The Best Homeowners Insurance in Delaware for 2023 – NerdWallet

The average cost of homeowners insurance in Delaware is $875 per year, or about $73 per month, according to a NerdWallet analysis. That’s significantly less than the national average of $1,820 per year.

We’ve analyzed rates and companies across the state to find the best homeowners insurance in Delaware.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state. Even if an insurer serves your state, it may not write policies for all homes in all areas.

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the Best Homeowners Insurance Companies.

See more details about each company to help you decide which one is best for you.

America’s largest home insurer celebrated its 100th anniversary in 2022. One useful endorsement you may be able to add to a State Farm policy is an inflation guard rider, which automatically increases your policy limits to make sure your coverage doesn’t fall short.

Chubb generally serves affluent policyholders with high-value homes, offering lofty coverage limits and plenty of perks. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)

If you insure a secondary or seasonal home in Delaware with Chubb, you can sign up for the company’s Property Manager service at no charge. With this service, a Chubb representative will inspect your home after a hurricane, report its condition to you, submit a claim on your behalf and help prevent further damage.

We like Nationwide for its wide variety of coverage options. For example, its standard homeowners insurance policy generally includes ordinance or law coverage, which can help pay to bring your home up to current building codes after a covered claim. You can add other coverage for things like identity theft and damage from backed-up sewers and drains.

Depending on how much personal assistance you need, you can get a quote for homeowners insurance on the Nationwide website or work with a local agent instead. You can also use the website to pay bills, file claims or check claim status.

Travelers offers a robust online experience. You can use the website to get a homeowners insurance quote, file and track claims, make payments and learn about insurance basics.

Its coverage offerings are similarly strong. For example, you may be able to add extra coverage in case the dwelling limit on your home isn’t enough to rebuild your house after a disaster. One unique option is Travelers’ green home coverage, which pays extra if you want to use eco-friendly materials when repairing or rebuilding your home after a covered claim.

USAA sells homeowners insurance to veterans, active military members and their families. If that description fits you, you may want to consider a USAA policy. That’s because the company’s homeowners insurance has certain features that other insurers may charge extra for.

For example, USAA automatically covers your personal belongings on a “replacement cost” basis. Many companies pay out only what your items are worth at the time of the claim, which means you may not get much for older items. USAA pays enough for you to buy brand-new replacements for your stuff.

The average annual cost of home insurance in Delaware is $875. That’s 52% less than the national average of $1,820.

In most U.S. states, including Delaware, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In Delaware, those with poor credit pay an average of $1,815 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 107% more than those with good credit.

How much you pay for homeowners insurance in Delaware depends on where you live. For instance, the average cost of home insurance in Wilmington is $725 per year, while homeowners in Dover pay $790 per year, on average.

Here are the insurers we found with average annual rates below the Delaware average of $875.

Delaware can see a range of severe weather that can spell disaster for homeowners. When looking for homeowners insurance in Delaware, consider the risk of coastal storms, flooding and hail.

Hurricanes and coastal storms can cause significant damage to properties, even if they don’t make landfall. Delaware is particularly vulnerable to coastal flooding and damage from high winds, as it is surrounded by water on three sides. Pay attention to your wind and flood coverage so you can make sure you have enough coverage for the damage these tropical storms can bring.

Your policy may have separate deductibles for hurricane and wind damage. Suppose your policy has a $1,000 deductible for most claims and a 2% deductible for wind claims. If your house has $250,000 worth of dwelling coverage, you’d have to pay for the first $5,000 of wind damage yourself.

Coastal storms, snow melt and heavy rains can all cause flooding in Delaware. Standard homeowners insurance will not cover flood damage, which means people in at-risk areas should consider buying separate coverage.

To find out your risk, check out the Federal Emergency Management Agency’s flood maps and RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.

Homeowners in flood-prone areas may need to purchase separate flood insurance. Remember that while you can purchase flood coverage at any time, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.

While Delaware weather is often mild, severe thunderstorms bring strong wind and hail, which can cause extensive damage to roofs, siding or windows. Standard policies generally cover storm damage but keep in mind that, as with wind, hail damage may have a separate deductible.

The Delaware Department of Insurance oversees the state’s insurance industry. In addition to providing consumer information, the agency’s website is also a resource if you’re having a dispute with your insurer. You can file a complaint using its online form. You can also reach out to the department with questions or to get support with your complaint at 800-282-8611 or [email protected].