Durham, NC Home Insurance Quotes!
If your primary focus for shopping online for Durham, NC homeowners insurance is based on affordable rates, then you have come to the right place. At GetHomeInsuranceQuotes.com, we compare the rates for you amongst 12 different carriers that all have competitive premium prices for homeowners living in the city of Durham. It's not uncommon for local residendce to want to discover lower home insurance cost. Our long term experience and fast quoting process allows us to compare premiums and coverages, which allows you to benefit from savings and getting the coverage protection you need for your home. It only takes a few minutes to shop the best rates and prices for your home within or nearby the Durham area.
Average Homeowners Insurance Rates in Durham, NC
Durham homeowners often want to know what other homeowners pay on average per month. This is a common question our insurance agents receives from customers that are looking to easily compare and lower rates. Durham homeowners are paying around $621 per year. The state average is $1,119 per year for a standard policy. Shopping the best companies and offering discounts with a home insurance policy you can depend on and trust is what we enjoy doing for you. We help homeowners in Durham pay around $871.00 per year on average, which is only $73.00 per month for great coverage you can depend on. Smaller homes in Durham may see even lower prices in the $621.00 per year. Larger homes in the 3,000 square foot range will be more on the higher priced insurance coverage due to the replacement cost of more expensive homes. Rates for higher-end homes are around $1,171.00 per year depending on dwelling coverage, zoning and available discounts. Start shopping your home insurance today to get the best rate!
The average homeowners insurance rates reflect the cost of a standard homeowners insurance policy which includes the coverage of your home, your contents, loss of use, medical payments and liability coverage. For homeowners living in Durham, it's important to know that your basic homeowners insurance policy does not protect you from flood damage. You need to purchase a separate policy know as a "flood insurance policy", and best of all our agents can help you determine what's the best fit for your home in terms of protection towards wind, hail and flood zones.
Durham, NC Housing Data
The city of Durham has grown to 228,330 residents in population size with 162,977 homes to be established within the city of Durham. The average house value per zip code in Durham, NC is $224,007. To help you determine your replacement cost for your home, you can review average and upgraded dwelling coverage options by using our homeowners insurance calculator.
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!
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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
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 |
|Average Coverage:||$871 /yr.|
|2600 sq. ft. or higher |
(all discounts applied)
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)|
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
|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
North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 30th November, 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, […]
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, […]
Nationwide Insurance Company Will Not Be Renewing policies for Homeowners in North Carolina Posted on Monday 9th October, 2023
Nationwide insurance company recently informed the North Carolina Department of Insurance (NCDOI) that it will not be renewing homeowner policies for 10,525 homeowners in North Carolina. Over 1,000 of those non-renewals are in the Dare County, NC. The NCDOI claims that more the half of the non-renewals are based on the “hurricane hazard assessment tool,” […]
2023 Home Insurance Rates Are Increasing, Take a Look! Posted on Monday 15th May, 2023
Homeowner insurance rates have been climbing for more than five years, increasing a shocking 19.1 percent since 2018 according to ValuePenguin. This trend will continue in 2023. According to the latest ValuePenguin study, between Jan. 1 and March 17, 2023, homeowner insurance premiums have increased 2.8% across the country. “In 2023, the rising cost of […]
Will my home insurance cover roof replacement? Posted on Saturday 24th December, 2022
The answer to the question “does insurance cover roof replacement,” is not always clear cut. In most cases, it will depend on the reason that your roof needs to be replaced. If your roof has simply reached the end of its life, the cost to replace it will fall to you. On the other hand, […]
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.