Finding the Best Homeowners Insurance in Delaware
In Delaware, people appreciate their independence -- 71% of housing unit residents are homeowners. With that freedom comes the responsibility of protecting your home and everything inside it. That’s why, if you’re a homeowner, you might be considering buying homeowners insurance. Consider the damage that can be caused by natural hazards like nor’easters and hurricanes or the cost of replacing your valuables after a theft. You’ll want to be ready for any event that might result in loss or damage to your property. The median property value in Delaware is higher than the national average. Getting the best homeowners insurance in Delaware means protecting your valuable property. Homeowners insurance can also protect you and your family from claims brought against you. While choosing to buy might be easy, finding insurance that works for you can be a challenge. We’re here to guide you through the basics and empower you to find affordable Delaware homeowners insurance quotes. We’ll go over coverage, pricing, discounts, and how to choose the best insurance providers. With our help, you’ll be able to find cheap homeowners insurance in The First State that satisfies all your coverage requirements.
| Delaware Homeowners Insurance Cost Broken Down | Price |
|---|---|
| Yearly Cost of Homeowners Insurance in Delaware | $618.00 |
| Costs Per Month for Homeowners Insurance in Delaware | $51.50 |
How Much is Homeowners Insurance in Delaware
One of your biggest concerns is probably the homeowner's insurance rates in Delaware. Luckily, Delaware is among the cheapest states when it comes to buying a homeowners insurance policy. Delaware's lack of corporate and sales tax may contribute to these low rates, as well as the comparatively low property crime rate. Sitting along the Atlantic coast does put Delaware at risk of certain natural hazards. However, the most common of these, flooding, is not covered under standard policies and therefore doesn't affect homeowners insurance rates. The average cost of homeowners insurance in Delaware is $X.XX per month, or $X.XX per year. Townsend is the cheapest city for homeowners insurance at an average monthly cost of $X.XX, or $X.XX annually. Conversely, Bethany Beach has the highest rates at $X.XX per month or $X.XX per year. Almost 1 in 3 Delaware homeowners making between 80-120% of the average median income (AMI) are cost-burdened. This means they are spending 30% or more of their income on housing. An even more significant percentage of owners earning lower than the AMI are cost-burdened. Paying for monthly premiums may seem like another unwelcome bill, but the financial security afforded by homeowners insurance far outweighs the costs. Consider the cost of repairing your home, replacing your damaged possessions, or being hit with legal fees or medical bills resulting from an injury on your property. Most homeowners would not be able to afford this kind of financial burden – and that's where homeowner's insurance comes in.
| City in Delaware | Monthly Costs | Yearly Costs |
|---|---|---|
| Wilmington, DE | $51.17 | $614.00 |
| Dover, DE | $57.58 | $691.00 |
| Newark, DE | $49.75 | $597.00 |
| Middletown, DE | $49.25 | $591.00 |
| Smyrna, DE | $52.08 | $625.00 |
| Milford, DE | $64.83 | $778.00 |
| Seaford, DE | $58.58 | $703.00 |
| Georgetown, DE | $72.25 | $867.00 |
| Elsmere, DE | $52.08 | $625.00 |
| New Castle, DE | $52.50 | $630.00 |
| Millsboro, DE | $76.00 | $912.00 |
| Laurel, DE | $61.50 | $738.00 |
| Harrington, DE | $56.00 | $672.00 |
| Camden, DE | $54.92 | $659.00 |
| Clayton, DE | $53.83 | $646.00 |
| Lewes, DE | $92.92 | $1,115.00 |
| Milton, DE | $69.75 | $837.00 |
| Townsend, DE | $48.08 | $577.00 |
| Selbyville, DE | $79.67 | $956.00 |
| Bridgeville, DE | $58.92 | $707.00 |
| Ocean View, DE | $92.25 | $1,107.00 |
| Delmar, DE | $64.08 | $769.00 |
| Cheswold, DE | $57.75 | $693.00 |
| Wyoming, DE | $54.83 | $658.00 |
| Rehoboth Beach, DE | $81.33 | $976.00 |
| Felton, DE | $55.58 | $667.00 |
| Bethany Beach, DE | $96.25 | $1,155.00 |
| Bellefonte, DE | $53.00 | $636.00 |
| Greenwood, DE | $59.92 | $719.00 |
| Newport, DE | $49.67 | $596.00 |
Delaware Homeowners Insurance Laws
There are no legal requirements for purchasing homeowners insurance in Delaware. However, many mortgage lenders may require it before agreeing to finance your home purchase. If your homeowner's insurance is paid as part of your mortgage, it is called having an escrow. Your lender will take money for your insurance from your escrow and make the payments for you. This relieves you of keeping track of insurance bills and verifying for the lender that you remain insured. If anything happens to your home, your lender can rest assured knowing you won't be hit with such a financial burden that you have to default on your mortgage. If you put forward a large enough down payment, it is usually up to you if your insurance is paid with your mortgage or separately. You may want to do this to manage your payment schedule better or even pay in one lump sum. Buying homeowners insurance is optional (unless required by your lender), but even if you are not obligated to purchase it under your mortgage, it is highly recommended. You'll want to purchase homeowners insurance for the same reasons you have auto insurance; to cover costs associated with the repair, replacement, or even injury.
What Does Homeowners Insurance Cover in Delaware
If you need further convincing, read on to see what homeowners insurance covers in Delaware. Basic homeowners insurance policies will provide coverage for four main areas: the structures of your home, your personal property, temporary living expenses, and liability. Your home structures include the home itself, but typically also your garage and sometimes detached structures like sheds or fences. Your personal property, including furniture, electronics, and clothes, is also covered. Many policies will even cover your possessions if they are stolen from your car or while you’re on vacation. Temporary living expenses coverage, or loss of use coverage, is for times when your home becomes uninhabitable due to a covered event. This will help pay for costs associated with living elsewhere while your home is being repaired, such as hotel bills. Personal liability coverage protects you in cases where people are injured on your property or where you or a family member cause damage to someone else’s properties. This coverage can help pay for repair costs, medical bills, and even legal fees from lawsuits related to these incidents. Always check your policy to see exactly what events or perils are covered. For example, loss from fire and theft is covered, but flood damage isn’t.
| Costs of Home Insurance in Delaware by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Kent County, DE | $61.92 | $743.00 |
| New Castle County, DE | $54.00 | $648.00 |
| Sussex County, DE | $81.00 | $972.00 |
Top Rated Homeowners Insurance Companies in Delaware Based on Ratings
You have an idea of the costs and the coverage – the next step is looking into an insurance provider that can give you the best of both worlds. There are many companies offering homeowners insurance in Delaware. The table we've provided shows a list of companies and how they compare on popular rating systems. You can get an idea of some of the top-rated homeowner's insurance companies in Delaware. For example, State Farm has a JD Power Rating of 4 out of 5 (higher than average) on five indicators of customer satisfaction: customer interaction, policy offerings; price; billing process and policy information; and claims. They also have an NAIC complaint ratio of 0.2, which is far below the average number of customer complaints. Looking at the best homeowners insurance companies in Delaware based purely on metrics, USAA has the highest JD Power score with a 5, while AIG has the lowest NAIC complaint ratio with a 0.09. The worst performers in Delaware are CSAA, with a JD Power score of 0, and Assurant, with a higher-than-average complaint ratio of 1.07. Reading customer reviews is another good way to get an idea of what areas companies perform well (and poorly).
How to Lower Homeowners Insurance in Delaware
Though homeowners insurance prices will continue to rise into 2021, there’s good news when it comes to insurance rates. With almost any provider in Delaware, it’s easy to find multiple homeowners insurance discounts. One of the most ways to save is to bundle your insurance for a multi-policy discount. Bundling your homeowners and auto insurance with one provider can save you anywhere from 5-25% on your premiums. It also provides the added benefit of dealing with only one company for your insurance payments and claims. Another common reduction in rates is offered based on what protective devices you have installed in your home (fire alarms, sprinkler systems, burglar alarms, and so on). If you never made a claim with your previous provider, you may be eligible for a no-claim discount. Customers who continuously renew with a company are often subject to loyalty discounts. Check with your work or any organizations you’re a member of; they may deal with an insurance company for group rates. Other possible discounts can come from paying your insurance in a lump sum, paying online, setting up auto-payments, and more. Of course, you can always raise your deductible to lower your premiums, but make sure you can handle the risk.
Compare Homeowners Insurance in Delaware Before Buying
We've gone over a lot of information, but we have one final tip about shopping for homeowners insurance in Delaware. One of the most important things to do is shop around and compare quotes from as many companies as possible. It seems simple, but many buyers go with the first affordable rate they come across because finding quotes and information from multiple companies can be such a hassle. We hope we've made your job easier so you can go out and see what different providers have to offer. Other than a company's basic premiums, you should look into their customer service, their claims process, and what coverage offerings they provide as part of their standard policy and add-ons, along with any other factors that are important to you. By comparing these things, you'll end up with your ideal homeowner's insurance policy for your budget and requirements.