The Cheapest and Best Homeowners Insurance in Durham
The Cheapest Home Insurance Companies in Durham
When comparing Durham home insurance companies, you'll see that the basic coverages they provide are similar. Aside from affordability, this is one reason to prioritize cost while looking for a home insurance policy.
For a policy covering $250,000 in basic dwelling coverage, the following are the cheapest companies, on average, for Durham homeowners:
- Universal North America: $942 per year
- Travelers: $959 per year
Going by the average rates, the following are the cheapest homeowners insurance companies in Durham for luxury homes needing a dwelling coverage of $2 million:
- Universal North America: $5,203 per year
- Heritage: $5,647 per year
The cost of your home insurance policy is determined by the level of coverage you choose. The table below shows how home insurance premiums in Durham vary for different dwelling coverages.
The Cheapest Home Insurance in Durham, Ranked
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MoneyGeek's sample home insurance plans include $250,000 in base dwelling coverage and $100,000 in personal property limits. Personal property limits increase to $800,000 for a $2,000,000 coverage. Each policy's liability coverage remains at $100,000. You can find home insurance plans and rates in North Carolina from various insurance companies, even if you live in a different part of the state.
The Average Cost of Homeowners Insurance in Durham for 2022
The average yearly homeowner’s insurance rate is around $1,524 per year or $127 per month in Durham. This is more than North Carolina's average annual homeowner’s insurance premium of $1,498 and significantly less than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Durham
Factors like the location of your home in Durham, your credit score, the level of dwelling coverage and the amount of personal property coverage you purchase affect the cost of your homeowner’s insurance policy. You can use the MoneyGeek home insurance calculator to compare rates from the various state insurers.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Durham
While looking for a homeowners insurance policy, the cost is an important factor. But you also need to weigh the customer service experience and financial stability of the companies you're comparing. Because you are more likely to file a claim during a time of crisis, a financially strong insurer will be able to cover a legitimate claim fairly and quickly.
For those looking for the best homeowners insurance in Durham, the following two companies are the top-rated options:
- Best Overall: Travelers
- Runner-up: Auto-Owners Insurance Co
MoneyGeek evaluated customer satisfaction, affordability and financial stability ratings of the companies to rank the best.
The company provides additional coverage for restoring your property with eco-friendly materials. This is an ideal add-on coverage for eco-conscious homeowners. The company also offers additional replacement costs to restore your home to its original state, even if it's higher than your dwelling coverage.
Travelers, our top pick, ranked well in affordability and has a total rating of 92.8 out of 100 points. The company’s identity fraud expense coverage covers up to $25,000 in identity restoration charges.Read MoneyGeek's Travelers home Insurance Review
Auto-Owners policyholders can protect their home equipment against electrical and mechanical failures using its add-on equipment breakdown coverage, which most insurers do not offer. The company also provides up to $15,000 to cover the cost of restoring your financial identity.
Auto-Owners Insurance Co is the second-best choice for Durham homeowners. With Auto-Owners mortgage-free discount, you can enjoy lower rates if you own your home entirely.Read MoneyGeek's Auto-Owners Insurance home Insurance Review
Cheapest Home Insurance Companies in Durham for Newly Constructed Homes
The cost of insuring newer homes in Durham will be much less than what it takes to insure the older ones. In addition, since new houses are constructed with modern materials, they remain highly resistant to damage. This reduces the probability of new homeowners filing a claim. Insurers also find it easier to replace new building materials and offer lower insurance rates for owners with newly constructed homes.
The average annual cost for insurance of a newly built home in Durham is around $1,190, compared to $1,524 per year for a house constructed in 2000.
On average, Durham's two cheapest insurance companies offering a dwelling coverage policy of $250,000 for newly-built homes are:
- Universal North America: $736 per year
- Travelers: $763 per year
The Cheapest Home Insurance in Durham for New Homes, Ranked
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Cheapest Home Insurance Companies in Durham if You Have a Lot of Personal Property
Besides your home structure, your homeowner’s insurance covers your personal property, as well. The more personal property you insure, the higher your insurance premiums will be.
In Durham, a standard home insurance policy with personal property limits of $250,000 costs about $1,742 per year, while a policy offering a personal property coverage of $100,000 costs about $1,524 per year.
The two cheapest home insurance providers in Durham, on average, for those needing a $250,000 dwelling coverage and high personal property limits are:
- Universal North America: $1,077 per year
- Heritage: $1,143 per year
Cheap Companies in Durham for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Durham for High Deductibles
Every homeowner’s insurance policy has a deductible, which is the amount you must pay out of pocket if you file a claim. The insurer pays you the claim amount after deducting the deductible amount. Therefore, your insurance rates will be cheaper if you choose a higher deductible and vice versa.
A home insurance policy with a $2,000 deductible costs about $1,273 a year in Durham, while a policy with a $1,000 deductible costs around $1,524 yearly. This is a difference of $251.
On average, the following two companies offer the cheapest homeowners insurance in Durham for homes with a $2,000 deductible:
- Universal North America: $787 per year
- Travelers: $801 per year
The Cheapest Companies in Durham for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Durham if You Have Poor Credit
Your credit score may also affect your insurance premiums in Durham and insurance companies may need your credit score to give you a more accurate home insurance quote. Someone with bad credit is much more likely to file a claim, so insurance companies quote higher insurance premiums for Durham residents with poor credit scores.
A standard house insurance policy in Durham will cost an average of $2,619 each year for people with poor credit scores. And if you have a good credit score, you will pay roughly $1,524 per year for comparable insurance coverage, saving $1,095 per year.
If you have a low credit score and are looking for homeowners insurance, the following two providers are the cheapest in Durham:
- Heritage: $1,000 per year
- Travelers: $1,250 per year
The Cheapest Companies in Durham for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Durham
While looking for insurance quotes online, insurers may ask you to provide a lot of information, including the following:
- Home replacement cost: The cost involved in restoring your home to its original condition due to damage caused by a covered risk. The replacement cost of your home also assesses the dwelling coverage of your home insurance. A construction specialist, appraiser or building contractor can estimate this cost.
- Personal property value: Your home insurance policy's personal property coverage is calculated using the estimated value of the personal property you want to protect.
- Personal information: To receive a more accurate quote online, you must submit personal information, such as your home address, insurance claim history, credit score and the number of people living in your home.
- Details about your home: This section contains extra information on your property, such as its age, size and any built-in security systems.
Homeowners Insurance in Durham Analysis: Methodology
MoneyGeek performed this analysis on ten insurance companies in Durham using Quadrant data. We considered various levels of coverage for the sample home to calculate the affordability ratings. We also used J.D. Power surveys to assess each company's level of customer satisfaction.
This study's baseline profile is an average homeowner with a 2,500 square-foot house built in 2000. The insurance covers the home for $250,000, personal property for $100,000 and liabilities for $100,000. Regardless, each of the plans under consideration has a $1,000 deductible.
The study also looked at homeowner profiles that included newly built homes, increased dwelling or personal property coverage, higher deductibles and low credit scores.
About Mark Fitzpatrick