Your home is a valuable asset that should be protected with comprehensive insurance coverage. Your policy protects you in more ways than one. It helps cover your home and belongings if they are damaged due to a covered event, and it can cover the cost of finding temporary housing after a disaster, too. But, it does not stop there. In addition, your policy can indirectly protect your income and other financial assets with protection against liability and lawsuits. To ensure you are getting the most from your Indiana home insurance policy, contact an independent agent at Binford Insurance to customize your coverage options.
Understanding Your Homeowners Insurance
Indiana home insurance comes in many different forms, each of which provides different levels of coverage. Considering the value of the assets you are protecting, we generally recommend home insurance with extensive coverage inclusions.
Covered Perils and Damages
Your policy will outline coverage for damages based on the types of events that caused them. In some cases, coverage is available only for specific name perils. In others, coverage is available for all losses with the exception of those excluded by name, such as flood and earthquakes. (Talk to your agent about stand-alone insurance policies and home insurance endorsements that can extend protection against standard exclusions.)
Examples of commonly covered perils include:
- Fire, Smoke, and Explosions
- Wind, Hail, and Lightning
- Theft and Vandalism
- Falling objects
- And more
A standard Indiana home insurance policy will include several sections, each of which outlines a different type of coverage for the policy-holder. These may include:
Dwelling and Other Structures (Coverage A and B)
The first two sections on your policy establish the coverage framework for the primary structure of your home and the other structures on your property, such as your fence, detached garage, or storage building. When you purchase coverage, you may have the option to choose between actual cash value (ACV) coverage and replacement value coverage. We generally recommend replacement coverage to better assure the funding you need to rebuild your house. There are different types of replacement value coverage. We can help you understand the difference between Guaranteed Replacement, Extended Replacement, and Inflation Guard to better determine which coverage type is right for you.
Personal Property (Coverage C)
Your home insurance should include enough coverage to fully re-furnish your house in the event of a total loss. Personal property insurance protects your belongings either for the actual cash value or replacement value, helping you to bounce back after a loss with minimal out-of-pocket costs. Standard Indiana home insurance includes personal property coverage – often with limits set at 50 percent of the structural coverage limits. Take inventory of your home to ensure you are adequately covered based on your actual needs. In many cases, homeowners discover they have high-value belongings, such as jewelry or fine art, that is not fully protected under the terms of a standard home insurance policy. Talk to your agent here at Binford Insurance to find out how you can schedule additional insurance coverage for these items.
Temporary Displacement (Coverage D)
If your home is destroyed in a fire, you will likely still be responsible for paying the mortgage on it while it is being rebuilt. In addition, you may incur additional living expenses, as your family will need somewhere else to live during the recovery process. Coverage D on your insurance policy can help pay your additional necessary living expenses if you are temporarily displaced from your home due to a covered event.
Liability (Coverage E)
A lawsuit can empty your nest egg and affect your income for years to come without the right insurance protection. Homeowners liability insurance helps protect you against third-party injury and property damage liability when you or a member of your household is at-fault for the damages. This coverage can also pay your legal fees and court costs even if you win your defense. We generally recommend high-limit liability insurance, as it lowers the risk that you will fall short of the coverage you need during a lawsuit. If you have too little coverage, you may have to pay excess damages out of your own pocket.
Medical Payments (Coverage F)
Finally, your home insurance may include medical payments coverage, which pays for necessary medical care when a visitor is injured at your home, regardless of cause or liability. This coverage typically carries low limits – often just a few thousand dollars. However, this may be enough to pay for an urgent doctor’s visit, an emergency room visit, or even a health insurance deductible after an injury. The injured party still retains the right to sue you for damages, but the compensation of the medical payment may be enough to deter litigation.
Custom Indiana Home Insurance Quotes
For Indiana homeowners, finding the right insurance is essential. At Binford Insurance, we offer quality, affordability, and selection – all with the personalized, one-on-one service of a local, independent agent. We can help you assess your coverage needs and find solutions that fit your budget and preferences. We can also search for valuable discounts to help you save money. Examples include discounts for:
- Installing a new roof
- Installing a home security system
- Insuring your home and car with the same carrier
- Maintaining a claims-free record
- Raising your deductible
- And more