Get Delaware renters insurance quotes, cost & coverage fast. Renters insurance protects your DE belongings and can help replace your damaged or stolen property.
DE Renters Insurance
There is a widespread misconception that the landlord has some responsibility for a tenant's personal property. This is simply not true. This is one of the main reasons you should consider buying Delaware renters insurance.
Tenants live in non-owned habitational spaces. The lack of ownership by the insured is the defining characteristic of this classification as there is no dwelling structure to be insured. The tenant may be related to the owner or have no relationship at all. The tenant may pay rent to the building owner, or the structure may be furnished free of charge, such as a parsonage. There is generally a written or verbal lease which may be short term or long term.
Tenant insurance covers what your landlord's insurance doesn't. It covers the replacement of your belongings and it can also provide: additional living expenses if you have to leave your DE apartment due to an a fire or other damage and personal liability should you accidentally damage a another tenants property. It can also cover liability if someone is injured inside your apartment. We will go into more depth on Delaware renters insurance coverage below.
What Does Delaware Renters Insurance Cover?
Renters insurance can help pay for large and unexpected expenses from situations that life can throw at you, from no fault of your own. The three main areas are personal property, liability and additional living expenses.
Personal Property: Personal property coverage, a typical part of DE renters insurance, can help cover the cost of replacing your belongings if it's stolen, damaged or ruined. Renters insurance may cover losses caused by:
- Weather: Fire, wind, hail, lightning, freezing, weight of ice, snow, storms or sleet.
- Other Than Weather: Theft, vandalism, vehicles and others.
For example, if your computer and flat screen TV are stolen, or your furniture or children's toys are destroyed by fire, personal property coverage can help you pay for the cost of replacing them.
Keep in mind that personal property coverage does not protect all of your belongings. Certain types of stuff like jewelry, furs, guns or a stamp collection, have limits under a regular Delaware renters policy.
Liability: Liability is another coverage typical to most Delaware renters insurance policies. This coverage can protect you from having to pay out of pocket for certain costs if you are found legally liable for injuries to other people or damage to their property. You probably don't expect an accident to occur at your place, but if, for instance, a guest trips and falls over a cord in your home, or your dog bites the mailman, liability coverage can cover the medical and legal costs - which can be huge.
Additional Living Expenses: If your apartment was destroyed by fire caused from another tenant, where would you live? How would you pay for it? This is where tenants insurance can help. Renters insurance typically includes coverage for additional living expenses- defined as 'expenses that exceed your normal expenses prior to the loss'. This coverage can pay for additional costs like hotel bills and food.
What DE Renters Insurance Doesn't Cover
Renters insurance typically does not cover:
- Intentional damage to property (like arson) or harm to another person (like punching your neighbor in the face because they won't turn down their music).
- Business activities or professional services offered in your place (you will need commercial insurance for those situations).
DE Tenant Risks & Exposures
Personal liability exposure arises from conditions in the tenant's portion of the premises and actions of the members of the household including students who live away from home as long as they are in school and are under the age of 24 years. The age of any children, the social and civic organizations, and sports that the family participates in can all impact the loss potential. Additionally, the type and breed of any pet(s) should be considered.
Property exposure for the tenant is generally limited to personal property in the rented dwelling unit. The major causes of loss are fire and theft. Fire hazards include electrical wiring, heating, cooling, and cooking equipment. The type of building construction, the location of the building, and the adequacy of locks are important when evaluating exposures.
If there are other tenants in the building, the exposure increases as the other tenant may break into the insured's unit or start a fire that breaches the insured's living space. Security of the building is important, as is the security to the insured's particular unit.
Inland marine exposure includes any antiques, collectibles, electronics, fine arts, firearms, furs, jewelry, silverware, and other types of property subject to sublimits and exclusions within the homeowners policy. As these items are often attractive theft targets, security features such as locks and alarms should be in place and a current appraisal available to substantiate any loss. An inventory and picture record is important to document each item's existence and to aid in its recovery.
While injuries due to conditions outside the insured unit are normally the responsibility of the landlord, injuries due to conditions within the insured's unit may become the landlord's responsibility if, before a loss, the insured wrote the landlord about a hazardous situation and it had not been addressed. The contractual relationship between the property owner and the tenant is very important because it can significantly affect the tenant's responsibility.
Auto exposures are from household members driving owned, rented, or borrowed vehicles or from loaning their vehicles to others outside the household. All drivers must be identified, licensed, and have acceptable MVRs. The type of vehicle, ownership, the principle driver, garaging location, miles driven, and type of driving must be considered when evaluating the exposure. Age and experience of each driver must be evaluated. Driving courses can assist drivers of any age.
The exposure of household residents temporarily living away from the household exposures such as students away at college is important to explore because of potential vehicle ownership, state compliance, garaging, and usage changes.
How Much Does Delaware Renters Insurance Cost?
How much does Delaware renters insurance cost? The average price of renters insurance is usually very affordable. The premiums vary depending on the company and their underwriting rules, and it depends on the coverages and deductible selected. Following are some of the main factors that go into the price of a policy:
- Location - The more dangerous your location is, for both natural and human risks, the higher premiums you will pay as there is a higher probability for claims.
- Building Size - The larger the building you rent in and the more units in that building, the lower your premium cost will be.
- Credit - The better credit you have, the lower your rates. Most insurers look at credit and weight it heavily.
- Deductible - The deductible is your out of pocket cost before your policy kick in. Lower deductible = higher premium, and higher deductible = lower premium.
- Your Belongings - The more of your things you insure the higher your premium will be.
- Security Precautions - Having a security system, or a deadbolt lock can lower your premiums.
- Fire Protection - If the place you're renting has smoke detectors and overhead sprinklers you will pay less for your renters insurance.
DE Renters Insurance Quotes
Request a Delaware Renters Insurance quote in Arden, Ardencroft, Ardentown, Bellefonte, Bethany Beach, Blades, Bowers, Bridgeville, Camden, Cheswold, Clayton, Dagsboro, Delaware City, Delmar, Dewey Beach, Dover, Ellendale, Elsmere, Felton, Fenwick Island, Frankford, Frederica, Georgetown, Greenwood, Harrington, Houston, Kenton, Laurel, Lewes, Little Creek, Magnolia, Middletown, Milford, Millsboro, Millville, Milton, New Castle, Newark, Newport, Ocean View, Odessa, Rehoboth Beach, Seaford, Selbyville, Slaughter Beach, Smyrna, South Bethany, Townsend, Wilmington, Wyoming and all other cities in DE.
Delaware Insurance Regulations
In the state of Delaware, there are certain regulations that are applicable to both personal and commercial insurance. There are actually tens of thousands of individual regulations, governing everything from the amount of assets or cash an insurance company must have per policy to how insurance companies can advertise, but the list of regulations that you need to know about is thankfully a lot smaller.
DE Commercial Insurance
Commercial insurance, also known as general liability insurance, protects a business and their customers in a variety of ways. One form of general liability coverage is bodily insurance which is physical damage to anyone on your premises other than employees.
Employees are covered under another type of insurance called Worker's Compensation. In addition, general liability can cover properly damage, protect you from personal injury suits, advertising injuries and provide legal defense and payment for judgments.
Delaware is not one of the states where commercial insurance is required to operate a business. Delaware is a modified comparative fault state with a 51% negligence standard. There are no caps on awards for personal injury suits in Delaware and the statute of limitations for filing after something happens is two years.
As for how much insurance you should carry in Delaware, there is no clear answer. The best thing to do is to research the type of business you have and what kinds of lawsuits are possible, as well as what the payouts for those lawsuits usually turns out to be, so that you can see how much liability coverage you should carry.
Delaware Personal Insurance
There are a few different types of personal insurance available for consumers, but the only one that has any sort of regulation that you need to know about is auto insurance. There are laws in place governing how much liability insurance you are required to carry in Delaware. However, there are no regulations that consumers need to be aware of when it comes to life insurance, flood insurance or various other types of available insurance.
As for the auto insurance regulations, the state of Delaware requires you to carry auto insurance that pays as a result of an accident that was your fault. The limits are known as $15,000/$30,000/$10,000. That means that you are required to have $15,000 per person or $30,000 per accident in your auto insurance coverage. You will also need to have an additional $10,000 for property damage.
If you are looking for state specific renters insurance quotes, costs and information: California Renters Insurance, Colorado Renters Insurance, Delaware Renters Insurance, Florida Renters Insurance, Illinois Renters Insurance, Kentucky Renters Insurance, New Jersey Renters Insurance, New York Renters Insurance, Oregon Renters Insurance, Pennsylvania Renters Insurance, Texas Renters Insurance, Washingtom Renters Insurance.