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MoneyGeek identified Nationwide as the company with the cheapest homeowners insurance in Delaware. We gathered and analyzed average rates from different companies to round up the most affordable options in the state for various buyer profiles.
Similarly, we found the companies offering the best homeowners insurance in Delaware that balance affordability and customer service for different needs or characteristics, such as being in a military family, owning an expensive home or working within a budget.
TABLE OF CONTENTS
How to Estimate the Cost of Your Homeowners Insurance Policy in Delaware
The cost of homeowners insurance in Delaware depends on your particular needs and profile. Factors such as your dwelling coverage, deductible and credit score can significantly impact the rate you get.
Enter the following relevant information into MoneyGeek ’s Delaware homeowners insurance calculator to get an estimate of how much your policy may cost.
When it comes to homeowners insurance rates, where you live in Delaware matters. If your neighborhood has a higher risk of theft, fires or natural disasters, insurance companies will consider you risky to insure and charge a more expensive premium.
Dwelling coverage is the amount of money it’ll cost to repair or rebuild your home in the event of a total loss. The coverage level you get can significantly impact your homeowners insurance costs. Note that a higher coverage amount provides greater protection in exchange for a higher cost. In Delaware, the average baseline dwelling coverage is $250,000.
Your deductible is the amount you have to pay out of pocket for a covered claim. For instance, if you have a deductible of $1,000 and an insurance claim of $10,000, you’re responsible for paying $1,000. Your provider covers the remaining $9,000. Getting a high deductible can reduce the cost of your homeowners insurance policy.
Your personal liability coverage would pay for the cost of damages in the event someone is hurt in your home or their property is damaged because of your negligence. It covers legal fees, replacement costs, medical bills, pain and suffering expenses and death benefits. It’s best to get enough liability coverage to cover your assets. Raising your liability coverage limit by hundreds of thousands of dollars may only cost you a few dollars per month.
Personal property coverage protects everything you keep in your home. That includes your furniture, electronics and clothing. It covers the cost of replacing your personal property if it is damaged or stolen. You can use MoneyGeek’s personal property calculator below to estimate the value of your belongings.
The cost of homeowners insurance in Delaware can be influenced by your credit score. Those with poor credit scores may be more likely to file a claim, making them riskier to insure from an insurance company’s point of view, so they pay more.
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Average Cost of Home Insurance in Delaware
Based on MoneyGeek’s analysis, Delaware is the second-cheapest state for homeowners insurance with $250K in dwelling coverage. At this coverage amount, it costs an average of $843 per year for a policy. That’s around 65% lower than the national average of $2,417.
If you prefer more or less dwelling coverage, the table below shows the average cost per coverage amount in Delaware.
Average Annual Premium in Delaware for Homeowners Insurance
Before purchasing a homeowners insurance policy, it’s crucial to determine how much dwelling coverage you need. You’ll want enough coverage to cover the cost to rebuild your home if a disaster destroys it.
Among the factors that affect your home’s total replacement cost are age, size and the building materials of your property. Your insurance provider or a professional home appraiser can help you calculate rebuilding costs.
It’s worth noting that an inaccurate estimate can lead to additional expenses if you're replacing your home. You can get an added layer of protection by purchasing extended replacement coverage or inflation guard coverage.
Frequently Asked Questions About Home Insurance in Delaware
The cost of homeowners insurance in Delaware can change depending on your particular needs and profile. MoneyGeek answers some frequently asked questions to help you when you’re shopping around for a policy.
To determine the average cost of homeowners insurance in Delaware, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
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