Around 28.8% of all homes in Delaware are occupied by tenants. Whether you're renting a studio apartment in Dover or leasing a house in Wilmington, it is a good idea to carry renters insurance. Unfortunately, too many renters in this state don't realize the importance of having coverage until it's too late.
If you are a tenant in Delaware, you may want to talk to a local independent agent. These agents do not work for a particular insurance company so they can shop around to find the coverage you want at a price you can afford. Find an insurance agent near you to learn more about renters insurance.
Is Renters Insurance Required in Delaware?
Renters insurance is not required by law. Some landlords will require their tenants to carry it as one of the terms of their lease, but in most cases, this coverage is optional.
Just because it is optional, however, does not mean renters insurance isn't worth looking into. These policies can provide you with a wide range of coverage at a very reasonable price.
How Much Does Renters Insurance Cost in Delaware?
In Delaware, the average cost of rent is $1,130 a month, and an estimated 46.6% of tenants in this state spend more than 30% of their income on rent and utilities. It therefore comes as no surprise that many people balk at the idea of adding to their housing costs by buying renters insurance.
However, you may be surprised by how affordable these policies actually are.
The average renters insurance policy in Delaware costs just $159 a year. That is less than $14 a month. Factors that can make your actual cost higher or lower than this average amount include:
- The value of your personal property
- The crime rate and weather risks in your ZIP code
- The size of your deductible
- Whether you are bundling your renters insurance with another policy like car insurance
When you take the time to compare quotes from a few different insurance companies, you can be certain that you are choosing a policy that provides the coverage you want at a competitive price. Independent agents make comparison shopping easy.
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What Does Delaware Renters Insurance Cover?
Renters insurance is designed to protect your finances in a few different ways. A typical policy will provide you with:
- Personal property coverage: This is referred to as contents coverage. It can cover repair or replacement costs if your personal belongings are lost or damaged by a covered hazard such as:
- Property crimes, like burglary and vandalism
- Fires, whether they originated in your home or a neighboring unit
- Severe weather, including high winds, hail, thunderstorms, lightning, hurricanes, tropical storms, tornadoes, and heavy snows
- Personal liability coverage: This is referred to as renters liability insurance. It can cover your legal costs and financial obligations if you or someone in your household unintentionally cause injuries, property damage, or financial harm to others.
- Displacement coverage: This is referred to as loss of use insurance. It can cover your temporary living expenses if a covered event like a fire leaves your rental home uninhabitable and you must seek alternate accommodations while repairs are made.
When you are deciding how much property coverage you need, be sure to consider all your belongings, including furniture, electronics, clothing, jewelry, and even kitchenware. Think about how much it might cost you to fully replace everything if you were to experience a total loss.
What about Coverage against Floods in Delaware?
Renters insurance does not cover against flood damage. If your neighborhood is impacted by a flash flood, your landlord will be responsible for covering damage to your home, but not to your personal property.
If you are renting a ground-floor or apartment or a house in a flood-prone area, you may be wondering what your options are.
The only way you will have coverage against floods is if you supplement your renters insurance policy with flood insurance. Policies are available through the National Flood Insurance Program (NFIP), a program run by FEMA.
Because you will only need to purchase flood insurance contents coverage, you should be able to get a policy at a very affordable price.
How Can an Independent Agent in Delaware Help Me Find the Best Renters Insurance Policy?
When you are shopping renters insurance, a local independent agent can help. These agents can answer your coverage-related questions and can shop around to find the coverage you want at the most affordable price. Best of all, consulting an independent insurance agent is absolutely free.
Arrange an obligation-free appointment with an insurance agent near you today, and you can soon be comparing customized quotes from some of the best renters insurance companies in Delaware.
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