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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Dec 11, 2023

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Buying a home is a huge investment, so it’s important to give your home the best protection you can. Fortunately, there’s a simple way to get the coverage you need. Obrella’s easy-to-use platform helps you get in touch with insurance agents who are familiar with all the ins and outs of home insurance in Delaware. Call a licensed agent to review all your options from several providers and find answers to your questions. Get started reading about Delaware home insurance below.

What are the average rates and cost of homeowners insurance in Delaware?

Nationally, the average cost of homeowners insurance is $1,034 per year, but in Delaware, the average premium is $678 per year. That’s $356 less than the U.S. average cost and means Delaware has the 7th lowest home insurance premiums in the country.

  • Median Home Value: 242,400
  • Household Income: 57,522
  • Percent of Income on Home Ownership: 30.60%

On average, Delaware homeowners pays more for their housing than most U.S. residents, but they also have higher household incomes. For instance, the median value of owner occupied housing in Delaware is$235,800 , which is about $60,000 more than the national median. However, the typical household in Delaware earns $57,846 , which is approximately $5,000 more than the average American household. In The First State, nearly three quarters of homes are occupied by their owners. This ranks the state as having the 2nd greatest percentage of owner occupied housing in the nation.

At 30.6% , Delawareans spend less of their income on home ownership costs than most Americans, but they still want to save money. To find the best priced Delaware homeowners insurance policy, contact an insurance expert.

Calculating Premiums for Home Insurance in Delaware

How much should you expect to pay for your home insurance policy? When assigning premiums, homeowners insurance companies look at things like building costs in the area, the size of the home, and the year it was built, as well as crime rates and other statistics for the area. Even your financial background (i.e. your credit score) can affect your premium.

A higher likelihood of floods, tornadoes, earthquakes, and other natural disasters can also contribute to the cost of insurance premiums. The more common these environmental anomalies are in your area, the riskier it is for the insurance company to insure your home. To compensate for this extra risk, homeowners insurance rates will likely be higher than the average annual premium if you live in an area that experiences a higher-than-average number of natural disasters.

If your home includes an add-on, such as a hot tub or guest home, these might also affect insurance premiums. To help finance the cost of homeowners insurance, however, you can install devices that help to protect your home, such as motion-sensor lights, surveillance cameras, or a security system.

What options are available for Delaware homeowners insurance?

The majority of Delaware home insurance companies have multiple coverage options to pick between; here are a couple of those options:

  • HO-1: Limited Coverage
    • An HO-1 policy covers damage to your home that occurs as the result of any of the first 10 classified disasters—fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this type of policy is no longer available for purchase in most states.
  • HO-2: Basic Policy
    • In the event of any of the 16 classified disasters, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • With very few exceptions, this standard policy offers the most extensive home protection.
  • HO-8: Older Home
    • This policy guards against declining home values by reimbursing homeowners on an actual cash value basis. However, some more aged homes may not qualify for complete replacement cost policies.

What is standard coverage for Delaware homeowners insurance?

Your policy will dictate specific situations that grant you coverage for damages. If a situation is not explicitly covered in your policy, your homeowners insurance will not reimburse you for damages resulting from that situation. So, if there is an earthquake and your policy does not specify that you have earthquake coverage, any damage to your home will not be covered. If you want to learn more about the coverages available, check out some of the most common home insurance coverage definitions below:

  • Coverage A – Dwelling
    • Insures your home in the event of damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
  • Coverage B – Other Structures
    • Other Structures coverage protects any structures that are not connected to the home. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • Homeowners with Personal Property coverage will receive compensation in the event that a personal possession—like clothes, furniture, or electronic equipment—is lost or damaged. This coverage is valid whether or not the loss or damage occurs on the property—so items in a storage unit, for example, would still be covered.
  • Coverage D – Loss of Use
    • If home repairs prevent you from inhabiting your house, Loss of Use coverage can help. This coverage reimburses the homeowner for their living expenses for as long as they are unable to live in their home.
  • Coverage E – Personal Liability
    • If a homeowner is sued and found legally responsible for damages or injuries to another person, Personal Liability will cover the homeowner’s financial loss.
  • Coverage F – Medical Payments to Others
    • In the event that someone is hurt on your property or by your pet, this coverage will take care of any resulting medical bills.

Where can I find more Delaware insurance resources?

Delaware Department of Insurance: In addition to answering your questions and publishing an informative e-newsletter, the Department of Insurance partnered with the National Association of Insurance Commissioners to offer you an online verification service. The service allows you to check the license status of insurance agents and insurance carriers in your state.

Shopping for home insurance can be frustrating—but there’s a way to make the process less strenuous. That’s why Obrella makes it easy to find an ideal home insurance policy for your lifestyle. You can connect with an experienced insurance professional, talk about your situation, and go over your options to determine exactly what coverage you need.

Have questions about your home insurance policy options in Delaware? Get in touch with an experienced insurance agent today at [mapi-phone-link /].

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