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CheapRenters InsuranceDelawareThe Best and Cheapest Renters Insurance Companies in Delaware for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceDelawareThe 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.
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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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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.
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State Farm
Score:99
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.
Read MoneyGeek's State Farm renters Insurance Review2
Allstate
Score:91
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.
Read MoneyGeek's Allstate renters Insurance Review3
Travelers
Score:89
Travelers ranked as the third-best insurer in Delaware, tying with State Farm in financial stability but scoring lower in affordability and customer satisfaction. Beyond offering an extensive list of additional coverages, Travelers features a unique Refrigerated Property coverage, which protects and replaces property stored in freezers.
More About Travelers
Travelers offers policies in every state except for Alaska. The insurer has more add-on coverages than most other insurance providers but provides fewer discount opportunities than the average across other companies. Renters can take advantage of Travelers’ wide range of unique additional coverages, such as decreasing deductibles, personal property replacement cost and more. Policyholders can also qualify for discounts by being claims-free, being a good payer or having protective devices installed in their homes.
Interested applicants who want a Travelers policy can get a personalized quote on their site, while current policyholders can manage their accounts with ease using the company’s online portal or mobile application.
Read MoneyGeek's Travelers renters Insurance Review4
Nationwide
Score:73
Nationwide ranks as the fourth-best renters insurance company in Delaware, scoring well in customer satisfaction and financial stability but having the lowest score in affordability. Renters can take advantage of their unique theft extension coverage, which provides extended coverage for belongings stored in motor vehicles, trailers and watercraft.
More About Nationwide
Nationwide serves every state except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico. While they may not be the most affordable, Nationwide is best for consumers looking to customize their policies with multiple add-ons. The company features 11 optional coverages, which is more than the average of seven across other companies. They even offer five unique coverages, such as tools and loss assessment. Policyholders can also reduce their premiums by qualifying for discounts, although the company offers fewer discounts than most other insurers.
Current Nationwide policyholders can use their mobile application or online account to manage their policies, file for claims and even contact a financial specialist to help with short- and long-term financial goals.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
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% |
6. | American Family | 4.7% |
7. | Travelers | 4.4% |
8. | Chubb | 3.5% |
9. | Hartford | 2.7% |
10. | QBE | 2.2% |
Average Cost of Renters Insurance in Delaware
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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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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.
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.
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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.
Event | Description |
|---|---|
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. |
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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
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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.
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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
sources
- Delaware Department of Insurance. "Home Page." Accessed March 30, 2022.