besthome insuranceWilmingtonThe Best Cheap Homeowners Insurance in Wilmington, Delaware for 2023: Quotes and Reviews
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besthome insuranceWilmingtonThe Cheapest and Best Homeowners Insurance in Wilmington
Cheapest homeowners insurance in Wilmington - Nationwide
Best homeowners insurance in Wilmington - Nationwide
The Cheapest Home Insurance Companies in Wilmington
Since many companies offer the same core coverages, the cost of a policy is a vital factor when looking for home insurance in Wilmington.
On average, the two insurers offering the cheapest home insurance in the city with $250,000 in dwelling coverage are:
- Nationwide: $593 per year
- Travelers: $626 per year
For home insurance with $2 million in dwelling coverage, the cheapest companies on average include:
- State Farm: $4,754 per year
- Travelers: $5,012 per year
The table below will show you how annual premiums can change based on varying dwelling coverage limits.
The Cheapest Home Insurance in Wilmington, Ranked
Dwelling Coverage:
$250,000
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The policies in this guide with the initial baseline dwelling coverage of $250,000 have personal property limits of $100,000. Those with dwelling coverage of $2 million have personal property limits of $800,000. All policies have liability coverage limits of $100,000.
If you live in another state, you can compare the cheapest home insurance rates in Delaware as a whole.
The Average Cost of Homeowners Insurance in Wilmington for 2022
Wilmington$717
Delaware$717
U.S.$2,103
Wilmington residents spend an average of $717 per year on home insurance. This rate is the same as the state average but is around $1,386 less than the national average of $2,103.
Calculate the Cost of Home Insurance in Wilmington
Several factors have a significant impact on your homeowners insurance costs in Wilmington. These include your location, dwelling and personal property coverage limits, credit score and more.
If you want to compare quotes in your state, you can use MoneyGeek’s home insurance calculator.
Home Insurance Calculator
State
Delaware
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Wilmington
While price is an important factor when choosing a home insurance policy, you should also consider the customer service and financial stability of insurance providers. Filing a claim can be stressful, and it helps to have an insurer that processes claims quickly and fairly.
The companies offering the best homeowners insurance in Wilmington are:
- Best Overall: Nationwide
- Runner-up: Travelers
MoneyGeek ranked home insurance companies in Wilmington based on affordability, customer satisfaction ratings and financial stability.
1
Nationwide
Score:94
MoneyGeek’s top pick for home insurance companies in Wilmington is Nationwide. It earned a perfect score for affordability and high scores in other categories. This insurer lets policyholders add identity theft coverage.
More About Nationwide
Nationwide offers replacement cost coverage for personal items, which means you'll get a replacement for your items of a similar quality if you make a claim. It also allows homeowners to purchase better roof replacement coverage, which replaces a damaged roof with improved materials.
Read MoneyGeek's Nationwide home Insurance Review2
Travelers
Score:90
Travelers is our runner-up pick because it scored well across multiple categories, including affordability. Its policies can help cover the costs of repairing homes with green materials.
More About Travelers
With Travelers, you can get additional replacement cost, which means if the cost to replace your home is higher than your dwelling coverage, you'll still be covered. Policyholders can also add identity fraud expense coverage for up to $25,000 in costs to restore a stolen identity.
Read MoneyGeek's Travelers home Insurance ReviewCheapest Home Insurance Companies in Wilmington for Newly Constructed Homes
Newly constructed homes in Wilmington tend to be cheaper to insure. They use modern materials that are more resistant to damage and are easier to replace. For that reason, home insurance for newer homes costs $596 per year on average, while a policy for homes built in 2000 costs an average of $717 per year.
On average, the cheapest insurance providers in Wilmington for homeowners with newly built homes and $250,000 dwelling coverage are:
- Travelers: $486 per year
- Nationwide: $523 per year
The Cheapest Home Insurance in Wilmington for New Homes, Ranked
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Cheapest Home Insurance Companies in Wilmington if You Have a Lot of Personal Property
Home insurance policies come with personal property coverage, which protects the items in your home. Keep in mind that higher personal property coverage limits result in higher premiums. For example, a policy with personal property coverage limits of $250,000 in Wilmington costs an average of $806 per year, while a policy with $100,000 in personal property coverage limits costs an average of $717 per year.
On average, the two companies providing the cheapest homeowners insurance in Wilmington with personal property limits of $250,000 are:
- Nationwide: $692 per year
- Travelers: $694 per year
Cheap Companies in Wilmington for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Wilmington for High Deductibles
The cost of homeowners insurance in Wilmington can be influenced by your deductible. A higher deductible results in lower rates, while a lower deductible increases your premiums. However, when your deductible is higher, you’ll pay more out of pocket if you file a claim.
The average cost of a policy with a $2,000 deductible in the city is $626 per year compared to an average of $717 for a $1,000 deductible.
On average, for a policy with a $2,000 deductible, the cheapest insurance providers in Wilmington are:
- Nationwide: $475 per year
- Travelers: $564 per year
The Cheapest Companies in Wilmington for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Wilmington if You Have Poor Credit
Your credit score is one of the factors insurance companies in Wilmington use to determine your insurance costs. Homeowners with poor credit are likely to have higher annual premiums than those with good credit.
You could pay around $1,360 per year for home insurance in the city if you have poor credit. In comparison, those with good credit only pay approximately $717 per year.
On average, the most affordable insurance for Wilmington homeowners with poor credit are:
- Nationwide: $593 per year
- Travelers: $1,453 per year
The Cheapest Companies in Wilmington for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Wilmington
If you want to get an online quote for homeowners insurance in Wilmington, you will need to submit the following information:
- Home replacement cost: This is the cost to rebuild your home and determines your dwelling coverage limit. To get an accurate estimate, you need to hire a building contractor or construction professional.
- Personal property value: The value of the personal belongings you keep in your home will impact your personal property coverage limits.
- Personal information: The insurer will require personal information, including your address, the number of people living with you and your insurance history.
- House details: Insurance companies need to know certain details about your house, including when it was constructed, how big it is and whether or not you have safety devices.
Homeowners Insurance in Wilmington Analysis: Methodology
MoneyGeek evaluated homeowners insurance premiums from four companies in Wilmington using the information provided by Quadrant. For affordability, we calculated scores based on quotes for a home with varying coverage levels. Meanwhile, customer satisfaction ratings were drawn from J.D. Power surveys.
For this guide, the base profile used was for a homeowner who has a 2,500-square-foot home built in 2000 and a policy with dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. All the policies had the same deductible of $1,000.
Other quotes were also gathered for those with newly constructed homes, higher dwelling and personal property coverage, increased deductibles and poor credit scores.
About Mark Fitzpatrick
