Milford Homeowners Insurance

Your Complete Guide to Milford, DE Homeowners Insurance

An independent insurance agent can help you find the best and most affordable policy.

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From its quiet residential neighborhoods to its upscale boutiques, restaurants, and cultural venues downtown, the small city of Milford, Delaware, has a lot to offer its 10,000 residents. If you have purchased a house in this historic city, homeowners insurance can protect your investment.

When you are shopping for the best coverage for your Milford home, an independent insurance agent can help. Find an insurance agent with an office near you to learn more and to start comparing a selection of customized homeowners insurance quotes.

How Much Does Homeowners Insurance Cost in Milford, DE?

On average, homeowners in Delaware pay less for their home insurance coverage than property owners throughout much of the country. Let’s look at a rate comparison:

  • National average yearly premium: $1,211
  • Delaware average yearly premium: $833

Of course, home insurance rates are calculated on a case-by-case basis so these average rates can only give you a general idea of what you may pay. Insurance companies base their prices on several factors such as:

  • The age, size, and value of your home
  • The number of stories in your house and whether it has a basement
  • The age of your roof
  • The crime rate and weather risks in your ZIP code
  • Your claims history and credit score
  • Whether you are bundling your coverage with other policies like car insurance or life insurance

Each insurance company has its own way of calculating rates, so it is a good idea to request quotes from a few competing providers before choosing a policy. That way, you can be sure that you are not overpaying for your coverage. Independent insurance agents make comparison shopping easy.

What Kinds of Damage Does Milford Homeowners Insurance Cover?

Your homeowners insurance policy is designed to provide coverage against many of the hazards you are likely to face as a property owner in Milford. It includes two types of property coverage: dwelling insurance covers the structure of your home while contents insurance covers your personal property.

Catastrophic Events in Delaware

  • Number of federally declared disasters in Delaware: 23
  • Most common reasons for declared disasters in DE: Hurricanes, heavy snows and severe storms
  • Average number of tornadoes per year in Delaware: 1
  • Average amount of property damage per year in DE: $119 million
  • 1 in 15 insured homes has a claim each year.

There are a number of ways that homes in Milford can sustain costly damages. Hazards such as residential fires, hurricanes, electrical and wind storms, freezing temperatures, heavy snows, and property crimes can all have an impact on residential property in this area. 

Fortunately, all of these hazards are covered by most home insurance policies.

A local insurance agent can help you review your dwelling and contents coverage limits so you can be sure that they are high enough to enable you to fully rebuild or replace damaged property following a catastrophic event.

A Word about Flood Damage in Milford, DE

When winter snows melt and when hurricanes and major storms bring prolonged rains and storm surges to the area, the ground can become saturated and drainage systems can become overwhelmed. When this happens, flash flooding is likely to occur.

According to FEMA, just one inch of water getting into your home can cause as much as $25,000 in property loss and damage.

Residents of Milford who live near waterways like the Mispillion River and Mullet Run tend to have a higher risk, but when heavy rains fall, flash flooding can occur just about anywhere in this city.

Unfortunately, flood damage is not covered by homeowners insurance. This is true even if the flooding is the direct result of a covered hurricane. In order to be covered, you will need to purchase a separate flood insurance policy, which is available through the National Flood Protection Program (NFIP).

Flood insurance takes 30 days to go into effect, so do not wait until heavy rains are imminent. Talk to a local independent insurance agent to learn more about flood insurance and to get help securing an affordable policy.

Why Do Milford Homeowners Need Liability Protection?

People make mistakes, and accidents happen. If you are at fault for an accident or error in judgment that leads to third-party injuries or damage, you will be expected to pay for the resultant costs.

Depending on the severity of the damage, this can get quite expensive. That is why your home insurance also provides you with personal liability coverage. Most insurance companies offer their policyholders between $100,000 to $500,000 in homeowners liability insurance.

Homeowners liability insurance is designed to cover your court costs, legal fees, and financial damages if you are liable for a covered event. Examples of times that this insurance can prove invaluable include:

  • If a guest is seriously injured in an accident on your property
  • If your pet gets out of your yard and bites a mail carrier
  • If your child accidentally breaks your neighbor’s picture window while playing ball with friends in your backyard
  • If you accidentally injure someone while you are away from home, such as while riding your bike along the Mispillion Riverwalk.
  • If you are accused of libel, a risk that has grown in the age of social media

Talk to a local independent insurance agent to learn more about how the liability coverage included in your Milford home insurance policy can protect you and your family.

What Is the Burglary Rate in Milford?

The burglary rate in Delaware is lower than the national average. However, in Milford, it is higher. Residents of this small city report around 50 burglaries a year.

  • Number of burglaries per 1,000 homes in the US: 2.28
  • Number of burglaries per 1,000 homes in Delaware: 4.23
  • Number of burglaries per 1,000 homes in Milford: 4.25

Being the victim of a burglary is stressful. However, you may gain some comfort in knowing that your home insurance can reimburse you for property loss as well as for any damage the burglar may have caused. You will need a copy of the police report when you file your insurance claim.

If you own any particularly valuable possessions, you may need to have special endorsements or riders added to your homeowners insurance policy in order for them to be fully covered. A local independent insurance agent can help you be sure that all of your most precious property is suitably insured.

What about Insurance for Second Homes and Vacation Homes?

Perhaps you own a vacation home where you can get away from it all. Or maybe you have invested in rental properties for the extra income opportunities they provide.

Regardless of their purpose, if you are among the fortunate Milford residents who own more than one home, there are additional factors that insurance companies will consider when calculating quotes for your coverage.

  • Vacation homesVacation homes are often left unoccupied and unattended for long periods of time. This can result in property damage due to problems like theft and water leaks, which can go unnoticed for a long time in an empty house. Your insurance company may therefore require you to carry vacant home insurance during the times that your vacation home is not being used.
  • Rental homes: Houses that are occupied by tenants have higher structural damage and liability risks than houses that are occupied by their owners. If you have tenant-occupied properties, your insurance company will likely require you to cover these homes with landlord insurance.

An independent insurance agent can help you find the right coverage for all of your residential properties.

Why Work with an Independent Insurance Agent in Milford, DE?

Independent insurance agents live and work in your community, so they understand the risks you face as a property owner in Milford. These agents can save you time and money by contacting insurance companies on your behalf and doing the comparison shopping for you. Talk to an independent insurance agent in or near Milford, DE to get started.

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https://www.city-data.com/city/Milford-Delaware.html
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
https://www.fema.gov/data-visualization/disaster-declarations-states-and-counties
https://www.ncdc.noaa.gov/climate-information/extreme-events/us-tornado-climatology