Best & Cheapest Homeowners Insurance in Delaware April, 2024

Nationwide offers the cheapest home insurance for Delaware homeowners, with an average yearly cost of $742.

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Bob Phillips
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After thoroughly examining home insurance providers in Delaware, Nationwide stands out as the most budget-friendly option, offering an average yearly rate of $742. However, it’s important to note that the top insurer can vary based on your specific situation and needs.

For instance, if your credit score has taken a hit, State Farm provides the most economical choice with an average annual premium of $1,578. Conversely, for owners of older homes, Allstate offers competitive rates at $956 per year along with comprehensive coverage.

On the flip side, for owners of newly constructed homes, Nationwide again emerges as the most affordable option at $486 per year. And for individuals with a claims history, Nationwide presents an affordable and flexible option at $1,649 annually.

Our detailed assessment at Insuranceopedia is designed to assist you in finding the perfect match for your home insurance requirements. Through customer ratings, personal experiences, and comparison charts, we aim to equip you with all the necessary information to make a well-informed decision.

How much is homeowners insurance in Delaware?

Nationwide offers the most affordable home insurance rate in Delaware, priced at $742 per year.

As stated below, insurance rates in Delaware are below the national average.

Area Average Monthly Rate
National $1,820
Delaware $930

It’s important to recognize that insurance rates are not uniform; they can vary considerably based on various factors.

For instance, your individual driving record is a significant factor; having a history of traffic violations or accidents usually leads to higher premiums compared to having a clean record. The make and model of your vehicle also play a role, as high-performance or luxury cars often come with higher insurance costs.

Moreover, where you live can affect rates, with densely populated urban areas generally experiencing higher premiums due to elevated risks like theft or accidents. Additionally, factors such as age and marital status can also influence your car insurance premiums.

Cheapest Homeowners Insurance in Delaware

Cheapest Homeowners Insurance, Delaware, 2024

Our Methodology

To find the most economical home insurance rates in Delaware, we conducted an analysis using data from several home insurance review platforms. Some of these platforms assessed rates obtained from public filings acquired by Quadrant Information Services. We calculated an average of these rates for this review. However, it's crucial to understand that the rates provided by each company can change frequently and may differ based on your individual circumstances. Furthermore, our thorough rating considers my personal opinion, which is founded on fifteen years of experience as a licensed insurance agent and over three decades of buying home insurance.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest Homeowners Insurance in Delaware

Nationwide is recognized as the most cost-effective option for homeowners insurance in Delaware, with an average annual rate of $742.

Company Annual Premium
Nationwide $742
State Farm $931
Travelers $968
Allstate $1,104
Homesite $1,260

Your insurance policy’s cost is affected by several factors, including where you live, your home’s value, and your claims history. Nationwide offers a balanced mix of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have an Older Home

Allstate offers the most affordable rates for older homes, averaging $956 per year.

Insurance Company Average Annual Premium
Allstate $956
Nationwide $962
State Farm $1,004
Travelers $1,198
Homesite $1,366

Older homes typically come with specific risks and maintenance needs that can result in higher insurance costs. However, Allstate offers competitive rates and comprehensive coverage tailored to address the unique requirements of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

For newly constructed homes, Nationwide offers the most affordable option, with an average annual rate of $486.

Insurance Company Average Annual Premium
Nationwide $486
Homesite $499
State Farm $505
Travelers $565
Encompass $671

Newly constructed homes typically have distinct coverage needs compared to older ones, and Nationwide is recognized for providing affordable policies tailored to meet these specific requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

If you have a low credit score, State Farm offers the most affordable solution, with an average annual rate of $1,578.

Insurance Company Average Annual Premium
State Farm $1,578
Travelers $1,678
Homesite $1,742
Allstate $1,838
Encompass $2,299

Your credit score is a key factor in determining your insurance rates, as insurers use it to evaluate risk. State Farm understands the importance of offering fair coverage to everyone, regardless of their financial background.

Cheapest Home Insurance for a History of Claims

Nationwide provides an affordable solution for homeowners with a history of claims, offering an average annual rate of $1,649.

Insurance Company Average Annual Premium
Nationwide $1,649
State Farm $1,730
Allstate $1,767
Travelers $1,895
Homesite $2,040

Having a history of claims can indicate higher risk for insurers, often leading to higher premiums. However, Nationwide believes in giving second chances and offers reasonable rates for individuals with past claims.

Best Homeowners Insurance Companies in Delaware

Choosing the right homeowners insurance is more than just a necessity; it’s a strategic choice. Delaware’s diverse range of homes, reflecting its rich history, highlights the importance of finding an insurance provider that offers comprehensive coverage at competitive rates.

To streamline your decision-making process, we’ve compiled a list of the best homeowners insurance companies in Delaware. These companies have been assessed based on factors like annual premiums, coverage choices, customer satisfaction ratings, and overall dependability. Take a look at our comparison chart below to discover the perfect match for your home insurance requirements.

Company Annual Premium
1. Nationwide $742
2. State Farm $931
3. Travelers $968
4. Allstate $1,104
5. Homesite $1,260
6. Cumberland Mutual $590
7. Encompass $520

Average Home Insurance Rates in Delaware by Deductible Amount

The deductible amount you select for your homeowners insurance policy can greatly affect premium rates in Delaware. Here is a breakdown of how average home insurance rates differ based on different deductible amounts:

Deductible Amount Average Annual Premium
$500 $685
$1,000 $602
$1,500 $560
$2,000 $517

Average Home Insurance Rates in Delaware By Coverage Amount

One important factor that impacts your insurance cost is the amount of dwelling coverage you choose. This coverage represents the maximum sum your insurer will pay to rebuild or repair your home in case of damage or destruction.

Below is a comparison chart showing the average yearly premiums for homeowners insurance based on different levels of dwelling coverage.

Dwelling Coverage Amount Average Annual Premium
$200,000 $687
$250,000 $820
$300,000 $940
$350,000 $1,004
$400,000 $1,172

Average Home Insurance Rates in Delaware by Company

Here is a comparison of the annual premiums from leading insurance providers in Delaware.

Company Annual Premium
Nationwide $742
State Farm $931
Travelers $968
Allstate $1,104
Homesite $1,260
Cumberland Mutual $590
Encompass $520

How Much is Homeowners Insurance for Other Cities in Delaware?

Below is a detailed comparison chart showcasing the most budget-friendly annual premiums across various cities in Delaware.

City Annual Premium
Wilmington $820
New Castle $834
Clayton $878
Dover $890

Getting Online Homeowners Insurance Quotes in Delaware

Websites such as Insuranceopedia simplify the process of finding the perfect insurance coverage for your unique needs with minimal effort. By providing instant online quotes from reputable insurers, Insuranceopedia allows you to compare rates effortlessly.

Simply input your information, and we’ll take care of the rest by presenting you with a selection of options customized to your specifications. This empowers you to confidently choose a policy that offers the most value, balancing affordability with comprehensive coverage.

FAQs

Who has the cheapest home insurance in Delaware?

Nationwide provides the least expensive home insurance option in Delaware, with an annual premium of $742.

What is the average cost of home insurance in Delaware?

Typically, homeowners insurance in Delaware has an average annual cost of around $930.

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