Homeowners Insurance in Wilmington, DE
Homeowners insurance is a vital policy that may provide financial support for repairing or rebuilding your home after unexpected events. Without this coverage, damages or liability claims could become a significant economic burden.
What Does Homeowners Insurance Cover? 
Coverages vary per policy, but most standard homeowners insurance policies include the following options:
- Dwelling coverage may help with repairs or rebuilds due to damage from events like fire, windstorms or vandalism.
- Personal property coverage may compensate for the loss of your belongings, such as furniture and electronics.
- Other structures coverage may cover other buildings on your property, like a gazebo or tool shed.
- Liability coverage may shield you from financial loss if others are injured on your property or if you accidentally damage their property.
- Additional living expenses may pay for temporary living arrangements and other losses if your home becomes uninhabitable after a covered event.
How Do Home Insurance Deductibles Work?
A deductible is the amount you agree to pay out of pocket before your insurance company starts covering costs. When you file a claim for covered damage, the deductible amount is subtracted from the total payment you get from your insurer. For example, if a claim for a covered event totals $10,000 and your deductible is $1,000, you’d pay $1,000 while the insurer may cover the remaining $9,000, per policy terms. Deductibles can vary; choosing a higher deductible may reduce premium costs, although it increases what you’ll pay upfront for claims.
How Are Rates Calculated?
Insurers calculate homeowners insurance premiums based on many factors, including the following:
- Home’s assessed value
- Location
- Structural age
- Construction materials used
- Coverage amount
- Deductibles
- Claims history
Learn More
Leaders Insurance Group can help you learn more about homeowners insurance and find the policy that suits you best. Contact us today for a personalized home insurance quote.