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Durham, NC Homeowners Insurance Quotes (2023)
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Written by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.
Updated February 28, 2022
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Durham, NC Homeowners Insurance
Durham is North Carolina ’s fourth-largest city with a population of 282,737. But for a decently small city, there’s great entertainment and arts, restaurants, and easy access to sports games. It’s a city that is hip without being pretentious. Durham was once prominent in the tobacco and textile industries. Nowadays, Durham is strong in technology and medical research. Duke University Health System is the top employer in the area. Durham is a city with distinguished professionals. But it’s said that residents love their famous friendly rivalry with the neighboring city of Chapel Hill. In college sports, Durham residents cheer on the Duke University Blue Devils. And the Chapel Hill residents cheer on the University of North Carolina Tar Heels. Nothing gets too out of hand, though, as it’s all fun and games for Bull City residents.
You’ll love the fun-loving nature of being a Durham resident. But there’s still the responsibility of homeownership. Property damage also happens when you live in a humid subtropical climate. Durham gets several inches of snowfall in the winter and the occasional ice storm with cold temperatures. In the summer, Durham receives abundant precipitation and hot, humid, 80°F to 100°F days. The rapid changes in weather damage homes all around the area. Thankfully, there’s homeowners insurance in Durham, North Carolina.
Insurify lets you compare the best coverage options from the b est home insurance companies in your area. Try out our comparison tool now and see how much you can save!
Cheapest Home Insurance Companies in Durham
For homeowners in Durham, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Durham. The following are the best insurance rates from carriers that offer homeowners insurance in Durham.
| Cheapest Companies | Quotes The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| Encompass | $678 |
| USAA | $801 |
| Travelers | $815 |
| UPC | $1,613 |
| State Farm | $1,981 |
How to Find Cheap Home Insurance in Durham
While there was a boom in population in the Durham area a few years back, Durham ’s market has settled. The city is currently experiencing a buyer’s market, where there’s plenty of inventory for the number of buyers in 2021. The buyer’s market is excellent news if you’re looking for a home or recently bought a house. You’re likely to save more on housing costs if you buy in this type of market.
That doesn’t mean that you’re out of the woods just yet. You still have to protect your significant financial investment and all the risks associated with it. Natural disasters, theft, and vandalism are common, and cleanup is pricey. How are you going to protect your investment?
Homeowners insurance in Durham, North Carolina, is the answer. With home insurance, your property and personal belongings will have financial and personal liability from unwanted events. There are even coverage options available for your home’s property type, location, and other factors. So, how do you get the cheapest home insurance?
Keep reading for a full guide on Durham home insurance.
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Cheapest Home Insurance in Durham by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Durham area costs $1,463 annually, and the median home value is $269,287.
Housing expenses in Durham are 27 percent lower than the national average. Utility costs are 13 percent lower than the national average. And the average Durham home insurance is slightly lower than the national average. Pricing depends on your ZIP code and the insurance company you purchase from. No one insurance company prices the same. That means you’ll find different pricing from the best insurance companies like Allstate, Nationwide, and State Farm. So to save even more, you should be picking out the right insurance company for you at the lowest price available. The best way to do that is to compare and save, using Insurify’s comparison tool. Then, you can get a free homeowners insurance quote and be on your way.
| Average Home Cost in Durham The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. | Average Annual Insurance Premium in Durham The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| $269,287 | $1,463 |
Average Annual Home Insurance Premium in Durham by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Encompass$678
USAA$801
Travelers$815
UPC$1,613
State Farm$1,981
Auto-Owners$2,029
Allstate$2,691
Nationwide$2,961
Erie$3,219
Cheapest ZIP Codes in Durham for Home Insurance
No one pays the same exact price for home insurance. That means you’ll be paying a different rate in Durham than your family members in Raleigh.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Durham can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Durham
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- explosions,
- theft,
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed North Carolina city level guides, check out these below.
Flooding and Home Insurance Costs in Durham
Hurricanes, snow, ice, and flooding, oh my! Being in a subtropical climate, Durham, North Carolina, is prone to all types of weather year-round. When an area has more claims due to weather-related incidents, you can sure bet rates will go up as well. The cost could put a strain on your bank account if you’re not prepared for it. To lower your premium slightly, you could raise your deductible and save that way. However, if you raise your deductible high enough, you could be paying more than you bargained for if you have to file a claim.
Another factor contributing to high home insurance costs in Durham is the probability of a flood. Being in a warmer climate means that winter is shorter, but ice melts. And in a coastal state, the chances of a hurricane are high. And while wind, hail, and lightning damage are covered on the standard policy, water damage is not. If there’s a flood and you don’t have protection on your property, you can expect to pay a lot of your own money for repairs. You can purchase additional coverage with flood insurance through the National Flood Insurance Program provided by the Federal Emergency Management Agency (FEMA). Speak to your insurance agent about pricing and more information.
Finding the Best Home Insurance Quotes
When looking for homeowners insurance in Durham, you don’t have to look too far. Start saving by bundling insurance products. Insurance providers love when you combine multiple insurance products like a home insurance policy with auto insurance and life insurance. As a result, the insurance companies are likely to reward you by giving you a discount or deal on your insurance.
Next, it’s time to compare and save on Durham, North Carolina, homeowners insurance. You can fill out some information about your insurance needs on our website and hit “submit.” You can then get insurance quotes sent to your email in only a few minutes so you can compare and save. It’s really that easy!
How to Find the Cheapest Home Insurance in Durham
Durham, North Carolina, is a great place to live for sports, friendly neighbors, and affordable housing. But when things go awry, you need to have the best homeowners insurance around. Thankfully, you can take care of finding home insurance in Durham in a short amount of time.
Use Insurify’s home insurance comparison tool for your property in Durham.
Frequently Asked Questions
If you are a military member, a family member of military, or a veteran, you could be eligible for USAA homeowners insurance.
The National Flood Insurance Program provides flood insurance as additional insurance. Ask your insurance agent for more information and pricing.
Bundling works by combining car insurance with other insurance products under one insurance agency. You can choose from insurance types like home insurance, life insurance, and more to get a discount. Ask your insurance agent about adding on homeowners insurance in Durham.
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