About Delaware Insurance Laws, Health Insurance and Regulations…
The Delaware insurance industry has managed to see promising growth in recent years, despite the regulatory changes that are taking effect throughout much of the U.S. Delaware insurance industry offers a wide range of services to consumers and businesses for whatever they may need to protect themselves against. The industry is regulated by the Delaware Insurance Department, which upholds state and federal regulations and ensure consumers are protected from malicious activity and exploitation.
As in other states, drivers in Delaware are required to maintain auto insurance coverage for the vehicles they operate. The Delaware Insurance Department has established a minimum level of coverage drivers may carry in order to meet with the state’s regulations. This coverage must account for: $15,000 for bodily injury or death of one person; $30,000 for bodily injury or death of two or more people; and $10,000 for property damage. Higher levels of coverage are available and recommended for those that drive frequently.
Personal injury protection (PIP) coverage is not required by the state. According to the Delaware Insurance Department, the average cost of auto insurance in the state is $2,288, well above the national average of $1,725.
The Delaware insurance industry has a strong property sector that offers a wide range of coverage to homeowners and businesses. Homeowners are not required by the state to purchase or maintain insurance coverage, but they may be required to do so per their mortgage agreement with a financial institution, if such an agreement exists. The Delaware Insurance Department regulates this sector of the industry to ensure that consumers and businesses are treated fairly and keep property insurance rates from becoming excessive. The agency notes that the average cost of homeowners insurance in Delaware is $677. Rates vary depending on where a property is located in the state.
Per the Affordable Care Act, health insurance will be mandatory for all U.S. citizens in 2014. The insurance mandate has received a great deal of criticism since it was passed into law in 2010. Criticism often revolves around the cost of health insurance and the enormous financial pressure the mandate may place on consumers. Delaware is home to some 859,000 people, 11% of which do not have insurance coverage because they cannot afford it.
The Affordable Care Act also requires all states to host a health insurance exchange program, which are designed to provide consumers with access to affordable, yet comprehensive health insurance policies. Delaware has plans to enter into a partnership with the federal government in order for an exchange program to take form in the state. This exchange will be governed by both parties and populated with policies from the Delaware insurance industry.
Delaware Insurance Resources:
Delaware Insurance Commissioner: Karen Weldin Stewart
Delaware Department of Insurance Website: http://www.delawareinsurance.gov/
Delaware Insurance Licensing Info: http://www.delawareinsurance.gov/services/allservicesbusiness.shtml
File Insurance Complaint: http://www.delawareinsurance.gov/services/filecomplaint.shtml