Buying Homeowners Insurance In Indiana

Did you know that in step with the Indiana Department of Insurance (IDI), the insurance industry is one in all Indiana’s largest employers. That being said, meaning there are various insurance options for homeowners in Indiana. Because the insurance trade is thus large, there should be tough regulation to confirm the protection of the consumer.

Here are some facts Indiana homeowners should be aware of when securing homeowners insurance:

If your homeowners policy is being cancelled for non payment of premium, the notice of cancellation should be in writing and sent to you a minimum of ten days before policy cancellation.

If your insurance company does not want to renew your policy, IDI requires the notice be sent to you a minimum of 20 days before policy expiration.  As a shopper, negotiate with your insurance company to extend the 20 days to 30 or 60 day notice. If your policy is being cancelled for a reason other than non payment, you’ll want the additional time to shop around for replacement coverage.

If your policy will not cover flood damage, it must be stated prominently on the policy jacket or, you want to be given written notice that flood coverage could be accessible through the National Flood Insurance Program.

In bound Indiana counties in southwestern Indiana along the Illinois Coal Basin, the insurance company must inform you of the provision of mine subsidence coverage (coverage for homes built over mines which will collapse or slowly settle) after they issue the policy.

IDI additionally regulates how a lot of an insurance company will charge you for an inadvertent dangerous check.  Their charge may not exceed $20 (this is often additionally to the charge issued by the banking institution).

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