coverage pays for legal expenses and court awards. This coverage could come in handy if someone trips over your rug or slips on your bathroom floor.
Additional living expenses coverage
Additional living expenses — sometimes called loss of use coverage — pay the difference between your normal living expenses and extra expenses after a covered issue. For example, if you have to live in a hotel while your apartment undergoes repairs, the insurer helps pay for temporary living expenses.
Medical payments coverage
Most policies will help you pay medical bills if someone incurs an injury in your rental property.
When selecting your policy, one of the key policy options for renters is how much coverage you want. You can opt to buy more or less coverage based on your situation.
Unique considerations for renters insurance in North Carolina
Renters in the Tar Heel State face different challenges than others around the country. Some of the specific risks include:
Be aware of bear break-ins. In some parts of North Carolina, bear break-ins occur. Since a bear will likely cause damage to your personal property, it’s important to secure coverage for your possessions.
Protect your home-based business. If you’re one of the many North Carolinians who work from home or store merchandise in your apartment, purchasing a home business rider protects your equipment and inventory.
Consider replacement cost coverage. Replacing your possessions often exceeds their actual cash value. For example, a used couch might cost $100, but replacing it with a new one might cost $500. If you want extra protection, consider buying replacement cost coverage instead of the actual cash value.
How to save on renters insurance in North Carolina
Although renters insurance is relatively affordable, extra savings can make a difference to most budgets. Use the following strategies to find cheap renters insurance in North Carolina:
Ask for a discount. Many insurers provide renters insurance discounts. It’s a good idea to ask if you qualify for any potential renters insurance discounts.
Increase your deductible. In most cases, a higher deductible will lead to a lower premium. If you have the money to cover a higher deductible, you can save on insurance premiums.
Install a security system. Not only will a security system increase your protection, but most insurance companies will provide a discount if you have one.
Shop around. Every insurance company has a different way of determining premiums. When you get renters insurance quotes from multiple insurers, you can compare renters insurance options across the insurance industry to find affordable renters insurance.
Bundle policies. If you need other insurance products, like life insurance or auto insurance, bundling your policies together could save you money.
Insure high-value items separately. You can get personal property coverage through renters insurance that covers expensive items in your rental. But if you insure big-ticket items like artwork or jewelry separately, you could tap into lower rates.
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