Average Costs and Cheapest Homeowners Insurance Companies in Delaware

To help you find cheap homeowners insurance in Delaware, MoneyGeek analyzed average home insurance rates for different profiles. Nationwide is the cheapest overall in Delaware for the baseline dwelling coverage of $250,000 as well as for homeowners with a pool and those with bad credit. However, if you have a newer home, Travelers is the cheapest option. Additionally, State Farm is the cheapest insurer for expensive homes.

If you’re looking to balance affordability with a strong service experience, MoneyGeek also scored the best home insurance companies in Delaware.

MoneyGeek identified companies with the most affordable homeowners insurance in Delaware for different dwelling coverages by analyzing thousands of quotes. Nationwide is the cheapest insurer in Delaware for the baseline dwelling coverage of $250,000.

On average, the cheapest home insurance companies in Delaware based on dwelling coverage are:

• Cheapest for $100,000: Nationwide
• Cheapest for $250,000: Nationwide
• Cheapest for $500,000: Travelers

You can determine how much dwelling coverage you need based on the replacement cost of your home. The table below shows the average cost of homeowners insurance in Delaware for different coverage levels.

The amount of dwelling coverage you need is one of the biggest factors in the cost of your home insurance. A homeowner in Delaware purchasing a policy with the baseline dwelling coverage of $250,000 will pay an average of $717 per year.

A higher dwelling coverage gives you more protection but will cost you higher premiums. For example, If you purchase a policy with $100,000 in dwelling coverage, you will pay around $394 per year, while rates for dwelling coverage of $3 million are higher by up to $8,900 at roughly $9,294 per year.

The cost of your homeowners insurance is determined by area-related factors and your individual circumstances. Providers also consider elements such as your home’s age, dwelling value, roof quality, frequency of claims and your credit score to estimate homeowners insurance costs in Delaware.

To see how average home insurance costs in Delaware will change based on your needs, you can adjust their dwelling coverage limits, deductible and other limits in the table below.

If you are looking for affordable homeowners insurance in Delaware for an expensive home, MoneyGeek averaged thousands of quotes to find the cheapest providers.

On average, the cheapest homeowners insurance companies in Delaware for expensive homes with $2 million in dwelling coverage are:

• State Farm: $4,754 per year
• Travelers: $5,012 per year

Shopping around and comparing quotes is the best way to find low-cost homeowners insurance in Delaware for an expensive home since rates tend to vary depending on the insurer.

MoneyGeek analyzed home insurance quotes in Delaware using a sample home built in 2015 to help you find providers with the most affordable rates for newer homes in Delaware.

The most affordable companies for homeowners with new homes and dwelling coverage of $250,000 are, on average:

• Travelers: $533 per year
• Nationwide: $564 per year

If you have an older home built in 2000, you can pay up to $126 more for home insurance in Delaware compared to a homeowner with a newer home built in 2015.

Numbers for these 2000 homes differ from the first section due to a different ZIP code collection process.

Compared to older homes, the average cost of homeowners insurance in Delaware for newer homes is cheaper by $126. This is because newer building materials tend to be more damage resistant and easier to replace, making the replacement cost lower. Older homes pose a higher risk to insurers since they have more wear and tear, which makes them more susceptible to damage.

MoneyGeek analyzed home insurance quotes in Delaware for homes with pools to find the cheapest companies.

The most affordable companies in Delaware for homeowners insuring a house with a pool and $250,000 in dwelling coverage are, on average:

• Nationwide: $639 per year
• Travelers: $687 per year

Having a pool may increase the replacement cost value of your policy. This will consequently increase the amount of premium you need to pay for your home insurance. Some companies may require you to get additional liability coverage since your pool may not be included in your dwelling coverage limit.

In Delaware, the average cost of insuring a home with a pool is $747 per year. This is the same as the cost of insuring a home without a pool. However, other factors such as the age of your home and location will impact your homeowners insurance premiums.

MoneyGeek averaged thousands of quotes from home insurance providers in Delaware to help homeowners that have a poor credit record find cheap homeowners insurance in Delaware.

On average, the most affordable companies for home insurance if you have a poor credit record and need $250,000 in dwelling coverage are:

• Nationwide: $593 per year
• Travelers: $1,453 per year

Homeowners with poor credit pay more for home insurance in Delaware because insurers consider them more likely to file claims. This is because they may not have the resources to maintain their homes. They are also more likely to default on payments.

The cost of homeowners insurance can vary based on your credit score. Having a poor credit score in Delaware can increase your homeowners insurance premiums by as much as $664 per year.

Location can determine which insurer is the cheapest as well as how much you’ll pay for home insurance. MoneyGeek found that Nationwide is the cheapest home insurance company in Wilmington at an average cost of $593 per year. This is $124 less than the average rate for Wilmington across all companies.

To get a binding home insurance quote in Delaware, you need to provide the insurer with your home address, age, construction materials, current condition, current market value and whether it’s a single-story or multi-story home. Other important details you should disclose are location, proximity to a fire department, recreational items, use of a security system and if you have obtained a home loan.

You can also use MoneyGeek’s home insurance calculator to get a home insurance estimate. This calculator was created using thousands of quotes.

MoneyGeek analyzed homeowners insurance premiums from four of the top insurance companies in Delaware that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Delaware. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.