Best homeowners insurance in Delaware 2021

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Located along the Atlantic Ocean, Delaware is a tiny state of coastal towns and bustling businesses. Homeowners in Delaware can generally expect to pay $589 annually for a $250k dwelling coverage. Delaware is also home to the historic Delaware River, meaning property owners in the region must take flood dangers into account when searching for home insurance. In 2019, Delaware had $1,197,700 of flood insurance in force.

Hurricanes are also common in the Mid-Atlantic region, so homeowners will need to pay close attention to what perils are covered on their policy.

Residents in the area have quite a few home insurance options. We weeded through the competition to find the best Delaware home insurance companies to fit the needs of most homeowners in the market for a new policy.

Best home insurance companies in Delaware

Home insurance is not one-size-fits-all. Different homeowners will have different insurance needs. Keeping this in mind, we focused on reliable customer satisfaction and valuable discounts that help homeowners located in Delaware.

Home Insurance Company Average Annual Premium for $250K Liability J.D. Power Score
Nationwide $380 808/1000
State Farm $618 829/1000
Travelers $1,024 803/1000
Allstate $661 829/1000

Nationwide

This provider is a good option for Delaware residents due to the valuable discounts and coverages offered to homeowners in the state. Nationwide offers discounts for protective devices, new home purchases, gated communities, prior insurance and bundling policies.

State Farm

This provider is popular among Delaware homeowners for its customer service and affordable rates. State Farm’s standard policies include freezing pipes, sewer backup and snow damage, which are important to protect against water damage in Delaware. State Farm also has local agents in the region, 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.

Travelers

Travelers does not offer as low of premiums compared to some other insurance providers, but the company ranks highly in its financial strength and has A++ rating from AM Best. Policyholders can feel confident in knowing that their claims will be processed and paid out effectively. If you are a Delaware homeowner that lives in one of the state’s Efficiency Smart communities, you may want to consider Travelers’ optional coverage for green homes, which will help cover expenses in replacing, repairing or rebuilding your home with green materials following a covered loss.

Allstate

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 the dwelling, other structures, personal property, liability, guest medical and additional living expenses. Allstate’s policies also come with valuable features, including a claims guard that keeps your premium from increasing after a claim, claims-free rewards and money off the deductible for each year without a claim.

Average cost of homeowners insurance in Delaware

The average annual cost of homeowners insurance in Delaware is $589 per year for a $250k dwelling. Compared to the national average of $1,477 per year, Delaware homeowners can expect to pay less than half of the price for home insurance. When comparing to surrounding states like New Jersey and Maryland, Delaware wins in affordability. Homeowners in New Jersey and Maryland can expect to pay around $810 and $1,258, 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 considerations in Delaware

Each state is different when it comes to what could impact your home, so it is important to consider state-specific factors. Delaware is known for significant flooding and heavy rainfalls throughout the year, which can lead to property damages.

Common causes of home insurance losses in Delaware

Delaware sustained damage in three of the 10 most significant flood events between 2005 and 2016. In 2016 alone, the state recorded 176 flood-based insurance claims. Homes along the beachside are particularly prone to rising water. The common causes of loss in the state include:

  • Flood damage: Flooding is common in Delaware, which could leave damages to external and internal property by leaving cracks in the walls, etc.
  • Water damage: Categories 1 to 4 storms are not uncommon in Delaware, which can cause homes water damage losses to sewage, pipes and property. In 2019, nearly 60,000 single-family Delaware homes were at risk of a Category 4 storm.
  • Wind damage: Delaware faces cold and windy winters. The wind can cause damage to your home’s roof and windows.

Although many home insurers cover limited water damage, most do not cover flood damage. Delaware homeowners should look to the National Flood Insurance Program for reliable flood coverage.

Recommended coverages in Delaware

Delaware is prone to heavy rainfalls and flooding so obtaining coverage that covers any potential or state-related property damage is recommended. Homeowners insurance coverages will change from provider to provider, but coverage for the structure of your home and other structures on your property, personal belongings, injury to others and loss of use are generally standard.

Anyone searching for homeowners insurance in Delaware should pay close attention to the coverage limitations associated with water damage and hurricanes, as the coastal region sees its fair share of both. Other recommended coverages for Delaware include:

  • Flood insurance: This insurance can be purchased separately from your home insurance policy.
  • Sump pump coverage: This coverage is optional and can be purchased as an add-on to your policy. It covers damage to your plumbing system that may arise from issues like a drain back-up.

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 shop around and get a few different quotes from providers to compare.

How do I get homeowners insurance in Delaware?

Homeowners insurance can be found in Delaware by visiting a home insurance provider’s website, going to a provider’s location in-person or calling the provider over the phone.

Is homeowners insurance required in Delaware?

Delaware does not require homeowners insurance, but many mortgage lenders require it before agreeing to finance a home.

Where can I find out more about homeowners insurance in Delaware?

Anyone interested in learning more about home insurance should check out the Delaware Department of Insurance’s guide to home insurance.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 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 may be different.

Rates are determined based on 2020 Quadrant Information Services data.