Average Cost of Homeowners Insurance in Delaware (2024)

The average cost of homeowners insurance in Delaware in 2024 is $974. This amount is $1,449 less than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $1,234 on average.

If your rates have recently increased, we've also analyzed the cheapest policies in Delaware. The insurance provider you choose can also impact premiums, so exploring your options may lead to savings.

In Delaware, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage is $974, which is less than the national average of $2,423.

Determining how much coverage you need is key to ensuring your home can be rebuilt and your belongings replaced in case of a total loss. For instance, a Delaware homeowner with a policy covering $100K in dwelling space pays an annual premium of $537. However, if their property is larger and requires $500K in dwelling coverage, the premium jumps to $1,809.

Homeowners in Delaware will find that insurance premiums can vary significantly among providers for comparable coverage. For instance, Travelers may offer a policy at $718 annually, while Homesite's similar plan could cost $1,200, highlighting the diversity in pricing strategies.

For those looking for coverage, there are plenty of great providers in Delaware. Differences in underwriting can lead to substantial variations in premiums, even for homes with similar characteristics and coverage needs.

Homeowners in Delaware with poor credit pay an average annual premium of $2,076 for homeowners insurance, which is $1,102 more than the state average of $974. Conversely, those with excellent credit pay $842 annually, saving $132 below the average cost.

Improving your credit score takes time, but it can lead to substantial savings on your insurance rates. In the meantime, comparing insurers could be a savvy move to find more affordable coverage. Discover the insurers which will save you the most in Delaware by comparing quotes, potentially in as little as 15 minutes.

The type of roof on your home plays a role in determining homeowners insurance premiums in Delaware. While not the most significant factor, the materials used for roofing can influence costs. For instance, homes with composition roofing have slightly lower premiums on average.

Similarly, the construction materials of your home affect insurance rates. Superior construction materials that are more resistant to common perils like fire may result in lower insurance costs. However, like roofing, construction type is a less impactful factor compared to coverage amount or credit rating.

Explore how different home materials can affect your insurance rates using the table below.

Home insurance for new construction in Delaware averages $647 annually, which is less than the $974 average for older homes. The modern materials and adherence to current building codes make insuring newer homes more cost-effective. The table below illustrates how premiums vary between new and existing homes based on different coverage levels.

In Delaware, homeowners with a clean claims record for five or more years pay an average annual premium of $974 for their home insurance. However, if a homeowner has filed one claim in the past five years, the average annual premium increases to $1,138. Those with two claims within the same period can expect an even more substantial rise, with an average premium of $1,452 annually. This represents a $164 and $478 increase from the baseline average premium, respectively.

Shopping for home insurance in Delaware is a breeze when you know what affects the price. The key is to find a balance that fits your budget and gives you peace of mind. Remember, a smart choice today can lead to savings tomorrow. Here's how to find the best deal for you.

In Delaware, homeowners can tap into savings by bundling their home and auto insurance, a strategy known as a multipolicy bundle. On average, Delaware residents may save between $58 and $287 on their combined insurance costs, which translates to an average percentage savings of about 8%. For a detailed look at the best and cheapest options for home and auto insurance bundles in Delaware, visit MoneyGeek's Best and Cheapest Home and Auto Bundle Companies in Delaware analysis.

Delaware homeowners can lower their insurance costs with various discounts.

• Claims-Free Discount: Savings for maintaining a claim-free record.
• Protective Devices Discount: Reduced rates for installing safety features.
• Loyalty Discount: Discounts for long-term policyholders.

For a comprehensive list of ways to save, consider exploring home insurance discounts. Remember, to maximize potential savings, inquire about all available discounts when requesting a quote.

For those seeking more information on homeowners insurance in the First State, the following resources provide valuable guidance and essential data:

• Delaware Department of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Delaware: Find cost-effective options for your home.
• Delaware Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Delaware: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.