Delaware Web site Updates Homeowner Rates

Delaware Insurance Commissioner Matt Denn said that the compare.delawareinsurance.gov insurance rate comparison Web site has been updated with the latest rates for more than 50 homeowner insurance companies.

The homeowner rate comparison site, which debuted a year ago, has been updated following an annual survey of insurance companies, Denn said. Auto rate comparisons have been available on the site since November 2006 and are updated annually in the fall.

“With just a minute or two on compare.delawareinsurance.gov, consumers can view rates from not just one or a few companies, but from more than 50 insurance companies that offer homeowner insurance in Delaware,” Denn said. “And what they will find is that prices among companies vary dramatically – sometimes thousands of dollars – for the same coverage. That’s why shopping around in general – and this Web site in particular – can be so important.”

To view rate comparisons for a simplified, sample profile, consumers select whether they are interested in homeowner, renter or condominium coverage; a level of coverage; a sample deductible; the type of construction of their home; the age of their home; and their zip code. Consumers will then see sample rates from 51 insurance companies for the hypothetical profile they have created.

Once consumers view rates for the simplified and sample profile, they can use the site to send a request to the companies they are interested for a personalized quote – a feature available from no other state insurance department site in the country.

Other information available on the comparison Web site includes:

• A list of auto and homeowner insurance discounts available from each company;
• The rating of financial strength for each company, as determined by the independent rating agency A.M. Best; and
• A link to the Web sites of many companies, with a link to find a local agent for others.

Denn said the rate comparison Web site is a benefit to both consumers – who will be able to view sample rates from companies they might not have known to check – and for companies ­– which will gain exposure to consumers they might not have otherwise reached.