Delaware’s coastal position — which makes it vulnerable to strong storms that can cause widespread damage — illustrates the need for a solid homeowners insurance policy. According to Bankrate’s research, Allstate, Nationwide, State Farm and Travelers are among the best home insurance companies in the First State. Thankfully, the average cost of home insurance in Delaware is just $680 per year, or about $57 per month, for $250,000 in dwelling coverage, according to Bankrate’s 2021 study of annual quoted premiums. However, just because a home insurance policy is cheap does not mean it fits your other needs.
When shopping for the best homeowners insurance in Delaware, knowing how to review companies and what aspects of each carrier to analyze can be helpful. Bankrate’s team of insurance experts researched the largest Delaware homeowners insurance companies by market share to help you find the right company and coverage for you.
Best home insurance companies in Delaware
To help you find the best Delaware home insurance, our editorial team first reviewed average premiums obtained from Quadrant Information Services. We also took coverage offerings, discounts, policy features and J.D. Power customer satisfaction scores into consideration. These factors, when considered together, could help you identify a company’s strengths and weaknesses and how well that company fits your needs.
If you are in the market for Delaware homeowners insurance, you might want to get quotes from the following companies.
|Home insurance company||Average annual premium for $250K in dwelling coverage||J.D. Power score|
Allstate’s easy-to-use services and online tools make it a solid choice for Delaware’s first-time homeowners. This provider’s standard policies come with protections for your dwelling, other structures, personal property, liability, guest medical and additional living expenses. Allstate’s policies also come with valuable optional features, including options for electronic data recovery and business property. Although Allstate’s average rates are a bit higher than the state’s average, there are also plenty of discounts that might lower your price. Allstate does have a higher-than-average complaint index score from the National Association of Insurance Commissioners (NAIC) though, which means that more complaints are filen than the national baseline of 1.0.
Learn more: Allstate Insurance review
If you live in Delaware, homeowners insurance is an important purchase, but that does not mean you need to break the bank. Nationwide might be a good option if you are looking for solid coverage options at the lowest possible price. The company offers a good array of additional coverage types to tailor your policy to your needs, including the unique Better Roof Replacement option, which pays to repair or replace your roof with stronger, safer materials following a covered loss. And the company’s low average premium may be due in part to its generous discounts, including savings for living in a gated community and having a renovated home.
Learn more: Nationwide Insurance review
State Farm is popular among Delaware homeowners for its customer service and affordable rates. The company sells its insurance through local agents and the provider’s website is full of helpful tools, such as its Simple Insights page, which gives tips on several different topics, from insurance to banking. However, State Farm does have a below-industry-average J.D. Power claims satisfaction score, which could indicate that customers face issues with their claims processes.
Learn more: State Farm Insurance review
Travelers’ average premium may be the highest on our list, but the company might still be a good option if you are looking for coverage with multiple options to personalize it to your needs. Travelers offers a long list of optional coverage, including green home coverage, water backup, contents replacement cost and identity theft coverage. There are also plenty of ways to save, including buying multiple policies and remaining claims-free. And if you have an Alexa device, Travelers has a Home Central skill that might help you manage your insurance needs.
Learn more: Travelers Insurance review
How much is homeowners insurance in Delaware?
Delaware home insurance costs, on average, $680 per year for $250,000 in dwelling coverage. Compared to the national average of $1,312 per year, Delaware homeowners can expect to pay far less for home insurance. When compared to surrounding states like New Jersey and Maryland, Delaware wins in affordability. Homeowners in New Jersey and Maryland can expect to pay around $751 and $1,124 per year, respectively.
The lower crime rates in some areas and less exposure to natural disasters like hurricanes, tornadoes and thunderstorms may, in part, be the reason for Delaware’s less expensive home insurance costs.
Home insurance in Delaware
Each state is different when it comes to what could impact your home, so considering state-specific factors is an important step in the insurance process. Delaware is known for significant flooding and heavy rainfalls throughout the year, which can lead to property damage.
Common causes of loss in Delaware
Understanding what could damage your home is an important part of determining what insurance options to purchase and how much coverage you may need. Some common causes of loss in the state include:
- Flood damage: Delaware sustained damage in three of the 10 most significant flood events between 2005 and 2016. Homes along the beachside are particularly prone to rising water. Each county in Delaware is at a higher-than-average risk for flooding.
- Water damage: Aside from damage caused by floods, water damage can happen for a number of reasons. Hurricanes, heavy rain, water backup and burse pipes can all damage Delaware homes. Being prepared for water damage is an important consideration in coastal states like Delaware.
- Wind damage: Wind damage can happen all year in Delaware. Summer winds from storms can be high, and Delaware also faces cold and windy winters. Wind can cause damage to your home’s roof and windows, which can then lead to interior damage.
Once you know what threats commonly damage Delaware homes, you may feel more confident in choosing coverage to protect your finances from repair or rebuilding costs.
Home insurance coverage options 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 additional coverage types:
- Flood insurance: Because flooding is common throughout Delaware, you might consider buying flood insurance. Flood damage is not covered by your homeowners insurance policy and typically requires a separate policy, 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.
- Water backup coverage: This coverage is optional and can be purchased as an add-on to your policy. Many companies offer water backup coverage. This endorsement covers damage to your home and personal belongings that may arise from drain or sewer line back-ups.
- Identity theft coverage: Identity theft is becoming more common as more 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
What is the best homeowners insurance in Delaware?
The best homeowners insurance in Delaware depends on your individual needs. To find the best match, make sure to identify what you are looking for in a company and get a few different quotes from providers to compare. And remember, the cheapest coverage may not automatically be the best coverage for your needs. Most experts agree that you should review more than just average premiums when considering your insurance policy.
How do I get homeowners insurance in Delaware?
You can get a quote online, by phone or in an agency, depending on the company you are looking at. You will need your address, date of birth and possibly your Social Security number, as well as some information about your home like the year built, roof age and information about any custom finishes or features. Once you have decided to proceed with a quote, you might have to sign an application and make a payment, unless your policy is billed to your mortgage’s escrow account.
What factors impact my home insurance rate?
Your insurance premium is calculated using several rating factors. These include the age of your home, the age and condition of your roof, the amount of coverage you need, which coverage options you purchase, your credit rating and your claims history. Every insurance company has its own rating algorithm that will weigh these factors differently, which is why premiums vary between companies, even for the same coverage.
Does homeowners insurance cover dogs?
It depends. Home insurance does not cover your dog’s medical expenses — you would need pet insurance for that. However, your homeowners policy might cover liability arising from your dog biting or otherwise harming someone or damaging someone else’s property. Certain dog breeds may be automatically excluded, so you should always talk to your agent if you have a dog.
Where can I find out more about homeowners insurance in Delaware?
Anyone interested in learning more about home insurance might find it useful to check out the Delaware Department of Insurance’s guide to home insurance. Talking with a local agent might also be helpful. Local agents are likely more familiar with the needs of Delaware homeowners and can help you understand the nuances of home insurance in your state.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.