Delaware Condo Insurance

Find the right condo insurance policy for you. Author Icon Written by Trusted Choice Author Icon
Written by Trusted Choice

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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.

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Facts About Life in Delaware

  • More than 23% of dwellings in DE are condos or apartments.
  • The average rent is more than $620 per month.
  • There were 5,020 violent crimes in 2012.
  • There were 30,659 property crimes in 2012.
  • The chances of becoming a victim of crime in DE are higher than the national median average.

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.

What Does Condo Insurance Cover in Delaware?

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:

  • Liability coverage: This coverage protects you and your home from liability. Accidents happen. If a guest suffers injury on your property, you may be liable for medical expenses, replacement of damaged property, settlement costs and your legal defense. If you have a condo insurance policy in place on your Delaware condo, you will have coverage up to the limits of your policy.<
  • Personal property: While covering the condo itself is important, covering your personal property is also important. Personal property insurance will cover your personal items from theft, fire, wind and vandalism.
  • Vacant condo coverage: Some condo owners use their condominium only during select times of year. If your condo is vacant during the year, this coverage, which is inexpensive, will cover your condo while you are away.

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The Difference Between Owning and Renting

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.

How Much are Condo Insurance Quotes in Delaware?

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:

  • Location of condo: high crime areas will have higher quotes than low crime neighborhoods
  • Whether you will own or rent
  • Square footage of property
  • Claims history
  • Value of personal property
  • Any security measures installed
  • Deductible preferred
  • Coverage preferred

Are There Discounts Available?

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:

  • Multi-policy discounts
  • Security/Fire system discounts
  • Claims-free discounts
  • Full payment or electronic payment discounts

How Do You Find Condo Insurance in Delaware?

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 agent is always available to answer your questions.

Talk with an independent insurance agent near you for information on how to secure a condo insurance policy that meets your needs and budget.

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