DELAWARE RENTERS INSURANCE
Delaware is a center for banking and financial companies in the U.S., so it should come as no surprise that one of the best deals in renters insurance is Delaware renters insurance.
Did you know that you can get a year's worth of Delaware renters insurance coverage for $159 on average (according to the National Association of Insurance Commissioners)? That works out to as little as $13.25 per month to repair or recover all your personal belongings if it is lost due to a fire, theft or other calamity. You can barely get a large pizza in Dover, Delaware for that price.
Delaware renters insurance (HO-4) covers losses to your rented home from about 20 catastrophes, such as fire, lightning, smoke, windstorms, hail, explosions, riots, vehicle crashes, theft, vandalism, broken windows, snow or ice fall, building collapses, electrical surges, plumbing or hvac problems, water stains, frozen pipes, etc.
Is there anything Delaware renters insurance doesn't cover? Usually, it doesn't cover damage from earthquakes, flood damage, wear and tear, insect or rodent damage, war or nuclear accidents. It also doesn't cover intentional damage, which could be construed as insurance fraud (a felony conviction in Delaware).
You may need to get additional renters coverage if you have anything particularly valuable, such as jewelry, computer equipment, rare stamps or coins etc. If you happen to live in an area prone to flooding, you should also purchase federal flood insurance for renters, which is available through many Delaware insurance agencies.
How do you go about getting Delaware renters insurance? Fortunately, it is a very quick and easy process you can easily do online. No matter which of Delaware's counties you live in-Kent, New Castle or Suffolk- you will be able to find plenty of companies that provide Delaware renters insurance that meets your needs.
Your renters insurance coverage should include coverage for your belongings as well as liability coverage in case someone gets injured in your Delaware rented home. For example, if someone slips on your floor and breaks his or her leg, that person (or his or her family) could sue you. In the blink of an eye, all your financial assets could be threatened if you don't have enough renters insurance.
Delaware renters insurance should also include coverage for temporary living expenses in case your rented home is damaged or destroyed. You never know when you'd need to find a new place to live in a hurry.
How much Delaware Renters Insurance Is Needed?
People are often confused as to how much renters insurance they need in Delaware. The best bet is to take an inventory of everything you own. (There are many inventory worksheets available online, but you can write one yourself very easily as you go along.) Go room by room and write down everything you own.
You should also write down how much each item is worth. This should be the replacement value, not the amount you paid for the item. If you paid $1,000 for your computer system and it was damaged in a fire, it would likely cost more than $1,000 to replace it today. Be sure to use the replacement value and not the actual cost when you determine how much renters coverage you will need.
When you have finished creating your inventory, make several copies and store them in several places: one in your rented home, one in a safety deposit box, one at work and perhaps one more at the home of a trusted friend or relative. Update your inventory at least annually or whenever you make a major purchase. You should make sure your inventory and your coverage are up to date.
Once your inventory is complete, start your online search for Delaware insurance companies. As you find each of them, start entering the information requested in order to get a free renters insurance quote. The process only takes a few minutes for each quote so take some time to get several quotes in order to get the best deal in Delaware.
There are several factors that affect Delaware renters insurance rates. Of course, the amount of coverage you need is one factor. Also to be considered is the size of your rented home and the area in which it is. It's a sad fact of life that some rented homes are in higher crime areas than others and so the renters insurance are likely to be more expensive in those areas.
Loyalty is another factor driving Delaware renters insurance rates. If you've had renters insurance through the same company for many years, insurance companies will likely reward you with a significant discount. Likewise, if you have your renters insurance through the same company that insures your car and your life insurance, you will likewise get a break in your rates.
If you find that your Delaware renters insurance premiums are higher than you can afford, you should consider increasing your deductible. While raising your deductible means you will pay more out of your pocket if you sustain a loss, you will still pay significantly lower premiums. Chances are the catastrophe will never happen, but it pays to be prepared, as the Boy Scouts say. (Just be sure you have enough savings on hand to meet that higher deductible if you must.)
Check out Delaware Renters Insurance Providers
There are many renters insurance companies to choose from in Delaware, how will you know which are the best. Delaware's insurance office, 302-739-4251, will be able to tell you if there have been any complaints against any of the companies you are considering. That office will also be able to tell you how those complaints were resolved. You may be able to get similar information from your local Better Business Bureau.
Ask your neighbors, friends, family members and your landlord who they would recommend for Delaware renters insurance. Find out if they've ever had to make a claim and how well was it handled. In addition to a good premium, you need to find a renters insurance company that resolves its claims quickly and fairly. Also ask about their rapport with a particular agent. A good one will be truly concerned about specific customer needs, rather than trying to sell a policy. If an agent has had personal experience with renters insurance, so much the better. That agent will understand what it's like to be a renter.
Many people are choosing to try direct-to-consumer insurance companies which have eliminated the need for agents and thus greatly reducing renters insurance premiums. Others find they prefer to have the one-on-one relationship with a specific agent. Either type of company has its advantages and disadvantages.
If you find that your Delaware renters insurance is too high, you may want to ask about the property's CLUE (comprehensive loss underwriting exchange). This is a history of claims by homeowners and at specific properties. While this information may or may not be available to renters, the CLUE report can show if previous owners or renters made a lot of claims on the property. If they have, you may have difficulty getting a good rate on renters insurance.
Whether you live in Dover or Wilmington or Seaford, make sure you have sufficient Delaware renters insurance.