A home is one of the greatest financial investments you will ever make. It is also one of the greatest financial assets will you ever have. So it makes sense when you are in the market for affordable, quality Delaware home insurance that you choose a policy which adequately protects you and your investment.
Most people understand the importance of having a policy which covers damages resulting from natural disasters severe thunderstorms, wind, hail, etc. What many people don’t know is that many standard insurance policies consider damages from floods, wildfires, earthquakes, and tornadoes as “extra” and unless your policy is written to specifically cover these occurrences, you could be without coverage and not realize it! It is also important to include adequate protection from theft.
Many people underestimate the cost of replacing personal property. And again, if you have what might be considered “luxury” items, certain jewelry, antiques, carpets, etc. you may be required to list them separately (with actual appraisal amounts) to have full coverage in case of theft (or fire, smoke damage, water damage).
Finally, liability coverage is important and is a sometimes overlooked component of a well-planned Delaware home insurance policy. This provides protection in case someone is injured while on your property.
Additionally, remember that there are things you can do to prevent loss and minimize the chance of damages. Some simple, yet important, steps you can take are to install smoke detectors throughout your home (and also maintain them), install a security system, place fire extinguishers in high-risk areas, and keep your yard and home free of debris. By doing this, you not only lower your risk of loss and damage, but you can also decrease the amount of your premium payments.
Once you have read through the article and have put together a policy which is suitable for your needs and circumstances, the people at insuranceUSA.com are standing by with Delaware home insurance quotes that will allow you to finalize your selection.
Choosing Your Delaware Home Insurance Policy
Generally, there are two types of Delaware home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance. The second type of Delaware home insurance policy is called a package policy, and it is made up of several different types of coverage. As a rule, it is more economical to purchase a package Delaware home insurance policy rather than buying several types of separate coverage.
There are seven types of Delaware home insurance policy options available. Each type of Delaware home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of Delaware home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 Delaware home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This Delaware home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of Delaware home insurance policy is also known as the Special Form Policy, and it is the most widely used type of Delaware home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This Delaware home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 Delaware home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This Delaware home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This Delaware home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much Delaware Home Insurance Do you Need?
Purchasing Delaware home insurance shouldn’t be a time-consuming process and you don’t need to buy so much insurance that you can’t afford the premiums. Always buy just enough to cover the value of your home if it is completely destroyed.
Many times an insurance company will require you to have your home inspected to determine its value. Homeowners will want to create an inventory of their possessions such as appliances and furniture. Update it yearly or whenever a major purchase is made. Also, always take photographs and save your receipts.
When it comes time to buy Delaware home insurance, you can request a free quote from InsuranceUSA. Further questions on your policy can be answered by your insurer.
Non-Renewals and Policy Cancellations
An insurance company cannot simply cancel an Delaware home insurance policy and it must remain in effect for the “term period” provided nothing warrants its legal cancellation. Possible reasons for an insurance company discontinuing coverage during the term period include:
- Non-payment of premiums
- Felony conviction
- Modifying a residence so as to make it uninsurable
- Creating unsafe conditions at the property
- Committing fraud or otherwise submitting false claims
After the policy term period is over, an insurance company can cancel or not renew a policy for any legal reason. In such an event, adequate written notice must be provided prior to the cancellation or non-renewal.
Buying the Right Delaware Home Insurance
It is important to make sure that you are buying Delaware home insurance from a reputable source. In order to make sure that the company you are working with is properly registered with the Delaware authorities just ask for a copy of their Delaware license number. With this number you will be able to purchase your home insurance with real peace of mind.
A good Delaware home insurance company will give you a detailed questionnaire to complete before giving you a quote. Make sure that you complete the questionnaire carefully as it will help the company to provide you with a good quote.
Never underestimate the importance of good service from your insurance. The service levels that you look for should be as important as the price.
Buying the Right Delaware Home Insurance On-line
On-line comparison sites have taken a lot of the pain out of looking for Delaware home insurance. Just go to InsuranceUSA.com and your will get a great selection of providers to choose from. Make sure that when you use a site you answer the questions provided as carefully as you would on a paper questionnaire. These questions allow the comparison engine to do its job and give you the best options for your circumstances.
Cost should be only one of the factors that you consider when you are buying Delaware home insurance on-line. Being happy with the way a company answers your questions and works with you on claims is equally as important.