The Cheapest and Best Renters Insurance in Wilmington
The Companies With the Cheapest Renters Insurance in Wilmington
Since most insurance carriers in Wilmington have similar coverage, the cost is an important factor to consider if you’re buying renters insurance. Comparing insurance quotes from different providers is the best way to find the lowest rates available for you.
To help you in this process, MoneyGeek evaluated Wilmington’s renters insurance companies. Our analysis shows that the most affordable options for average consumers in the city are:
- State Farm: $85 per year
- Allstate: $112 per year
The quotes used in this guide have a limit of $20,000 in personal property coverage and $100,000 in liability coverage. They also have a $500 deductible. The table below shows how rates vary based on your preferred coverage limit.
If you’re residing outside of Wilmington, we also compared rates in Delaware as a whole.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Wilmington?
MoneyGeek’s analysis shows that the best renters insurance companies in Wilmington are:
- Best Overall: State Farm
- Runner-up: Allstate
Our team used a unique rating system that accounts for a company’s affordability, customer satisfaction ratings (through J.D. Power) and financial stability (through AM Best). State Farm and Allstate obtain the highest scores in our study, and we found that they offer rare optional coverages with their policies.
State Farm scored perfect for affordability and stability and excellent for customer service, making them our top pick for Wilmington. This company allows consumers to increase limits when insuring valuable items.
State Farm is consistently among the cheapest renters insurance providers across the country. They offer useful add-on endorsements that are not usually found with other companies. Notably, you can include inflation coverage on your State Farm policy, which automatically increases your personal property coverage limits over time. You can also buy earthquake coverage from this company.Read MoneyGeek's State Farm renters Insurance Review
With excellent scores for affordability, stability and customer service, Allstate is our runner-up pick in Wilmington. They offer identity protection coverage as a rider on their policies.
Allstate offers coverage options that are rarely found with other providers. You can include identity protection coverage in your policy to get financial protection from identity theft and have your digital footprint monitored. You can also get a separate flood policy, which protects your belongings from water damage caused by a flood. Lastly, you have the option to waive your off-premise theft coverage to make your Allstate policy cheaper.Read MoneyGeek's Allstate renters Insurance Review
The Average Cost of Renters Insurance in Wilmington for 2023
renters insurance is equal to the average.
On average, renters in Wilmington pay $129 per year for renters insurance. These rates are $30 lower than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Wilmington?
The cost of your renters insurance policy is affected by various factors, and MoneyGeek found that the following have the greatest impact on your monthly premiums:
- Personal property coverage amount. Your insurance cost is majorly impacted by the amount of coverage you choose. This is one of the most important factors to consider when getting renters insurance.
- Location within a city. Your location also influences the cost of your renters insurance. Your premiums will be slightly higher if you’re living in a high crime rate neighborhood.
- Deductible. You need to pay a deductible before your insurance company reimburses your item. It’s cheaper to have a high deductible amount, but you’ll end up paying more out of pocket once you file a claim. Alternatively, you can get a policy with a low deductible amount so that you’ll pay less during emergencies, but this type of policy will be more expensive.
- ACV vs. RCV. Insurance companies will either pay for your claims based on your item’s actual cash value (ACV) or replacement cost value (RCV). ACV policies are cheaper but pay less as they account for your item’s depreciation. On the other hand, RCV policies pay the amount that allows you to get a new item of the same kind and quality, but they are more expensive.
- Liability coverage amount. Your preferred liability coverage amount has little effect on your premiums. You can add thousands of coverage to your policy and only have to pay an extra few dollars per year.
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Does My Wilmington Neighborhood Impact Cost of Renters Insurance?
Where you live in Wilmington has a limited impact on your renters insurance rates. MoneyGeek’s research reveals that the neighborhood you’re living in only affects your premiums by a few dollars per month.
Understanding Renters Insurance in Wilmington
You’re not legally required to get renters insurance in Wilmington, but your landlord may mandate it. Regardless, MoneyGeek strongly encourages you to purchase renters insurance. For a relatively low cost, a renters policy protects your possessions against theft and damages.
What Does Renters Insurance Cover in Wilmington?
It’s a good idea to understand the coverages that come with a renters insurance policy in Wilmington so that you can ensure that you have enough coverage for your belongings.
Renters insurance is an affordable way to protect yourself from financial damages due to theft. Based on data from the FBI, there are 2,673 instances of property crime per 100,000 residents in the city. That’s roughly 41% higher compared to other cities in the United States.
If you’re residing in an apartment or rental home, you should also consider getting renters insurance. You can protect your possessions from fire, water damage and other unexpected perils with a renters policy.
Renters insurance companies in Wilmington typically include the following coverages:
- Personal property coverage: This protects your personal property from risks such as theft, fire, plumbing issues, electrical malfunction and weather-related incidents.
- Additional living expenses: Your rented unit may become uninhabitable after a covered incident. This coverage reimburses your temporary housing expenses.
- Liability insurance: If you’re found to be at fault for an accident that has occurred in your rented dwelling, this coverage pays for legal expenses and damages.
- Medical payments coverage: This coverage pays for a person’s medical expenses if they are injured in your rented home. This applies no matter who’s at fault in the incident.
What Is Not Covered by Renters Insurance in Wilmington?
You should also understand what items aren’t covered by your renters insurance policy. First, you can’t expect your renters policy to pay for damages to your building’s structure. Your landlord is responsible for getting insurance for the property.
A renters insurance policy covers certain types of water damage, but damages from external floods are usually excluded. To protect your possessions from floods, it’s a good idea to buy incremental insurance through the National Flood Insurance Program (NFIP).
Additionally, renters insurance doesn’t cover your roommate’s possessions. It also won’t pay for damages from earthquakes and damages to your car, jewelry and other high-value items that exceed policy limits.
To understand what items are and aren’t covered by your policy, you should read your policy’s details thoroughly.
Frequently Asked Questions About Renters Insurance in Wilmington
The best renters insurance companies in Wilmington offer a balance of affordability and quality. MoneyGeek answered some frequently asked questions to help the city’s renters find the best deals:
Renters Insurance in Wilmington Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Wilmington to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed June 8, 2022.