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Here are some details Indiana homeowners ought to be aware of when securing homeowners insurance coverage:

If your home owners policy is being canc...

Did you know that according to the Indiana Division of Insurance coverage (IDI), the insurance coverage business is 1 of Indiana's biggest employers. That being mentioned, that means there are several insurance coverage possibilities for property owners in Indiana. Due to the fact the insurance business is so huge, there must be difficult regulation to guarantee the protection of the consumer.

Right here are some facts Indiana property owners ought to be aware of when securing homeowners insurance:

If your home owners policy is being cancelled for non payment of premium, the discover of cancellation have to be in writing and sent to you at least 10 days ahead of policy cancellation.

If your insurance coverage organization does not want to renew your policy, IDI requires the notice be sent to you at least 20 days before policy expiration. As a customer, negotiate with your insurance coverage firm 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 are going to want the added time to shop around for replacement coverage.

If your policy does not cover flood damage, it need to be stated prominently on the policy jacket or, you must be given written notice that flood coverage may be accessible by means of the National Flood Insurance Program.

In specific Indiana counties in southwestern Indiana along the Illinois Coal Basin, the insurance coverage firm should inform you of the availability of mine subsidence coverage (coverage for households constructed more than mines that could collapse or slowly settle) when they concern the policy.

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

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