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.

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. 

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.

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:

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:

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.

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.

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.

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:

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.

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 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 [email protected].

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.