Delaware Condo Insurance
Get a full analysis of Delaware condo insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Condo Insurance Options in Delaware
Condominiums have become increasingly popular in Delaware. Many residents choose to live in a condo to enjoy the perks like pools and fitness centers, as well as the maintenance-free living that condos offer.
Whatever the reason for deciding to live in a condo, protecting your assets and your space with condo insurance is essential.
An independent insurance agent in Delaware can help you understand condo insurance and find you the best coverage for your needs. A local agent can help you get quotes from multiple insurance companies so that you can make the best choice.
Best Condo Insurance Companies in Delaware
Several insurance companies offer highly-rated Delaware condo insurance. The following are some of the best condo insurance companies in Delaware. These companies provide a mix of valuable coverage offerings and competitive pricing.
- REInsurePro: This carrier offers condo insurance as well as several important forms of property insurance, including coverage for single- and multi-family homes, vacation rentals, renovations in progress, vacant land, and more.
- Progressive: Progressive is based in Ohio and offers personal insurance, including condo insurance. Delaware residents can look to Progressive for most of their personal insurance needs.
- Travelers: Travelers offers highly rated condo insurance in Delaware. It can meet your additional personal insurance needs with a full line of products, including homeowners, auto, boat, identity theft, umbrella, and other coverages.
- Foremost Insurance Company: Foremost was founded in 1952 and offers a wide range of coverage, including condo insurance, in 50 states.
- Stillwater Insurance Group: Stillwater is a national personal and commercial lines carrier with rock-solid financial stability. The company can help you with your condo insurance needs in Delaware.
An independent insurance agent in your area can help you learn more about these and other landlord insurance companies in Delaware. A local agent can help you get competitive quotes for the coverage that fits your needs.
What Is Condo Insurance?
Condo insurance is similar to renters insurance and regular homeowners insurance, but it's designed for the specific coverage needs of condominium owners.
When you own a condominium, you will be required to pay monthly dues to a homeowners association (HOA). Your HOA uses some of these funds to pay for the condo association’s master insurance policy.
The association master policy covers the building(s) and the common elements of your condo complex. You only need to insure the portion of the building where you live (the dwelling) and your personal property. Typically, the association master policy covers the following:
- Damage to your building’s structure, including its roof, walls, siding, stairwells, and elevator
- Damage to all common areas and facilities, like fitness centers and swimming pools
- Liability lawsuits related to injuries or property damage sustained in common areas, parking lots, garages, walkways, and the lawn
Not all HOA master policies are the same. For instance, some may cover only the walls, roof, floors, and elevators — leaving the unit owner responsible for covering everything else. Others might cover built-in appliances, but not things like countertops, fixtures, and carpeting installed by the builder or the unit owner.
Association master policies can vary even further. You'll need condo insurance that covers what the condo association's policy does not. An independent insurance agent can help you determine how much coverage you need for your personal property and any structural elements you are responsible for insuring.
What Does Condo Insurance Cover in Delaware?
Delaware condo insurance typically offers the following types of coverage:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
The property coverage in a condo insurance policy covers your property when it is lost, damaged, or destroyed by certain covered perils. Condo insurance typically covers damage caused by:
- Fire and smoke
- Wind and hail
- Theft
- Explosions
- Vandalism
- Lightning
- Burst pipe
An independent insurance agent in your area can help you understand your Delaware condo insurance policy.
What's Not Covered by Condo Insurance in Delaware?
Condo insurance in Delaware excludes certain types of losses. For example, your condo insurance may help cover water damage caused by burst pipes, rain, and ice dams, but it may not cover sewer or drain backups. And it will not cover flood damage under any circumstances.
If you need sewer backup coverage, ask your agent about purchasing a sewer backup endorsement for your condo insurance policy. You can also buy flood insurance from the National Flood Insurance Program (NFIP), administered by the federal government.
It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later. When you work with an independent insurance agent in your area, your agent can help you review your policy and understand when your coverage doesn’t apply.
How Much Does Condo Insurance Cost in Delaware?
The average annual cost of condo insurance in the U.S. is $455. The average cost in Delaware is $395 per year. Remember that everyone's condo insurance premiums are different depending on where they live and the unique characteristics of their condo.
Insurance companies evaluate certain risk factors, including but not limited to the following, to decide what to charge you for Delaware condo insurance. These factors include:
- The construction materials used in your condo
- The value of your condo
- The crime and weather risks in your zip code
- What the association master policy covers and how much coverage you need to fill the gaps
- The coverage options, coverage limits, and deductibles that you choose
A local independent insurance agent can help you understand your condo insurance quotes and find the best condo insurance in Delaware.
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Delaware Condo Insurance FAQs
Condo insurance in Delaware provides several different types of coverage:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
Condo insurance is not required by law in Delaware, but if you have a mortgage, your lender will require you to have this important coverage.
What's more, condo insurance is the best way to protect your investment in your condominium. While the condo association covers certain common elements of the complex with an association master policy, you'll need to fill in the gaps of your dwelling, personal property, and liability coverage with an individual condo insurance policy.
The average annual cost of condo insurance in Delaware is $395. The cost of your condo insurance policy in Delaware depends on several factors, like the type of construction materials used in your condo, the value of your unit, the crime and weather risks in your area, and the amount of coverage you need.
Because everyone has different needs and levels of risk, the cost of your condo insurance policy may not be the same as your neighbor's.
We recommend several top condo insurance companies in Delaware, including REInsurePro, Progressive, Travelers, Foremost Insurance Company, and Stillwater Insurance Group.
If you own a condo, your condo owners association will have an association master policy, which covers the building(s) and the common elements of your condo complex. Association master policies typically fall into one of the three following categories:
- Bare walls coverage covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.).
- Single entity coverage insures the basic structure and specific items within individual units other than the owners' personal property.
- Modified single entity/all-in coverage protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings.
No, condo insurance in Delaware does not cover floods. You can purchase flood insurance designed for condo owners from the National Flood Insurance Program and some private carriers.
Instead of getting an online quote for Delaware condo insurance, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
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