Get Newark, DE Home Insurance Rates!
If you are shopping for a new homeowners insurance policy in Newark, DE you have come to the right website.
Our quoting system was designed to help you find a great policy at an affordable price without having to leave the comfort of your own home. Our site makes it quick and easy to get up to 12 different premium quotes from a variety of nationwide insurance companies who offer a wide variety of coverage options and discounts.
Simply enter your zip code above, answer a few questions and we will start searching for your brand-new homeowners insurance policy.
A Few Facts about Newark and Delaware Home Insurance Rates
Homeowners insurance is pretty affordable in Newark with the average home insurance rate coming in at is $907 a year while the national average is $1,311. In Newark, DE most residents will pay $76 a month for homeowners insurance.
While homeowner rates are fairly affordable in Newark, our site can help you save money when it comes to your premium. Our site compares rates and coverage options from a wide variety of insurance companies. While savings will vary depending on your personal factors, in many cases we can help you find a policy that is up to 40 percent cheaper than your current policy.
You can rest assured that your new policy will offer robust coverage, we only work with national insurance companies that offer the highest quality polices at reasonable prices. Our process is quick and easy, simply enter your zip code above to start a free online quote or give us a call now.
Home prices in Newark and homeowner insurance discounts
Homes in Newark are very affordable with the average price coming in at $169,417. While homeowners insurance in Newark is already pretty affordable, discounts offered by insurance companies can help lower your premium even more. Here are just a few of the more common discounts offered by insurers:
- Bundling: This is a major discount that insurers offer to Newark customers who carry multiple lines of coverage with them. If you are carrying homeowners coverage and car insurance (or any other insurance for that matter) with the same insurer you should receive a discount. Discounts can range up to 20 percent so it can be well worth it.
- Loyalty Discount: Insurance companies value their long-term customers and are happy to give them a discount. Once you have been with the same insurer for three years or more, consider asking for a loyalty discount.
- Monitored alarm systems: Insurers love alarm systems and offer a discount if you have a monitored alarm system in your home. Once your system is installed, ask your insurer for a discount. Discounts can range up to 15 percent.
- Impact-resistant roofs: In Delaware storms are very common and can sometimes be extreme, so having an impact-resistant roof will usually result in a discount on your insurance premium. If you are in the market for a new roof, consider upgrading to an impact and wind resistant roof.
- Pay in full: If you can afford to pay your annual premium in one lump sum your insurer will usually offer a small discount. While the discount may only run to 5 percent, they all add up.
- Retired: Once you have retired, many insurers offer a discount because you are home more often making your home less attractive to thieves. In addition, when you are home most of the time so you can catch leaks early, preventing serious damage.
When you shop for a new homeowners insurance policy with us, we will make sure that all available discounts are being applied to your policy.
Newark, DE City Information
Did you know that Newark, DE has now reached over 31,454 in population size with 9834 homes within the city of Newark. The average family household in Newark is reported to be around 4553. With the local population increasing in Newark, it's important to make sure your home has the home insurance coverage you need for your family. Please learn more about our homeowners insurance discounts to discover how you can save additional money on your home insurance premium to help make it more affordable for you. When you request free Newark home insurance quotes from us, we will work with you to compare every possible carrier, coverage and discount available. To find additional savings on your new home policy, please review the article on: Setting Your Deductibles as High as Possible is a Moneysaver
| Demographic | Values |
|---|---|
| Population | 31,454 |
| Total Occupied Households | 9834 |
| Family Households (families) | 4553 |
| Average Owner Occupied Household Size | 2.48 |
| Average Family Size | 2.91 |
| Total Housing Units | 10475 |
Compare Homeowners Insurance Rates in Newark, DE!
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Average Rates Nearby Newark
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Home Insurance Rates by Zipcode in Newark, DE
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Newark.
Newark, DE Home Insurance Average Premiums
$432 /yr.
For the city of Newark, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $432 /yr. |
| Average Coverage: | $682 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $982 /yr. |
What is the average home insurance cost for a home in Newark, DE?
- • The average homeowners insurance premium paid annually for a home in Newark is around $682 per year.
What does it cost on average per month for home insurance in Newark, DE?
- • Homeowners in Newark pay an average cost per month around $57.00 for insurance coverage.
Newark, DE Coastal Wind, Hail & Flood Information
Newark is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Newark is know for it's beautiful beaches and waterways. Because New Castle County (FIPS: 10003) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Newark, DE.
Newark, DE - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $328,339 | $304,158 |
| February | $328,039 | $308,581 |
| March | $328,852 | $314,050 |
| April | $330,447 | $319,027 |
Homeowners insurance will help cover the cost to repair or replace your Newark home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Newark
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Get up to 12 competitive Newark, DE homeowners insurance rates all in one place! |
Saving Money Tips on Newark Home Insurance
A great way to save money on Newark homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Newark area? Check out what homeowners are paying on average for Delaware homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 129 ft. | This is the average home elevation in Newark, DE | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Newark, Delaware. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Newark, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in New Castle County.
Delaware Homeowners Insurance News & Information
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
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Homeowners Shopping Rates Due to Rise in Premiums Posted on Monday 23rd September, 2024
According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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Where is it cheaper to rent than to buy a home in the United States? Posted on Thursday 5th September, 2024
According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Newark, DE Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Newark so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Newark, DE?
- The average square footage in Newark is around 1,137 Sq. Ft. which would cost you around $169,417 to replace the home if you base the home on the price to build per square foot of $149.
Minimum Replacement Cost Total: $169,417
Location: Newark, Delaware (New Castle County)
Average Building Cost Per Square Foot in Newark: $149 (low end)
Average Square Footage in Newark: 1,137 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $149 | $169,417 |
| Some Additional Upgrades | $186 | $211,771 |
| Major Home Updates or Advancements | $224 | $254,125 |
The dwelling coverage is calculated by the average cost per square foot ($149) in Newark, Delaware times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $465,625 (Media price to build of $186 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.