The Best and Cheapest Renters Insurance in Delaware for 2021: Rankings, Reviews and Rates
Renters insurance can help protect your personal property and assets from unexpected damage or loss at a low cost. Based on MoneyGeek’s data, the cheapest renters insurance in Delaware costs an average of $7 per month, while the most expensive option is $16 per month. Renters can save up to $109 annually by shopping around. The average cost of renters insurance in Delaware is $11 per month.
If you are looking for quality coverage at an affordable price, MoneyGeek ranked the top insurance providers in Delaware. Scores are based on affordability, financial strength and customer service.
Cost is one of the most important factors that many renters look for in an insurance policy. The two cheapest companies in Delaware are State Farm and Allstate. State Farm’s standard policy costs an average of $85 annually or $7 per month. The average rate for a policy with Allstate is $112 annually or $9 monthly.
MoneyGeek analyzed annual and monthly premiums based on different ZIP codes in Delaware for a policy that includes $20,000 in personal property coverage, $100,000 liability insurance and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in Delaware
While the cost of insurance is important, policyholders should also consider other factors when shopping around for the best renters insurance in Delaware. For example, your insurance company needs to be able to support you with timely and efficient customer service.
MoneyGeek ranked insurers based on affordability, customer service scores from J.D. Power and Associates and financial stability ratings from AM Best to help you find the best renters insurance companies in Delaware.
Based on the research, State Farm ranked the best with 95 points out of 100. Allstate came in second with a score of 89.
More About State Farm
State Farm's standard policy offers coverage for personal property, personal liability, medical payments and loss of use. Add-on options include identity restoration, earthquake coverage and additional liability coverage.
It is easy to get a quote on State Farm’s website. The site also provides helpful resources if you want to learn more about renters insurance.
More About Allstate
Allstate provides comprehensive renters insurance in Delaware. Policyholders can add coverage for floods and identity theft at an extra cost.
Discounts are available to customers who have security systems or are claim-free.
The company also offers an app to create a photo log of your possessions. This makes it easier to decide how much coverage you truly need.
More About Travelers
Aside from standard coverage, Travelers offers additional coverage in the form of replacement cost coverage and protection for jewelry and other valuables.
Customers can get discounts for having a protective device in their home or bundling their policies.
You can use their website to quickly and easily get a quote.
More About Nationwide
Nationwide offers standard insurance. Customers can also get specialized protection options at an added cost to cover items like cameras, watches, jewelry and firearms.
Bundling your policies or having a home with smoke, fire and burglar alarms can help you earn discounts on your premium.
It’s easy to use Nationwide’s online quote tool to get an estimated policy cost in minutes.
Largest Renters Insurance Companies in Delaware
Based on market share data, the five largest renters insurance companies in Delaware are State Farm (25%), Liberty Mutual (11%), Nationwide (11%), USAA (8%) and Allstate (7%). Together, these five companies already make up more than 62% of renters insurance policies in the state.
Purchasing insurance from a larger company can give you the confidence that your legitimate claims will be paid out since the company is likely more financially stable.
Average Cost of Renters Insurance in Delaware
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On average, the cost of renters insurance in Delaware is $129 annually. This is $31 less than the national average. These average rates are for policyholders with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
To save money, it’s important to compare renters insurance quotes from different carriers. For instance, the average consumer could save up to $109 per year by choosing the cheapest option, State Farm, over the most expensive carrier, Nationwide. This equates to about $9 per month in savings.
What Factors Impact Renters Insurance Cost in Delaware
Many factors can impact the cost of renters insurance in Delaware. These can include criteria like your location, deductible and credit score. Keep these things in mind when shopping for renters insurance.
Location: Insurance carriers consider ZIP codes when calculating renters insurance premiums because of differences in crime rates, accident statistics and weather conditions. For example, people living in neighborhoods with an increased risk of theft or severe weather conditions are more likely to have higher rates.
Coverage Amount: The more coverage your renters insurance includes, the more your premium will cost. Before asking for a quote, do a home inventory so you know exactly how much coverage you’d really need if you had to replace your belongings.
Deductible: A deductible is the amount a policyholder pays when their carrier approves a claim. Those who pay higher deductibles will have lower monthly premiums. Renters with lower deductibles will pay higher monthly premiums since lower deductibles cost insurance companies more.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): When an insurance company reimburses you for your belongings, they will determine value based on actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies tend to have cheaper monthly premiums, but you’ll receive smaller payouts since your insurance company will consider the depreciated cost of your belongings. On the other hand, RCV policies are more expensive because your carrier will pay you for a new item of similar kind and quality.
Credit Score: Your credit score may be used to calculate your rate. Customers with higher credit scores are more likely to get more affordable rates since they are less likely to file a claim.
Renters Insurance in Delaware: What You Need to Know
Getting renters insurance is a low-cost way to protect your assets. It can be helpful if you experience theft or your belongings are damaged by severe weather.
In Delaware, 28.3% of the population are renters. The average cost of rent in the state is $1,116 per month. A standard policy that includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible costs an average of $11 per month in Delaware. This is 0.96% of the average price of rent in the state.
What Renters Insurance Typically Covers in Delaware
Before purchasing renters insurance, you should understand your policy’s coverage. A standard policy will provide basic protection for personal property, additional living expenses, liability insurance and medical payments.
Personal property coverage in Delaware could help protect you in the event of damage caused by a windstorm, lightning or hail.
What Renters Insurance Typically Does Not Cover in Delaware
The best renters insurance in Delaware should include coverage for various emergencies. However, you may need a more comprehensive policy to get additional protection. Here are some of the common issues that standard rental insurance policies usually do not cover.
Flooding: While renters insurance will protect you if your property is damaged by a broken pipe or water main, flooding from natural disasters is typically not included. Renters living in high-risk areas have the option of purchasing coverage through the National Flood Insurance Program (NFIP).
Earthquake Damage: Earthquake damage is not typically covered by renters insurance. If you want coverage from this type of emergency, you may have to purchase additional protection.
Structural Damage: Renters insurance covers your personal property. Any damage to your rental home’s structure is your landlord’s responsibility.
Roommate Property: Unless your roommate is mentioned explicitly on your policy documents, their belongings won't be covered by your plan. If they want protection, they need to get their own policy.
Expensive Items: Renters insurance often excludes expensive or high-end items. You may want to consider purchasing an additional rider to protect your jewelry, computers and other valuables.
When getting an insurance policy, it is important to read the fine print to understand what is covered and what is not. It is also advisable to ask your agent if you have any questions to prevent any issues when you make a claim.
FAQs About Renters Insurance in Delaware
While Delaware state law does not require renters to have insurance, some landlords may include it as a condition of your lease agreement.
Renters insurance is not a legal requirement in the state. However, having a policy can help you protect your personal property at a low cost.
Yes, landlords in Delaware can require their tenants to purchase renters insurance.
Based on MoneyGeek’s research, the average monthly premium for a renters insurance policy in Delaware with $20,000 in personal property coverage and $100,000 in liability coverage is $11.
MoneyGeek’s data shows that State Farm offers the most affordable renters insurance in Delaware.
Renters Insurance in Delaware Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from 4 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
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