If you’re looking to move to a small city with a tight-knit community feel, look no further than Wilmington, Delaware. Wilmington is Delaware’s most populated city, so you’ll have easy access to all the amenities you could need, from shopping malls and theatres to stadiums and museums of art, history, and even hands-on discovery at the Delaware Children’s Museum. If you’re looking to take a more adventurous day trip, Wilmington is less than an hour from Philadelphia and roughly two hours from Washington, D.C., and New York City. But if you never leave Wilmington’s city limits, you’ll still be satisfied. Plus, Wilmington lies along the Christina River and Brandywine Creek and has plenty of parks, hills, and hiking trails, so your life in the city will be full of picturesque views and weekends spent in nature.
But Wilmington’s nature poses just as many risks as rewards. The city is prone to flooding, winter storms, hurricanes, and even occasional tornadoes. Since Wilmington’s property crime rates are over two times higher than the national average, you’re going to want to make sure your home is secure and protected in case of any natural disaster or potential break-ins.
Finding coverage for your Wilmington home can be a hassle. At Insurify, we believe it doesn’t need to be. Check out Wilmington home insurance companies, coverage options, and costs all in one place with Insurify’s comparison tools so you can find the best home insurance policy for you in just a few minutes.
Overpaying for Wilmington homeowners insurance?
How to Find Cheap Home Insurance in Wilmington
The median home value in Wilmington is nearly $240,000, and the further you live from downtown, the more expensive your home will be. When purchasing a home in a high-risk area like Wilmington, it’s important to protect your property with an insurance policy.
Home insurance is not legally required, but it’s the best way to make sure your home and personal belongings are covered from storms, vandalism, and theft. Delaware homeowners insurance will also provide liability protection in case someone is hurt on your property and can help cover your family’s living expenses if you need to leave your home while it’s being repaired.
Every policyholder is different, and your insurance products should be catered to your specific insurance needs. Keep reading for a full guide on Wilmington home insurance to find out more about your coverage options and potential exclusions to look out for.
MORE ON DELAWARE HOME INSURANCE
For general information on Utah home insurance, check out our guide for the best homeowners insurance in Delaware.
Cheapest Home Insurance in Wilmington 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 Wilmington costs $1,111 annually, and the median home value is $238,047
Rates in Wilmington are pretty cheap compared to the national and state averages. But Delaware residents can save even more on annual premiums by comparing insurance quotes with multiple home insurance companies.
When comparing insurance providers, keep your insurance preferences in mind. Are you looking for cheap premiums or comprehensive coverage? If you need car insurance, compare insurers’ home and auto insurance bundling discounts. Maybe customer satisfaction is your top priority. In that case, you should check insurance agencies’ J.D. Power ratings before you pick your policy.
Whether you want a national insurer like Liberty Mutual, Allstate, State Farm, or Nationwide or a local homeowners insurance company like Allen Insurance Group or KT&D Inc., get a quote from every company you’re considering to make sure you’re getting the best coverage and cost.
|Average Home Cost in Wilmington||Average Annual Insurance Premium in Wilmington|
Cheapest ZIP Codes in Wilmington for Home Insurance
Delaware is the second-smallest state in the U.S., so you might assume that insurance rates would be consistent from Wilmington to Middletown to Dover. But home insurance rates are based on ZIP code–specific variables, so homeowners in the Highlands have different annual premiums than those in Trolley Square and Riverfront.
Homes in neighborhoods with higher property crime rates and natural disaster risks generally cost more to insure than properties where homeowners file fewer insurance claims.
Rates in Wilmington are still pretty low, but your specific neighborhood will determine whether your premiums fall on the higher or lower end of the city’s average. Here are the most and least expensive ZIP codes in Wilmington for home insurance.
|Most Expensive Real Estate in Wilmington||Cheapest Real Estate in Wilmington|
|Trolley Square||$275,284||Little Italy||$117,322|
Home value data from zillow.com
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Home Insurance Coverage Types in Wilmington
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
Mobile Home Form
Why Wilmington Flood Insurance Is Worth the Cost
Forgoing flood insurance may seem like a great option if you’re trying to save some cash. But Wilmington is at risk of flooding due to heavy rainfall, melting snow, rising sea levels, and hurricanes, leaving homeowners around Wilmington’s rivers, creeks, and coast at high risk of flood damage year-round. The Federal Emergency Management Agency has also designated three flood insurance claims hotspots in the city from past disasters.
Home insurance doesn’t include flooding as a covered loss, so without a flood insurance add-on, you’ll be left paying out of pocket for repairs if your home sustains flood damage. Wilmington participates in the National Flood Insurance Program, so you have two options when it comes to obtaining a flood insurance policy: you can purchase a policy through your private insurer or with the NFIP.
Private insurance companies typically offer more options to cater your coverage to your home’s needs. But if your home is located in a flood zone, you might have a hard time finding a private insurer to cover your property. The NFIP is a better option for those in higher-risk areas.
Watch Out for Wilmington Wind Damage
Most homeowners policies cover damage caused by wind, hurricanes, and hail. With the city’s vulnerability to hurricanes, nor’easters, and even tornadoes, this coverage is especially important in Wilmington.
Some insurance providers or policies list wind damage as an exclusion in areas that regularly experience high winds. If you’re concerned about your wind and hail coverage, or if wind damage is excluded from your policy, talk to your insurance agent about your wind and hail options.
Many insurers allow policyholders to pay a separate wind and hail deductible in case of windstorm damage. This means if a windstorm tears off your roof, you can simply pay this deductible rather than forgoing coverage altogether. You can also increase your policy’s coverage overall with a comprehensive (or HO-5) policy to ensure that your home and property will be protected from any storm.
Homeownership is full of risks. Make sure your homeowners policy has you covered.
Frequently Asked Questions - Wilmington Homeowners Insurance
Do I need earthquake insurance in Wilmington?
Earthquakes aren’t common in Wilmington, but they also aren’t unheard of. The area experienced a 4.1 magnitude quake in 2017, but Delaware has never had a severe or even moderate-strength earthquake, so you can probably skip the extra coverage. Still, it’s never a bad idea to talk to your local agent to see whether an earthquake policy would be worth the cost.
How does Wilmington home insurance cover property crime?
Your homeowners policy will pay to repair or replace any damaged property after your home is broken into or vandalized, but every company has different requirements for reimbursement. The best steps to take after a home burglary are to file a police report, take photos of any damaged items, and create an inventory of your broken and stolen belongings to estimate how much it will cost to repair your property. Keep in mind that insurance claims take time and that your reimbursement amount depends on whether you have an actual cash value policy or replacement cost coverage.
A car slipped on ice and hit my front porch. Will my home insurance in Wilmington pay for the repairs
When a driver hits your home, their insurance policy should pay to fix the damages. If the driver is uninsured, their coverage isn’t enough to completely repair your home, or the damage exposes your home to winter weather (causing more damage), you may need to involve your home insurance provider. Talk to your insurer to see whether your policy will cover this peril.
Conclusion: How to Find the Cheapest Home Insurance in Wilmington
Wilmington is a great city if you need easy access to metros like Philly and New York but prefer living where everybody knows your name. The risks associated with life in Wilmington are high, but finding reliable, affordable insurance coverage has never been easier. Reduce your search time and maximize your savings with Insurify’s comparison tools.
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