The Cheapest and Best Renters Insurance in Durham
The Companies With the Cheapest Renters Insurance in Durham
If you are looking for cheap renters insurance in Durham, the most affordable companies are:
- State Farm: $73 per year
- Travelers: $86 per year
In this study, all policies have $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. You can see how rates change by adjusting your personal property limits in the table below.
If you live in other parts of the state, you can also compare renters insurance for North Carolina.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Durham?
Based on MoneyGeek's analysis, the best renters insurance companies in Durham are:
- Best Overall: State Farm
- Runner-up: USAA (only available for current and former military members)
These companies ranked top on MoneyGeek's unique rating system, which incorporates affordability scores, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. The best renters insurance companies also offer unique coverages that other providers don't typically provide.
State Farm offers the best renters insurance in Durham with high rankings for customer satisfaction, affordability and financial stability.
State Farm's renters insurance is consistently one of the most affordable across the country. State Farm also offers unique coverages, including additional coverage for valuables like jewelry. You can also opt for inflation coverage, automatically adjusting your personal property limits over time. With State Farm, you can get earthquake coverage as an add-on to your renters policy.Read MoneyGeek's State Farm renters Insurance Review
USAA is one of the best options if you are looking for the best cheap renters insurance in Durham. It ranks high for customer satisfaction and affordability. However, only renters with a military background qualify for a USAA renters policy.
Unlike most providers, USAA's renters insurance policy provides coverage for flood and earthquake-related damage. USAA also offers replacement cost value policies. In case of loss or damage, the insurer will reimburse you with items of the same quality and value without factoring in depreciation.Read MoneyGeek's USAA renters Insurance Review
The Average Cost of Renters Insurance in Durham for 2023
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The average cost of renters insurance in Durham is $97 per year or $8 per month. This is $62 less than the national average cost of renters insurance, which is $159 per year.
What Factors Impact Renters Insurance Costs in Durham?
Various factors will impact how much you pay for renters insurance in Durham, including:
- Personal property coverage. This is the most significant factor in the cost of renters insurance. A high personal property limit will cost more to cover the value of your personal belongings.
- Location. A high crime rate can make some areas more expensive for renters insurance than others. You may pay slightly higher premiums if you live in an area with high property crime rates like theft and vandalism.
- Deductible. This is the amount you will pay out of pocket when you file a claim. Renters policies with a high deductible cost less in premiums, but you will incur higher out-of-pocket costs when filing a claim. In contrast, policies with a low deductible cost more in premiums.
- ACV vs. RCV. A renters policy can either reimburse you based on the actual cash value of your items (ACV) or based on replacement cost value (RCV). RCV policies cost more because they do not consider depreciation value when reimbursing you for lost or damaged belongings. ACV policies only reimburse the actual cash value of the item and typically cost less.
- Liability coverage amount. The level of liability coverage on your renters policy can slightly impact your premiums. A standard policy costs $100,000 in liability coverage, but you may increase the limit for only a few dollars more per year.
Calculate How Much Renters Insurance You Need
Does My Durham Neighborhood Impact Cost of Renters Insurance?
Your neighborhood is only not a minor factor in determining the average cost of renters insurance in Durham. MoneyGeek's analysis found that where you live will only impact the cost of renters insurance by a couple of dollars per month.
Understanding Renters Insurance in Durham
Perils like fire, water damage or theft can cost you a lot in personal property. Renters insurance is a low-cost but effective way to safeguard your personal property from such risks. MoneyGeek recommends renters insurance for all renters regardless of whether or not the landlord requires it.
What Does Renters Insurance Cover in Durham?
According to the FBI, the property crime rate in Durham was 3,537 per 100,000 people in 2019. This is 87% higher than the national average. This is why you should carry renters insurance for protection against threats to your property like theft and vandalism.
Renters insurance also offers protection in the event of perils like fire or water damage that can occur in any city.
The core coverages included in renters insurance in Durham are:
- Personal property coverage: This will reimburse you if your personal property gets lost or damaged by covered perils like fire, theft, water damage or vandalism.
- Additional living expenses: Some perils may leave your home uninhabitable. Additional living expenses coverage reimburses you for the extra costs you incur from alternative living arrangements.
- Liability insurance: If a third party is injured while on your property, and you are liable for the damages, this coverage protects you.
- Medical payments coverage: If someone suffers bodily injury while in your home, this coverage will pay for the medical expenses incurred, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Durham?
A standard renters insurance policy in Durham has its limitations or exclusions:
- Renters policy coverage is limited to personal belongings in your home, so it does not cover the structure or building of your rental home. The property owner should have a separate policy responsible for the structure or building itself.
- Most standard renters insurance policies do not cover flood damage. However, you can purchase flood coverage as an add-on to your policy or buy incremental insurance through the National Flood Insurance Program (NFIP).
- Standard renters insurance does not include coverage for earthquakes. However, depending on the insurer, you may purchase this coverage as an add-on or as a separate policy.
- Your renters insurance will not cover roommates' possessions, damage to your car or any valuables that exceed your policy limits.
Always read the fine print and terms in your renters policy to understand the exclusions that apply to your coverage.
Frequently Asked Questions About Renters Insurance in Durham
To learn more about renters insurance in Durham, MoneyGeek answered the frequently asked questions below.
Renters Insurance in Durham Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Durham to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 25, 2022.