Best Condo Insurance In Delaware 2024

In our evaluation, we determined that Delaware’s best condo insurance policy is available through Nationwide.

We’ve saved shoppers an average of $450 per year on their home insurance.

Offers from America's top insurance carriers
Free. Secure. No Spam.
min read -
Published:
Written by Bob Phillips
On this page Open

Welcome to the ultimate guide to the best condo insurance in Delaware. With 13 years as a licensed insurance agent, I confidently provide you with the essential information you need. Securing the right condo insurance is critical—not just for protecting your investment, but for safeguarding your peace of mind.

Ignoring the need for proper insurance can result in dire consequences. With 13 years of experience in the insurance industry, I’ve seen countless condo owners face significant financial losses due to inadequate coverage. Don’t let this be your story. Let’s dive into Delaware’s condo insurance options and ensure you’re fully protected.

Best Condo Insurance Companies In Delaware, 2024

Best Condo Insurance, Delaware 2024

Compare The Best Condo Insurance Companies In Delaware

Best For Overall Rating A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide

Overall

4.9

A+

816

$894

Instant Quote
Travelers

Discounts

4.6

A

794

$858

Instant Quote
Chubb

High-Value Condos

4.7

A++

809

$1,520

Instant Quote
Amica

Runner-Up

4.8

A+

849

$1,460

Instant Quote
Scroll to see comparisons

Our Methodology

To select the best condo insurance companies in Delaware, I relied on data from AM Best for financial strength and J.D. Power for customer satisfaction. Additionally, I considered consumer reviews and used my background as a former licensed property and casualty agent who sold condo insurance in Delaware.

145

Quotes Analyzed

27

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

Best Condo Insurance Companies In Delaware


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

When it comes to condo insurance in Delaware, Nationwide is a standout choice. They provide extensive coverage tailored to the unique needs of condo owners, ensuring you are thoroughly and effectively protected.

Nationwide offers thorough protection for condo owners, covering your furniture, clothing, and other personal belongings from covered losses and providing reimbursement for additional living expenses if you can’t stay in your home due to a covered loss.

What makes Nationwide unique is its excellent claims service. During challenging times, you want an insurer who provides timely and fair service. Nationwide shines in this area, with a seamless claims process and a committed team ready to help you when needed.

Beyond basic coverage, Nationwide is committed to meeting customer needs. They offer coverage options for additions, alterations, fixtures, improvements, and installations, ensuring your investment is well protected.

Benefits & Drawbacks

Benefits
  • Full insurance
  • Competitive rates
  • High-quality customer assistance
Drawbacks
  • Poor choice for budget homes
  • Possible extra fees
  • Certain discounts are less common

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

Travelers Insurance has become a favored choice for condo insurance in Delaware, especially among those looking for significant discounts. They offer numerous ways to save money, ensuring their policies are affordable while maintaining comprehensive coverage.

Their multi-policy discount stands out as an attractive option. By combining condo insurance with a Travelers auto policy, homeowners can enjoy savings of up to 15%. This tactic not only simplifies insurance handling but also delivers noteworthy savings.

Furthermore, Travelers provides added discount opportunities for homeowners with qualifying smart or connected home technology. This showcases the company’s dedication to promoting and rewarding proactive measures in maintaining and protecting homes.

Offering comprehensive coverage options and discount incentives, Travelers is an ideal choice for condo owners in Delaware. Furthermore, Travelers has been commended for offering cheaper home insurance rates than most competitors, while maintaining similar coverage options.

Benefits & Drawbacks

Benefits
  • Reasonable pricing
  • Solid financial base
  • Options to bundle
Drawbacks
  • Fewer options available
  • Possible dog breed bans
  • More customer complaints than other companies

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claim Payouts
9/10 Coverage Level

Why We Like Them

For those with high-value condos in Delaware, Chubb is a top insurance provider. With a reputation for excellent service and specialized coverage for affluent policyholders, Chubb offers extensive coverage limits and a variety of perks.

Specifically aimed at high net-worth families, the Masterpiece policy includes extended replacement cost options to guarantee full protection for your valuable property.

Beyond offering expansive coverage, Chubb is known for unique features such as cyber protection and identity theft coverage. Focused on the specific needs of high-net-worth households, Chubb provides top-tier insurance solutions for affluent condo owners in Delaware.

Benefits & Drawbacks

Benefits
  • Excellent service for customers
  • Additional coverage options
  • Low complaint rate
Drawbacks
  • Above-average pricing
  • Not accredited by BBB
  • Might not suit mid-priced condos

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claim Payouts
10/10 Coverage Level

Why We Like Them

Amica is an outstanding option for comprehensive condo insurance in Delaware. Known for excellent customer service and a diverse range of coverage options, Amica ensures a smooth insurance process. Policyholders can save up to 20% by combining their condo and car insurance.

The rates offered by Amica are quite competitive, especially when compared to Allstate, which has higher monthly rates. Furthermore, Amica’s low complaint rate reflects high customer satisfaction. Their Platinum Choice Home Coverage combines several coverage types for robust condo protection.

Benefits & Drawbacks

Benefits
  • Wide variety of coverage available
  • High satisfaction among customers
  • Financially stable insurance provider
Drawbacks
  • Higher than average premium rates
  • No dividends issued to policyholders
  • Strong AM Best rating, downgraded in 2017

How Much Is Condo Insurance In Delaware?

To aid in your decision-making process, we have included several thorough comparison charts:

Average Cost Of Condo Insurance By City

The table below outlines the average annual and monthly condo insurance costs for the ten largest cities in Delaware:

City Average Annual Rate Average Monthly Rate
Wilmington $600 $50
Dover $510 $42
Newark $550 $45
Middletown $531 $44
Smyrna $565 $47
Milford $450 $38
Seaford $557 $47
Georgetown $553 $46
Elsmere $500 $41
New Castle $450 $37

These rates are estimates and may differ based on factors like the specific location of your condo, its structural details, and the coverage level you need.

Average Cost Of Condo Insurance By Building Property Limits

One-size-fits-all doesn’t apply to condo insurance. The coverage you need will depend on the value of your property and belongings. To help you decide, here’s a comparison chart featuring average monthly condo insurance rates in Delaware by building property limits:

Building Property Limit Average Annual Rate
$40,000 $757
$60,000 $909
$80,000 $1,113
$100,000 $1,329

These rates are approximate and may fluctuate based on factors like your condo’s specific location, its structural details, and the amount of coverage you require.

Average Cost Of Condo Insurance By Company

The following table highlights the average annual rates from ten major national insurance companies providing condo insurance in Delaware:

Insurance Company Average Annual Rate
State Farm $751
Allstate $802
Liberty Mutual $853
USAA $704
Progressive $905
Nationwide $886
Farmers $1007
Travelers $828
Erie $769
American Family $9510

These estimated rates can vary depending on your condo’s location, its structural features, and the coverage amount you need. The cheapest rate may not always offer the best value. Consider policies that balance affordable rates with comprehensive coverage, excellent customer service, and financial stability.

How To Find The Best Condo Insurance Company For You

Finding the right condo insurance tailored to your needs requires effort, but it’s a worthwhile investment. Your condo is likely your most valuable asset, making its protection and that of your belongings essential for your family’s long-term financial security.

Find the best policy for you by following these five simple steps:

  1. Do online research on condo insurers and narrow it down to three companies you like.
  2. Determine your needed coverage limits.
  3. Collect quotes from the three selected insurers.
  4. Choose a carrier by evaluating coverage, customer reviews, financial strength, discounts, and pricing.
  5. Complete and submit your application for coverage.

For the best quality condo insurance in Delaware, compare multiple quotes side-by-side. Get several quotes now through Insuranceopedia.

How To Get An Online Condo Insurance Quote In Delaware

For a convenient way to obtain an online insurance quote in Delaware, utilize a website that can furnish multiple quotes simultaneously, enabling straightforward side-by-side comparison, like Insuranceopedia.

Getting an online quote often entails providing particular pieces of information:

  • Condo replacement cost: When your condo is damaged, the cost to rebuild it using similar materials.
  • Personal property value: Your personal property coverage limits are determined by the value assigned to your personal belongings.
  • Personal information: You will be asked to supply your name, address, insurance record, the number of inhabitants in your condo, and other relevant details.
  • Details about your condo: The age of your condo, its square footage, the materials of the exterior, the presence of security features, and other specifics.

What Does Condo Insurance Cover In Delaware?

HO6 insurance, the typical condo insurance policy in Delaware, mainly provides coverage for the interior of the condominium. This includes installed fixtures, appliances, personal items, and protection for damage to the unit’s walls, floors, and cabinets.

In addition, it provides coverage for personal property, protecting your belongings against theft or damage. Loss assessment coverage is also commonly offered, beginning at $1,000, and can be increased with an optional endorsement.

How Much Condo Insurance Is Required In Delaware?

Condo insurance isn’t legally required in Delaware, but mortgage lenders and condo associations frequently insist on it. Coverage limits typically start at $100,000 and can go up to $500,000. It is also recommended that, that policies include at least $2,000 in loss assessment coverage for communal areas.

How Much Condo Insurance Do I Need In Delaware?

In Delaware, determining the appropriate condo insurance coverage involves assessing the value of your possessions, the internal features of your condo, and the type of master policy provided by your HOA.

How To Save Money On Delaware Condo Insurance

To reduce condo insurance costs in Delaware, consider raising your deductible. A higher deductible can lead to lower premiums but means higher costs if you file a claim. It’s important to pick a deductible that fits your financial needs.

To save on condo insurance in Delaware, consider making your property more disaster-resistant. Adding storm shutters or boosting your security system can safeguard your home and may result in premium discounts from insurers.

Factors That Impact The Cost Of Your Condo Insurance Policy

The following four factors greatly influence the cost of your condo insurance policy in Delaware:

Location of Your Condo

Your condo’s location is a key factor in determining insurance costs. If it’s in a high-risk area for natural disasters such as hurricanes, floods, or wildfires, the insurance premium will be higher. Delaware, with its high hurricane activity, often has increased insurance rates.

Age and Construction Type of Your Condo

The age and construction quality of your condo are crucial in determining insurance costs. Older condos with outdated systems like wiring or plumbing pose higher damage risks, leading to increased insurance costs. Similarly, using less resistant materials can result in higher premiums.

Replacement Cost of Your Condo

The replacement cost, which is the amount required to reconstruct your condo in case of total destruction, affects your insurance costs. A higher replacement cost means a higher insurance premium.

Claims History

The number of claims you’ve filed in the past affects your condo insurance cost. If you have a history of many claims, insurers might consider you high-risk and charge more. A clean claims record, however, can help decrease your premiums.

FAQs

How much is condo insurance in Delaware?

Condo insurance in Delaware averages around $526 per year, translating to $44 per month. However, the actual cost can vary widely based on location, coverage levels, and the insured’s claims history.

How does condo insurance work?

By covering your personal belongings, unit interiors, and liability claims, condo insurance serves as a crucial safety net. It also fills in the gaps where your condo association’s master policy falls short, safeguarding you against unexpected financial losses.

Sources

Go back to top