The Best Cheap Homeowners Insurance in Delaware

Delaware is the second smallest state in the country, but the sixth most densely populated, which means property may be hard to come by. So, you need the right homeowners insurance to protect the effort you’ve put into acquiring and maintaining a home in Delaware. 

Nor’easters, thunderstorms, and effects from tropical storms and hurricanes can cause serious property damage in the state. So, we created this overview of house insurance in Delaware to help you get the best coverage to protect you from these and other events out of your control.

On average, Delaware homeowners insurance rates rest at about $1,341 for $300,000 of coverage. This is on the cheaper side compared to nearby states.

The average rate in the Diamond State is slightly higher than New Jersey’s for the same amount of coverage ($1,235), but it’s lower than Pennsylvania’s ($1,499) and Maryland’s ($1,802).

As we know, home values aren’t uniform. Houses need different amounts of coverage based on their size, worth, and many other factors. The table below illustrates average homeowners insurance premiums in Delaware for various coverage amounts.

But the average cost in Delaware is just that: an average. Premiums differ based on several factors for every person, so they will vary from house to house and person to person, even in the same neighborhood. 

Nevertheless, these premiums help to know what you can expect when you start getting quotes.

The best house insurance in Delaware will meet all your coverage needs at an affordable price. This will depend on your location, financial situation, and more. The best provider for you may not be the best for someone else, which is why shopping around for home insurance is essential. 

Over 100 companies are registered to write homeowners insurance in Delaware. The most popular carriers are:

The above providers are well-known national brands. Looking at them is a good idea, but you may also want to explore options from smaller regional carriers as well. You may also want to employ the help of a local independent Delaware insurance agent with connections and expertise in the field.

You may need to modify your policy a bit to get the one for your needs. This can include scheduling your most valuable items, purchasing endorsements for full protection, or adjusting coverage limits from the defaults based on your property needs.

Similarly, if you’re searching for mobile home insurance in Delaware or a policy for another type of non-standard home, you may want to search for an insurer that specializes in the type of policy you require. 

Once you have your policy, the best practice isn’t to set it and forget it. To maintain sufficient coverage, you’ll want to revisit your policy occasionally to reflect any renovations you may have done or increased rebuild costs due to inflation.

Nationwide is one of the best homeowners insurance companies in Delaware, based on the affordable rates from our findings. State Farm and Allstate are also relatively affordable, depending on your coverage needs. You must compare policies from several companies to determine who has the best policy for your needs.

The chart below illustrates some of the average rates from the top carriers in the state.

From our findings, Travelers seems to be one of the pricier options, but that doesn’t mean you should rule it out in your search. Travelers may tend to insure higher-value homes, thus increasing their average rates, which may appeal to some more than others.

Conversely, Delaware State Farm seems to be a popular insurer, as their rates are well below the state average. Similarly, Allstate insurance in Delaware is even less expensive and still well under the state’s average rate.

When you gather your own quotes, you’ll notice there are plenty of large companies with a national standing offering policies that don’t appear on the list above, like Geico in Delaware. You may opt for a national insurer, like Geico or Progressive insurance in Delaware, or you may decide a smaller, regional insurer is best for you, like Muncie Insurance in Delaware.

Getting the cheapest home insurance in Delaware will be a different process for everyone, as rates vary by policy. Every company has different underwriting techniques, and companies consider policyholder variables differently. Each company has preferences on who to cover and different methods to stay profitable.

Factors every carrier will assess that influence your ability to score cheap homeowners insurance in Delaware are:

The location of your house is vital to your premiums. Homes on the coast in Delaware may have an increased flood risk or wind damage risk, and such homes tend to have higher premiums. Also, insurers look at your distance from a fire hydrant or fire station, with closer houses receiving premium discounts. You may also have higher premiums if you’re in a high-crime area.

Older houses often have higher premiums. Old homes may not be up to the latest building and safety codes, which means they won’t withstand severe weather as effectively. In addition, the components of older homes, such as roofs, pipes, and siding, wear down over time. They’re more likely to fail, which an insurance company would rather avoid. As a result, those with older homes may have a difficult time finding cheap home insurance in Delaware, as insurers hike premiums to offset the increased financial risk of a claim occurring.

Home construction is a consideration in Delaware, too. Brick homes tend to have lower premiums than wooden, frame houses. Brick houses tend to withstand severe weather better and are less prone to fire damage. 

Certain home features can raise premiums. Having a pool, trampoline, or wood stove increases your liability risk, thus raising your premiums.

Details about your policy itself will also influence the cost. Your deductible, for instance, directly affects how much you pay. Raising your deductible can lower your premiums (and vice versa). Purchasing optional endorsements will also increase your price.

The coverages you receive in a standard homeowners insurance policy, formally known as the HO3 form, will remain the same no matter how much you pay for your plan. Every home insurance policy helps cover your house, personal property, and liability as follows:

Coverage A: Dwelling — Dwelling coverage financially safeguards the structure of your house and its permanently attached fixtures, such as the roof, walls, balconies, patios, wiring, pipes, and more. The amount of dwelling coverage you need is based on the replacement cost of your home.

Coverage B: Other Structures — Other structures coverage protects the features on your property not attached to your main house. These commonly include fences, gazebos, sheds, detached garages, pools, and more. Many Delaware insurance companies will set your other structures limit to 10% of your dwelling coverage.

Coverage C: Personal Property — Personal property coverage covers your belongings in case of theft or damage from a covered peril. Electronics, clothes, furniture, tools, bicycles, art, jewelry, and more all fall under personal property coverage.

Coverage D: Loss of Use — Loss of use coverage applies if you must move out of your house after it suffers damage from a covered peril. Your insurer can cover living expenses you incur while you’re displaced, such as hotel stays, food, and gas for a few months through loss of use coverage.

Coverage E: Personal Liability — Personal liability coverage shields your finances if you’re found liable for someone’s injury. If the injured party sues you, personal liability coverage can cover their medical expenses and your legal fees.

Coverage F: Medical Payments — Like liability coverage, medical payments coverage is designed to cover other people’s injuries, although it’s designated for only minor injuries. While liability coverage might pay for surgery and rehabilitation after a major fall or a dog bite, medical payments coverage may cover stitches, X-rays, or an ambulance ride.

Residents in flood-prone areas of the state may consider binding a Delaware flood insurance policy, as Delaware’s proximity to the Atlantic can make for rough conditions.

Homeowners insurance doesn’t cover flooding as a covered peril, so homeowners will want to ensure they’re protected in the event of a flood by binding a separate flood insurance policy. Damage from the harsh, wet weather of Delaware’s climate, like winter storms, heavy rains, and effects from hurricanes and tropical storms may be covered by a flood insurance policy.

Many opt for coverage from the federally-funded National Flood Insurance Program (NFIP), but you may find a policy from a private insurer, too.

No, homeowners insurance isn’t required in Delaware by law. But, a mortgage lender will require you to have a policy for the duration of your mortgage. If you fail to maintain coverage, your lender will force place insurance on you.

Lenders stipulate homeowners insurance to protect their financial investment in your property. Thus, if the house gets destroyed, you and the lender can recoup the money you’ve put in through your insurance company.

If you pay off your mortgage, or never had one in the first place, you’ll have no external force requiring you to get a policy. But, forgoing Delaware insurance means you take personal financial responsibility for any property damage. 

With so much out of your control, from theft to natural disasters, it seems unwise not to get a policy on your own, regardless. Homeowners insurance is the best financial safety net available for your house and finances.

With Clovered, you can get multiple Delaware home insurance quotes for free at any time. Our quoting engine enables you to compare rates from some of the top Delaware homeowners insurance companies to find the coverage you need at the price you want.

If you want more of a personal touch, one of our licensed agents can help you at any point. Call at 833-255-4117, or feel free to email us at agent@clovered.com. 

We’ve helped over 30,000 policyholders from Iowa to Florida compare quotes and find coverage. We’d be honored if you joined the Clovered family and used us to help with your quote.