How much is renters insurance in Durham, NC

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In Durham, renters insurance costs an average of $312 per year for $40,000 in personal property coverage, $300,000 in liability coverage, and a $1,000 deductible, which is $54 less than the statewide average of $366.

It can be higher or lower depending on the coverage limit you choose and the amount of liability the policy provides. If you rent, you should consider buying renters insurance because it protects your personal belongings from damage caused by covered perils such as fire or smoke damage, theft, vandalism and other mishaps.

Looking for affordable renters insurance in Durham? We’ve compared the top companies to help you find the cheapest options.

Key Takeaways

Renters insurance in Durham costs an average of $312 per year or $26 monthly.
North Carolina Farm Bureau offers the cheapest renters in Durham, with a monthly premium of $11.
Renters can save more on insurance by taking advantage of discounts, including those for having a security system or bundling policies.

What is the average cost of renters insurance per month in Durham?

On average, renters insurance costs in Durham are $26 per month. It’s $5 less than the state average of $31. Renters in Durham pay these rates for a coverage limit of $40,000 in personal property coverage, $1,000 deductible, and $300,000 in liability protection coverage.

Renters insurance rates can vary by city based on your insurer and the amount of coverage you choose. In Durham, for example, renters pay around $14 per month for $20,000 in personal property coverage with a $1,000 deductible. If you increase your coverage to $40,000, the monthly premium goes up by $12.

If you own high-value items like jewelry, electronics, or designer furniture, it’s a good idea to consider higher coverage limits to make sure you’re fully protected.

How much is renters insurance in Durham by deductible?

The average cost of renters insurance in Durham is $201 annually for a $500 deductible and $20,000 in personal property coverage

Your deductible is the amount you must pay out of pocket before your insurance kicks in. If you raise your deductible, your premiums will decrease. For example, if you maintain $20,000 in personal property coverage but increase your deductible from $500 to $1,000, you’ll save $30 annually on your insurance.

Below, you’ll find average renters insurance premiums for different personal property coverage and deductible amounts.

Deductible	$20,000 personal property	$40,000 personal property	$60,000 personal property
$500	$201	$352	$482
$1,000	$171	$312	$426

Note: Liability coverage is set at $100,000.

Who offers affordable renters insurance in Durham?

North Carolina Farm Bureau provides the cheapest rates in Durham, with an annual premium of $136 or $11 per month. State Farm is the second-cheapest company, followed by Allstate.

Below is a list of the cheapest renters insurance companies and their average annual and monthly rates.

Renter insurance provider	Average annual rate	Average per month rate
North Carolina Farm Bureau	$136	$11
State Farm	$203	$17
Allstate	$285	$24
Auto-Owners	$287	$24
Erie Insurance	$347	$29
Nationwide	$418	$35
Metropolitan	$564	$47
USAA	$153	$13

How to lower the cost of renters insurance

Follow these tips to reduce the cost of your renters insurance in Durham:

Bundle policies. If you have other insurance policies, such as car insurance, consider bundling them with the same company. Many insurers in Durham provide discounts for bundled policies.

Increase your deductible. A higher deductible can lower your premium in Durham, but make sure you’re comfortable with the potential out-of-pocket costs if you file a claim.

Choose the right coverage amount. Review your renters insurance policy regularly to ensure you aren’t paying for unnecessary coverage, such as excess personal property coverage if you don’t own many valuables.

Avoid filing too many claims. Filing frequent small claims can increase your rates. It might be worth paying for minor damages out-of-pocket instead of using your insurance.
Compare quotes. Don’t accept the first quote you get. Shop around and compare renters insurance rates from different insurers in Durham to find the best deal.

Renters in Durham should purchase renters insurance to protect their belongings and financial health. The cost of coverage varies based on your location, coverage limits and individual circumstances. To find the best deal, evaluate your coverage needs, compare quotes from different providers and take advantage of any available discounts.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for renters insurance rates in Durham in 2023 for $40,000 personal property coverage, $300,000 liability coverage, and a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

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.