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What It Is:
What It Isn't:
Your Delaware homeowners insurance policy should at least cover the cost of rebuilding your home at current construction prices. Your lender will most likely require you to buy an amount of Delaware home insurance equal to the amount of your home loan.
For a quick estimate of how much Delaware home insurance you need, the Insurance Information Institute (I.I.I.) recommends multiplying the total square footage of your home by local building costs per square foot. To more accurately estimate the latter figure, talk to a real estate agent, builder's association or Delaware home insurance agent.
Settling Claims: Replacement Cost vs. Actual Cash Value
There are two methods Delaware home insurance companies use to settle your homeowners insurance claim. The method used determines the amount you pay in premiums and the amount you receive in the event of a claim.
One technique is insuring your home for its actual cash value. This pays you for the replacement cost of your home minus its depreciation. This means you are reimbursed what your property was worth immediately before your loss.
Another technique is insuring your home for its replacement cost. In this case, your Delaware home insurance company pays you what it would cost to rebuild or replace your home using similar materials. This method pays you more because there is no deduction for depreciation. However, it requires insuring your home for at least 80 percent of its replacement value.
If your home is damaged or destroyed and has to be rebuilt, your Delaware home insurance provider will take several things into consideration:
The higher the cost of these items, the more likely you are to be reimbursed for them. However, reimbursement only occurs up to the limits of your policy, so make sure you have sufficient Delaware home insurance coverage to rebuild your home in case of disaster. A licensed home insurer can help you determine just how much coverage you need for maximum protection.
Keeping Coverage Affordable
Saving on your Delaware homeowners insurance is simply a matter of shopping around for the best price and coverage, buying only the amount of home insurance you need (no more, no less), choosing a policy with the highest deductible you can reasonably afford, and asking your home insurance provider for all possible discounts.
Remember, the more perils your policy covers, the more it will cost you.
Protect Your Refuge
Get the home protection you need with up to five free, affordable quotes from top Delaware home insurance providers. Then sit back and rest easy in your home—your refuge.
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