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2024

The Cheapest Renters Insurance in Delaware

Cheap Renters Insurance Companies in Delaware

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:

$20,000

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MoneyGeek ranked the top insurance providers in Delaware using scores that are based on affordability, financial strength and customer service. Our research can help Delaware renters find the ideal coverage for their needs at the most affordable price.

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

Best Renters Insurance Companies in Delaware

The best renters insurance in Delaware is offered by State Farm, which earned a MoneyGeek score of 99 out of 100. Insurers were ranked based on their affordability, customer service scores from J.D. Power and financial stability ratings from AM Best.

It’s worth noting that the best companies may come at a cost. However, in Delaware’s case, State Farm is both the cheapest and the best insurer that balances both quality and cost. This is important since you want to make sure you have an affordable policy that provides the support you need if you have to file a claim.


1
State Farm
Score:99

5/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

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Taking the top spot as the best renters insurance in Delaware, State Farm scores highly in customer satisfaction, financial stability and affordability. Beyond enjoying great service and rates, renters can add personal injury coverage to their policies to increase their liability protection.

More About State Farm

While State Farm offers fewer discounts and add-on coverages than the average across most insurers — two discounts and three add-ons — policyholders can enjoy the convenience of their online portal and mobile application. Renters can easily manage their insurance accounts, make use of their calculators for retirement or college savings and file claims as needed.

Available in every state, State Farm offers earthquake and identity restoration insurance. Policyholders can also access a protective device discount and a multi-policy discount.

2
Allstate
Score:91

4.5/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

Allstate ranks as the second-best renters insurance provider in Delaware thanks to its high scores in affordability, stability and customer service. Policyholders who live in areas prone to flooding can take advantage of Allstate’s optional flood coverage, which can cover the cost of replacing belongings damaged by floodwater.

More About Allstate

Renters in every state across the country can purchase an Allstate policy and enjoy any of their four optional coverages. Keep in mind that this is less than the average add-on coverage options offered by most other insurers. Allstate also offers five discount opportunities to let renters reduce their premiums, one of which is a discount for retirees who are at least 55 years old.

The company has an online portal and mobile app that allows policyholders to file and track claims, pay bills and even set up automatic payments.

3
Travelers
Score:89
4
Nationwide
Score:73
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Don’t always opt for the cheapest insurer. While cost matters, the service quality does as well. Choosing a policy from one of the best renters insurance companies in Delaware can help you feel at ease knowing that any claims you file will be handled efficiently.

Largest Renters Insurance Companies in Delaware

Companies with a large market share are often more reliable than regional companies because they have more financial stability. They also tend to invest more in customer service and user experience, which is beneficial if you have questions or need to file a claim.

Company
Market Share

1.

State Farm

25.0%

2.

Liberty Mutual

11.4%

3.

Nationwide

10.7%

4.

USAA

8.2%

5.

Allstate

6.9%

Average Cost of Renters Insurance in Delaware

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renters insurance is equal to the average.

On average, the cost of renters insurance in Delaware is $129 annually, which 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.

The actual average cost of renters insurance in Delaware can change based on your personal property limits. This means that the more personal property coverage you need, the higher your premiums will be. To find out how much insurance you’ll need based on the value of your personal property, use the calculator below.

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Total: $0


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Comparing quotes from different providers is a great way to save on renters insurance premiums. For instance, the average consumer in Delaware could save up to $109 per year by choosing the cheapest option, State Farm, over the most expensive carrier, Nationwide. This equates to roughly $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.

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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

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.

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.

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In Delaware and other states, there are government agencies designed to help you navigate your insurance needs. The Delaware Department of Insurance can assist you with understanding what renters insurance is, guide you with making a claim, help you file appeals related to medical claims and more.

To contact the Delaware Department of Insurance, reach out to them through the following channels:

  • Office Address: 1351 W. N. St. Suite 101 Dover, DE 19904
  • Consumer Help Line: (302) 674-7300
  • Toll-Free Line: (800) -282-8611
  • Email: consumer@delaware.gov

FAQs About Renters Insurance in Delaware

To help you better understand renters insurance in Delaware, we’ve answered some of the most frequently asked questions below.

What is the cheapest renters insurance company in Delaware?
What is the best renters insurance company in Delaware?
How much does renters insurance cost in Delaware?
Is renters insurance required in Delaware?
Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

Renters Insurance in Delaware Analysis: Methodology

MoneyGeek analyzed renters 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


sources
  • Delaware Department of Insurance. "Home Page." Accessed March 30, 2022.