Cheapest & Best Renters Insurance In Wilmington 2025

If you’re renting in Wilmington, North Carolina Farm Bureau offers the most budget-friendly renters insurance, with rates starting at just $9 a month. But if you’re after more extensive coverage and added benefits, Nationwide is a solid pick, although it comes at a higher cost—around $30 monthly.

Wilmington sees more than 4,000 property crimes each year, affecting about 35 out of every 1,000 residents. Given these numbers, having renters insurance is a wise move. It safeguards your personal items and provides a layer of financial protection and peace of mind for those living in The Port City.

Cheapest Renters Insurance Companies In Wilmington

If you’re looking for low-cost renters insurance in Wilmington, North Carolina Farm Bureau has the most affordable rates, averaging about $9 per month. To help make your choice easier, the table below highlights the five most budget-friendly insurance companies.

Best Renters Insurance Companies In Wilmington

If you’re renting in Wilmington and want to keep costs down, North Carolina Farm Bureau is a great option with its low rates. Still, the cheapest plan isn’t always the most comprehensive. In my view, Nationwide stands out as the best overall choice in the area. They offer flexible policy options and broad coverage, including protection against credit card fraud and theft from your vehicle. Plus, their highly rated mobile app makes it simple to manage your policy on the go.

Average Cost Of Renters Insurance In Wilmington

In Wilmington, renters usually pay about $24 per month, or $288 annually, for insurance. However, your specific rate may differ based on factors such as coverage limits, location, deductible, and the pricing model of the insurer. The table below compares the average rates from five top providers in the city.

Average Cost Of Renters Insurance In Wilmington By Deductible

A deductible is the portion you’re responsible for paying before your renters insurance kicks in to cover a claim. Choosing a higher deductible typically lowers your monthly premium, while a lower deductible often means you’ll pay more each month. The table below outlines the average renters insurance rates in Wilmington based on various deductible levels.

Factors That Impact Renters Insurance Costs In Wilmington

Several factors can influence the cost of renters insurance in Wilmington:

Location: Insurance rates are often higher in areas with higher crime rates or exposure to natural disasters. Wilmington’s hurricane and storm risks can contribute to increased premiums.

Home Safety Features: Security systems, smoke detectors, or sprinkler systems can help prevent claims, which may result in lower insurance costs.

Credit Score: Many insurers consider your credit score when determining your premium. A lower credit score often leads to higher rates.

Deductible Choice: A higher deductible can reduce your monthly premium since the insurer takes on less risk, while a lower deductible usually results in higher premiums.

Claim History: If you’ve made multiple claims in the past, insurers may consider you a higher risk, which could cause your premiums to rise.

Coverage Limits: Policies with higher coverage for personal property and liability generally cost more, particularly if additional options like identity theft protection or replacement cost coverage are included.

Common Causes Of Loss In North Carolina

Renters in North Carolina often file insurance claims for risks like fire, theft, water damage, floods, and hurricanes. Understanding these risks helps tenants choose the right coverage to protect their belongings and financial security.

Theft

With over 4,000 property crimes reported annually in Wilmington and more than 218,000 incidents statewide, renters insurance can help replace stolen belongings and provide liability coverage if someone is injured during a break-in.

Water Damage

Plumbing leaks, burst pipes, and roof problems can cause costly repairs. Renters insurance covers most internal water damage, but flood-related losses require a separate flood insurance policy.

Fire

Fires can spread quickly in multi-unit buildings, leading to significant damage. Renters insurance helps replace personal property lost in a fire. Given Wilmington’s fire risks, having coverage is a smart investment.

Hurricanes and Storms

Wilmington is prone to hurricanes and severe storms that can cause substantial property damage. Most renters insurance policies cover storm-related damage, so purchasing separate hurricane coverage isn’t necessary.

Flooding

Wilmington’s coastal location makes it vulnerable to flooding. However, renters insurance does not cover flood damage, so a separate flood insurance policy is required for protection.

Other Covered Losses

Some policies also include coverage for vandalism, accidental damage, and certain natural disasters, offering added peace of mind.

By understanding these risks, renters can choose a policy that offers the right protection for their needs.