Delaware Homeowners Insurance Guide
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Delaware Homeowners Insurance
Explore Delaware Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The First State is a small peninsula nestled in the Mid-Atlantic region of the U.S. Delaware’s ingrained connection to American history and fact that three sides of the state are bordered by water, provide plenty of things to do for visitors, and those that call the state home. The state’s plethora of museums and historical sites is only rivaled by the number of beautiful beaches littered along its coasts. This mix of culture, and relaxation have made Delaware a playground for inhabitants of neighboring cities in the region.
Due to the state’s expansive coastline and general climate, Delaware is often impacted by hurricanes, random nor’easters, and the resulting flooding that typically comes along with these natural disasters. Thankfully, these events usually are not catastrophic in nature.
Average Homeowners and Renters Insurance Premium
Property owners in the First State pay some of the lowest homeowners and renters insurance rates in the country. In fact, they pay the sixth lowest homeowners insurance premium in the U.S. So, although property owners deal with the occasional flood, or damage from a nor’easter, the ultimate result is usually not financially catastrophic.
| State | Homeowners | Renters |
| Delaware | $873 | $157 |
| USA | $1,249 | $179 |
Source: Insurance Information Institute (2018)
The standard homeowners and renters insurance policy will provide sufficient coverage for the typical property owner in Delaware. Coverage for risks such as fire, wind, theft, and a host of other perils is included in homeowners insurance policies. Unfortunately, flood is specifically excluded. Thus, property owners in the state should look to purchase a flood policy to bolster their overall homeowners insurance package. Also note that although hurricanes are not specifically excluded on the standard homeowners policy, damage from a resulting flood would be.
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in Delaware is highly concentrated, with the top insurance carrier in the region controlling a quarter of the market. In addition, the market is dominated by national and international carriers. Although the insurance rates in the market are favorable, make sure to cast a wide net when reviewing which insurance carrier you should partner with. Also, include a few regional carriers in your process, as they may be able to tailor coverage specific to your property risks. Another valuable part of the evaluation process is to take note of each carrier’s reputation as it relates to honoring their coverage terms and speed in which they handle claims.
Top 5 Home Insurance Carriers in Delaware
| Company | Market Share |
| State Farm | 25.0% |
| Liberty Mutual | 11.4% |
| Nationwide Mutual Group | 10.7% |
| USAA Insurance Group | 8.2% |
| Allstate Corp. | 6.9% |
Source: Insurance Information Institute (2019)
The First State is gifted with heaps of historical sites, mansions, and museums. Its historical significance to the U.S. often shades the natural beauty it presents with being a peninsula. This combination of historical significance and beauty is unique to Delaware. Its only fitting that the First State also boasts some of the best homeowners and renters insurance rates in the country.
