Durham, NC Home Insurance Quotes!
Homeowners, make sure your home insurance policy for your home in Durham, NC protects you from financial loss that could occur if your home was damaged. Did you know that homeowners are protected with a standard home insurance policy for fires, hurricane, lightning, wind, theft, vandalism, and even falling objects like tree limbs or power lines. Most home insurance policies provide liability coverage if you were found responsible for someone's injury.
It is important to understand that your standard home insurance policy is not covered for floods, this is a separate policy and can be purchased through your insurance carrier or through the National Flood Insurance Program. If your home is located in a flood zone, you will need to request a flood insurance policy from us. We can help you with this service and once you complete a Durham, NC home insurance quotes request online, our system will know if your home is in a flood zone. We look forward to help you!
For more information about your Durham home insurance protection, please review some of the most recent home insurance questions from our customers. For an online homeowners insurance quote, simply enter your zip code for the property that you would like to insure in North Carolina.
Durham, NC Housing Demographics
Did you know that the city of Durham has over 228,330 residents? There are 93441 occupied homes within the city of Durham. The average family household in Durham is 52409.
- Durham City Population: 228,330
- Total Occupied Homes in Durham: 93441
- Family Households (families): 52409
- Average Home Size: 2.41
- Average Family Size: 3.04
- Total Housing Units: 103221
Durham, NC Homeowners Insurance Quotes
On average, homeowners within the Durham limits are paying around $871 per year for a standard HO-3 policy which is basic coverage for a single-family home. Rates in this Durham can be as low as $621 per year for homes in the 1,500 square footage size. We can help you save more money on your policy when we apply home insurance discounts and possibly a home and auto insurance package. Larger homes in this area pay around $1,171 per year due to the replacement cost coverage being higher because the home is bigger in square footage size around 2,300 square feet or more. Don't worry! We can help you shop the best rates and coverage options and work with you to show you which policy is best for your Durham home.
The national average premium for homeowners in the United States is $1311. This usually helps when you want to compare your current annual premium payment against a local Durham policy or an overall countrywide average premium. These average homeowners insurance rates reflect the cost of a standard home insurance policy which includes the coverage of your home, your contents, loss of use, medical payments and homeowner liability coverage.
Save time by taking advantage of our quoting and shopping service and let our licensed agent in North Carolina compare multiple coverage options for you. With our easy online shopping process, you can get quotes from up to 12 different home insurance companies. Local Durham agents advise shopping your policy twice a year so you can keep your coverage options aligned with your needs and recent upgrades. It's important to keep your homeowners insurance coverage up to date if you make any additional home improvements to your Durham home.
Compare Homeowners Insurance Rates in Durham, NC!
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Durham, NC Insurance Carriers
With over 20 years of North Carolina home insurance coverage and quoting experience, we enjoy helping customer find the best rate and coverage options for your home in Durham, NC. Our new carrier platform includes quick rates from the very best insurance companies, like Liberty Mutual, Safeco Insurance, Tower Hill, ShoreOne, Kind Group Underwriting, AIG, Chubb, Travelers, National General, Heritage Insurance and the North Carolina Joint Underwriting Association (NCJUA) for wind and hail insurance policies. Getting the best insurance rates with the right insurance company is key to protecing your most valuable investment, your Durham home. Let us help you shop the best North Carolina home insurance rates and coverages today!
Average Rates Nearby Durham
Are you looking for homeowners insurance in a city near Durham? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
Home Insurance Rates by Zipcode in Durham, NC
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Durham.
Durham, NC Home Insurance Average Premiums
$621 /yr.
For the city of Durham, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $621 /yr. |
| Average Coverage: | $871 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1171 /yr. |
What is the average home insurance cost for a home in Durham, NC?
- • The average homeowners insurance premium paid annually for a home in Durham is around $871 per year.
What does it cost on average per month for home insurance in Durham, NC?
- • Homeowners in Durham pay an average cost per month around $73.00 for insurance coverage.
Durham, NC - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $388,722 | $357,422 |
| February | $386,176 | $365,715 |
| March | $385,201 | $375,265 |
| April | $385,348 | $384,587 |
Homeowners insurance will help cover the cost to repair or replace your Durham home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Durham
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Durham, NC homeowners insurance rates all in one place! |
Saving Money Tips on Durham Home Insurance
A great way to save money on Durham homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Durham area? Check out what homeowners are paying on average for North Carolina homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 390 ft. | This is the average home elevation in Durham, NC | Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local North Carolina flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954. |
To get online quotes on your home and compare rates on home insurance premiums in Durham, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Durham County.
North Carolina Homeowners Insurance News & Information
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North Carolina Coastal Home Insurance Rates Posted on Friday 29th March, 2024
North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]
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NC Residents Speak Against 42% Rate Increase Requested by Rate Bureau Posted on Tuesday 13th February, 2024
During a recent public comment session held by the North Carolina Department of Insurance, dozens of North Carolina residents spoke out against an average rate increase of 42% that the North Carolina Rate Bureau is requesting. The Rate Bureau represents insurance companies in the state and earlier this year requested average rate increases of 42%. […]
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North Carolina: 2024 Homeowners Insurance Rate Increase Proposed Posted on Friday 19th January, 2024
Recently, the North Carolina Rate Bureau requested that the N.C. Department of Insurance allow increases to homeowners’ insurance rates by an average of 42.2 percent. If the NCDOI agrees, the proposed rates will go into effect Aug. 1. However, it is also possible that the NCDOI will not agree to the increase and deny the […]
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North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 28th December, 2023
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
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2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
Durham, NC Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Durham so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Durham, NC?
- The average square footage in Durham is around 1,659 Sq. Ft. which would cost you around $224,007 to replace the home if you base the home on the price to build per square foot of $135.
Minimum Replacement Cost Total: $224,007
Location: Durham, North Carolina (Durham County)
Average Building Cost Per Square Foot in Durham: $135 (low end)
Average Square Footage in Durham: 1,659 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $135 | $224,007 |
| Some Additional Upgrades | $169 | $280,009 |
| Major Home Updates or Advancements | $203 | $336,011 |
The dwelling coverage is calculated by the average cost per square foot ($135) in Durham, North Carolina times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $421,875 (Media price to build of $169 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.