Delaware Landlord Insurance
- Delaware Landlord Insurance
With miles of beaches and endless nature in The First State, it’s a great place to dip your toes in the water of rental properties. Instead of typical home insurance, the only way to properly protect your investment properties is by purchasing adequate Delaware landlord insurance.
Landlord insurance in Delaware is required by lenders when you still owe money on the property, but you should maintain your policy even after your properties are paid off. That’s because Delaware landlord insurance protects your home, essential belongings you keep on the property and your financial wellbeing if your property is struck by an unexpected disaster.
If a tenant accidentally starts a kitchen fire, landlord insurance has your back. If a loose stair causes someone to fall and break their arm, it has your back. There are so many unpredictable events in life, so it’s best to make sure you’re prepared for the unexpected with a Delaware landlord insurance policy.
What’s Covered With a Delaware Landlord Insurance Policy?
This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord’s dwelling coverage should be equal to or a little more than your home’s actual value.
Depending on the type of property you own, other structures coverage may or may not apply. If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re held liable. This could happen for a number of reasons, including a broken stair that wasn’t repaired or a faulty fix. This coverage helps to pay for medical bills and legal expenses up to your policy’s limits.
What Are Some Extra Delaware Landlord Coverages to Consider?
Landlord Contents: For those landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
Construction: If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income: If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, this can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary & Vandalism: If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
What’s the Average Cost of Delaware Landlord Insurance?
The average cost of landlord insurance in Delaware depends on the type of property you rent, where it’s located, its cost and how much coverage you maintain on the unit. But the cost of landlord insurance for most landlords in Delaware is about $950 per year, which is well below the national average.
- Average Cost of Landlord Insurance in Delaware: $950 per year
Compare and Buy the Best Landlord Insurance in Delaware
At Clovered, getting a Delaware landlord policy easier than ever with our multi-rater online quoting tool. It provides multiple quotes from different carriers to make sure you get the policy you need at the price you deserve.
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The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.