Buying Homeowners Insurance In Indiana

Did you know that according to the Indianapolicy is being cancelled for a reason other than non
Department of Insurance (IDI), the insurance industrypayment, you'll need the extra time to shop around
is one of Indiana's largest employers. That being said,for replacement coverage.
that means there are many insurance options forIf your policy does not cover flood damage, it must
homeowners in Indiana. Because the insurancebe stated prominently on the policy jacket or, you
industry is so large, there must be tough regulation tomust be given written notice that flood coverage
ensure the protection of the consumer.may be available through the National Flood Insurance
Here are some facts Indiana homeowners should beProgram.
aware of when securing homeowners insurance:In certain Indiana counties in southwestern Indiana
If your homeowners policy is being cancelled for nonalong the Illinois Coal Basin, the insurance company
payment of premium, the notice of cancellation mustmust inform you of the availability of mine subsidence
be in writing and sent to you at least 10 days beforecoverage (coverage for homes built over mines that
policy cancellation.may collapse or slowly settle) when they issue the
If your insurance company does not want to renewpolicy.
your policy, IDI requires the notice be sent to you atIDI also regulates how much an insurance company
least 20 days before policy expiration. As acan charge you for an inadvertent bad check. Their
consumer, negotiate with your insurance company tocharge may not exceed $20 (this is in addition to the
extend the 20 days to 30 or 60 day notice. If yourcharge issued by the banking institution).