Average Cost of Homeowners Insurance in Delaware (2024)


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Updated: May 22, 2024

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The average cost of homeowners insurance in Delaware in 2024 is $974. This amount is $1,449 less than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $1,234 on average.

If your rates have recently increased, we've also analyzed the cheapest policies in Delaware. The insurance provider you choose can also impact premiums, so exploring your options may lead to savings.

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Rates updated:

Jul 19, 2024

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To establish the average cost of homeowners insurance in Delaware, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Delaware as of 2024.

430,000Quotes Analyzed
 
5Companies Compared
 
4ZIP Codes

Average Cost of Home Insurance in Delaware by Coverage Amount

In Delaware, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage is $974, which is less than the national average of $2,423.

Determining how much coverage you need is key to ensuring your home can be rebuilt and your belongings replaced in case of a total loss. For instance, a Delaware homeowner with a policy covering $100K in dwelling space pays an annual premium of $537. However, if their property is larger and requires $500K in dwelling coverage, the premium jumps to $1,809.

Average Annual Home Insurance Premium in Delaware by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$537
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$974
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$1,809
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$2,758

Average Cost of Home Insurance in Delaware by Insurer

Homeowners in Delaware will find that insurance premiums can vary significantly among providers for comparable coverage. For instance, Travelers may offer a policy at $718 annually, while Homesite's similar plan could cost $1,200, highlighting the diversity in pricing strategies.

For those looking for coverage, there are plenty of great providers in Delaware. Differences in underwriting can lead to substantial variations in premiums, even for homes with similar characteristics and coverage needs.

Average Annual Home Insurance Premium in Delaware by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
TravelersAnnual Premium$718
State FarmAnnual Premium$911
EncompassAnnual Premium$938
NationwideAnnual Premium$1,106
HomesiteAnnual Premium$1,200

Average Cost of Home Insurance in Delaware by Credit Score

Homeowners in Delaware with poor credit pay an average annual premium of $2,076 for homeowners insurance, which is $1,102 more than the state average of $974. Conversely, those with excellent credit pay $842 annually, saving $132 below the average cost.

Improving your credit score takes time, but it can lead to substantial savings on your insurance rates. In the meantime, comparing insurers could be a savvy move to find more affordable coverage. Discover the insurers which will save you the most in Delaware by comparing quotes, potentially in as little as 15 minutes.

Average Annual Home Insurance Premium in Delaware by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$2,076
Below FairAnnual Premium$1,519
FairAnnual Premium$1,154
GoodAnnual Premium$974
ExcellentAnnual Premium$842

Average Cost of Home Insurance in Delaware by Construction and Roof Type

The type of roof on your home plays a role in determining homeowners insurance premiums in Delaware. While not the most significant factor, the materials used for roofing can influence costs. For instance, homes with composition roofing have slightly lower premiums on average.

Similarly, the construction materials of your home affect insurance rates. Superior construction materials that are more resistant to common perils like fire may result in lower insurance costs. However, like roofing, construction type is a less impactful factor compared to coverage amount or credit rating.

Explore how different home materials can affect your insurance rates using the table below.

Average Annual Home Insurance in Delaware by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$537
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$974
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$1,809
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$2,758
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$3,727

Average Cost of Home Insurance in Delaware for Newly Constructed Homes

Home insurance for new construction in Delaware averages $647 annually, which is less than the $974 average for older homes. The modern materials and adherence to current building codes make insuring newer homes more cost-effective. The table below illustrates how premiums vary between new and existing homes based on different coverage levels.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$974
New Construction (2023)Annual Premium$647

Average Cost of Home Insurance in Delaware by Claims History

In Delaware, homeowners with a clean claims record for five or more years pay an average annual premium of $974 for their home insurance. However, if a homeowner has filed one claim in the past five years, the average annual premium increases to $1,138. Those with two claims within the same period can expect an even more substantial rise, with an average premium of $1,452 annually. This represents a $164 and $478 increase from the baseline average premium, respectively.

Average Annual Home Insurance in Delaware by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$974
1 claim in past 5 yearsAnnual Premium$1,138
2 claims in past 5 yearsAnnual Premium$1,452
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DELAWARE NATURAL DISASTERS AND HOME INSURANCE

In Delaware, hurricanes, flooding and winter storms pose significant risks to homes. However, standard homeowners insurance does not typically cover flood damage, so you may need separate flood insurance for flooding.

How to Shop for Home Insurance in Delaware

Shopping for home insurance in Delaware is a breeze when you know what affects the price. The key is to find a balance that fits your budget and gives you peace of mind. Remember, a smart choice today can lead to savings tomorrow. Here's how to find the best deal for you.

1
Understand Your Needs

Assess how much coverage you need for your home.

2
Shop Around

Compare quotes to find the best insurance rates.

3
Check for Bundles

Ask about discounts for bundling with auto insurance.

4
Consider Your Deductible

A higher deductible can lower your premium cost.

5
Review Insurance Providers

Choose a provider with good reviews and fair prices.

6
Evaluate Claims Experience

Consider the provider's record for handling claims.

Bundling Home Insurance With Auto Insurance in Delaware

In Delaware, homeowners can tap into savings by bundling their home and auto insurance, a strategy known as a multipolicy bundle. On average, Delaware residents may save between $58 and $287 on their combined insurance costs, which translates to an average percentage savings of about 8%. For a detailed look at the best and cheapest options for home and auto insurance bundles in Delaware, visit MoneyGeek's Best and Cheapest Home and Auto Bundle Companies in Delaware analysis.

Home Insurance Discounts in Delaware

Delaware homeowners can lower their insurance costs with various discounts.

  • Claims-Free Discount: Savings for maintaining a claim-free record.
  • Protective Devices Discount: Reduced rates for installing safety features.
  • Loyalty Discount: Discounts for long-term policyholders.

For a comprehensive list of ways to save, consider exploring home insurance discounts. Remember, to maximize potential savings, inquire about all available discounts when requesting a quote.

FAQ: Homeowners Insurance in Delaware

On average, what is the cheapest insurer in Delaware?
Is flooding in Delaware covered by homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Delaware?
In Delaware, how much, on average, can I save bundling my homeowners insurance with auto?

Additional Resources for Homeowners Insurance in Delaware

For those seeking more information on homeowners insurance in the First State, the following resources provide valuable guidance and essential data:

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.