Best homeowners insurance in Delaware for 2023

Compare the best homeowners insurance companies in Delaware

Our insurance editorial team used multiple factors to determine the four best Delaware homeowners insurance companies outlined below. Data gathered from Quadrant Information Services was used to determine the average annual rate for all major carriers working in the state. The average rate for Delaware homeowners insurance is $679, or roughly $57 a month. 

Financial strength is indicated by AM Best ratings, while customer service quality is reflected by each company's score per J.D. Power's 2022 Home Insurance Study. We also looked at the breadth of optional coverages and discounts, plus how easy the websites and mobile apps are to use. All things considered, we awarded each carrier a Bankrate Score from 0.0 to 5.0, with 5.0 being the best. Top performers include Allstate, Travelers, State Farm and Nationwide.

*Premiums for $250K in dwelling coverage

The top 4 home insurance companies in Delaware

How Bankrate chose the best home insurance companies in Delaware

Bankrate's experienced insurance editorial team delved deeply into the world of Delaware homeowners insurance to help you find the best policy for your property. Our research is reflected by our Bankrate Scores, which are based on multiple factors from average rates to the number of available discounts. A high Bankrate Score indicates that a company excels across the board and is worth taking a close look at when choosing an insurance provider.

How much is home insurance in Delaware?

Delaware home insurance costs, on average, $679 per year for $250,000 in dwelling coverage. Compared to the national average of $1,428 per year, Delaware homeowners can expect to pay far less for home insurance. When compared to surrounding states like New Jersey and Maryland, Delaware typically wins in terms of affordability. Homeowners in New Jersey and Maryland pay on average around $775 and $1,164 per year, respectively.

Lower average crime rates and less property to insure may contribute to Delaware’s less expensive home insurance costs.

How to find the best cheap home insurance in Delaware

Although Delaware's average rates for homeowners insurance are low compared to other coastal states, no one wants to pay more than they have to for robust insurance coverage. Fortunately, you can take several steps to save money on your policy. 

Here’s how to secure the best possible coverage for your property at the lowest possible rate:

• Shop around: Don't make a decision after you receive your first quote; compare rates for the same coverage from several insurers instead. Otherwise, you may end up unknowingly paying too much. 
• Bundling: Most insurers will give you a break on your premium if you purchase more than one policy from them, such as homeowners and auto insurance. But you could earn a discount by bundling other insurance products, too.
• Work on your credit score: A high credit score demonstrates the ability to pay your bills on time and in full. So if you have good credit, your insurer may reward you with a lower rate. The opposite is also true. You may end up paying more if your credit isn’t great.
• Choose a higher deductible: If you can afford a higher deductible — such as $1,000 rather than $500 — you may land a lower rate. That’s because your insurer would pay less in the event of a claim. However, it’s extremely important to make sure you have enough savings on hand to cover your deductible should you need it.

Common home insurance discounts in Delaware

In addition to the strategies we mentioned above, discounts are also a great way to save money on your policy. Most insurers offer at least a few, and many of them are easy to earn. Here are a few that you may be eligible for in Delaware.

Types of home insurance in Delaware

Home insurance typically includes several standard coverage types, including coverage for your dwelling, personal property and liability. However, standard home insurance only covers certain perils, meaning that some damage-causing situations may not be covered automatically. If you live in Delaware, consider adding these optional coverage types:

• Flood insurance: Because flooding is common throughout Delaware, you might consider buying flood insurance. Flood damage is not covered by most standard homeowners insurance policies, although a few companies offer flood coverage as an endorsement. If you live in a flood zone and have a mortgage, you may be required to buy flood insurance. Flood insurance is typically available through the federally-backed National Flood Insurance Program or private flood insurers.
• Water backup coverage: This coverage is optional and can be purchased from many companies as an add-on to your policy. It covers damage to your home and personal belongings that may arise from drain or sewer line backups. Water backup coverage is particularly important for homes with basements.
• Identity theft insurance: Identity theft is becoming more common as an increasing amount of information is stored digitally. This optional coverage can help pay for the costs of restoring your stolen identity.

Homeowners in Delaware have distinct insurance considerations. Working with an agent familiar with the conditions in the state might be helpful.

Frequently asked questions