The Best and Cheapest Renters Insurance in Durham, NC, for 2024: Rankings, Reviews and Rates

bestrenters insuranceDurham

2024

The Cheapest and Best Renters Insurance in Durham

Cheapest renters insurance in Durham - State Farm

Best renters insurance in Durham - State Farm

Most renters insurance companies offer the same core coverages at different rates. It's important to compare quotes when shopping around for the most affordable renters insurance.

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

Personal Property Coverage:

$20,000

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1

State Farm

Score:95

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by MoneyGeek

5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

State Farm offers the best renters insurance in Durham with high rankings for customer satisfaction, affordability and financial stability.

More About State Farm

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.

2

USAA

Score:92

-

COMPARE QUOTES

by MoneyGeek

4.4/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

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.

More About USAA

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.

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.

Various factors will impact how much you pay for renters insurance in Durham, including:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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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.

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.

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.

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.

To learn more about renters insurance in Durham, MoneyGeek answered the frequently asked questions below.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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