Delaware Homeowners Insurance

Fran
Fran Majidi
December 10, 2020

Homeowners Insurance in Delaware: Complete Consumer Guide

Looking to move to Delaware? Here are some interesting facts about your new home. Of the 50 states, Delaware is 49th in size and at its widest point Delaware is 35 miles across. The origin of the state’s name is in honor of Thomas West, Third Baron De La Warr, who was Virginia’s first colonial governor. Delaware was the first state to ratify the U.S. Constitution on December 7, 1787 and because of this Delaware is known as The First State. Delaware is home to Holy Trinity Church built in 1698, the oldest Protestant church in the U.S. The Delaware state tree is American holly and the state flower is the peach blossom. The state motto is “Liberty and Independence.” The longest twin span suspension bridge in the world is the Delaware Memorial Bridge that connects Delaware to New Jersey. Delaware is home to many corporations and businesses, including 60 percent of the Fortune 500.

Types of Homeowners Insurance policies in Delaware

What kind of home insurance policy do you need for your home? Here are the different types of policies.

HO-1 This “basic form” covers the 10 most common perils. Be aware that some insurance companies do not offer HO-1 forms.

HO-2 This “broad form” provides more limited coverage. But it still provides more coverage than a HO-1 basic form.

HO-3 This form is the most widely purchased type of home insurance. It provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by covered perils, 16 of which are covered by this type of policy. Covered perils include fire, smoke, lightning, windstorm, hail, explosions, vandalism, damage from cars and vehicles, theft, falling objects, the weight of ice, snow or sleet and water damage.

HO-6 This form is for condominium units. This type of coverage is usually “walls in” coverage and may protect the condo unit’s walls, floors and ceilings against 16 covered perils. This form also includes coverage for the condo owner’s belongings.

HO-8 This type of form is for older homes and covers 10 perils. This form is paid on an actual cash value basis, which is the cost of the items minus depreciation.

What factors affect rates on homeowners insurance in Delaware?

Many factors come into play when you are rated for homeowners insurance. For example, the construction materials that your home is made of is a big factor. So are other things such as how much it will cost to rebuild the house and replace all your belongings. Also, whether you have a swimming pool or trampoline will affect your rate. Do you have pets? As a homeowner, you’re liable for dog bites and injuries. Your credit also impacts the homeowners insurance you pay. Good credit means a lower insurance rate.

Top 5 disasters in the State of Delaware

Delaware federally declared Hurricane disasters the most with 8 counts since 1953, followed by Snow, Severe Storms, Biological, and Flood. Here are the top 5 federally declared disasters in the state of Delaware:

Rank Declaration Title Disaster Number
1 Hurricane 8
2 Snow 5
3 Severe Storms 4
4 Biological 2
5 Flood 2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Delaware?

The average cost of a homeowners insurance premium in the state of Delaware is $1172.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Delaware a safe state?

2019 Crime in Delaware Crime Number Crime Rate*
Property Crime 21,931 2,252.2
Burglary 2,968 304.8
Larceny-Theft 17,359 1,782.7

*Rate per 100,000 inhabitants

Safest Cities in Delaware by Property Crime*

  • Middletown, DE has a population of 23,079 with a Property Crime rate of 20.4 per 1k. The city average home value is approximately $370,000.
  • Newark, DE has a population of 33,957 with a Property Crime rate of 20.8 per 1k. The average home value there is about $287,000.
  • Smyrna, DE came in third as the safest city in the state of Delaware and has a population of 11,768 with a Property Crime rate of 20.9 per 1k. Its home value averaged at about $276,000.
  • Wilmington, DE has a population of 70,624 with a Property Crime rate of 44.6 per 1k. Its average home value is $235,000.
  • Milford, DE has a population of 11,592 with a Property Crime rate of 50.5 per 1k. The city home value averaged $235,000.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Delaware

Top homeowners insurance companies in Delaware

Nationwide has a good claims response in Delaware. So you won’t have to wait long after you file a claim for the home clean up to begin. Nationwide also has fewer customer complaints than other insurance companies. Consumer Advocate reports Nationwide to be one of the highest-rated insurance companies in regards to financial strength.

Allstate offers flood insurance coverage and roofing replacements. Allstate also offers payouts for drain back ups and sump pump overflows. So if you are concerned about your home flooding or roof replacements, Allstate is a good company to consider for your home insurance in Delaware.

Liberty Mutual has 24 hours, 7 days a week emergency coverage. So you’ll be able to file a claim at any hour of the day. Liberty Mutual’s Home Protector Plus policy will cover lodging expenses when repairs are being done on your home and you need a place to stay during the repairs. At Liberty Mutual the premium is an affordable $885, excluding discounts, according to the Delaware Department of Insurance.

Delaware Home Insurance FAQs

How much is homeowners insurance deductible in Delaware?

Common home insurance deductibles include $500, $1,000, $1,500 and $2,000. A deductible is the amount you need to pay before your home insurance company begins to pay for damages on your home or losses. Choosing a high deductible will help to lower your home insurance premium.

How to write an estimate for an insurance claim?

Look for receipts for damaged items. Take photos of damaged items. List damaged items with descriptions and prices. Ask a contractor to write an estimate for home repairs.

How to reduce homeowner insurance premiums?

Choosing a higher deductible, choosing to pay your insurance policy once a year rather than monthly, bundling your home insurance policy with an auto insurance policy are all ways to lower your homeowner insurance premiums.

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