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by Indiana Farm Bureau Insurance

Homeowners insurance guide – 2022

younger couple walking golden doodle in their neighborhood in Indiana


For most adults, their home is usually their biggest financial asset. Buying a home for the first time or moving to a new home is no simple task. It takes time and effort to make sure everything is in place for a smooth transition, no matter your situation.  

 

Luckily, purchasing new homeowners insurance is a smooth transition thanks to Indiana Farm Bureau Insurance your home should be your safe space, so you want to make sure it is protected from life’s little and big turns including damage from fire, storms or other unexpected events. turns including damage from fire, storms or other unexpected events.  

 

This guide will walk you through homeowners insurance cost, finding a good homeowners insurance agent, how to request a free online homeowners insurance quote and more!  

 

What is homeowners insurance? 

 

Homeowners insurance is an insurance policy you purchase to cover your home in the event of a covered peril. A basic homeowners insurance policy can insure the structure of your home and your belongings inside in the event of a covered disaster.  

 

A homeowners insurance policy can provide both property and liability protection which means that you can have protection for your home, assets and the additional items inside in the event of a covered loss.  

 

Types of homeowners insurance 

 

There are three types of home insurance policies that are offered at Indiana Farm Bureau Insurance. The coverage that is the broadest is the HO-3 policy. This type of policy provides open perils coverage on Coverages A (the coverage for your home’s structure) and B (which protects structures on your property that are not physically connected to your home). It also offers a replacement cost for Coverages A, B and C. Open perils for Coverage C (which covers damage or loss to your personal property) can also be purchased for the policy.  

 

The second policy that is offered is the HO-2 policy, which offers coverage called Named Perils for Coverage A and B. In addition, it offers Replacement Cost on Coverages A and B similar to the HO-3 policy, but it provides Named Perils and Actual Cash Value (ACV) coverage for personal property.  

 

The last policy that is available to homeowners is the HO-8 policy. This policy was created to provide basic coverage, including Named Perils on Coverages A, B and C as well as Functional Replacement Cost of Coverages A and B, with ACV on Coverage C.   

 

How much does homeowners insurance cost in Indiana? 

 

Homeowners insurance in Indiana normally ranges from $1,000-$2,000 a year. This number can be lower or higher based on many variables including the coverage you choose to purchase and any additional coverages you add for your policy. The best way to estimate how much your policy will be is by getting a quote from an insurance company.  

 

You may have expensive valuables like jewelry, firearms, fine art, antiques, collectibles and more that your basic policy may not fully cover. You can add scheduled personal property coverage to your policy to ensure those items are covered in the event of a covered loss. 

 

Get a free quote online to find out how much coverage you need and an estimate of the premium cost.  


Is home insurance required in Indiana? 

 

It is important to know that although home insurance is not mandatory in Indiana, it is highly likely that your lender requires property insurance if you financed the purchase of your home with a mortgage or another kind of loan . 

 

Purchasing a homeowners insurance policy can help you save a large amount of money if you were to experience a disastrous event to your home.  

 

What does homeowners insurance cover? 

 

It is important to note that a typical homeowners insurance policy has three major areas of coverage. These three areas of coverage are:  

 

  1. The home  

  1. Other buildings on the property 

  1. Your belongings  

 

It is important to note that although typical homeowners insurance policies cover your belongings, there are certain items that may need additional coverage to be protected. For example, if you have an expensive collection of art, you will need to add coverage to your policy. 

 

What does homeowners insurance not cover?  

 

It is also important to understand what a homeowners insurance policy does not cover. If there is something that is not covered under your basic homeowners insurance policy, consider speaking with your local insurance agent to see if you can purchase additional coverage for added protection. Here are some things that may not be fully covered under a basic homeowners insurance policy: 

 

  1. Valuable jewelry  

  1. Expensive artwork  

  1. Collectibles 

  1. Protection against identity theft 

 

In addition, some perils, such as damage to your home by an earthquake require an additional endorsement or an additional policy in the case of flood.  

 

How much do you know about homeowners insurance? 

 

Indiana Farm Bureau Insurance offers a fun and interactive homeowners insurance quiz to test your knowledge and learn more about homeowners insurance.  


 

Save more on home insurance with Indiana Farm Bureau Insurance 

 

  • Our discounts and offers - To help you and your family save on homeowners insurance, Indiana Farm Bureau Insurance offers many discounts. Some of these discounts include Claims Experience Discount, Full Payment Discount, Impact Resistant Roof Discount, Loyalty Discount, Multi-Line Discount, Paperless Discount, Protective System Discount and more!  

  • Home and auto insurance bundle - The home and auto bundle is the perfect way to save on both your home insurance and your auto insurance while saving money. By bundling your home and auto you can save on your annual premiums for each policy.  

  • Get a free quote from our insurance agent or online - Looking to find out how much coverage you need and how much your policy may cost at Indiana Farm Bureau Insurance? Contact a local insurance agent or get a free quote online today!  

 

 

To learn more about what other offers Indiana Farm Bureau Insurance has for their loyal customers, reach an agent today to talk about more ways you can save big!