Buying Homeowners Insurance In Indiana

Did you recognize that according to the Indiana Department of Insurance (IDI), the insurance industry is one among Indiana’s largest employers. That being said, meaning there are various insurance options for homeowners in Indiana. As a result of the insurance industry is therefore large, there should be powerful regulation to ensure the protection of the consumer.

Here are some facts Indiana homeowners should bear in mind 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 10 days before policy cancellation.

If your insurance company will not need to renew your policy, IDI requires the notice be sent to you a minimum of twenty days before policy expiration.  As a consumer, negotiate together with your insurance company to increase the 20 days to thirty or sixty day notice. If your policy is being cancelled for a reason other than non payment, you may would like the additional time to buy around for replacement coverage.

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

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

IDI also regulates how abundant an insurance company will charge you for an inadvertent bad check.  Their charge could not exceed $20 (this is additionally to the charge issued by the banking establishment).

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