Delaware does not require homeowners insurance, but your mortgage lender most likely will require you to carry coverage. Shopping for homeowner insurance is just like car insurance—compare quotes from several companies and choose the policy with the coverage you need.

If you have purchased a home in

Delaware

, you’ll need homeowners insurance to protect your biggest investment from fire, lightning, windstorms, theft, and other perils. Whether you’ve financed your house or bought it outright, it’s important to understand homeowners insurance in your state.

The home and

car insurance

broker app

Jerry

has compiled everything you need to know about

homeowners insurance

in Delaware—including what it is, the perils it covers, and how much it costs

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What is homeowners insurance?

Homeowners insurance is a type of property insurance that covers losses or damages to your home and your belongings in it. A typical homeowners insurance policy will provide coverage to repair or rebuild your home after events caused by natural disasters, weather, theft, or vandalism.

Basic components of homeowners insurance

The standard homeowners insurance policy will have 5 elements of coverage, including the following:

Structure (Coverage A): Pays to repair or replace damage to the interior or exterior of your house caused by covered disasters like fire, lightning, windstorms, and vandalism.

Additional structures (Coverage B): Damages to freestanding garages, sheds, fences, or other structures on your property caused by disasters will also be covered by homeowners insurance.

Personal property (Coverage C): Provides financial compensation for personal belongings destroyed in an insured disaster. From clothing and jewelry to furniture and appliances, your homeowners’ insurance policy will cover most of the contents of your home.

Personal liability (Coverage D): Liability coverage protects you from possible lawsuits for bodily injury or property damage that occur on your property by a family member or even a pet.

Additional living expenses (Coverage E): Reimburses you for rent, hotel rooms, meals, and any other temporary living expenses incurred while you are waiting for your home to be repaired.

There are three levels of coverage you can purchase for your homeowners insurance. The most basic coverage is covering the actual cash value (ACV) which covers the cost of your home and the belongings in them at the time of its loss.

The replacement cost is the amount it would cost to repair your home and replace its contents up to your coverage limit.

As the most comprehensive policy, covering the guaranteed or extended replacement cost accounts for inflation and pays for whatever it costs to rebuild your home at current prices.

Key Takeaway Depending on the level of coverage you purchase homeowners insurance will cover the cost to repair or rebuild your home at its current value, how much you originally paid, or its original value and current repair rates.

MORE: How to choose the right kind of home insurance for you

Named perils

Your homeowners’ insurance will only cover the named perils detailed in the policy. These perils can vary depending on your specific policy and where you live. In Delaware, perils usually covered include:

Fire

Smoke

Lightening

Windstorm

Hail

Volcanic eruption

Weight of ice, snow, and sleet

Fallin objects

Explosion

Vandalism, malicious mischief, and theft

Riot or civil commotion

Overflow of water from within a plumbing, heating, air-conditioning, automatic fire-protective system, or household appliance

Accidental tearing, cracking, burning, bulging of hot water heating, air-conditioning, or fire protective sprinkler system, and household appliance

Freezing of a plumbing, heating, airconditioning, or automatic fire protective sprinkler system, and household appliance

Sudden and accidental damage from artificially generated electrical current

Review your policy before you sign and be aware of any perils not covered, but occurring in your area.

MORE:

Does my home insurance cover earthquake damage

Is homeowners insurance required in Delaware?

Delaware law does not require homeowners to purchase insurance, but most lenders require you to carry coverage for the extent of your mortgage.

How to get homeowners insurance

Whether it’s your first home or you’re an experienced buyer, you’ll start shopping for homeowners insurance by comparing quotes from several companies—but don’t settle on your first offer. Because every insurance company has its own rating algorithm, your quoted premium will vary between companies for the same coverage.

Not sure where to start? Get a quote from your car insurance provider to bundle your home and auto policies and save 5-10% with discounts. You can also compare homeowners and car insurance bundled quotes with

Jerry

, the price comparison and insurance broker app.

MORE: How to choose the right kind of car and homeowners insurance

Recommended home insurance coverage in Delaware

As one of three states located on a peninsula, Delaware is vulnerable to powerful storms every season. The most common causes of property loss in Delaware include water damage, wind damage, and flood damage.

In the standard homeowners insurance, the first two perils will be covered, but flooding will not be included in your policy. Located just 60 feet above sea level, Delaware’s coastal communities are prone to severe flooding. With each county at a higher-than-average risk for flooding, you’ll want to purchase a flood insurance policy if your home is in Delaware.

Here are three strategies that can help you protect your home against possible flood damage:

Water backup coverage can pay for water removal and repairs following a burst or backed-up pipe.

Flood insurance protects your home from flooding from a source outside of your home. You can get it through FEMA’s

National Flood Insurance Program (FLIP)

or a referral.

An HO-5 or open perils policy covers any peril unless it’s specifically listed as an exclusion in your policy.

How much does homeowners insurance cost in Delaware?

With lower crime rates and less exposure to natural disasters, Delaware has some of the cheapest homeowners insurance rates in the nation.

The average cost of homeowners insurance in Delaware is $680 per year which is 52% less than the national average cost of $1,312 per year. Several factors can impact your homeowners insurance rate in Delaware.

Flood risk

Delaware’s coastal communities experience several days of high-tide flooding each year. If your home is in New Castle County, Kent County, or Sussex County, then it’s likely located on a 100-year flood plain, and you’ll be required to purchase a flood insurance policy.

Older homes

If your home is older, then your insurance premium will be higher than the house that was recently built down the street. Insurance companies see older homes as a greater risk for a property damage claim, and they raise premiums to prepare for potential costs. As one of the first settler colonies, Delaware has many historic residential homes, which qualify for higher insurance premiums.

MORE: How to decipher home insurance quotes

Homeowners insurance discounts in Delaware

Insurance companies offer a variety of discounts for homeowners but they differ between providers. The table below features the most common discounts you’ll see when shopping for homeowners insurance:

Discount	How to get it
Bundling	Bundling home and auto insurance could earn you a 5% to 10% discount on your policies
First-time homeowner	If it’s your first time purchasing a home most insurance companies will offer you a discount.
Claims-free	If you haven’t filed a claim in the last 2 to 3 years, you may receive a discounted rate.
Storm proofing	If you live in an area prone to natural disaster, upgrading your roof or installing weather-related safety measures could earn you a discount on your homeowners’ policy.
Security system	Set up a security system to prevent theft and you may be eligible for a discounted insurance rate.
Upgraded fire alarm	Setting up your fire alarm to contact the fire department directly could earn you a discount.

How to save on home and auto insurance

With so many variables to consider, shopping for and finding affordable

homeowners insurance

quotes can feel impossible.

If you’d rather leave the hard work of gathering quotes to someone else, use

Jerry.

After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They’ll even bundle your home and

car insurance

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