Indiana has a full spectrum of seasons with cool winters and humid summers, and that brings with it the chance for natural disasters. Consider your insurance options if you decide to move to Indiana or relocate to another location within the state.
Like many other states in the country, Indiana is prone to natural disasters such as heavy winds and tornadoes. Learn where these disasters commonly strike and base your housing purchase on this information. Not only will locating to a safe area land you a much lower premium, but it will also be safer for your family.
If you already own a home in an area that is prone to natural disasters, then you should discuss your options with an independent insurance agent. Professionals have a greater perspective on your options.
Comparing Indiana Home Insurance Rates
Your insurance rates may vary drastically depending on your location within the state. This is not the only factor that goes into determining your rates. Here are some other things to consider:
- A high deductible will yield a lower premium
- You should insure at least three-quarters of your home
- Indiana is located in "Tornado Alley," inherently making insurance more costly
- In Indiana you can choose to purchase insurance that covers replacement of the item or receive a cash equivalent
A deductible is what you pay out of pocket in case of any damage to your home. It's good to get a few outside opinions on the stability of your house before making any changes to your deductible. You may think that disaster is unlikely; however, if your home is poorly wired or is over 50 years old, you may be more likely to receive damage.
Don't think you're safe from any disasters if floods or storms aren't commonly associated with your area; you never know what may happen. Ample coverage will give you peace of mind. Consider purchasing flood insurance if you're in an area with common flooding. This is not available on a state level; you will need to obtain it via the National Flood Insurance Program.
Tornadoes Can Strike in Indiana
Tornadoes may not strike every day, but you still need to think about them. If a tornado destroys your home, the cost of damage may be more than you imagined. Many insurance companies in Indiana offer tornado coverage. This is available whether you're a conventional homeowner or are renting property.
The most important aspect of tornado coverage is that it will help by giving you a place to stay. The "loss of use" policy will cover any expenses associated with temporarily staying somewhere else. If you're new to the state and have no friends or family nearby, it's a great alternative to being in a bind for shelter.
Frequently Asked Questions About Indiana Home Insurance
1. Does home insurance cover jewelry and antiques?
They will not be covered with a standard plan. However, if you purchase additional coverage, your valuables are covered. You'll save quite a bit by going with this additional coverage if you have many valuables in your house. You can purchase an amendment to your current homeowner's policy to cover the loss of valuables.
2. Are you protected from natural disasters?
Most forms of Indiana home insurance cover you if a tornado hits. You should definitely consider purchasing national flood insurance if floods are prevalent in your area since certain tornado damage can result in flooding that might not be covered. A simple call to FEMA's National Flood Insurance Program (NFIP) could save you headaches down the road.
3. If you purchase supplemental insurance for valuables, how does the insurance company evaluate cost?
Create an inventory of your items and have them appraised officially. Alternatively, you can save the receipts of the items with their descriptions. Taking a video or photograph of the items is also helpful when the insurance company evaluates your claim. Save the photos or video in a safe place outside the home in the event of a disaster that ruins the home.
How to Get Great Rates on Indiana Home Insurance
Has it been a while since you shopped for homeowner’s insurance? Is so, loyalty doesn’t always pay because prices vary from insurer to insurer. Another company may offer you a much better deal. Looking for home or renter’s insurance quotes? insuranceQuotes.com can help you find the best homeowner’s or renter’s insurance policy at the best price. Every year, we match 15 million consumers to the nation’s biggest home insurance companies, including Allstate, State Farm and Farmers.
Indiana Home Insurance Resources
Indiana Department of Insurance
Information and resources on the laws governing insurance in Illinois