Durham is home to more 321,000 residents , making it one of the most populous cities in North Carolina. The current average homeownership rate is 65.8%, but 54% of the residents own a home. The majority of those who own a home will purchase insurance to protect their home. Rates for homeowners insurance in Durham are lower than the national average at $1,217 per annum for $250,000 worth of coverage. The national average homeowners insurance premium is $1,312 annually.
Bankrate’s editorial staff reviewed several insurance companies to find the most affordable Durham home insurance. To determine the best Durham homeowners insurance companies, we compared premiums, customer satisfaction, coverage options, and discounts.
Durham’s best home insurance company
Bankrate obtained the most current quote premium information from Quadrant Information Services to determine which Durham home insurance companies are the best. Then, we analyzed each company on the basis of its average premium, coverage options, discounts, and J.D. Score overall customer satisfaction. Our research has revealed that the following five companies are the best affordable home insurance providers in Durham:
Kemper is not a household name but it has more 30,000 agents, and over 6.2 Million policies. J.D. did not rate the company. The 2020 U.S. Home Insurance Study found that Kemper had the lowest average premium.
Kemper offers three levels of home insurance coverage: Home Basics, Home Enhanced, and Home Prime. Although the Essentials plan is basic, it offers options to increase your coverage such as personal property replacement cost or water backup coverage. Prime and Enhanced plans expand on the Essentials plan by adding coverages that are automatically included and increasing the coverage limits.
You can tailor your policy with Travelers by choosing from a variety of coverage options. Travelers provides the standard home coverage. This includes dwelling coverage, personal property protection, loss-of-use coverage and personal liability coverage. Travelers offers a wide range of optional coverages. You can also add green home coverage, protection for jewelry and valuables, personal property replacement cost insurance, and water backup coverage.
While Travelers’ average premium may be lower than Durham’s, there are discounts available that could help you save more. Multi-policy savings, home buyer discounts, discounts for those who have bought a home in the past 12 months, and discounts on protective devices.
You may be eligible for a quote from USAA if you are an active military member, veteran, or a family member of a serviceman. Despite not being eligible for ranking because of its eligibility requirements USAA consistently earns high marks from J.D. Power
The average premium for USAA is higher than that in Durham. However, the company offers discounts that could help lower your premium. Access to military-specific coverages like uniform coverage is also available.
All over the country
Nationwide provides standard home coverage, but there are some additional endorsements that might be worth looking into. If your roof is damaged by a covered loss, the Better Roof Replacement option will replace it with stronger materials.
J.D. did not give Nationwide a score below the industry average. Power awarded Nationwide a lower than average complaint index score by the National Association of Insurance Commissioners. The NAIC’s average complaint index score of 1.00 indicates that it receives a lot of complaints about a company. The score for Nationwide’s Home Insurance product is 0.85. This means that the NAIC receives less complaints than average.
MetLife was recently acquired by the Farmers Insurance Group and offers homeowners robust policy options. You can customize your policy by adding optional coverages. Additionally, you can access a number of discounts. MetLife could save you money by offering discounts such as bundles with your auto insurance or allowing you to avoid making any claims.
MetLife has an above-industry-average rating for overall customer satisfaction from J.D. Power. Power.
Options for Durham home insurance
Although home insurance is not mandatory in North Carolina, it can help protect your biggest investment. If your home is damaged by an insured event, homeowners insurance policies can pay for the repair or reconstruction of your property. It also provides financial protection for your personal belongings. A home insurance policy’s liability section may cover medical expenses and legal fees for injuries sustained or property damage. Durham residents might also be interested in the following coverage options:
- Water backup: This option provides additional coverage in the event that your home is damaged due to water backing up in a drain or sewer line.
- Jewellery and valuables coverage: You may want to purchase additional protection for any items that are high-value, such as jewelry or antiques.
- Cost of replacement for contents: This option replaces items damaged by covered events based on their actual replacement cost. You don’t lose money because depreciation.
While homeowners insurance isn’t required by law in Durham, it will be necessary if you have a mortgage on your home or another type of loan.
Durham Home Insurance Discounts
While homeowners insurance in Durham is typically less expensive than in the rest of the country, you can still save money by taking advantage as many discounts as you can. These are some ways Durham residents can save money:
- Bundling policies: You could get lower premiums if you have both your auto and home insurance policies from the same company.
- You may qualify for additional savings by installing safety equipment, such as smoke detectors, fire alarms and fire extinguishers, in your home.
- You may be eligible for a discount on your home insurance if you have a new roof. You may be able to save money by upgrading your roof, such as wind and hail resistance.
- Increase your deductible. Your deductible is how much you will have to pay out of pocket in the event that you need to file a claim. The deductible you choose will affect your premium. If you have to file a claim, you should pick a level you can afford.
Comparing quotes from many insurance carriers can help you find the coverage that you need at a cheaper price.
Questions frequently asked
Which is the best company for home insurance?
It all depends on your priorities when searching for the best Durham home insurance company. Look for companies that offer excellent customer service, competitive rates, wide coverage options, digital tools, and discounts. You may need to compare quotes from multiple companies when you are looking for insurance.
What is the cost of Durham home insurance?
The average cost for homeowners insurance in Durham at $250,000 is $1,217 annually. This is lower than the $1,312 annual national average. Your unique rating factors will affect how much you pay for your premium. This includes your zip code, age of your home and credit history.