Renters in Delaware
pay an average of $129 annually for renters insurance. Most policies include both personal property and personal liability coverage, protecting your furniture and personal items against unexpected disasters. In addition, the personal liability portion means you’re protected against potential lawsuits. Whether you’ve moved to a beach bungalow in Bethany or a townhouse along the Riverwalk in Wilmington, Delaware is a beautiful state to call home. But before you design your housewarming party invitations and send them out, take some time to craft a personal renters insurance policy to cover your needs.
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What is renters insurance?
Renters insurance helps you financially when your personal property is destroyed or stolen. It also includes personal liability coverage, which can protect you from lawsuits.
A typical renters insurance policy generally has:
Coverage C: Personal Property Coverage: Coverage C (also called personal property coverage) pays to help replace items lost to perils covered under your policy.
Coverage D: Loss of Use or Additional Living Expense: Coverage D pays the costs of living somewhere other than your apartment or house, like a hotel, in instances, you cannot stay at your rental property due to the result of damage.
Coverage E: Comprehensive Personal Liability: If another person is injured on your property, or their property is damaged while at your home, this coverage will kick in to cover the expenses. It will also cover any legal fees you might incur as a result of the incident.
Coverage F: Medical Expenses: Coverage F is meant to cover smaller medical expenses arising from accidents/injuries that happen to guests while in your house or apartment. Typically, Coverage F is limited to between $1,000-$5,000 per accident.
Key Takeaway: Your landlord may require that you carry a certain amount of personal liability insurance. Check your lease for minimum requirements.
What does renters insurance cover?
The following are the kinds of perils typically covered in a renters insurance policy:
Damage done by fire, smoke, or explosion
Damage caused by theft or vandalism
Damage as a result of wind damage or lightning (and sometimes hail)
Damage caused by burst pipes, leaking water heaters, or other internal water damage (some exceptions apply)
What doesn’t renters insurance cover?
There are several types of incidents not typically covered by renters insurance.
Flood damage: Water damage caused by floods and storm surges are typically not going to be covered by renters insurance. You will need to purchase additional flood insurance if you want to protect yourself.
Expensive antiques, jewelry, and collectibles: Some personal items require additional insurance. For instance, a standard renters insurance policy will not cover an antique grandfather clock—much less your collection of autographed Philadelphia Eagles jerseys. Ask about supplemental insurance—also called riders—to cover these types of items.
A roommate’s personal property: If you’re sharing your Delaware rental with a friend (and not a spouse), that person’s property won’t be covered under your policy.
Because Delaware is the lowest state in terms of elevation in the United States—on average, most properties in Delaware sit just 60 feet above sea level—you should seriously consider flood insurance. This is especially true if the property you are renting is located within a designated floodplain.
MORE: How much renters insurance do you really need?
Is renters insurance required in Delaware?
As with most other states, Delaware has no law requiring renters insurance. On the other hand, your landlord may require that you show proof of renters insurance. Look over your lease to determine what the landlord requires in terms of coverage.
How to build a Delaware renters insurance policy
Here are some important tips to consider when designing a renters policy.
Begin by creating an online inventory of your possessions. Because of cell phones and other technology, it’s easy today to take a video inventory of what you own—particularly major ticket items. Walk through your apartment or house and record what’s in it. Include a running commentary on the items. Also, store electronic receipts on your computer, backed up to a storage space in the cloud. Be sure to make note of the following:
Serial number (if available)
Document your items by taking pictures of everything. This will make your claims process much easier.
Determine the highest deductible you’re comfortable living with. The higher your deductible, the less your policy will cost. However, carefully consider how comfortable you would be if you had to pay the first $1,000 or $2,000 out-of-pocket to repair or replace a damaged item before your insurance picks up the cost.
Key Takeaway: Make a habit of filing away electronic records of expensive purchases. These receipts will make filing a claim easier.
Actual cash value vs. replacement cost
You’ll have a choice between Actual Cash Value (ACV) and Replacement Cost Value (RCV) coverage on your personal property. ACV is less expensive because it considers how much a used item is worth and factors in depreciation. RCV, which is more expensive, calculates what it would cost you to replace the item with a new item.
For instance, let’s assume the MacBook Air you bought 4 years ago for $4,000 is ruined due to a covered peril. If you have ACV coverage, your insurer will likely cut you a check for less than $4,000 (sometimes, for an amount far less than what you originally paid). If you have RCV coverage, you would receive a check to buy a new MacBook Air with similar specs.
If you don’t want to cover the upfront cost of RCV insurance, you may be on the hook for more if an item needs to be replaced. Consider the risk you’re willing to tolerate before choosing your policy.
How to find cheap renters and car insurance
What to know more about renters
and/or car insurance? You can always talk to an agent at Jerry
—they’re just a click away! Whether you have a simple question about Coverage E or a more complex question about adding riders to a policy, Jerry’s friendly agents have you covered. Don’t want to talk to anyone? Jerry has that covered too. The Jerry app collects quotes from insurance companies, so you know you’re getting the best rate.
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