Best Delaware Condo Insurance

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  • Best Delaware Condo Insurance

Owning a condo can offer an affordable blend of convenience and comfort. In a small state like Delaware, the right condo can put you in a great location close to everything you could want.

You’d also need the right condo insurance to protect your unit. Even when you’re not required to have it, condo insurance offers quality protection at a reasonable price. There’s no better way to protect your belongings and financial liability.

We created this guide to help people find the best condo insurance in Delaware without breaking the bank. Read on to learn about average costs and what you can do to save money.

How Much Is Condo Insurance in Delaware?

Delaware condo insurance costs about $451 per year or $38 monthly. Average rates ranged from $31 to $58 per month, depending on desired coverage amounts.

The exact cost of your insurance will vary based on a few factors, such as your location, building characteristics, claims history, and more. For example, condos near the Atlantic coast in Delaware will likely pay higher premiums due to the increased chances of hurricane or flood damage.

Desired coverage amounts also influence your premiums. The table below shows average annual and monthly Delaware condo insurance rates at different levels of coverage.

Average Cost of Condo Insurance in Delaware

City

$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over

Avg. Annual Rate

$377
$445
$488
$693

Avg. Monthly Rate

$31
$37
$41
$58

The final coverage tier in the table is notably higher than the rest. You’ll pay more for higher coverage limits, but this can be misleading as the $693 per year represents coverage at some of the highest levels well beyond $100,00 in coverage. Most people won’t need this much coverage, and you’ll likely be fully protected with somewhere between $50,000 to $75,000 in limits, which will give you a monthly rate much closer to the state average.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

What Does Condo Insurance in Delaware Cover? 

Condo insurance in Delaware acts as a financial shield against potential sources of damage known as perils. Commonly covered perils include theft, fire, wind, and water damage. 

Condo insurance, officially termed HO-6 coverage by insurance companies, provides coverage for personal belongings and liability in various ways. They’re usually outlined in your policy as follows:

Personal Property Coverage

Personal property coverage covers your belongings like your clothing, furniture, electronics, bicycles, small appliances, tools, jewelry, and more if covered perils damage them.

Loss of Use Coverage

Loss of use coverage helps cover additional living expenses if your condo becomes temporarily uninhabitable after significant damage from a covered peril. Your provider can reimburse you for lodging, food, gas, and more.

Liability Coverage

Liability coverage financially protects you if you accidentally cause injuries or property damage to someone else. Your insurer can cover medical expenses, legal fees, and more if you’re found liable.

Medical Payments Coverage

Medical payments to others covers minor medical expenses if a guest or visitor is injured in or around your condo, regardless of who is at fault.

Loss Assessment Coverage

Loss assessment coverage helps cover assessments your condo board charges you if damage to the common areas exceeds the homeowners association (HOA) insurance policy.

Building Property (Dwelling) Coverage

Dwelling coverage in condo insurance protects the built-in fixtures of your condo unit, like the countertops and flooring, from covered peril damage.

How to Get the Best Condo Insurance in Delaware

To get the best condo insurance in Delaware, understand your coverage needs and find a policy that fits your budget. You’ll need to shop around to do this, as premiums, discounts, and add-ons vary by company. Compare quotes to find a provider that has what you need at the most affordable price.

Information You Need to Get a Quote

Many providers enable you to get a condo insurance quote in Delaware online. Other times, you’ll have to speak to a representative on the phone. Both methods have their advantages, and it’s a matter of personal preference which you prefer to do. You need to know certain information about your condominium to get a quote, such as:

  • Name, address, and email address
  • Square footage and floor of your unit
  • Number of floors and units in your building
  • Previous insurance history

You’ll also be asked to decide your coverage limits and deductibles, which we’ll explain shortly.

Watch for Coverage Conditions

It’s important to understand how your policy covers losses, as it directly impacts the reimbursement you receive in a claim. One aspect of coverage to look out for is where you have actual cash value and replacement cost coverage in your policy.

Actual cash value coverage means your insurer will take depreciation into account when reimbursing you for damaged property during a claim. Every item decreases in value over time, so actual cash value provides payouts lower than what you paid for an item.

Replacement cost coverage, on the other hand, provides you with the amount it would cost to replace the damaged item with a new one of the same quality. You get back the full cost of replacing an item.

Replacement cost coverage would be the preferred option since it would pay more in a claim but costs more to have in your policy. Take note of what you can afford and see how your insurer covers your losses so you’re not surprised.

You should also note exclusions in your policy. Some can be remedied with endorsements. Endorsements are additional coverage that you can add to your plan at an extra cost. For example, you might need an endorsement if you have especially valuable jewelry or artwork in your condo or run a business out of your dwelling.

Know Your Master Policy

A crucial part of getting the right condo insurance is knowing the gaps in your development’s master insurance policy. Every condo complex has a homeowners association (HOA) that handles maintenance and other collective needs of the condo residents. This includes insurance coverage of building exteriors and common areas. Your condo HOA has a master insurance policy that covers these shared areas from damage that you help pay for through your monthly HOA dues.

Sometimes, your master policy will cover surfaces such as your unit’s countertops, flooring, and light fixtures when the HOA plan has “walls-in” coverage. Other times, the master policy strictly covers shared spaces and won’t extend any protection to your residence. This is called “walls-out” or bare-walls coverage.

If your HOA has walls-out coverage, you need more dwelling coverage in your personal condo policy. Otherwise, the surfaces in your unit would be completely unprotected.

A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn’t with a custom condo insurance policy at an affordable price.

Tips on Getting the Cheapest Condo Insurance in Delaware

For some ways to get the cheapest condo insurance in Delaware, you can keep your premiums in check by adjusting your limits and seeking discounts.

Adjust Policy Limits

When obtaining a policy, it’s important to select appropriate limits that match your needs. Raising your coverage limits increases your premiums, and vice versa. Choose limits that insure you properly without overpaying.

To accurately determine the value of your belongings, create a home inventory that lists what you own and how much you paid for every item. The total amount for your items is the amount of personal property coverage you need. Getting more than what your items are worth would be unnecessarily raising your limits and premiums.

Seek Discounts

Every provider offers discounts. Ask which ones you may be eligible for when quoting. Some common discounts that providers offer include:

  • Multi-policy (bundling) discount
  • Home security system discount
  • Claims-free discount
  • Age-related discounts
  • Non-smoker discount
  • New condo discount

Some discounts you can qualify for immediately, while others, like claims-free and loyalty discounts, take time. Bundling, which is housing multiple insurance policies with the same provider, usually offers the most significant discount. Some carriers discount premiums of policyholders who bundle their policies by up to 20%.

Is Condo Insurance Required in Delaware?

Although condo insurance isn’t legally mandated in Delaware, unit owners may still be required to obtain condo insurance due to requirements from mortgage lenders or condo associations.

When lenders give home loans, they typically necessitate the property owner to get insurance. They do this to protect their investment in your property. If your condo experienced significant property damage, your lender could turn to the insurance policy to recoup money instead of paying for repairs themselves. 

If you bought your condo with a mortgage, you’ll be required to keep insurance on it for the life of the loan. If you don’t, your lender can force-place coverage of their choice on you. Force-placed coverage is more costly and less comprehensive than a standard plan you can find on your own.

Avoid force-placed coverage, as it’s in the lender’s interest, not yours. Shop for a policy on your own and find the coverage you need at your desired price. Also, make your payments on time to avoid a lapse.

How to Get a Condo Insurance Quote in Delaware

It’s crucial to compare several condo insurance quotes when looking for coverage in Delaware to see which company has the most favorable terms for you. Ensure you get the best value for your money.

At Clovered, we strive to make buying insurance easy. We offer a convenient way to compare multiple quotes at once with our online quoting platform. As an independent insurance agency, we partner with some of the top condo insurance companies in Delaware, and we can find you a policy with the coverage you need at the price you want.

You can also contact our team of licensed, in-house agents for help with your quote. Call us at  833-255-4117 during business hours, and we’ll be happy to help. You can also email us at agent@clovered.com

Condo
A Simpler Way to Get Condo Insurance

Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.