Best Home Insurance Rates In Delaware

On average, your neighbors pay $65 a month.

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Compare Home Insurance In Delaware

The Diamond State is the birthplace of Vice President Joe Biden, Henry Heimlich, inventor of the Heimlich maneuver, and Dr. Oz. It turns out that he First State is technically the second-smallest state. But Delaware has some large homeowners insurance risks that you should be aware of whether you’re shopping for home insurance or already have it.

Average Delaware Homeowners Insurance Rates

How much is home insurance in Delaware? Delaware has some of the lowest homeowners insurance rates in the country. The average cost of home insurance in the state of Delaware is $780. That's much lower than the national average of $1,173. Only five states have lower average home insurance rates than Delaware.

Delaware Average Annual Homeowners Insurance Rates
  2013 2014 2015
Delaware Annual Average $709 $736 $780
Delaware Price Per Month $59 $61 $65
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 45 45 46
Source: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance

The graph below shows the change in average Delaware home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Delaware homeowners insurance rates increased from $664 in 2011 to $780 in 2015, a jump of $116 dollars, or 17.47 percent.

Delaware average homeowners insurance rates

Choosing a homeowners insurance company in Delaware should be easier. Actually, it’s already easy. The key to finding the cheapest rates is to compare home insurance quotes in Delaware from multiple companies.

Best Home Insurance Companies in Delaware

Most Popular Insurance Companies

Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Delaware. Out of the 3,392 Delaware homeowners that used QuoteWizard to request insurance quotes last year, 155 had no home insurance.

  1. Nationwide
  2. Liberty Mutual
  3. Allstate
  4. GEICO
  5. Progressive
  6. USAA
  7. AAA
  8. 21st Century
  9. Travelers
  10. Hartford
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Best Insurance Companies

The above list shows the most popular home insurers in Delaware according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Delaware Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Nationwide A+ 15.0%
2 Liberty Mutual A 10.1%
3 Allstate A+ 6.7%
4 USAA Insurance A++ 5.3%
5 Travelers Companies A+ 4.9%
6 Chubb Corp. A++ 3.3%
7 Donegal Insurance Group A 2.9%
8 Hartford Financial Service A+ 2.9%
9 Klinefelter Insurance Group NR 2.1%

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Delaware.

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Average Home Listing Prices

Home prices can greatly affect the cost of insurance in a state. A higher average home price generally means higher premiums in that state. For Delaware, the average listing price is $283,740 as of July 2015, almost identical to the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Delaware’s average burglary rate was 662.3 per 100,000 people, which is about the same as the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Delaware, there are 166.6 law enforcement personnel per 100,000 total citizens. This is by far the highest of any state, more than four times the national median of 32 per 100,000.

Home Insurance Hazards

Delaware’s weather is relatively mild, considering it sits between the Mid-Atlantic region and the New England region. However, occasionally extreme winters and summers can bring major homeowners insurance hazards.

Cold, but variable winters: Despite its small size, the annual snowfall in Delaware varies greatly. Even just from Wilmington to Newark. In some parts, the average is as low as 7 inches per year. But in others, it’s as high as 20 inches per year. Average winter temperatures throughout the state are below freezing. When temperatures drop, people crank the furnace, increasing energy use and trapping in moisture that may lead to mold development. In freezing temperatures, pipes can crack and leak, and other structures can become stiff and brittle as the cold contracts them. This is one of the most common causes of home insurance claims in the winter.

Hot summers: As with winter conditions, southern Delaware is more moderate than northern Delaware. Also typical of the region are hot, humid summers. Average summer high temperatures are about 87 degrees, often with humidity above 80%. This uncomfortable combination makes it feel even hotter, as the human body has a hard time cooling itself down. During exceptionally hot summers, power outages may occur as many people crank up the air conditioning. Heat and humidity are especially taxing for young children and adults over 65. Luckily, Delaware summers cool down below 80 by September.

Rain and thunderstorms: Precipitation is fairly uniform all year-round in Delaware. Newark averages 108 days of rain per year, while Wilmington averages 118 days. This means that rain occurs about once every three days. This trend is present almost the entire year--March sees 10 to 11 days of rain, and November sees 9 to 10. This constant but mild precipitation can be nuisance, but thunderstorms can a real problem.

Thunderstorms involving heavy rain with thunder and lightning are common during the summer months. Severe thunderstorms with lightning can cause fires, but generally, thunderstorms can knock down street signs and cause damage to homes. In severe cases, when the rain is especially heavy, thunderstorms can cause flooding. While damage from severe thunderstorms or fire is covered by standard home insurance policies, the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Delaware Department of Insurance

Website:
Homepage
Insurance Commissioner:
Trinidad Navarro
Insurance Hotline:
(800) 282– 8611
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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