Wilmington Homeowners Insurance

Your Complete Guide to Wilmington, DE, Homeowners Insurance

Let an independent insurance agent help you find the best and most affordable coverage.

Wilmington Delaware Homeowners Insurance

Home to more than 70,000 people, Wilmington is the largest city in Delaware. Many are attracted to this picturesque city because of its great schools, many sports and recreation opportunities, and abundant cultural venues and festivals. If you own a house in this riverfront city, you can protect your investment with a solid homeowners insurance policy.

Local independent insurance agents can help you find the best and most affordable coverage for your Wilmington home. Find an insurance agent near you to get more information and to start comparing customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Wilmington, DE?

The good news is that the average cost of home insurance in Delaware is lower than the national average. Comparing rates from a few competing insurance companies lets you be certain you are getting your coverage at a great price.

  • National average yearly premium: $1,211
  • Delaware average yearly premium: $833

Of course, your actual homeowners insurance quotes are likely to be different from the rates mentioned above. This is because costs are calculated individually according to several factors like:

  • The age, value, and square footage of your home
  • The type of home you are insuring (e.g., single-family detached, multi-family, condo, manufactured home, vacation home, etc.)
  • The number of floors in your house and whether it has a basement
  • The crime rate and weather risks in your ZIP code
  • Your claims history and credit score
  • The amount of your deductible
  • Whether you are bundling your coverage with other policies like car insurance or business insurance

Each insurance company has its own way of assessing risk and calculating rates, so you are likely to receive a different quote from each company you contact. Comparing quotes lets you choose the policy that offers the coverage you want at the best price.

Independent insurance agents in Wilmington make comparison shopping easy.

What Damage Is Covered by Wilmington Home Insurance?

Home insurance policies are designed to cover against property loss and damage caused by most of the hazards you are likely to face as a homeowner in Wilmington. This includes risks ranging from accidental fires to severe weather events.

Dwelling insurance covers the structure of your house, including built-in appliances and outlying structures, while contents insurance covers your personal belongings.

You will want to be sure you have enough coverage in each category to fully cover the cost of rebuilding or replacing damaged property following a catastrophic event like a fire or a tornado.

Catastrophic events in Delaware

  • Number of federally declared disasters in Delaware: 23
  • Most common reasons for declared disasters in DE: Hurricanes, heavy snows and severe storms
  • Average number of tornadoes per year in Delaware: 1
  • Average amount of property damage per year in DE: $119 million
  • 1 in 15 insured homes has a claim each year.

Wilmington residents are most at risk for damages caused by hurricanes, electrical storms, hail, gusty winds, and, in rare cases, tornadoes like the F3 twister that touched down just 5.5 miles from the Wilmington city center in 1961.

Additionally, winters can be hard on area homes. Heavy snow and freezing temperatures can cause expensive damage, particularly if a water pipe bursts or if ice dams build up on your roof.

Fortunately, all of these hazards are covered by most home insurance policies.

A Word about Flood Damage in Wilmington, DE

Flooding is a real risk for many homeowners in Wilmington, particularly for residents in the low-lying Southbridge neighborhood which is along the banks of the Christina River.  According to FEMA estimates, just one inch of rainwater in your home can equate to as much as $25,000 in property damage.

Unfortunately, homeowners insurance does not cover damage caused by floods. This is true even when the flood is the direct result of a covered tropical storm or hurricane.

Fortunately, a local independent agent can help you supplement your home insurance coverage with a flood insurance policy through the National Flood Insurance Program (NFIP). Flood insurance is more affordable than you might think. Talk to your insurance agent to learn more.

Why Is Liability Insurance Important for Wilmington Homeowners?

If you are on the wrong end of a liability lawsuit, things can get extremely expensive. Fortunately, insurance companies also provide you with personal liability coverage as a standard part of your homeowners insurance policy.

Homeowners liability insurance is designed to cover court costs, legal fees, and financial damages if you are sued for a covered event. Some examples of times that this coverage may be of use include:

  • The age, value, and square footage of your home
  • The type of home you are insuring (e.g., single-family detached, multi-family, condo, manufactured home, vacation home, etc.)
  • The number of floors in your house and whether it has a basement
  • The crime rate and weather risks in your ZIP code
  • Your claims history and credit score
  • The amount of your deductible
  • Whether you are bundling your coverage with other policies like car insurance or business insurance

Homeowners liability coverage usually maxes out at $500,000. If you want to have higher levels of liability coverage than this, you can get it by supplementing your policy with umbrella insurance. This is an affordable way to boost all of your liability coverage.

A local independent insurance agent can help you acquire all the liability coverage you want at a competitive price.

Does Wilmington Homeowners Insurance Cover against Burglaries?

The burglary rate in Delaware is lower than the national average. However, the risk is much higher in Wilmington. Residents of this city report about 700 burglaries in a typical year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Delaware: 3.27
  • Number of burglaries per 1,000 homes in Wilmington: 7.97

Home security systems make particularly effective theft deterrents. Because of this, many home insurance companies offer policy discounts to policyholders who have them installed in their homes.

Of course, nothing is foolproof. If your house is broken into, you may gain some peace of mind in knowing that your homeowners insurance can reimburse you for your property losses as well as for any damage the burglar may have caused.

If you own any particularly valuable belongings such as fine art or collections, you may need to purchase special endorsements for them to be fully covered by your contents coverage. A local independent insurance agent can help you be sure that all of your personal property is properly insured.

What about Wilmington Residents with Second Homes and Vacation Homes?

Maybe you like to get away from Delaware’s cold winters by staying at your vacation home in Florida. Or perhaps you have a second home nearby that you rent out to students at one of the many colleges and universities with campuses in this city.

Whatever your reasons for owning more than one residential property, you will need to be sure that all of your houses are covered by appropriate insurance policies.

When you own a house that does not serve as your primary residence, there are additional risk factors that insurance companies will take into consideration. In some cases, you may be required to purchase specialized home insurance coverage. For example:

  • Vacation properties that are left empty and unattended for several months out of the year typically have an increased risk of property damage. Your insurer may require you to carry vacant home insurance during the times your vacation house is unoccupied.
  • Second homes that are occupied by tenants have higher liability risks and a greater chance of sustaining serious structural damage. These homes typically need to be covered by landlord insurance, which is specially designed to meet the unique coverage needs these properties present.

A local independent insurance agent can help you be certain that all of your residential properties are covered by appropriate and competitively priced policies.

Why Work with an Independent Insurance Agent in Wilmington, DE?

The easiest way to get the best and most affordable insurance for your Wilmington home is by working with a local independent agent. These agents work for you, not for a particular insurance company, so they are able to shop around to find you great coverage at a competitive price.

Contact an independent insurance agent with an office in Wilmington to set up an obligation-free consultation. You can be comparing customized home insurance quotes in no time.

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https://www.city-data.com/city/Wilmington-Delaware.html
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
https://www.fema.gov/data-visualization/disaster-declarations-states-and-counties
https://www.ncdc.noaa.gov/climate-information/extreme-events/us-tornado-climatology