Best Homeowners Insurance Agencies in Indianapolis

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What damages are covered in a homeowner's personal liability policy in Indianapolis?

  A homeowner's personal liability policy in Indianapolis covers the legal liabilities of the policyholders when someone sustains injuries from slipping and falling on their property, or when a guard dog bites a guest. This type of coverage will pay for the medical expenses incurred when the victim is sent to a medical institution for treatment.

• In Indianapolis, are fireworks-related damages covered by a homeowner's insurance policy?

  According to the Indiana Department of Insurance, if a homeowner's insurance policy has a condition that excludes the coverage of fireworks-related damages, problems caused by fireworks may not be covered by the policy. However, policyholders whose properties were damaged due to someone else's use of fireworks may be able to file a claim within their own plans. The use of fireworks is only permitted in Indianapolis on New Year's Eve and during the Fourth of July celebration.

• Is a policyholder in Indianapolis still entitled to a claim if it was filed late?

  A policyholder in Indianapolis may still be entitled to a claim even if it was filed late. The Indiana court will conduct a three-part inquiry to determine whether or not a late notice will be granted coverage. The soundness of the reason for late notice and a legal excuse can help the policyholder obtain coverage for any loss or damage.

• Do Indianapolis homeowners with home insurance policies need to spend money out of their own pockets in the event of an insurance claim?

  In the event of a claim, Indianapolis homeowners with home insurance policies may need to spend money out of their pockets if their home insurance policies include a deductible clause. Insurance policies typically have a deductible amounting to $500. It means that the policy consumers will pay for the first $500 of any incurred losses. Policyholders benefit from deductibles by paying lower premiums.

• Is purchasing flood insurance necessary for all homeowners in Indianapolis?

  No, purchasing flood insurance is not necessary for all homeowners in Indianapolis. However, flood insurance is required by law if an individual's property lies within the special flood zone area outlined by the Federal Emergency Management Agency. Lending institutions also require flood insurance for those who need financing to build their homes within areas with a high risk for flooding.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.