Newark Homeowners Insurance

Your Complete Guide to Newark, DE Homeowners Insurance

Discover how easy it can be to find the best policy when you work with an independent agent.

Newark Delaware homeowners insurance

The city of Newark, DE is home to more than 33,000 people. This beautiful city provides residents with a small-town feel while being just a short drive away from the larger cities of Philadelphia and Baltimore. If you own a house in Newark, you can protect the investment you have made in it by purchasing a solid homeowners insurance policy.

Independent insurance agents can help you find a comprehensive, yet competitively-priced, home insurance policy. Find an insurance agent near you to get more information and to start reviewing customized quotes.

How Much Does Homeowners Insurance Cost in Newark, DE?

To get an idea of how much a policy will cost you, let’s look at some averages:

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

The average homeowners insurance rate in Delaware is lower than the national average. This is great news for Newark homeowners who are looking for an affordable policy.

Of course, your quoted costs are likely to vary from these figures because home insurance rates are based on several factors such as:

  • The age, size, and value of your house
  • The number of stories your house has and whether it has a basement
  • The crime rate and common weather hazards in the ZIP code where your house is located
  • Your claims history and credit score
  • The amount of your deductible

Often, if you bundle your home insurance with other policies such as car insurance or life insurance, you can get all of your policies at discounted rates. An independent agent in Newark can help you find the right home insurance policy to meet your coverage and budgetary needs.

Newark Homeowners Insurance Covers Your Property

Homeowners insurance is designed to cover loss or damage to the structure of your home (this is called dwelling insurance) as well as to the personal property inside it (this is called contents insurance).

You will want to be sure that your coverage limits in both categories are high enough to allow you to rebuild, repair, or replace damaged property if your home is significantly damaged by a catastrophic event like a fire or a hurricane.

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: 1.0
  • Average. amount of property damage per year in DE: $119 million
  • 1 in 15 insured homes has a claim each year.

Residents of Newark are most likely to experience damage caused by hurricanes, windstorms, electrical storms, hail, heavy snow, and freezing temperatures.

There is also an elevated risk of tornado damage in this city. While not a common occurrence, it can be a consequential one. In 1994, an F3 twister touched down just 3.7 miles from the Newark city center and caused millions of dollars in damage.

Fortunately, all of these hazards are covered by most home insurance policies. Talk to your insurance agent to learn more.

A Word about Flood Damage in Newark, DE

Be aware that although home insurance covers against most common weather-related hazards, it does not cover damage caused by floods. This is true even when the flood is the direct result of a covered hurricane or tropical storm.

When heavy rains fall, drainage systems can become overwhelmed and waterways like the Christina River and Bogan Run can overflow their banks. This happened in August 2020 when Tropical Storm Isaias dropped as much as 5.3 inches of water in the area and many roads, yards, and homes experienced flooding.

To be covered against this risk you will need to supplement your homeowners insurance with flood insurance. A local independent agent can help you assess your flood risk and, at your request, can secure you an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

Flood insurance policies take 30 days to go into effect, so do not wait until heavy rains are on the way to buy a policy.

Homeowners in Newark Need Liability Insurance

Homeowners insurance does more than just cover your property. It also provides you with a significant amount of personal liability coverage.

Homeowners liability insurance is designed to absorb expenses like court costs, legal fees, and damages that are associated with a covered liability lawsuit. Examples of times that you may need to use this liability insurance include:

  • If a visitor to your home slips on an icy walkway and suffers a serious injury.
  • If you accidentally cause injuries or property damage to another while you are away from home, such as while hitting the links at the Newark Country Club.
  • If your dog gets loose and bites a mail carrier.
  • If your child accidentally breaks your neighbor’s window while playing with friends in the backyard.
  • If an area business takes issue with a negative review you posted online and threatens to sue you for libel.

Most insurance companies offer between $100,000 and $500,000 in homeowners liability insurance. If you want to have even more coverage than your home insurance policy can provide, your local insurance agent can help you secure an affordable umbrella insurance policy as well.

Talk to a local independent agent to get more information about how your homeowners liability coverage can protect you.

Homeowners Insurance Covers against Property Crimes in Newark

The burglary rate in Delaware is lower than the national average. And in Newark, the rate is even lower. This isn’t to say the risk does not exist. Residents of this city report about 65 burglaries in a typical year.

  • Number of burglaries per 1,000 homes in the US: 3.76
  • Number of burglaries per 1,000 homes in Delaware: 3.27
  • Number of burglaries per 1,000 homes in Newark: 1.70

If your house is broken into and some of your property is stolen, you may find it comforting to know that your homeowners insurance can provide you with compensation for your losses. You will need to have a copy of the police report when you file a claim.

Your local insurance agent can help you review your policy’s contents coverage to ensure that your most valuable possessions are appropriately covered.

What about Insurance for Second Homes and Vacation Homes?

If you are among the Newark residents who own more than one home, you may be required to purchase specialized homeowners insurance coverage.

  • If you have invested in a secondary property nearby that you rent out to students at the University of Delaware, your contents coverage needs will be lower, but your liability and structural property damage risks will be higher than they are for your primary residence. This type of home would need to be covered by landlord insurance.
  • If you own a vacation house in the mountains or in a warmer climate, and the house is left unoccupied and unattended for several months out of the year, your insurance company is likely to require you to carry vacant home insurance during the times that the property is not in use.

A local independent agent can help you find the best insurance coverage for all of your residential properties.

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

Independent insurance agents live and work in your community, so they understand the risks you face as a homeowner in Newark. These agents work for you, not for a particular insurance company, so you can count on them to provide you with trustworthy advice and guidance when you are shopping for the best insurance products.

Contact an insurance agent with an office near you to learn more. You will soon discover how easy it can be to compare customized, competitively priced home insurance quotes from a variety of top-rated insurance companies.

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https://www.city-data.com/city/Newark-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