How much is homeowners insurance in Durham, NC

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As per Insure.com’s rate data analysis, the average cost of homeowners insurance in Durham is $2,479 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), It’s $25 less than the national average of $2,504.

Homeowners insurance rates differ significantly from one home to another. Home insurance rates in Durham depend on several factors, including:

• Size of your home
• Age of your home
• Amount of coverage you need
• Location
• Your credit score

State Farm is the cheapest homeowners insurance company in Durham with an average annual premium of $872 per year.

This guide covers everything from available coverage options to companies with the cheapest homeowners insurance rates in Durham. Keep reading to learn about the monthly cost of homeowners insurance in Durham, the cost for different dwelling coverage levels, and discover which companies provide the most affordable home insurance in Durham.

How much is homeowners insurance in Durham per month

According to Insure.com’s rate analysis, residents of Durham pay an average of $207 per month for homeowners insurance. This is $37 less than the state average of $244 and $2 less than the national average for home insurance across the United States. The cost of your homeowners insurance policy in Durham can vary depending on your location, property value, and selected coverage options.

How much is homeowners insurance for a $200,000 house in Durham

In Durham, NC, homeowners pay an average of $1,619 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. It is important to understand that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, it is advisable to purchase flood insurance.

How much is homeowners insurance for a $300,000 house in Durham

As per rate analysis by Insure.com, homeowners residing in Durham typically pay an average of $2,479 annually to insure a home for coverage limits of $300,000 dwelling, $100,000 liability protection with a $1,000 deductible.

Your home insurance rates will be increased by $860 if you increase your dwelling coverage from $200,000 to $300,000. It is advisable to buy enough insurance sufficient insurance to cover the entire cost of rebuilding your home. However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Durham by company

Among the carriers analyzed, State Farm is the cheapest homeowners insurance company in Durham. It’s average annual rate for Durham homeowners is $872, while North Carolina Farm Bureau ranks second.

Before choosing a homeowners insurance policy, it is important to do some research on the company. Our experts have analyzed all the insurance companies across Durham and prepared a list of the cheapest home insurance providers. You can find below the Durham home insurance companies and their average annual premium.

Common natural disasters in North Carolina that may affect home insurance

Living in North Carolina comes with the threat of natural disasters, which can cause significant damage to homes and property, often resulting in insurance claims. Understanding which natural disasters are most prevalent in your area is key to choosing the right home insurance policy.

Ice storm and Winter weather are some of the most common natural disasters in North Carolina that could impact your home insurance rates.

How home insurance protects you against natural disasters

Home insurance helps protect your property and belongings from the financial impact of natural disasters. While standard policies generally cover damages from windstorms, hail and lightning, additional coverage is required for disasters like floods, earthquakes and wildfires.

These types of damage are usually not covered by homeowners insurance, so homeowners need to buy separate flood or earthquake insurance to ensure complete protection.

Home insurance can help pay for structural damage repairs, replace lost or damaged items, and provide funds for temporary housing if your home becomes uninhabitable. This coverage provides financial relief, making it easier for homeowners to recover quickly from the effects of natural disasters.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Durham for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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