Home Insurance in Wilmington, Delaware: A Complete Guide
As the largest city in Delaware, Wilmington features a mix of urban and suburban living. Its proximity to water, older homes, and high population density contribute to the city’s home insurance rates.
National vs. Wilmington Home Insurance Costs
The national average cost for home insurance is $1,400 per year. In Wilmington, the average cost is around $1,550 per year, slightly higher due to:
Coastal proximity: Homes closer to the Delaware River or Christina River face higher risks of flooding, increasing premiums.
Urban environment: Higher crime rates in some parts of Wilmington can drive up insurance rates.
Home Insurance Rates by Home Age in Wilmington
Older homes in Wilmington tend to carry higher insurance premiums due to potential structural issues. Here’s a breakdown of how home age affects insurance costs:
Home Age
Average Annual Premium
0-10 years
$1,500
10-20 years
$1,550
20-30 years
$1,600
30+ years
$1,700
How Home Age Affects Insurance Rates in Wilmington
Newer homes typically have lower premiums due to modern construction techniques and updated safety codes.
Older homes may require more maintenance and are seen as a higher risk by insurers, resulting in higher premiums.
Home Insurance Rates by Credit Tier in Wilmington
Home insurance rates can vary significantly based on your credit score. Here’s how different credit tiers impact premiums in Wilmington:
Excellent Credit (750+): $1,500/year
Good Credit (700-749): $1,600/year
Fair Credit (650-699): $1,750/year
Poor Credit (Below 650): $1,900/year
Cheapest Home Insurance Providers in Wilmington
Here’s a list of the cheapest home insurance providers in Wilmington, along with their average annual premiums:
State Farm: $1,550/year
Allstate: $1,580/year
Liberty Mutual: $1,600/year
Progressive: $1,630/year
USAA: $1,520/year (for military families)
Home Insurance Rates by Deductible in Wilmington
Your choice of deductible can significantly impact your home insurance premium. Here’s how premiums vary based on different deductible amounts:
$500 Deductible: $1,700/year
$1,000 Deductible: $1,600/year
$2,000 Deductible: $1,450/year
$5,000 Deductible: $1,300/year
Types of Homeowners Insurance in Wilmington
There are several types of homeowners insurance policies available for Wilmington residents:
HO-3 (Special Form): Covers your home and personal belongings from most risks, except those specifically excluded like floods.
HO-5 (Comprehensive Form): Provides broader coverage, especially for high-value homes and personal property.
HO-6 (Condo Insurance): Protects the interior of your condo and personal belongings.
HO-8 (Older Home Insurance): Tailored for historic or older homes, covering actual cash value rather than replacement cost.
Additional Coverage Options in Wilmington
Due to its coastal location, Wilmington homeowners should consider:
Flood Insurance: Standard policies do not cover flood damage, so a separate flood policy may be necessary, especially for homes near water.
Sewer Backup Coverage: Provides protection in case of water damage caused by a sewer backup, which can be a concern in older neighborhoods.
Comparing Wilmington to Other Delaware Cities
Dover: Homeowners in Dover pay around $1,450/year, slightly lower than Wilmington due to fewer urban and coastal risks.
Newark: Newark residents pay about $1,500/year, comparable to Wilmington but with fewer flood risks.
Frequently Asked Questions (FAQ) for Wilmington Homeowners
Q: Does homeowners insurance cover flood damage in Wilmington?
A: No, standard home insurance policies do not cover flood damage. You will need a separate flood insurance policy.
Q: Can I bundle my home and auto insurance to save money?
A: Yes, most insurance providers offer discounts when bundling home and auto policies.