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8 Best Renters Insurance Companies in Delaware of 2022

Compare renters insurance rates in Delaware and find the best policy for your needs. Learn what coverage is included and why you need renters insurance.
delaware

While there’s no state law in Delaware requiring renters insurance, most landlords may require their tenants to purchase it as a condition of their lease and to reduce the risk of any 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 properly covered while renting and

are in search of the best and most affordable renters insurance in Delaware, then this guide is for you.

We have compared the best renters insurance companies in Delaware by category to give you an idea of what’s out there.

And don’t forget to look at our handy guide to make sure you’re equipped with proper knowledge of renters insurance.

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 renters insurance Delaware
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

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.

State Farm Renters Insurance Discounts

  • Multi-Policy: Bundle renters with auto.
  • Home Security: Installing protective and security devices to make your rental safe.
  • Higher Deductible: Choosing a higher deductible means you can lower your monthly premium.

State Farm Renters Insurance Pros & Cons

Pros
  • Cheapest renters policy overall.
  • Strong reputation for customer service,
  • Receives few service and claims-related complaints for its size according to the NAIC.
  • No limit on personal property coverage.
Cons
  • Few discounts.
  • Doesn’t offer many coverage upgrades.
  • Discounts and policies not available in certain states.
How is State Farm Renters Insurance Rated?
J.D. Power (out of 1,000)836
A.M. Best - Financial Strength RatingA++
BBBA+
NAIC Complaint Index1.77

Allstate: Best Renters Insurance for Retirees

Allstate Renters insurance Delaware
Editors star rating review
5.0
Editor's Rating (5 Stars out of 5)

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.

Allstate Renters Insurance Discounts

  • Multi-Policy: Bundle renters with car or other insurance products.
  • Auto Pay: Sign up for auto pay and link your checking account.
  • Claims Free: No blemishes in five years.
  • Safe Home: Install security and protective devices.

Allstate Renters Insurance Pros & Cons

Pros
  • Offers best bundling discount in the industry.
  • Online site and mobile app are helpful and full of resources.
  • Able to talk to live agents.
  • Different ways to customize your deductibles and coverages.
  • Many discounts that are too much to list.
Cons
  • Discounts and policies may not be eligible for certain states.
  • Higher premium for replacement cost coverage.
  • Average claims process satisfaction.
How is Allstate Ranters Insurance Rated?
J.D. Power (out of 1,000)837
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index2.05
BBBA-

Amica Mutual: Best Renters Insurance for Customer Service

Amica renters insurance Delaware
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

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.

Amica Renters Insurance Discounts

  • Multi-Policy: Bundle renters with auto and save 15% off your rate.
  • Loyalty: You save when you spend more time with the insurer.
  • Claims-Free: Not making a claim in the past 3 years.
  • E-Discount: Sign up to receive policy information and bills electronically.

Amica Renters Insurance Pros & Cons

Pros
  • Rates as low as $4 a week according to Amica.
  • Generally known as being the second-lowest insurance company in Delaware.
  • Highly-rated customer service.
  • No limit on personal property coverage.
  • Few customer complaints.
  • User-friendly website and mobile app.
  • Offers deductible as low as $100.
  • Allows renters to save for a house in the future.
Cons
  • Does not offer water backup damage.
  • Necessary to get flood insurance policy in a state with as much coastline as Delaware.
  • Doesn’t use independent agents.
  • Not all policies can be quoted online.
  • Few discounts.
  • Does business in all states except for Hawaii.
How is Amica Renters Insurance Rated?
J.D. Power (out of 1,000)854
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index0.32

Travelers: Best Renters Insurance for Coverage of Personal Belongings

Travelers renters insurance Delaware
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

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.

Travelers Renters Insurance Discounts

  • Multi-Policy: Bundle renters with auto.
  • Loss-Free: Not filing a claim for a certain amount of years.
  • Protective Device: Install protective devices and security features.

Travelers Renters Insurance Pros & Cons

Pros
  • Great coverage options.
  • Useful features on website and app.
  • Numerous discounts available.
Cons
  • For RCV, special limits apply to valuables such as jewelry, watches, silverware, and more.
  • You can only buy policy annually rather than every month.
  • Few add-ons.
How is Travelers Renters Insurance Rated?
J.D. Power (out of 1,000)801
A.M. Best - Financial Strength RatingA++
BBBA
NAIC Complaint Index3.88

Progressive: Best Renters Insurance for Many Discounts

Progressive renters insurance Delaware
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

Due in part to its high financial strength, Progressive can offer many discounts to renters that can lower their premiums.

Progressive Renters Insurance Discounts

  • Multi-Policy: 3% discount when you bundle renters and auto.
  • Quote in Advance: Getting a quote at least three days before your policy starts gives you a discount.
  • Paperless: Get documents via email rather than by mail.
  • Pay in Full: Pay your policy upfront in full.
  • Single Deductible Benefit: If you have an incident that causes you to file a claim on both your renters and auto policy, you'll receive reimbursement for one of your deductibles.
  • Gated Community: If you drive by a security guard or use a key or remote to enter a gated complex or community.

Progressive Renters Insurance Pros & Cons

Pros
  • Best for deep discounts.
  • Easy-to-use mobile app.
  • Easy claims process.
  • 24/7 customer service.
  • Can contact agent via phone, web portal, app, or online chat.
Cons
  • Requires your SSN for you to get quote.
  • First month of coverage is expensive because down payment includes additional fees to start coverage.
  • Sells renters insurance through a subsidiary or third party.
  • Offers coverage in every state except Alaska and Hawaii.
How is Progressive Renters Insurance Rated?
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index1.66

Farmers: Best Renters Insurance for Personal Article Floater

Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

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.

Farmers Renters Insurance Discounts

  • Multi-Policy: Bundle renters with auto, life, or umbrella policy.
  • Smoke-Free: Offers special incentives for households that have been smoke-free for at least two consecutive years.
  • Home Security: Installing safety devices such as fire, smoke, and burglar alarms.

Farmers Renters Insurance Pros & Cons

Pros
  • Make claim in four ways: mobile app, phone, text, or email.
  • Claims processing service available 24/7.
  • Replacement cost coverage for electronics.
  • Unique add-on: protects personal items from damage due to mold.
  • If you personalize your rental, this coverage will protect the updates.
  • Covers theft of personal items from car, rental vehicle, or hotel room while traveling.
Cons
  • Customer service available seven days a week, but only at certain times.
  • Not available in all 50 states.
  • Limited discounts.
  • Average rates are higher than those of competitors.
How is Farmers Renters Insurance Rated?
J.D. Power (out of 1,000)831
A.M. Best - Financial Strength RatingA
BBBA-
NAIC Complaint Index0.56

Liberty Mutual: Best Renters Insurance for Replacement Cost Value

Liberty Mutual renters insurance Delaware
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

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.

Liberty Mutual Renters Insurance Discounts

  • Multi-Policy: Bundle renters with auto or life.
  • Claims-Free: Refrain from making a claim in at least five years.
  • Early Shopper: Discount if you purchase policy before your old one expires.
  • Preferred Payment: Enrolling in autopay.
  • Online Purchase: Purchase policy online.

Liberty Mutual Renters Insurance Pros & Cons

Pros
  • Online tool to get personalized renters insurance quotes.
  • Communicate with insurer almost exclusively without needing to call rep.
  • Reach customer service via text, email, or social media.
  • User-friendly website and mobile app.
  • File claim on website or app.
  • Available in all 50 states and Washington, D.C.
  • Blanket jewelry add-on replaces lost or stolen valuables without deductible or appraisal.
Cons
  • Only a few optional coverages.
  • Standard policy comes without water damage coverage.
  • Earthquake coverage not available in all areas.
  • Liberty Mutual claims policy premiums start at $5 per month; actual rate depends on several different factors like location and add-ons.
  • Difficult to find covered perils and customer service numbers on website.
How is Liberty Mutual Renters Insurance Rated?
J.D. Power (out of 1,000)834
A.M. Best - Financial Strength RatingA
BBBA+
NAIC Complaint Index2.37

Nationwide: Best Renters Insurance for Additional Coverage

Nationwide renters Delaware
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

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.

Nationwide Renters Insurance Coverage

Included in the basic coverage:

  • Credit Card Coverage: You will be covered if there are unauthorized charges on your credit and debit cards.
  • Building Additions and Alterations: Covers damages to any improvements, renovations, and installations being made to your property. And if there is theft of material, you’ll also be covered.

Included as stand-alone coverages:

  • Theft Extension: Provides additional protection for any personal belongings that were stolen while being stored in a car, trailer, or some type of watercraft.
  • Water Backup: The most needed coverage is water backup. If a drain or sewer line backs up into your home and your belongings get damaged, you’ll be covered.
  • Valuables Plus: Allows you to buy more extra protection for valuable items such as antiques, art, and jewelry, to name a few.

Nationwide Renters Insurance Discounts

  • Multi-Policy: Bundle rental with auto.
  • Claims-Free: No claims on your policy can get you a better rate.
  • Protective Device: Install safety devices to make rental safe.

Nationwide Renters Insurance Pros & Cons

Pros
  • “On Your Side” detects if you have the right coverage and are getting all possible discounts.
  • Local agents deliver personalized service.
  • Inflation protection.
  • Some additional coverages come standard.
  • User-friendly mobile app.
  • Claims center open 24/7.
Cons
  • Coverage is limited or unavailable in some states.
  • Refrains from mentioning the number of years you need to be claims-free to get the discount.
  • Premiums are high.
  • Customer service has limited available hours.
How is Nationwide Renters Insurance Rated?
J.D. Power (out of 1,000)859
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index0.04 (Very Low)

How We Picked the Best Renters Insurance in Delaware & Methodology

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 we evaluated insurers, we looked for companies that had a wide range of useful 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 great customer reviews, we also took that into account.

Price

Insurance providers that had low premiums or had plenty of options to lower your premium (such as discounts) were more favorable to us.

How Does Renters Insurance Work?

Renters insurance is designed for renters or tenants and protects their personal belongings. It also covers liability and damage, such as if a guest comes over to your unit, slips on a wet floor, and needs medical attention.

Do I Need Renters Insurance?

If you rent, it’s a good idea to have renters insurance to cover your personal belongings.

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.

And renters insurance covers the unexpected or the unforeseen.

For example, if you don’t have renters insurance and fire damages your rental building, condo, or home, and ruins your personal items, you’ll have to pay out-of-pocket to replace them.

Most people don’t have enough savings to replace their items if they were destroyed or stolen.

That’s why any renter should invest in renters insurance.

Can My Landlord Cover My Belongings?

Renters insurance and landlord insurance can be confusing to new renters trying to get a policy.

Landlords have their own insurance policies, and these policies 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 have the comfort of knowing you can replace everything if your belongings were to be 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 property that has been stolen, damaged, or destroyed by theft, fire, windstorms, and other covered perils.

What is a Covered Peril?

Renters insurance protects us from many emergencies that we couldn’t have predicted such as a covered peril.

A covered peril, also called a named peril, is an event 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 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.

Should I Get Actual Cash Value or 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 similar kind and quality.

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.

How Much Renters Insurance Do I 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 I Need Extra Coverage for My Valuables?

A 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.

Are There Ways You Can Save Money on Your Premium?

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.

How Much Does Renters Insurance Cost 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.

That said, the average renters insurance premium in Delaware is around $15 per month or $180 per year.

In Delaware, State Farm has the cheapest rates, cheaper than the Delaware average.

State Farm is $10 per month or $125 annually.

Whatever you end up paying, know that renters insurance in Delaware is incredibly low in cost when you consider that money can go toward protecting all your belongings.