Renters Insurance

The Best Cheap Renters Insurance in North Carolina

The Best Cheap Renters Insurance in North Carolina

Choosing the best renters insurance involves finding which company combines affordable prices with protective coverage and dependable customer service. To help you search, we gathered 125 quotes from addresses across North Carolina.

Compare cheap renters insurance options in North Carolina

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The cheapest renters insurance in the state costs about $17 per month, or $200 per year. Below, we call out the state's best providers and reveal the cheapest renters insurance in NC.


Best for most renters

State Farm logo
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Best for complete coverage

Amica logo
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Best for older renters

Allstate logo
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Methodology

Best renters insurance for most people: State Farm

State Farm's low rates and practical coverage make it the best renters insurance for many in North Carolina.
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The good:

  • Typically has the cheapest premiums in the state
  • Reputation for great customer service

The bad:

  • Few ways to upgrade your coverage

The best renters insurance for most people in North Carolina comes from State Farm. On average, State Farm has the cheapest prices in the state. You can purchase coverage for about $12 per month, which is 28% cheaper than the typical cost of renters insurance in NC.

State Farm renters insurance offers the same protections as many other companies, so you won't have to trade lackluster coverage for affordability. However, there aren't many ways to improve your renters insurance with add-ons, also called endorsements: You can increase coverage for special property and personal liability.

What State Farm lacks in an extensive range of extra features, it makes up for with its well-regarded customer service. J.D. Power ranks State Farm's service as the third-best among large, national providers. Additionally, the National Association of Insurance Commissioners (NAIC) shows that State Farm receives only a third of the complaints expected for its size.

Best renters insurance for complete coverage: Amica

Amica boasts many practical extras you can add to a regular policy.
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The good:

  • Many add-ons available
  • Affordable coverage for many renters

The bad:

  • Adding coverage might increase cost above state's average

Amica is the best renters insurance for people who want to increase the coverage that comes with a standard policy. Compared to the other companies we examined, Amica has more extra forms of coverage available to add to its regular policies. With Amica, you can buy:

  • Replacement-cost coverage: You're compensated for the total value of your lost property without accounting for its depreciation.
  • Water backup / sump pump coverage: If your sump pump or drainage systems malfunction and inflict water damage on your home, your policy can cover this up to $25,000.
  • Extended personal property: Add coverage to special property, such as your jewelry, firearms and high-value items.
  • Electronic breakdown protection: Covers your laptop, cameras and cell phone from a wider variety of perils, such as internal malfunction and electrical breakdowns.

A standard policy from Amica provides enough protection for most people. On average, Amica costs about $15 per month, or $181 per year — 10% cheaper than the average cost of renters insurance in NC. While basic policies from Amica are affordable, adding extra forms of coverage will increase your premiums, possibly above the state's average.

The service from Amica is generally held in good standing. Amica receives far fewer complaints than its size suggests. It only gets about a fifth of the complaints expected for its market share. While Amica wasn't included in J.D. Power's renters insurance study, Amica's customer interaction and claims management was the best in the country in the company's homeowners insurance evaluation.

Best for older renters: Allstate

Allstate's sizable discount for older renters could make it a top choice for certain people.
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The good:

  • Many ways to save money with discounts
  • Commonly offers affordable coverage

The bad:

  • Limited number of ways to upgrade your policy

Older renters should consider coverage from Allstate. If you're a retiree who's at least 55, you could get up to 25% off of your premium. Combined with the discount available to Allstate auto insurance policyholders, you could see drastic reductions to the price you pay for coverage.

Not all of Allstate's discounts are age-based. In addition to the retiree perk, you could save up to 15% if you have a home that's outfitted with safety equipment, such as smoke alarms, burglar alarms or a security system. You could also qualify for a discount if you elect to pay your premiums automatically and remain claim-free for multiple years.

Allstate is slightly cheaper than average in North Carolina. The cost of renters insurance is usually about $16 per month, or $195 annually. This is only 3% cheaper than average, but with discounts it could be somewhat more affordable. However, if you don't qualify for discounts, you might consider another top provider.

The quality of customer service at Allstate is fine, but it doesn't stack up favorably to State Farm, a cheaper provider with similar offerings. Allstate renters insurance was ranked sixth of 14 providers by J.D. Power, and receives about 30% fewer complaints than its size suggests — the smallest positive ratio in our study.

How we chose the best renters insurance in NC

Our overview of renters insurance in North Carolina hinges on a review of each company based on three qualities. These are:

  • Affordability: The premiums renters insurance companies are likely to charge.
  • Coverage options: The quality of an insurer's standard coverage and add-ons.
  • Customer service: The reputation an insurer has for meeting the needs of its policyholders.

Affordability: Comparing the price of coverage among the state's insurers

We found that the average cost of renters insurance in North Carolina is about $17 per month, or $200 per year. This is slightly more expensive than the price of renters insurance in the United States, which we calculated is around $16 per month.

The cheapest renters insurance in NC is from State Farm, while the most expensive is most often from Liberty Mutual.

A bar graph showing the average costs of renters insurance in North Carolina
A bar graph showing the average costs of renters insurance in North Carolina

Where can you find cheap renters insurance in NC?

Insurance providerAverage cost (per month)Average cost (per year)% difference from statewide average
State Farm$12$145-28%
Amica$15$181-10%
Allstate$16$195-3%
Nationwide$18$22111%
Liberty Mutual$22$26633%

The premium you're quoted depends on several factors, none more significant than the amount of coverage you decide to purchase. We collected rates for the following coverage limits:

  • Personal property coverage: $30,000
  • Personal liability protection: $100,000
  • Medical payments for others: $1,000
  • Deductible: $500

Beside your coverage elections, your policy's price is determined in large part by your age, location, marital status and whether you have made any claims in the past. Our quotes reflect rates for a 30-year-old unmarried renter with no pets and no history of making any type of claim.

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Coverage options: Evaluating the basic and extra forms of coverage offered by each insurer

While you aren't required to purchase renters insurance, it's an easy way to protect your property and assets if you suffer a loss. Since you don't have to worry about buying enough protection to satisfy any law, you should instead focus on maximizing the value of your policy once you decide to purchase one.

To make comparing renters insurance companies easier, we specified the coverage each provider offers in the table below.

InsurerPersonal property coveragePersonal liabilityEarthquakeWater-backup coverageIdentity theft protectionReplacement-cost coverageValuables plus
State Farm$10,000 – more than $100,000$100,000 – $1 millionX-X-X
Nationwide$15,000 – more than $100,000$100,000 – $1 million-XXXX
Liberty Mutual$5,000 – $25,000$100,000 – $1 millionX-XXX
Allstate$15,000 – more than $100,000$100,000 – $500,000--X--
Amica$12,000 – more than $100,000$25,000 – $1,000,000-XXXX
An asterisk indicates this coverage is included with a standard policy.

Customer service: Stacking up insurers' customer service reputations

In order to investigate the customer service reputations of the best renters insurance companies in North Carolina, we checked three measurements of dependability: each company's Complaint Index, published by the NAIC; the overall satisfaction rating figured by J.D. Power's Homeowners Insurance Study - Renters Insurance; and A.M. Best's Financial Strength Rating (FSR).

Insurance providerNAIC Complaint IndexJ.D. Power scoreA.M. Best FSR
State Farm0.353rdA++
North Carolina Farm Bureau0.57Not ratedA
Nationwide0.217thA+
USAA0.252ndA++
Allstate0.706thA+
Erie0.315thA+
Liberty Mutual0.6411thA
Travelers0.4913thA++
Auto-Owners Insurance Co.0.49Not ratedA++
Farmers0.189thA
Amica0.22Not ratedA+

NAIC Complaint Index: This metric communicates the number of complaints a company receives relative to its market share, or size. A typical Complaint Index is represented by 1.00. This means a company receives more complaints than expected if its Complaint Index is higher than 1.00.

J.D. Power Homeowners Insurance Study - Renters Insurance: In this evaluation of the insurance industry's largest providers, J.D. Power distilled policyholders' responses into an overall satisfaction score. This score stands for the quality of a company's service, its offerings and its claims process.

A.M. Best FSR: A.M. Best's rankings supply readers with an overview of an insurance provider's ability to pay its claims, especially if it encountered a financial downturn or event that required many payouts at once. Most companies would perform well, according to A.M. Best, but the tool remains useful for identifying risky insurers.

North Carolina renters insurance rates: City-by-city breakdown

With our findings, we calculated the average cost of coverage in the state's largest cities. Then we stacked the average rate of each large city against the state's average to see how they compare.

In North Carolina, renters insurance is typically most expensive in Fayetteville, while Hickory tends to have the cheapest policies.

CityAverage cost (per month)Average cost (per year)% difference from statewide average
Charlotte$17$2032%
Raleigh$16$188-6%
Greensboro$16$191-4%
Durham$16$187-7%
Winston-Salem$16$193-4%
Fayetteville$26$30854%
Cary$16$190-5%
Wilmington$22$26332%
High Point$16$193-4%
Greenville$19$22513%
Asheville$13$156-22%
Concord$16$188-6%
Gastonia$17$2000%
Jacksonville$19$23116%
Chapel Hill$14$170-15%
Rocky Mount$19$22513%
Burlington$16$194-3%
Wilson$18$2189%
Kannapolis$15$184-8%
Hickory$12$150-25%
Mooresville$17$2031%
Goldsboro$18$2157%
Salisbury$16$189-6%
New Bern$17$2010%
Carrboro$15$178-11%

Methodology

We found the average cost of renters insurance in NC by averaging 125 rates, collected from addresses across the state. We gathered these quotes using a profile for a 30-year-old male renter with no spouse or history of insurance claims.

The results of our study are drawn from quotes for $30,000 of personal property coverage, $100,000 of liability and $1,000 of medical payments to others. Finally, we chose $500 deductibles where available. Your rates may vary from ours.

Chris Moon

Chris is a Product Manager for ValuePenguin with years of experience in addressing critical questions about mortgages and homeowners insurance. He spends his time evaluating insurance providers and policy features to understand where consumers might find the most cost-effective coverage. Chris has contributed insights to the New York Times and many other publications.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.