Best & Cheapest Homeowners Insurance in Delaware May, 2024
Nationwide offers the cheapest home insurance for Delaware homeowners, with an average yearly cost of $742.
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.
| 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.
Cheapest Homeowners Insurance in Delaware
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.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
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
| 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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