The vulnerability of Delaware’s coast to severe storms can make it more vulnerable than other states. This is why it is important to have a good homeowners insurance policy. According to Bankrate’s 2021 study on annual quoted premiums, Delaware’s average cost for home insurance is only $680 per annum, which works out to about $57 per monthly for $250,000 of dwelling coverage. But, just because a policy costs less than the average home insurance policy does not mean that it will meet your other requirements.
It is important to be able to evaluate companies and analyze the different aspects of each company when searching for the best homeowners’ insurance in Delaware. Bankrate’s team has analyzed the top Delaware homeowners insurance companies based on market share to help you choose the best company and coverage.
The best home insurance companies Delaware
Our editorial team reviewed the average premiums from Quadrant Information Services to help you choose the best Delaware home insurance. We also considered coverages, discounts and policy features, as well as customer satisfaction scores.
These companies might be able to provide you with quotes if you’re looking for Delaware homeowners insurance.
Allstate
Allstate’s online tools and easy-to-use services make it an attractive choice for Delaware’s first homeowners. Standard policies from this provider include protection for your home, other structures, personal and financial property, liability, guests medical expenses, and additional living expenses. Allstate policies include valuable optional features such as electronic data recovery and business property. The average premium for Allstate is slightly higher than the state’s, but there are many discounts that could lower your cost.
All over the country
Delaware homeowners insurance is a crucial purchase. However, it does not mean that you have to spend a lot. Nationwide may be an option for you if you’re looking for quality coverage at a low price. You can tailor your policy with a variety of optional coverages. This includes the Better Roof Replacement option which will pay for your roof to be replaced or repaired after a covered loss. The company’s low average premium could be due to the generous discounts it offers, such as savings on living in a gated community or renovating your home.
State Farm
State Farm is a popular choice among Delaware homeowners due to its affordable rates and excellent customer service. With a remarkable 25% market share, the company is Delaware’s largest home insurer. State Farm’s insurance is sold through local agents. The provider’s website offers many helpful tools such as the Simple Intelligences page that provides tips on a variety of topics from banking to insurance.
Travelers
The average premium for Travelers may not be the most expensive on our list. However, the company could still be a good choice if you’re looking for highly customizable coverage. There are many optional coverages offered by Travelers, such as water backup, contents replacement cost, identity theft, and green home coverage. There are many ways to save such as buying multiple policies or remaining completely uninsured. If you own an Alexa device, Travelers offers a Home Central skill to help you manage your insurance needs.
What is the cost of homeowners insurance in Delaware
Delaware home insurance costs an average $680 per year for $250,000 of dwelling coverage. Delaware homeowners will pay much less for their home insurance than the national average at $1,312. Delaware is more affordable than neighboring states such as New Jersey or Maryland. New Jersey and Maryland homeowners can expect to pay approximately $751 per year and $1,124, respectively.
Delaware’s lower crime rates and greater exposure to natural disasters such as tornadoes, hurricanes, and storms could partly explain the low cost of home insurance.
Delaware Home Insurance
Every state has its own unique set of factors that could affect your home. Delaware is well-known for its heavy rainfalls and significant flooding throughout the year. This can cause property damage.
Common Loss Causes in Delaware
It is important to understand what can damage your home before you decide on the insurance policy that will best suit you. The following are some common losses in the state:
- Flood damage: Delaware was affected by three of the 10 most severe flood events that occurred between 2005-2016. Rising water is especially dangerous for homes along the beaches. Each county in Delaware has a greater than average risk of flooding.
- Water damage: Other than flooding, water damage can also occur for many reasons. Delaware homes can be damaged by heavy rains, hurricanes, flooding, and water backup. In coastal states such as Delaware, it is important to be prepared for water damage.
- Wind damage: Delaware can sustain wind damage throughout the year. The summer winds can be strong from storms, but Delaware also experiences windy and cold winters. Wind damage can result in damage to your roof and windows. This can lead to interior damage.
Knowing the most common threats to Delaware homes can help you make better financial decisions.
Options for home insurance coverage in Delaware
Standard home insurance covers your personal property, liability, and dwelling. Standard home insurance does not cover all perils. This means that you may not be protected for certain damage-causing situations. These additional coverages are available if you reside in Delaware.
- Flood insurance: Flooding is a common occurrence in Delaware. You might want to consider purchasing flood insurance. Flood damage is not covered under homeowners insurance. You will need a separate policy. However, a few companies offer flood coverage.
- Water backup coverage: You can add this coverage to your policy as an option. This coverage is offered by many companies and protects your personal property and home from damage that could result from drain backups.
- Insurance coverage for identity theft: As more information is stored electronically, identity theft is more common. This optional coverage may help cover the cost of restoring your stolen identity.
Delaware homeowners have different insurance requirements. It might be beneficial to work with an agent who is familiar with Delaware’s insurance requirements.
Questions frequently asked
What is the best Delaware homeowners insurance?
Your individual needs will determine the best homeowners insurance Delaware. You will find the best match if you identify your needs and compare quotes from different providers. Remember that the lowest coverage might not be the best for you. Experts agree that it is important to consider more than price when evaluating your insurance policy.
How can I obtain homeowners insurance in Delaware
Online, over the phone, or in person can you get a quote. Your address, date and social security number are required. Also, information about your home such as the year of construction, roof age, and any special finishes or features will be needed. If your policy is not billed to your mortgage escrow account, you may need to sign an application.
What are the factors that affect my home insurance rates?
A variety of rating factors are used to calculate your insurance premium. These factors include your age, the condition of your roof, how much coverage you need, what optional coverages you choose, your credit rating, and your claim history. Each insurance company will have its own rating algorithm, so premiums can vary even for the same coverage.
Does homeowners insurance cover dogs?
It depends on whether your home insurance covers dogs. Your dog’s medical costs are not covered by home insurance. You would need to have pet insurance. Your homeowners policy may cover you for liability if your dog bites or causes injury to another person or damages someone else’s property. Some dog breeds might be excluded automatically. You should talk to your agent if your dog is involved.
How can I learn more about Delaware homeowners insurance?
If you are interested in finding out more about home insurance, the Delaware Department of Insurance’s guide for home insurance might be of interest to you. A local agent may also be helpful. Local agents will likely be more familiar with Delaware homeowners’ needs and can help you understand all aspects of your state’s home insurance.
