Homeowners' and Renters' Insurance
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Insurance for homeownersDelaware, as with all other states except Texas, provides the standard types of homeowners insurance. For information on these policies, go to our home insurance basics.
Most policies cover damage by fire, vehicles, vandalism, theft, explosions, riot and civil commotion, smoke, windstorms and hurricanes, and freezing. Most policies do not cover damage due to flooding, earthquakes, and nuclear accidents.
What you should know
Replacement cost vs. actual cash value.
Most standard home insurance policies cover your personal belongings on an actual cash value basis. Some insurers will offer you the option of covering your personal belongings at replacement cost. But what do these mean?
Replacement cost is the amount it would take to replace or rebuild your home, repair damages, or replace your belongings with products of similar kind and quality without deducting for depreciation. Having this as an option for your home insurance will generally drive up the cost of your premium.
Actual cash value is the amount it would take to repair or replace damage to your home after depreciation is figured. For example, if your roof has a 20-year warranty and is 17 years old, there would be a depreciation for the age and condition of the roof. That is, the amount you would receive from an insurance company for damages to your roof would not be as much under this option as it would be under the option for replacement cost.
Beating back Mother Nature
Hurricane damage is covered under most policies, but damages from flooding is not a standard part of most home insurance policies. With the National Flood Insurance Program, you can insure your home for up to $250,000 and for your belongings up to $100,000. There is a 30-day waiting period before the insurance goes into affect, so make sure El Niņo isn't already on its way.
There is no windstorm pool in Delaware, so you'll have to get your windstorm coverage from a private insurance company.
To find out how to insure your home to the hilt, check out When it comes to disasters, are you covered?
Delaware's FAIR program
If you're having trouble getting home insurance, Delaware offers the FAIR program for high-risk property owners. The policies FAIR offers are based on actual cash value and are generally higher-priced than private insurance policies. The maximum coverage for a FAIR policy is $150,000 for the house and $30,000 for personal belongings. You can contact Delaware FAIR through your local insurance agent or by calling (800) 462-4972.
