The Best Cheap Homeowners Insurance in Delaware

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  • 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. From the southern Atlantic coastlines up through the bay into the Delaware River, the state is comfortably nestled against the water between the Northeast and mid-Atlantic states, and it picks up characteristics of both regions.

You need the right homeowners insurance policy to financially protect the effort you’ve put into acquiring and maintaining a home in Delaware. Nor’easters, thunderstorms, and even effects from tropical storms and hurricanes can cause serious property damage in the state. A home insurance plan can protect you from these and other events out of your control.

We created this overview of Delaware home insurance to help you get the best coverage. Read on to find out the average cost of homeowners insurance in Delaware, how to get the best homeowners insurance in Delaware, and more.

What is the Average Cost of Homeowners Insurance in Delaware?

The average cost of homeowners insurance in Delaware is about $1,251 for $300,000 of coverage. This is on the cheaper side compared to nearby states. 

Delaware’s average rate is slightly higher than New Jersey’s for the same amount of coverage ($1,123), but it’s lower than Pennsylvania’s ($1,318) and Maryland’s ($1,618).

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 in Delaware for various coverage amounts. 

Average Cost of Homeowners Insurance in Delaware

Cost of House

Annual Premium

$200,000

$675

$250,000

$728

$300,000

$1,251

But, the average cost in Delaware is just that: an average. Premiums differ based on several factors for every person, so premiums 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 from home insurance companies in Delaware.

What Does Homeowners Insurance in Delaware Cover? 

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. Your other structures limit is typically 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

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.

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

What Is the Best Homeowners Insurance in Delaware?

The best homeowners 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 in Delaware is essential. 

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

  • State Farm
  • Liberty Mutual
  • Nationwide
  • USAA
  • Allstate

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 best homeowners insurance in Delaware. 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.

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.

Which Companies Have Cheap Homeowners Insurance in Delaware?

Nationwide offers the cheapest homeowners insurance in Delaware, based on our findings. State Farm and Allstate are also relatively affordable, depending on your coverage needs. You must compare policies from several providers to find out who has cheap home insurance in Delaware.

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

Average Home Insurance Cost in Delaware

Company

Allstate
Nationwide
State Farm
Travelers

$250,000 House

$784
$646
$696
$966

$300,000 House

$1,094
$797
$1,190
$1,400

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, which may appeal to some more than others.

Factors That Affect the Average Cost of Homeowners Insurance in Delaware

Home insurance costs vary by policy because 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 the average homeowners insurance in Delaware are:

  • Location
  • Home age
  • Home construction
  • Home features
  • Policy details 

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, older homes have higher 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.

Is Homeowners Insurance Required in Delaware?

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.

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

How to Get Home Insurance Quotes in Delaware

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

Homeowners
It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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