Delaware is a gem of the mid-Atlantic region, offering great schools, low taxes, and affordable housing. Miles of beautiful shoreline await you, as do plentiful opportunities for hiking, sailing, and bicycling. From Wilmington to Dover and everywhere in between, the state of Delaware has plenty to offer for new homeowners, including a cost of living that’s lower than the national average.

Keep the savings coming with Insurify. Explore insurance coverage options and home insurance companies with this simple tool. With Insurify, it’s so easy to compare the best and cheapest homeowners insurance in Delaware.

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How to Get Affordable Home Insurance in Delaware

Delaware is a beautiful state, but it has its own set of risks when it comes to homeownership.

Delaware is the lowest-lying state in the nation, which leads to a serious risk of flooding. A significant percentage of Delaware is within a floodplain, and recent years have brought both a loss of wetlands (which absorb floodwater) and rising sea levels. This all puts Delaware residents at an even higher risk from extreme weather events. 

It’s important to account for these risks when you shop for home insurance. Home insurance coverage isn’t required by law in Delaware, but it’s a good idea to buy it anyway. It protects your investment in your home not just from natural disasters but from crimes like theft that can put your property and belongings at risk.

We’ve researched the best Delaware home insurance discounts and homeowners insurance companies for your home policy. Check out our full guide to Delaware home insurance.

Homeowners insurance quotes in Delaware by Company 

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2020, the average home insurance premium in Delaware costs $1,111 annually, and the median home value is $257,521.

That’s a lot of money. How can you be expected to pay these costs—as vital as they are to protecting your investment—and still provide for yourself and your family?

Average Home Cost in Delaware Average Annual Insurance Premium in Delaware
$257,521 $1,111

Homeowners Insurance Quotes in Delaware by City

Home insurance varies in price from city to city, just like property costs. The cost of your home insurance policy is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, like natural disaster frequency. Even your specific neighborhood may determine whether you pay more or less than the average cost for your annual premiums.

Home insurance rates in Delaware can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive ZIP codes in Delaware for home insurance.

 

Most Expensive Real Estate in Delaware  Cheapest Real Estate in Delaware
Dewey Beach $687,736 Wyoming $181,589
Rehoboth Beach $527,768 Felton $236,442
Lewes $364,112 Millsboro $248,899

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What does home insurance cover in Delaware?

There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:

HO-1

Basic

  • The simplest and least comprehensive type of homeowners insurance
  • Provides coverage for a handful of potential problems, including
    • natural disasters (storms, fires, wind, lightning, volcanic eruption), 
    • explosions, 
    • theft, 
    • damage from vehicles, 
    • or civil commotion. 
HO-2

Broad Form

  • Broad form homeowners insurance policies include all basic form coverage, plus protection from: 
    • falling objects, 
    • damage from the weight of ice, snow, or sleet, 
    • freezing of household systems including HVAC and pipes, 
    • sudden and accidental damage to pipes and other household systems from artificially generated electrical current, 
    • accidental discharge or overflow of water or steam,
    • sudden and accidental damage. 
  • HO-2 policies typically cover both dwelling protection and personal property.
  • In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
HO-3

Special Form

  • The most common form of homeowners insurance is known as a “special form” policy.
  • While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4

Tenant’s Form

  • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes. 
  • Tenant’s form policies typically cover all the same dangers as HO-2 policies. 
  • These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house. 
  • Some HO-4 policies may also include loss of use coverage for the tenants.
HO-5

Comprehensive

  • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
  • The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
  • An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy). 
  • HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
HO-6

Condo Form

  • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies. 
  • They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building. 
  • These policies also include personal property and liability coverage and may include loss of use coverage.
HO-7

Mobile Home Form

  • If you own a mobile home or manufactured home, you likely have an HO-7 policy. 
  • Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
  • Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well. 
  • HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
HO-8

Older Home

  • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them. 
  • HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes. 
  • Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Mobile Home Insurance in Delaware

If you live in a mobile home or manufactured home, you know it’s important to have mobile home insurance. Mobile homes have a few differences from traditional homes—mainly, the lack of a foundation and the use of lighter-weight materials to create them. This puts them at a higher risk of damage from fires and severe weather.

Luckily, there are insurance policies designed specifically for mobile and manufactured homes. HO-7 policies are the best home insurance option for these structures. They’re usually very similar to HO-3 policies, but they’re designed specifically for mobile and manufactured homes. They usually include dwelling coverage, other structures coverage, personal property coverage, and liability coverage, and in some cases, they may also include loss of use coverage.

One thing to remember with mobile home policies is that HO-7 policies typically only protect your mobile or manufactured home when it’s stationary. If you plan to move it, you might need additional coverage to protect it while it’s moving.

Flood Insurance in Delaware

With the high risk of floods in Delaware, you may want to invest in flood insurance because standard home insurance policies don’t include flooding in their lists of covered perils. High-risk flood zones may require you to buy a flood policy as protection against flood damage. However, even if you don’t live in a high-risk zone, flood insurance is a good idea if you live near areas that have flooded in the past.

Learn more about flood insurance and how to find flood insurance providers from the National Flood Insurance Program. This government program partners with more than 60 insurance companies to sell and service flood insurance policies. Find an insurance agent in your state and compare average rates.

Delaware Homeowners Insurance FAQs

What is the best and cheapest home insurance in Delaware?

The best homeowners insurance in Delaware varies depending on many factors, so it’s important to shop around for the best rates. Some of the popular insurance carriers in Delaware include State Farm, Allstate, Nationwide, and Liberty Mutual. Look for companies with good ratings from companies like J.D. Power and A.M. Best. You may also be able to save additional money by bundling home and auto insurance together.

Does USAA insure homes in Delaware?

Yes, USAA insures homes in Delaware. However, USAA isn’t available to everyone. The company requires policyholders to either be active military members or veterans or have family in the armed forces to qualify for USAA insurance products.

How long does a home insurance claim take in Delaware?

According to property law firm Merlin Law Group, Delaware has tight guidelines regarding processing insurance claims. Carriers must respond to communication about claims within 15 working days and begin investigating the loss within 10 working days of receiving the claim. They must accept or deny the claim (or provide a reason for their inability to do so) within 30 days after receiving proof of loss statements.

Special Home Insurance Situations in Delaware

Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Delaware.

Cheapest Home Insurance for Houses Near the Coastline in Delaware

Insurance Company Average Annual Premium
Allstate $1,015
Cumberland $587
Encompass $1,482
Nationwide $734

Cheapest Home Insurance for Houses Less Than 20 Years Old in Delaware

Insurance Company Average Annual Premium
Encompass $1,349
State Farm $892
Travelers $1,590
Allstate 1,014

Conclusion: How to find the cheapest home insurance in Delaware

There are lots of costs associated with owning a home. However, it’s important to not cut corners on homeowners insurance. With a few minutes of research and the right tools, you can find the savings you need to protect your brand new home.

Use Insurify to compare home insurance premiums for your property in Delaware. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.

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Browse, compare, and secure home insurance with Insurify today! 

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Updated September 16, 2020

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