Insurance and legal

Did you know that consistent with the Indiana Department of Insurance (IDI), the insurance industry is one amongst Indiana’s largest employers. That being said, which means there are many insurance choices for homeowners in Indiana. As a result of the insurance industry is thus giant, there must be robust regulation to make sure the protection of the consumer.

Here are some facts Indiana homeowners should be aware of when securing homeowners insurance:

If your homeowners policy is being cancelled for non payment of premium, the notice of cancellation should be in writing and sent to you a minimum of ten days before policy cancellation.

If your insurance company will not need to renew your policy, IDI needs the notice be sent to you a minimum of twenty days before policy expiration.  As a shopper, negotiate along with your insurance company to extend the twenty days to 30 or 60 day notice. If your policy is being cancelled for a reason alternative than non payment, you will would like the additional time to shop around for replacement coverage.

If your policy does not cowl flood damage, it must be stated prominently on the policy jacket or, you must be given written notice that flood coverage could be obtainable through the National Flood Insurance Program.

In certain Indiana counties in southwestern Indiana along the Illinois Coal Basin, the insurance company must inform you of the availability of mine subsidence coverage (coverage for homes engineered over mines which will collapse or slowly settle) when they issue the policy.

IDI also regulates how abundant an insurance company will charge you for an inadvertent dangerous check.  Their charge could not exceed $20 (this is often in addition to the charge issued by the banking institution).

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