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Of all the tasks you must take care of when buying a home, shopping for homeowners insurance may not feel like the most important. And yet, landing the best homeowners insurance in Delaware can save you money and headaches. Here, we share where you can find the cheapest policies in the state, and offer a few key factors to look for in homeowners coverage.
These three companies top the list for cheap homeowners insurance in Delaware:
Many people are surprised to learn that it costs less to insure a brand new home than it would to insure an older house. That's because a new home is full of new components, and insurers are less concerned about anything malfunctioning, leaking, or otherwise leading to an insurance claim. Insurance companies pass some of their expected savings on to you in the way of lower insurance premiums. These three Delaware home insurance companies currently offer the lowest premiums for newly built homes:
As warm, wonderful, and full of character as an older home may be, it costs more to insure. That's because an older home is more likely to have issues like wood rot, a damaged roof, leaky pipes, or mold. To cover their bases, insurance companies charge more for homeowners coverage. However, these three Delaware insurers have managed to keep premiums down:
One of the riskiest things a homeowner can do (even if they own the home free and clear) is to live without homeowners insurance. However, once a homeowner makes a claim, they can expect their policy premium to increase for a time. For Delaware homeowners who have previously made a claim, these three insurers are among the most forgiving in the state:
The average cost of homeowners insurance in Delaware is $826, about 52% lower than the national average of $1,725.
|Average Rate Category||Delaware||National Average|
|New home construction||$509||$943|
|When making a claim||$845||$1,803|
The best homeowners insurance in Delaware is a combination of great coverage and low price.
Homeowners coverage is never a one-size-fits-all proposition. Insurers offer six types of policies designed to cover traditional (non-mobile) homes. Policies range from basic coverage to coverage with all the bells and whistles. The best homeowners insurance companies offer them all.
The level of coverage you purchase should match how much risk you're willing to take on. It's possible to purchase a bare-bones policy, but then you may not have all the coverage you need if a major peril befalls your home. Your best bet may be to identify the level of coverage that helps you rest easiest at night.
A homeowner who makes a claim is typically required to pay a deductible. Let's say you have a kitchen fire and the total cost of repair is $15,000, with a $1,000 deductible on the policy. You are responsible for paying the contractor $1,000, and the insurance company pays the remaining $14,000.
Policy discounts are a great way to snag cheap homeowners insurance in Delaware. To fairly compare one homeowners insurance policy to another, you need to know how much each will cost after discounts are factored in. The majority of insurance companies offer home insurance discounts, based on everything from whether you have an alarm system to the type of roof on your home.
To ensure proper coverage, it helps to know what you can expect. Here are the most common claims in the state:
Given how far north Delaware is, it's no surprise that water damage and freezing top the list of homeowner claims. In addition to ice dam problems, damaged roofs, and frozen pipes, there are also everyday plumbing issues like leaky appliances, and falls because of ice.
According to the Insurance Information Institute, fire and lightning damage accounted for 25% of all homeowners insurance claims in 2019. While fire is not the most common claim, it is one of the most expensive that insurance companies deal with.
No state is immune to wind damage. Whether it's a straight wind that damages your roof or a branch that breaks off a tree and smashes the hood of your car, there are countless ways wind can lead to insurance claims.
Discounts for things like insurance-bundling, roof upgrades, or a homeowners association membership are all great, easy ways to save money. However, when it comes time to purchase homeowners insurance, it makes sense to consider all potential savings.
The best homeowners insurance in Delaware rewards homeowners for protecting their property with a security system. The average savings is just over 12%. Let's say the annual premium is $1,000. An alarm system can cut that amount by $120. In addition, an alarm system could lower the risk of a break-in, which in turn, lowers potential claims. Most importantly, an alarm system can help keep you safe.
One of the most common homeowners claims involves roof replacement or repair. Roof replacements are one of the more common claims insurers deal with. Upgrading a roof can provide a Delaware homeowner with a steep home insurance discount. Because there is less risk the roof will need replacement soon, the average discount in the state for homeowners with an upgraded roof is 12%.
Electrical upgrades serve several purposes, including fire protection and convenience. In Delaware, electrical upgrades also knock an average of 10% off the annual price of homeowners insurance.
Insurance companies take many factors into account as they determine premiums. They include things like:
Here are the five cheapest cities in Delaware for homeowners insurance:
|City Name||Average Home Insurance Rate|
Here are the five most expensive cities in The First State for homeowners insurance:
|City Name||Average Home Insurance Rate|
The best homeowners insurance in Delaware provides the level of coverage you desire at a price you can afford. It may take a little shopping around to find what you're looking for, but these companies are a good place to begin your search.
Our Insurance Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
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