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Here are some facts Indiana property owners really should be conscious of when securing homeowners insurance:

If your homeowners policy is becoming canc...

Did you know that according to the Indiana Division of Insurance (IDI), the insurance coverage market is 1 of Indiana's biggest employers. That getting stated, that signifies there are a lot of insurance alternatives for homeowners in Indiana. Because the insurance coverage industry is so large, there must be difficult regulation to make certain the protection of the consumer.

Right here are some details Indiana property owners must be aware of when securing homeowners insurance coverage:

If your property owners policy is being cancelled for non payment of premium, the discover of cancellation ought to be in writing and sent to you at least ten days before policy cancellation.

If your insurance coverage business does not want to renew your policy, IDI requires the notice be sent to you at least 20 days just before policy expiration. As a consumer, negotiate with your insurance coverage organization to extend the 20 days to 30 or 60 day discover. If your policy is getting cancelled for a reason other than non payment, you are going to need to have the extra time to shop about for replacement coverage.

If your policy does not cover flood harm, it ought to be stated prominently on the policy jacket or, you must be offered written discover that flood coverage may be accessible via the National Flood Insurance Program.

In particular Indiana counties in southwestern Indiana along the Illinois Coal Basin, the insurance coverage business need to inform you of the availability of mine subsidence coverage (coverage for properties constructed more than mines that could collapse or slowly settle) when they issue the policy.

IDI also regulates how a lot an insurance coverage company can charge you for an inadvertent undesirable examine. Their charge may possibly not exceed $20 (this is in addition to the charge issued by the banking institution).

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