Indiana Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

You never know when a disaster may strike and cause serious damage to your home or your belongings. You also don’t have control over circumstances that may result in another person getting into an accident and sustaining injuries while in your home.

These are just two of the many other reasons that you should invest in an Indiana homeowners insurance policy. Read on to find out more about the most critical facts about this type of insurance that protects homeowners and renters, as well as their properties.

Average premiums for homeowners and renters insurance in Indiana

In a recently published National Association of Insurance Commissioners (NAIC) report, it revealed that the average homeowners and renters insurance premiums in the United States is $1,096.

Homeowners paid an average of $887 putting Indiana at the 35th place with the highest insurance premiums

Renters, on the other hand, had a median expenditure of $183 making the state the 21st in the same ranking

As for the state’s monthly average, financial resource group ValuePenguin listed it at $66.87.

In comparison with the national average, there is a difference of .81%.

Investing in an extensive Indiana homeowners insurance policy can protect your properties as well as yourself from potential legal liabilities.

How much is sufficient coverage?

This depends on the current value of your home as well as the personal property you’ll insure. So after you take a complete inventory, take note of each of your belonging’s current market value. Because you would like to get the most out of your insurance, you should consider purchasing a coverage amount equivalent to each item’s full cost. Experts recommend home owners to obtain insurance that doesn’t go below 80% of a property’s replacement value.

In addition, the IDOI also strongly suggests that you make it a habit to keep your insurance updated. This is primarily because of the ever increasing expenditures associated with construction and rebuilding homes. The same goes true for the rapid growth of costs of replacing properties.

Key Facts and Market Trends in Indiana: According to another study conducted by the NAIC with regards to the key facts and market trends in the State of Indiana, it found out that there are 152 local insurance companies here. Combined with licensed foreign insurers, the count totals to 1,775. 

What you can expect from your Indiana homeowners insurance form

As the Indiana Department of Insurance (IDOI) reports, homeowners insurance provides coverage for the policy holder’s home, personal belongings, and other forms of property the house contains. These contents may take the form of household appliances, furniture, clothing, and fixtures among many others.

An important must-do before purchasing homeowners insurance

The IDOI strongly recommends its residents to perform a full inventory of their belongings and personal property prior to purchasing a homeowners insurance policy. Doing so will actually help you determine the sufficient amount of coverage to get. Adequately insuring your home will take a huge load off of your shoulders in the event a disaster hits.

How long Indiana homeowners insurance policyholders wait for settlements

After you experience a major loss or property damage, you should file a claim with your insurance company right away. You shouldn’t delay it, as it takes about 18 to 24 months before your insurer settles with you. As United Policyholders cited, this is the typical time frame for the completion of replacements, repairs, or rebuilding.

Disastrous events can happen to anyone anytime, including you. So rather than putting your home and its contents at risk, you should invest in an extensive Indiana homeowners insurance policy. This way, you can protect your properties as well as yourself from potential legal liabilities.