Condos have become increasingly popular in Delaware. Many residents choose to live in a condo to enjoy the perks like pools and fitness centers, and the maintenance-free living that condos offer. Whatever the reason for deciding to live in a condo, protecting your assets and your space with condo insurance will help keep your Delaware condo life safe. Before you search for condo insurance quotes, it's important to learn more about coverage options and how to compare quotes to find the best policy.
Delaware is in the middle of some of the most popular destinations in the United States, including Baltimore, New York, Philadelphia and Washington, DC. Delaware has beautiful mountains, lakes and rivers, which draw skiers, hikers and boaters alike.
Delaware does have a high crime rate, however, so remaining conscious and safe is as important as protecting your condo property with insurance.
Most condo associations in Delaware cover what's known as "to the studs" on their master insurance policy, which means that your condo likely has coverage from the outside to the bare interior walls. The master policy does not cover any improvements you make, such as paint, fixtures, lighting or furniture, which means that if damage occurs, you are responsible for repairs.
A condo insurance policy will protect you from any damage done to the interior of the condo. This includes damage from fire, wind and rain but not flooding. You would need a separate insurance policy to cover flooding.
Additionally, you should consider the following types of coverage in addition to the basic condo insurance policy:
Owning versus renting a condo is a personal choice. If you took out a loan to purchase your condo, the lending company will most likely require you to obtain insurance on the condo before purchase. Even if you own your condo with no loan attached, having insurance is a wise idea in order to protect yourself in case of disaster.
If you decide to rent your condo, insurance is still a wise idea. A rented condo insurance policy will cover all of your belongings from the same perils as an insurance policy covering an owned condo. The average renter has $20,000 in assets in the home. If a disaster occurs, most would be unable to replace these items. Additionally, having a liability policy in place, even if you rent, is a wise idea so that you have protection from litigation or a lawsuit if someone is injured in your rental condo.
Condo insurance premium quotes vary, and there is no average premium for Delaware. When shopping for Delaware condo insurance quotes, your insurance agent will likely have a list of questions to ask. Be prepared to answer the following questions, which will affect your quote:
Just like many other insurance policies, there may be discounts available on your condo insurance policy in Delaware. When shopping for Delaware condo insurance quotes, be sure to inquire about available discounts, including these:
Condo living is a great solution for many people at different stages of life. Whether you are a first-time condo owner, a renting veteran or just want to go over your coverage to make sure it's sufficient, a Trusted Choice® agent is always available to answer your questions.
Contact a Trusted Choice agent near you for information on how to secure a condo insurance policy that meets your needs and budget.