8 Best Renters Insurance Companies in Delaware of 2023
While no state law in Delaware requires renters insurance, most landlords may require their tenants to purchase it as a condition of their lease and reduce the risk of disputes.
Still, if you rent a home or apartment in Delaware, we recommend renters insurance for all renters in The First State to give them peace of mind in the event their belongings are stolen or destroyed.
Renters insurance covers damage to your personal items caused by smoke or fire, vandalism or theft, or natural disasters like hurricanes and windstorms.
If you want to ensure you’re appropriately covered while renting and are searching for the best and most affordable renters insurance in Delaware, then this guide is for you.
According to PropertyNest research, the average cost of basic renters insurance in Delaware is $16.56 a month.
Compare the coverage and cost of the best renters insurance providers in Delaware picked by PropertyNest expert editors:
Compare Renters Insurance in DE
Best Renters Insurance Companies in Delaware
- State Farm: Best for the Lowest Rates
- Allstate: Best for Retirees
- Amica Mutual: Best for Customer Service
- Travelers: Best for Coverage of Personal Belongings
- Progressive: Best for Many Discounts
- Farmers: Best for Personal Article Floater
- Liberty Mutual: Best for Replacement Cost Value
- Nationwide: Best for Additional Coverage
State Farm: Best for the Lowest Rates
State Farm is great for most people because of its low premium rates.
In Delaware, State Farm is generally known to offer the cheapest policy rates compared to other insurers of the same size.
State Farm costs, on average, $10 per month or $125 annually for the standard plan. This is more than 40% cheaper than the statewide average.
However, rates will differ by the amount of coverage you add to your policy. Rates are also based on where you live, such as if you live in an area known for its high crime rate or if you live in an area prone to natural disasters.
Read a full State Farm renters insurance review.
| J.D. Power (out of 1,000) | 836 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 1.77 |
Allstate: Best Renters Insurance for Retirees
If you’re retired and are at least 55 years old, you can save 25% on your policy. Allstate is one of the only insurance providers that offer this tremendous discount.
You can easily qualify as long as you aren’t actively looking for full-time employment.
Allstate also has some of the best coverages, It offers scheduling, which protects your valuables, a personal umbrella liability policy that provides coverage more than the liability on your existing renters insurance, and identity theft coverage, to name a few.
Read a full Allstate renters insurance review.
| J.D. Power (out of 1,000) | 837 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
Amica Mutual: Best Renters Insurance for Customer Service
Many insurers offer comprehensive websites and mobile apps that allow customers to get a quote, buy a policy, make and track a claim, and more without having to talk to an agent.
This provides convenience for customers, but Amica Mutual may be your best option for those looking to talk to a live agent.
The company received 70% fewer complaints than expected for a company its size, according to the National Association of Insurance Commissioners (NAIC).
This means that policyholders are satisfied with Amica’s customer service.
Customer service is 24/7.
You can easily file a claim online or on the mobile app.
But for those who are more used to making calls and think using the internet is faceless or dangerous, customers can also make a claim by calling.
| J.D. Power (out of 1,000) | 854 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.32 |
Travelers: Best Renters Insurance for Coverage of Personal Belongings
Travelers is one of the best insurers around because it offers a wide range of coverage options that can help flesh out your basic policy.
In particular, two coverages that are offered protect your personal belongings in a way that a standard renters insurance policy can’t.
Valuable Items Coverage
This allows you to add higher limits of coverage to your renters policy to cover your expensive valuables better.
Replacement Cost Value
If your personal property in your rental is damaged due to a covered peril such as fire or theft, you’ll get the full price of your items or at today’s prices without depreciation.
| J.D. Power (out of 1,000) | 801 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A |
| NAIC Complaint Index | 3.88 |
Progressive: Best Renters Insurance for Many Discounts
Due in part to its high financial strength, Progressive can offer many discounts to renters that can lower their premiums.
Read a full Progressive renters insurance review.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
Farmers: Best Renters Insurance for Personal Article Floater
Farmers Insurance was founded in 1928 and currently covers more than 10 million households.
One rider that stands out is the insurer’s personal article floater, which will help you increase coverage so that you can be paid in full for any damaged or stolen valuable items.
A personal article floater is either a separate stand-alone coverage or a rider or endorsement that provides coverage beyond your standard policy.
This add-on is intended to cover valuable personal property that often requires more coverage and can extend your limits to cover your valuables fully.
Although you can get a personal article floater on a renters policy, only certain insurers provide the endorsement on a renters policy. Farmers is just one of them.
As long as each valuable costs more than $500, then you are eligible for the rider.
A personal floater covers jewelry, fine art, musical instruments, collectibles, expensive stereo systems and equipment, as well as computers and electronics, fur, cameras, heirloom silverware, golf equipment, and stamps in case they get lost, damaged, or stolen.
| J.D. Power (out of 1,000) | 831 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A- |
| NAIC Complaint Index | 0.56 |
Liberty Mutual: Best Renters Insurance for Replacement Cost Value
Liberty Mutual is known for having one of the industry's most affordable renters insurance rates.
It is also known for its many discounts to policyholders that can offset their premiums.
But the company’s best asset is that you can choose replacement cost value (RCV) rather than actual cash value (ACV)
RCV pays to replace your items that are damaged or destroyed by a covered peril in full and at today’s prices. ACV, on the other hand, factors in depreciation.
You can add replacement costs to your renters policy at an additional fee.
Read a full Liberty Mutual home insurance review.
| J.D. Power (out of 1,000) | 834 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A+ |
| NAIC Complaint Index | 2.37 |
Nationwide: Best Renters Insurance for Additional Coverage
If you have specific needs that your basic renters policy doesn’t include, you’ll need to buy additional coverage to protect you.
Nationwide offers a wide range of coverages to help you customize your renters policy.
| J.D. Power (out of 1,000) | 859 |
| A.M. Best - Financial Strength Rating | A+ |
| BBB | A+ |
| NAIC Complaint Index | 0.04 (Very Low) |
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Lemonade | 5.0 | 853 | Not Rated | B+ |
| Allstate | 5.0 | 837 | A+ | A- |
| Liberty Mutual | 4.5 | 834 | A | A+ |
| State Farm | 4.5 | 836 | A++ | A+ |
| USAA | 4.5 | 886 | A++ | A+ |
| Erie Insurance | 4.5 | 851* | A+ | A+ |
| Travelers | 4.0 | 801 | A++ | A |
| Amica | 4.0 | 854* | A+ | A+ |
| Nationwide | 4.0 | 859 | A+ | A+ |
| Jetty | 4.0 | Not Rated | A | A+ |
Is Renters Insurance Mandatory to Rent an Apartment in Delaware?
Although renters insurance is not required by law in Delaware, landlords or property management companies often require tenants to purchase the coverage as a condition of their lease.
Renters insurance is the most affordable way to protect what you own.
What is the Average Cost of Renters Insurance in Delaware?
In general, renters insurance is very affordable.
The amount you pay depends on factors such as where you live, your prior claims experience, and your credit score.
In addition, your deductible, add-ons, and coverage limits can also impact how much you pay for renters insurance.
The average basic renters insurance premium in Delaware is $16.56 per month or $198.70 per year.
What Factors Determine Your Premium?
The premium you pay differs from another policyholder. Each person will get a different quote due to certain factors.
Location
Insurers typically charge more for rentals in high-crime areas or where natural disasters frequently occur that may damage rental units. Because Delaware residents experience ongoing hurricanes and tropical storms, these natural disasters will increase their rates.
Secure Home
If your rental has a smoke alarm, a fire alarm, a burglar alarm, an interior sprinkler system, a carbon monoxide detector, and security systems or smart home devices that come with cameras to monitor your property, your premium will be lower.
In addition, if you live in a neighborhood that’s close to a fire hydrant or a fire department, you may be able to minimize the spread of a possible fire that can damage your unit or rental home as such, your rate will be low.
Credit Score
Having a great credit score can lower your rate because insurers believe you are statistically more likely to pay your monthly premium on time.
Claims History
If you never make a claim for a period determined by your insurer, you’ll also pay less.
Coverage Limits
Your standard renters policy probably won't provide enough coverage to replace all your items, especially those high in cost like jewelry.
If you take out a rider or endorsement to cover your valuables in full, that coverage can lead to a higher premium.
Deductible
Your renters insurance deductible is the amount of money you pay to repair or replace your possessions before your insurance funds kick in.
Your deductible will also affect your premium. The more you’re willing to cover before your insurance picks up the tab, the less expensive your premium will be.
Can You Lower Rental Insurance Premiums?
Renters insurance is very affordable, but if you really want to get the best deal, you can lower your rate by doing the following:
Shop Around
Get quotes from at least three different insurers using the same amounts of coverage. Then you can decide which is the most affordable when you compare rates.
Increase Your Deductible
The higher the deductible, the lower your monthly rate. Just make sure you have enough money to cover a high deductible each time you make a claim.
Discounts
A homeowners insurance company offers more discounts than a renters insurance policy. But even if the discounts are few, if you qualify for many with your renters insurer, you can still lower your premium. Look for the multi-policy discount as it is the only one that gives the highest percentage off your rate.
What Does Landlord Insurance Cover vs. Renters Insurance
Renters insurance and landlord insurance can be confusing to new renters trying to get a policy.
Landlords have their own insurance policies, which cover exterior damage, such as the structure of the building or the property itself.
The landlord’s property insurance does not protect your personal belongings.
Since a landlord can’t protect you, renters insurance will protect your belongings inside the apartment in case of fire, theft, or other covered peril.
With renters insurance, you’ll be comfortable knowing you can replace everything if your belongings were stolen or damaged.
What Does a Standard Renters Insurance Policy Cover?
In Delaware, the standard renters insurance policy covers liability, theft, medical treatment, and loss of use.
Liability Coverage
Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them.
Liability also covers your legal defense.
For example, if someone visits your rental and gets bitten by your dog, your liability coverage will pay for the injuries.
If that person sues you, liability will cover you. Since lawsuits can cost a lot of money, liability coverage can be a lifesaver.
Loss of Use
This policy covers basic living expenses and temporary housing costs if you can’t live in your rental unit due to damage and destruction from fire, smoke, or heavy winds, to name a few.
Medical Payments
This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.
Personal Property Coverage
This pays to repair or replace the property that has been stolen, damaged, or destroyed by theft, fire, windstorms, and other covered perils.
| Type | Items | Coverage |
|---|---|---|
| Cash or Other Forms of Currency | Bank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards. | Most renters insurance policies will only cover up to $200 in stolen cash. |
| Electronic Equipment | Phones (iPhones, Androids, etc.), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc. | Standard renters insurance policies cover the loss or damage of electronic devices. |
| Clothing | Designer purse/handbags, shoes, jewelry, designer watches | Standard renters policies cover your personal clothing or designer handbags etc. |
| Power Tools | Drills & drivers, saws. | Covered under the personal property coverage. |
| Kitchen appliances | Refrigerators, microwaves, blenders, electric mixers, ice makers, coffee machines, and other appliances. | Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril. |
| Prescription drugs | Will not cover stolen prescription drugs. | |
| Personal information | Bank accounts, identity information stolen from documents, or stolen personal equipment. | Most companies do not include identity theft as a covered peril in a standard renters insurance policy. |
| Firearms | Pistols, rifles | Legal firearms are covered under personal property coverage. |
What is a Covered Peril?
Renters insurance protects us from emergencies we couldn’t have predicted, such as a covered peril.
A covered peril, also called a named peril, is an event in which the insurer agrees to reimburse you after you file a claim.
So, if you want your belongings to be replaced or repaired, they must be a result of the following covered perils that come standard in your basic renters policy:
These include theft, burglary, vandalism, climate changes like lightning, windstorms, hurricanes, hail, and the weight of snow, ice, or sleet.
Also covered are electrical surges, appliance failures or malfunctions, and water damage due to plumbing failures that are not the result of a flood.
What is Actual Cash Value vs. Replacement Cost?
When you sign up for a policy, your insurer will give you the option of actual cash value (ACV) or replacement cost value (RCV).
For RCV, if your personal items were damaged or destroyed due to a covered peril, your insurer will pay for them in full using today’s costs.
But with ACV, your insurer will only reimburse you for what your items were worth when they were damaged or stolen.
For example, RCV will give you a brand-new laptop to cover the one you owned that you purchased five years ago. Meanwhile, ACV will cover the laptop at a depreciated value, the price you paid for it at the time of purchase.
ACV policies tend to have cheaper monthly premiums, but you’ll receive smaller payouts since your insurance company will consider the depreciated cost of your belongings.
On the other hand, RCV policies are more expensive because your insurer will pay you for a new item of a similar kind and quality.
How Much Renters Insurance Do You Need?
The amount of renters insurance you need depends on how much personal property you have and how valuable it is.
The more you have to lose, the more renters insurance you need.
To determine how much personal property coverage to buy, you should take stock of all your belongings by doing a home inventory.
A home inventory is simple. It’s a list of all your belongings that you take pictures of, along with each item’s approximate value. You can use a spreadsheet if you want, but if you ever have to file a claim, a picture can better prove to an insurer what you own.
Do You Need Extra Coverage for High-Value Items?
Standard renters insurance will only pay for your expensive items that are damaged or destroyed, or stolen in a covered peril up to a certain amount.
That’s because renters insurance has “special limits” for valuables.
These special limits mean that the insurer limits how much it will pay.
To make sure your expensive jewelry is insured to its full value, you should schedule it.
Scheduled personal property is used interchangeably with an endorsement, floater, or rider.
It’s optional coverage to your renter insurance that can pay for your high-value possessions in full.
Scheduling a valuable means, you’ll schedule it for its full value.
For example, say you have a diamond ring worth $300,000, but the personal property coverage in your renters insurance is $400,000.
If you lose the ring due to a fire in your building, you would have only $100,000 left to replace all your other belongings.
When you schedule your diamond ring, you remove it from your personal property limits and insure it separately.
Here are some of the items that you can schedule:
Artwork, antiques, collectibles (first-edition books or rare coins), furs, firearms. jewelry, musical instruments, sports equipment (golf clubs), and expensive electronics (computer equipment and cameras).
What Renters Insurance Typically Does Not Cover?
A standard renters policy usually does not cover the following:
Flooding
If water backs up through drains or sewers, or there is an overflow from a sump pump and your property gets damaged, your insurer will pay for any damages. However, if water comes into your rental due to flooding from a natural disaster and also ruins your property, your insurer won’t cover flood damage.
Since Delaware is susceptible to flooding, purchasing a separate flood insurance plan on top of your basic or standard renters insurance is a good idea.
Earthquakes Damage
Earthquake and earthquake damages are never covered in a basic renters policy. If you want coverage for this type of emergency, you may have to purchase additional protection. Since Delaware does not experience earthquakes, renters here don’t need this coverage.
Our Methodology
We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Delaware. We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.
How We Picked the Best Renters Insurance Companies in Delaware
We looked at several factors to determine the best renters insurance company in Delaware.
Discounts
Discounts help to make renters insurance affordable. We favored insurers that offered the most discounts to lower your rates.
Coverage
Every renter has different insurance coverage needs. So, when evaluating insurers, we looked for companies with a wide range of helpful coverage options. We also considered coverages that were unique to the insurer or that came standard in the basic policy.
Technology
We only considered an insurer if it had a useful and easy-to-use website and mobile app where you could do several things—get a policy online, file a claim online, pay your bills on a mobile app, and much more. If a company allowed you to get a quote on its website instantly, we took that into account.
Customer Reviews
We reviewed verified customer reviews on different websites that catered to reviewing insurance policies. If an insurer had excellent customer reviews, we also considered that.
Price
Insurance providers with low premiums or plenty of options to lower your premium (such as discounts) were more favorable to us.
