Renters Insurance Delaware

Finding the Best Renters Insurance for you in Delaware

Finding the Best Renters Insurance in Delaware

Thinking about purchasing renters insurance in Delaware? Sourcing the best and most affordable renters insurance can be tricky enough, never mind understanding your specific policy and how your insurance company priced it. Insurance providers consider a myriad of variables when determining policy and premium prices, and things like your past claims history, credit rating, and value of your belongings can all play a part in the rates you’ll be paying, so we can’t fault you for not fully understanding the intricacies involved. Because of this and the fact that renters insurance isn’t a legal requirement in Delaware, many renters choose to forego renters insurance and instead believe that their landlord’s policy will protect them if worst comes to worst. So, what should you do? Bury your head in the sand and hope that everything will turn out OK in the end, or pay that extra little bit every month to ensure you’re covered against anything that may happen? While it may not necessarily be cheap, the good news is that there are plenty of ways to make renters insurance more affordable, and we’re here to make it quick and easy for you to get the best deal on renters insurance in Delaware.

A Summary of Renters Insurance in Delaware

Delaware is the 40th most expensive state for renters insurance in the United States, placing it well below the national average. While this may be good news to some, the sad reality is that a surprising number of Delawareans are spending more than the recommended 30% of their income on housing, and this can make finding affordable renters insurance in Delaware somewhat of a challenge. On average, renters in the First State pay about $XX.XX a month or $XX.XX on their renter's insurance, with the least expensive city being XXX {cheapest city}, where renters pay $XX.XX a month or $XX.XX a year for their insurance. On the other hand, residents in XXX {most expensive city}, Delaware's most expensive city for renters insurance, pay an average of $XX.XX per month and $XX.XX per year for their renter's insurance. However, this doesn't mean that you should think of moving if you live in XXX {most expensive city}, since insurance companies take a lot into account when calculating insurance rates, and factors like your neighborhood all play a part in the final quote.

renters insurance content image

Is Renters Insurance Required in Delaware

No, renters insurance is not required by law in Delaware, but that doesn’t stop landlords from requiring you to be covered in your lease agreement. As with any contract, not carrying renters insurance in compliance with your lease agreement could result in your landlord holding you liable for breach of contract or taking other action against you, including eviction. What’s worse is that, often, what you’ll end up paying after being found to have breached your lease agreement will far exceed what you’d have paid had you taken out renters insurance in the first place. In any case, taking out renters insurance regardless of whether your landlord requires it is still a good idea. Renters insurance protects you against any losses or damages to your personal possessions, as well as against any other things not covered by your landlord’s insurance and costly legal fees if you’re ever held liable for personal injury inside your home. If you’re uninsured, these costs can quickly add up and potentially ruin you financially. All of this and more means that the benefits of having comprehensive renters insurance in Delaware far outweigh the cost of the monthly or annual premiums.

How Much is Renters Insurance in Delaware

Despite Delaware being one of the cheapest states in the country for renters insurance, it still pays to take note of a few things to ensure you'll be able to benefit from the best rates possible. We've already mentioned that certain factors, such as your credit rating, claims history, and the value of your personal belongings, can influence your renter's insurance rates. Yet, insurance companies also take the city and even the neighborhood you live in into account when calculating your rate. While we won't make you sort through all the neighborhoods in the state, we've put together a list of average renters insurance rates paid by tenants in different cities to give you a better idea of what to expect when shopping for quotes. It's worth pointing out, however, that no matter whether you're living it up in Wilmington or taking in the ocean breeze in Lewes, what renters insurance companies quote you could end up varying from the prices below due to the sheer number of considerations involved when pricing renters insurance in Delaware.

What Does Renters Insurance Cover in Delaware

What’s covered by renters insurance in Delaware can vary depending on the type of policy you opt for and the company offering it; however, as a rule of thumb, all plans will cover your personal belongings, liability, and loss of use. When it comes to covering lost or damaged personal belongings, most insurance providers will cover you for their actual cost, i.e. their current market value, after taking depreciation into account. Some policies might cover the full replacement cost, though, which means that you’ll be reimbursed for the full price you paid for your possessions, regardless of depreciation or their current market value. Additionally, insurance companies that would otherwise offer actual cost coverage may also offer replacement cost coverage as an optional add-on to their standard plans. As for liability, renters insurance typically covers you for up to $100,000 should you be held liable following building damage or personal injury occurring in your home. Loss of use coverage covers you against any additional and unexpected expenses incurred if you have to temporarily move out after your home becomes uninhabitable due to a covered event. While you may assume that the standard coverage might suit you, it’s always worth taking a closer look at the fine print to determine whether it’s really sufficient and whether it covers all bases, especially if you live in an area prone to severe weather, such as flash floods or earthquakes.
renters insurance content image

Best Renters Insurance Companies in Delaware Based on Consumer Ratings

Without a doubt, the best way to find the best renters insurance company in Delaware is to put in some time and effort shopping around and comparing coverage, prices, and insurance companies. Remember that finding the best insurance company is about more than just the price, and be sure to check out reviews and consumer ratings from reputable sources to learn more about different companies. Chances are, you've already heard of some of the top-rated providers, including State Farm, who've been providing Americans with top-notch insurance services for over 50 years. This is reflected in their JD Power rating of 4 out of 5 (above average), based on their coverage and payment options, customer support, and claims process, as well as their NAIC complaint index of just 0.35. In terms of consumer satisfaction, State Farm scored the highest JD Power rating in Delaware, and the lowest-rated renter's insurance providers were Travelers, Allstate, Nationwide, and Liberty Mutual, all scoring a 2 out of 5 (below average). As for complaints, USAA had the lowest NAIC complaint index with 0.25, and Allstate had the highest with 0.75. See the table below for a quick comparison of the leading renter's insurance companies in Delaware.

Compare Renters Insurance in Delaware for the Best Rates

By now, you should have realized that finding the best renters insurance provider in Delaware isn't as simple as going with the first insurance company or the cheapest rate you can find. Not only can this turn into a stressful experience when it comes time to claim, but it can also mean that you'd miss out on some of the great deals offered by other insurance companies. Finding affordable renters insurance in Delaware doesn't necessarily mean having to sacrifice coverage — but it does mean you'll need to put in the time and effort to find the best plan. Luckily, most insurance providers offer discounts that can help you save a ton in the long run. These include loyalty programs, referral discounts, and multi-policy discounts, so it's always worth checking what any provider you're currently insured with can offer you a better deal if you take out renters insurance with them. In the same way, be sure to ask friends or relatives if they were willing to find out whether their renter's insurance providers offered any form of referral discount or bonus that could help you save. When all's said and done, discounts could save you up to 25% on your renter's insurance premiums. Putting in the time to compare offers from different renters insurance companies in Delaware before making your decision will undoubtedly pay off in the end.