Indiana Homeowners Insurance
Indiana homeowners insurance is a smart way to protect your residence and belongings in case catastrophe strikes. Whether you own a house in Indianapolis, IN or a farm in Rochester, IN, homeowners insurance can provide you the coverage you need to replace both the home and the personal belongings if damages due to a disaster occur.
Indiana has been plagued by floods over the years that have ruined many homes. If a home were protected by an Indiana homeowners insurance policy with a flood endorsement, the home would be covered in the event of water damage. If you have never considered covering your home with homeowners insurance, you might want to start thinking of what it would cost to replace the residence and belongings in case of a disaster.
Identifying Coverage Requirements
Indiana homeowners insurance comes in a wide array of policies to fit the needs of any owner of a home. Before shopping for Indiana homeowners policies, consider what you would like to cover. First, determine the replacement cost of the residence you live in. The replacement cost is not the market value, it is the actual construction material and labor cost in today's market to replace the home.
The second step is to identify what is inside the residence and what will need to be replaced if the residence was a total loss. Take an inventory of your belongings. Include everything in the home such as clothing, electronics, appliances, furniture, and jewelry. Do you have anything of significant value in the home such as a coin collection? If so, you will want to take photographs of these items and if possible have them appraised. Once the list is complete, make a copy that you will store outside the residence in a safe place such as a safe deposit box.
Do you have outbuildings on the property? Outbuildings are generally only covered at a small percentage of the total property value. If you have outbuildings that are of higher value or will store valuable property, you may want to increase the limits of the coverage for these buildings.
Shopping for Indiana Policies
Once you have determined what you have and the associated costs, you can begin to shop for Indiana homeowners insurance. There are several types of policies available and hundreds of providers to choose from. Be careful to work with only insurers who are licensed in Indiana and will have to follow the local laws and regulations.
The least expensive Indiana homeowners policies will cover only the residence if it is damaged. This is not a popular type of coverage due to the limits, and it may not be available through all carriers. A better policy to choose from is the comprehensive coverage, which will not only cover the house, but also the personal belongings up to a certain limit, personal liability in case someone is injured on the property, and natural disasters such as fire.
Most homeowners policies do not cover flood insurance. In order to cover the residence and personal belongings in case of flood, you will need to purchase a flood endorsement to add to the Indiana homeowners insurance policy. These endorsements, otherwise known as hazard insurance, can be added for a number of other natural disasters such as earthquakes or tornados. Check with the local provider to determine what policy endorsements are available.
Saving on Indiana Policies
There are several ways to save on premiums for Indiana homeowners insurance. One of the more popular ways is to combine your other insurances under the same policy provider. This will provide you with a multi-policy discount which can save you hundreds over all of your insurance requirements, not just the homeowners.
Another great way to save is to increase the security of your home by adding security cameras and a security system which is monitored by a security company. You can also add fire alarms and sprinkler systems along with deadbolt locks on any exterior doors. All of these items can provide discounts to Indiana homeowners insurance.
You can also save on premiums by increasing the deductible you are willing to pay. The deductible is what portion of the replacement or repair cost you will be responsible for in case of a claim. For instance, if the damage resulted in a $15,000 repair bill and your deductible was $500, the insurance provider would cover $14,500 and you would be responsible for the balance.
Indiana homeowners insurance is a great way to protect your residence and personal belongings in the event of disaster. No matter what your requirements, you can find a policy that can meet those requirements by shopping online and comparing rates from top providers today. Remember, once disaster hits, it is too late to cover your residence. Compare quotes today and start protecting your home tomorrow with Indiana homeowners insurance.