How much is homeowners insurance in Delaware?
Delaware homeowners pay an average of $131 per month for homeowners insurance, which is one of the lowest average rates in the country. Several factors affect homeowners insurance rates, including your policy type, your location, and your home’s value.
Here’s a closer look at some of the key components of your policy so you can see how they affect your premiums.
How your policy choices affect home insurance rates in Delaware
Your policy form
Homeowners policy forms differ in terms of how many perils they cover. Perils refer to the causes of property damage, such as fire, severe weather, and theft. An HO-3 or special form policy is the most common type of homeowners insurance policy and covers the following perils:
Different homeowners policy types cover different amounts of perils. For example, an HO-5, or comprehensive policy, covers all perils except for those specifically listed as exclusions on your policy. As a result, an HO-5 policy tends to cost more on average than an HO-3 policy.
Always check your policy closely to make sure it covers all perils that matter to you. Delaware homeowners should note that flooding is not a covered peril on standard home insurance policies. Homeowners in the state should consider adding flood insurance to be covered in the event of a severe storm.
See More: What Does Home Insurance Cover and What Does It Exclude?
Your coverage level
Your chosen coverage level affects how much you pay for home insurance. On average, HO-5 policies cost over $1,000 more per year than HO-3 policies in Delaware. Enhanced or additional coverages can provide you with better protection but may lead to higher premiums.
While price is important, you should also make sure your coverage level meets your needs.
Your deductible is the amount you pay out of pocket for a claim before your insurance coverage kicks in. For example, if you file a claim after a storm damages your roof and your deductible is $250, you’ll have to pay $250 for repairs before your insurance provider covers the remaining repair costs.
Generally, choosing a higher deductible means lower monthly insurance premiums. However, a higher deductible means you’re taking on more financial risk if you do have to file a claim.
While lower premiums may be tempting, be sure to set your deductible to a level you can afford if you need to file a claim.
Read Also: How Much to Make Your Homeowners Insurance Deductible
How location affects home insurance rates in Delaware
Location plays a factor in how much you pay for homeowners insurance. Home insurance quotes can vary by state or even by ZIP code within a state for the following reasons:
Weather: Homeowners who live in areas that frequently experience severe weather have a higher risk of property damage. Insurers typically offer higher average premiums to homeowners in these areas to offset this risk.
Proximity to emergency services: Homeowners that live closer to a fire department or police station are considered less likely to file claims for severe damage or loss, making these homes more affordable to insure.
Local crime rate: Homeowners in areas that have a higher rate of theft or vandalism pay more for home insurance due to the higher chance of filing a claim.
Property values: Homes that are more expensive to rebuild often come with higher insurance costs. For instance, the average rebuild cost in Dover is nearly $90,000 more than in Newark. As a result, the average insurance rate in Dover is nearly twice as much as it is in Newark.
|Average Monthly Quote
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.