Your home insurance policy protects one of the most valuable things you may ever own: your home. Choosing the right coverage is essential to protecting your investment, and we here at Luxor Insurance Group are happy to help you navigate your options. With the help of an independent agent, Brad Seufert, you can better understand your options for Indiana home insurance and find a policy that suits your needs.
Perils and Losses
There are many different types of home insurance available to Indiana homeowners. Some policies only cover losses due to the perils named in the policy, and some cover losses due to nearly any event so long as it is not explicitly excluded by the policy. It is also possible to add endorsements that provide additional coverage for events that might not otherwise be covered. Depending on your policy and any upgrades you make to your coverage, your home may be protected against:
- Theft
- Vandalism
- Fire
- Smoke
- Hail
- Explosions
- Wind
- Falling objects
- Water backup
- And more
Some types of loss events require stand-alone coverage. For example, you may need to purchase a separate flood insurance policy if you want flood protection for your home and belongings. Luxor Insurance can assist you with all of your coverage needs – including flood insurance.
Understanding Your Home Insurance Coverage
Standard home insurance policies offer multiple types of coverage – not just coverage for your house. A typical policy is divided into several different sections, each of which outlines a different type of coverage. These typically include:
Structural Damages
The first section in a standard home insurance policy explains the coverage for the structure of the home in the event of a covered loss. Your policy should include coverage that pays to rebuild your home if it is damaged, accounting for the cost of cleanup, similar materials, local construction costs, and inflation. Most policies also include a section that outlines coverage for other structures on the property besides the primary residence. These may include sheds, garages, fences, and carports.
Personal Belongings
If your home is destroyed, the things inside it will be, too. Personal belongings coverage helps reimburse you for the loss of your possessions. You can settle for a policy that covers only the depreciated, actual cash value of your items, or you can upgrade your coverage to include full replacement protection that minimizes your out-of-pocket costs.
A standard home insurance policy may include default personal belongings coverage limits equal to 50 percent of the total structural coverage. However, you may need additional coverage – especially for high-value items like jewelry and furs that may be subject to ‘special coverage’ caps. We recommend taking inventory of your home, sorting your belongings by category, and then consulting with our office to determine if you may need to schedule additional coverage for your belongings.
Liability
All it takes is one lawsuit to wipe out all of your savings, assets, and threaten your future income. That is why home insurance typically includes personal liability protection. This important coverage protects you against financial responsibility due to an accidental injury or property damaged resulting from an incident that occurs on your property or due to the actions of a member of your household. Whether your dog bites a child at the park or a guest falls into a hole in your backyard, liability insurance helps pay for things like legal bills, medical bills, lost wages, and more.
Medical Payments
Medical payments coverage is not liability protection, but it does help reimburse third-party medical bills. This type of coverage does not require the establishment of fault to provide payment of benefits. If someone is injured on your property, medical payments coverage will not absolve you of liability, but it could help you avoid a potential lawsuit.
Temporary Displacement
If your home is uninhabitable due to a fire, storm damage, or some other covered event, temporary displacement provides the funds needed to find somewhere else to live while your house is repaired or rebuilt. It can cover the cost of rent for long-term displacement, or it can pay for hotel bills, restaurant meals, and even Laundromat expenses in the event of a short-term displacement.
Shopping for Coverage
If you own a home, you need home insurance. Lenders require the coverage to protect the collateral on a mortgage, but even homeowners who own their homes in full need the coverage to protect their financial investments. Whether you are buying a new home or shopping around for better coverage, don’t do it alone. Call Luxor Insurance for help comparing Indiana home insurance solutions and finding a competitive rate on the coverage you deserve.
We offer personalized home insurance risk assessments to determine your actual coverage needs. We consider many different variables in our formula to help maximize your protection and minimize the risk of out-of-pocket costs after a loss. We can also show you how to reduce the cost of your policy without affecting the quality of your coverage. This may include increasing your deductible to lower your premiums or exploring any available discounts, such as:
- Multiple policy discounts
- Home security discounts
- Claims-free discounts
- New home discounts
- And more
To find out more about your home insurance options and how an independent agent can help you save on the coverage you need, contact our office today.
