Best Condo Insurance In Delaware 2024
When it comes to insuring condos in Delaware, Nationwide stands out as the best policy provider.
We’ve saved shoppers an average of $450 per year on their home insurance.
In this guide, I’ll offer helpful advice on securing the best condo insurance in Delaware. As a former licensed insurance agent, I know firsthand how crucial it is to have adequate coverage for both financial protection and peace of mind.
Instead of skipping insurance, opt for a condo insurance policy that provides complete protection against all possible losses, including theft and natural disasters. Continue reading to find out how to get your condo and yourself properly insured.
Best Condo Insurance In Delaware, 2024
Compare Condo Insurance Companies In Delaware
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
Best Condo Insurance Companies In Delaware 2024
Best Overall
Key Statistics
Why We Like Them
⇅Delaware condo owners should consider Nationwide for its comprehensive insurance coverage and helpful add-ons, including coverage for fixtures, installations, upgrades, and alterations.
Alongside providing coverage for your unit, your belongings, and yourself, Nationwide will reimburse you for added expenses if damage leaves your home uninhabitable.
The company is known for its efficient and seamless claims process. Their committed customer service team works quickly to deliver fair solutions, ensuring customer satisfaction.
Benefits & Drawbacks
⇅- Ideal for prolonged coverage
- Inexpensive rates
- Very few negative reviews ✓
- Premiums might go up eventually
- Discounts could be valid for only a short time
- Not the best choice for low-cost condos ✘
Best Runner-Up
Key Statistics
Why We Like Them
⇅With top-rated customer service and diverse coverage choices, Amica is an excellent condo insurance option. You can bundle your condo and auto insurance for savings up to 20%, and their Platinum policy offers extra protection through additional and extended coverages.
They maintain competitive pricing, with rates that are often lower than key competitors like Allstate. Plus, their low complaint rate signals a solid track record of customer satisfaction.
Benefits & Drawbacks
⇅- Multiple coverage options available
- Strong financial standing
- Well-regarded by customers ✓
- AM Best rating downgraded in 2017
- Rates are on the higher side
- Dividend policies not provided in Delaware ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅If you own a luxury condo, Chubb’s Masterpiece policy offers extended replacement cost for added protection. You can further customize the policy with additional coverages like identity theft and cyber security.
Thanks to these and other specialized solutions for high-net-worth homeowners, Chubb is a top provider for insuring high-value condos in Delaware.
Benefits & Drawbacks
⇅- Few customer grievances
- Superior customer service
- Extended coverage available ✓
- Higher rates than most leading competitors
- Not recognized by the BBB
- Pricier for homes with lower value ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Travelers Insurance is a great option for savings-minded condo owners, offering various discounts to help reduce rates without compromising the quality of coverage.
A highlighted discount is the multi-policy discount, which lets you save up to 15% on condo insurance when you bundle with auto or other Travelers policies. This not only cuts costs but also makes managing your insurance more convenient.
To save on condo insurance with Travelers, consider installing safety devices in your home. The company rewards proactive risk management with reduced premiums for eligible customers.
Benefits & Drawbacks
⇅- Offers discounts when policies are bundled
- Financially healthy
- Good competitive pricing ✓
- Possible presence of a restricted dog list
- More complaints compared to top competitors
- Limited in availability across locations ✘
How Much Is Condo Insurance In Delaware?
Understanding that condo insurance isn’t a universal fit, I’ve assembled these comparison tables to guide you in making a well-informed choice regarding costs.
Average Cost Of Condo Insurance – By City
In this next table, you’ll see what residents of 10 of Delaware’s most populous cities typically pay for condo insurance, presented as both monthly and annual averages.
| City | Average Annual Rate | Average Monthly Rate |
| Wilmington | $400 | $34 |
| Dover | $391 | $33 |
| Newark | $385 | $32 |
| Middletown | $450 | $38 |
| Smyrna | $390 | $32 |
| Milford | $436 | $36 |
| Seaford | $440 | $37 |
| Georgetown | $430 | $35 |
| Elsmere | $407 | $34 |
| New Castle | $420 | $35 |
Average Cost Of Condo Insurance In Delaware – By Building Property Limits
The correct level of condo insurance corresponds to the value of your condo and your personal belongings. The first table below illustrates the average annual rates for different building property limits in Delaware.
| Building Property Limit | Average Annual Rate |
| $40,000 | $340 |
| $60,000 | $402 |
| $80,000 | $470 |
| $100,000 | $536 |
Average Cost Of Condo Insurance – By Company
In this last table, we’ll review the average yearly costs of condo insurance in Delaware provided by the prominent national insurers.
| Insurance Company | Average Annual Rate |
| State Farm | $268 |
| Travelers | $497 |
| Allstate | $426 |
| American Family | $680 |
| Cumberland Insurance | $200 |
Keep in mind that the costs indicated in the tables are approximations that can vary based on a range of factors, including how much insurance you need, where your condo is situated, and its structural features.
When selecting a policy, don’t focus solely on the price. Look for affordable insurance that provides comprehensive coverage, alongside an insurer that has excellent financial strength ratings and reliable customer service.
How Much Condo Insurance Do I Need In Delaware?
In Delaware, how much condo insurance you need is contingent upon factors like your condo’s structure, the value of your personal belongings, and the coverage provided by your condo association’s master policy. You can enhance your policy with loss assessment coverage to help pay for damage to shared areas in the condo complex.
How Much Condo Insurance Is Legally Required In Delaware?
Condo owners in Delaware are not required by law to have insurance; however, it is often a prerequisite set by mortgage lenders or condo associations. Typically, most condo insurance policies offer liability coverage of at least $100,000 and up to $500,000.
What Does Condo Insurance Cover In Delaware?
Condominium insurance, or HO6 insurance, in Delaware generally protects everything within the unit, including walls, floors, fixtures, cabinets, and personal belongings, from theft and damage. Additionally, most policies offer coverage for common areas in the complex through loss assessment coverage, which typically starts at $1,000 but can usually be increased.
How To Find The Best Condo Insurance Company For You
Because your condo may represent your most significant investment, getting quality coverage is critical to protect against financial loss. However, finding the right policy that meets your needs will take time and diligence. To help you in this endeavor, here are five actions you can take to protect yourself, your family, and your belongings:
- Ascertain how much condo insurance coverage you will need.
- Look into various condo insurance companies online and select three that make you feel the most assured.
- Request a quote from the three insurance carriers you selected.
- Weigh their coverage, pricing, financial strength, customer reviews, and discount offerings side by side.
- Choose the best insurance company and submit your application for coverage.
Factors That Impact The Cost Of Your Condo Insurance Policy
How much you spend on condo insurance in Delaware is largely shaped by these 4 factors:
Physical Address
Condos located in Delaware’s high-risk areas, whether due to high crime or the potential for severe weather, tend to have higher insurance costs. The state’s frequent wildfires also drive up the price of coverage.
Age and Construction Type of Your Condo
Older condos generally have higher premiums due to increased risk from outdated systems like electrical, plumbing, and HVAC. The type of building materials also matters—condos built with fire-resistant materials in Delaware may qualify for lower premiums.
Replacement Cost
The replacement cost refers to the estimated price to reconstruct your condo if damaged. Higher replacement costs will raise your insurance premiums.
Claims History
Past insurance claims may cause insurers to classify you as high-risk, leading to higher costs for insuring your condo. A spotless claims history, however, can help lower your premiums.
Our Methodology
In determining the best condo insurance providers in Delaware, I looked at customer satisfaction from J.D. Power, credit ratings by AM Best, and consumer feedback. I also leveraged my experience as a former licensed property and casualty agent selling condo insurance in Delaware.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Delaware?
Condo insurance in Delaware averages around $430 per year, translating to $36 per month. However, the actual cost can vary widely based on location, coverage levels, and the insured’s claims history.
How does condo insurance work?
This insurance covers repairs or replacements for the interior of your condo and personal items in the event of damage or theft. It also offers liability coverage and fills gaps in the condo’s master policy, giving you protection against financial loss.
Sources
⇅