Cheapest Homeowners Insurance in Delaware (2024 Rates)

In Delaware, insurance providers offer varied rates tailored to individual needs. For example, while Travelers provides the most affordable overall rates for homeowners insurance, those with low credit scores might find Nationwide more budget-friendly. Meanwhile, State Farm offers the most affordable premiums if you have a new home. MoneyGeek's extensive analysis of numerous quotes identified the most cost-effective options for Delaware homeowners.

In Delaware, Travelers stands out as the most cost-effective home insurance provider, with average rates of $413 annually for $100K in dwelling coverage. The cost of home insurance tends to shift with changes in dwelling coverage, as illustrated by the cheapest providers per tier below:

• Cheapest for $100K: Travelers at $413 per year
• Cheapest for $250K: Travelers at $718 per year
• Cheapest for $500K: Travelers at $1,382 per year

Explore MoneyGeek's table and find the cheapest home insurance providers for different dwelling coverage limits.

Finding low-cost home insurance in Delaware means seeking quotes from various insurance providers, a process that often requires your personal details. For a quicker approach, use MoneyGeek’s simple home insurance calculator, which offers home insurance quotes in Delaware without necessitating upfront personal information.

In Delaware, Travelers provides the most affordable home insurance for high-value homes, with an average yearly premium of $2,035 for $750K in dwelling coverage. Dwelling coverage influences the cost of home insurance, and high-value homes typically incur higher premiums.

If you own a home that costs a lot to replace, here are the most cost-effective options in Delaware:

• Cheapest for $750,000: Travelers at $2,035 per year
• Cheapest for $1,000,000: State Farm at $2,721 per year

We recommend homeowners purchase dwelling coverage for the home's replacement cost, not its property value. Review the table below to see how premiums can change by provider for higher dwelling coverage limits in Delaware.

As the most affordable home insurance provider for new homes in Delaware, State Farm offers policies at $275 per year for $100K in dwelling coverage. Due to their modern construction and minimal to zero prior claim history, newer homes generally attract lower insurance costs in Delaware.

Here are the most affordable insurers in Delaware for new homes:

• Cheapest for $100,000 dwelling: State Farm at $275 per year
• Cheapest for $250,000 dwelling: Travelers at $475 per year
• Cheapest for $500,000 dwelling: Travelers at $905 per year

Check out our table below for a deeper insight into how costs vary based on dwelling coverage for new constructions.

For Delaware homeowners with lower credit scores, Nationwide is the cheapest home insurance option, offering $100K in dwelling coverage at an average of $666 per year. Insurers in Delaware consider credit scores as a key factor in assessing the risk of policyholders defaulting on payments. Here are the most affordable insurance options for different coverage levels:

• Cheapest for $100,000: Nationwide at $666 per year
• Cheapest for $250,000: Nationwide at $1,106 per year
• Cheapest for $500,000: Nationwide at $2,400 per year

The disparity in insurance costs based on credit scores is clear. For instance, the average annual premium for homeowners in Delaware with poor credit is $1,125, while it's $537 for those with good credit — a difference of $588 per year. For a detailed analysis, refer to MoneyGeek's table below.

In Delaware, Travelers stands out as the go-to insurer for homeowners with a home built in 2000 and one claim in the past five years, offering an average rate of $469 annually. A prior claim can lead to steeper insurance premiums due to the perceived heightened risk by the insurer.

Here's a breakdown of the most budget-friendly rates for various dwelling coverages in Delaware:

• Cheapest for $100,000: Travelers at $469 per year
• Cheapest for $250,000: Travelers at $815 per year
• Cheapest for $500,000: Travelers at $1,569 per year

The financial impact of a claims history is clear. For instance, Delaware homeowners with two claims face an average annual premium that's $268 higher than those with no claims. This discrepancy highlights the potential savings by maintaining a minimal claims record.

In Delaware, a home's construction and roofing materials play a pivotal role in determining insurance premiums. Travelers offers the most affordable average rate at $449 annually for homes built with frame construction and shake-treated roofs. Such materials, while common, are more prone to damage, leading to higher insurance costs.

Here are the most affordable home insurance options in Delaware based on dwelling coverage and home type:

• Cheapest for $100,000: Travelers at $449 per year
• Cheapest for $250,000: Travelers at $780 per year
• Cheapest for $500,000: Travelers at $1,503 per year

Upgrading to superior construction with a tile roof can lead to an average annual savings of $118. Given Delaware's unpredictable weather, choosing durable construction and roofing can result in a sturdier home and significant insurance savings.

Switching your deductible could save hundreds per year. In Delaware, the most affordable company for a $2,000 deductible is Travelers, with an average annual premium of $361, compared to its $500 deductible policy at $434 yearly.

For $100K in dwelling coverage, the cheapest policies by deductible are:

• $2,000 deductible: Travelers at $361 per year
• $1,500 deductible: Travelers at $391 per year
• $1,000 deductible: Travelers at $413 per year
• $500 deductible: Travelers at $434 per year

A deductible is your out-of-pocket expense before insurance covers the rest. Opting for a $2,000 deductible over a $500 deductible in Delaware can lead to an average annual savings of $118.

In Delaware, Travelers offers the cheapest premiums for those bundling home and auto insurance, with rates averaging $1,704 annually. Combining these insurances can lead to notable discounts and a simplified insurance experience.

• Travelers at $1,704 per year
• State Farm at $1,759 per year

Consolidating your policies under one insurer not only provides financial benefits but also ensures a unified communication channel for all your insurance needs. Learn more benefits and details on the best Delaware insurance bundle.