Inside Story
How to lower your homeowners insurance premium and save money
For most, a home is the most expensive asset they will purchase in their lifetime. Not only is this asset a major financial investment, but your home contains all your memories and belongings that you cherish. That is why securing a quality homeowners insurance policy is one of the smartest things you can do to protect your home.
A homeowners insurance policy provides coverage in the event of a covered loss that may damage your home, the belongings inside, as well as liability claims.
What is home insurance premium?
Homeowners insurance premium is the amount charged by an insurance company to provide protection for a home, belongings and liability. Homeowner premium is based on many rating factors. It also depends on the amount of coverage you need or want. If you have a mortgage loan on your home, your homeowners insurance is typically paid annually via escrow. If your home loan has been paid off, you’ll need to set up homeowners insurance premium payments with your insurance company.
Factors that affect homeowners insurance premiums
Multiple insurance premium factors affect homeowners insurance premiums, these include, but are not limited to:
Your chosen deductible, which is the amount you pay out of pocket before your insurance begins to pay
Your coverage amounts
Additional coverage or endorsements on your policy
The location of the home
The home’s value and how much it would cost to rebuild or repair after a loss
Your home’s age and overall condition
Whether or not you own a security system
How to lower homeowners insurance costs
You can often lower the cost of the premium on your homeowners insurance policy by qualifying for discounts. At Indiana Farm Bureau Insurance, we offer multiple discounts that may help you lower your homeowners insurance costs. These various discounts include:
We also offer discounts when you purchase home and auto insurance together. Not only can it be convenient to have multiple policies with one company, but it can also save you money by qualifying for the Multi-line Discount. Learn how you can save by bundling auto and home insurance today.
Homeowners insurance cost in Indiana
It can be difficult to calculate the exact amount of homeowners insurance coverage you need. Speaking to an agent or getting a quote can help provide a more concrete answer. An agent can help you identify your unique cost factors and potential discounts. However, there are ways to estimate how much it may cost to repair or replace your home if a covered loss does occur.
A good way to find out how much it would cost to replace your home is by finding out the average cost per square foot of building a home near you. Once you find that average, multiply it by the total square footage of your home. That will give you a rough idea, but again, an agent will have this information readily available and can provide a more accurate cost estimate.
You must also consider the belongings inside of your home. You need to have an idea of the value of your personal belongings. Then, do a general estimate of how much all of those items are worth. Get started on your logging your belongings by using our printable home and farm property inventory list.
Once you’re ready to take the next step, get a free homeowners insurance quote or purchase a homeowners insurance policy on our website. You can also contact an agent for more information.
Benefits of Indiana Farm Bureau Insurance homeowners coverage
Indiana Farm Bureau Insurance offers trustworthy and reliable insurance products and services for all your insurance needs. We have been an insurance leader in Indiana for more than 90 years. Hoosiers across the state trust Indiana Farm Bureau Insurance to provide peace of mind when it comes to their insurance coverage.
The process is as easy as 1, 2, 3
If you are a first-time homeowner and need an insurance policy, find a local agent who can help answer your questions. Our agents value quality relationships with the individuals and families they insure, and they spend time reviewing coverage options and solutions.
You can expect the conversation with a local Indiana Farm Bureau Insurance agent to include recommendations based on your own insurance needs. Our knowledgeable agents will provide suitable options for you and identify discounts to help save you money on your insurance premium.
Once your needs have been identified, you will be ready to go! Your agent can then help you create the homeowners insurance policy that works for you!
The claims process
Accidents and natural disasters can impact your home. If the unexpected does occur to your home, the next step is to file a claim with your insurance company. This process can vary by company, and the time it takes to resolve the claim may depend on the severity of the event.
At Indiana Farm Bureau Insurance, we take pride in our superior claims handling experience. Clients can report a claim any time, day or night—24/7. We offer several ways to report a claim: in a client’s online account, on our website, through the mobile app, or by calling our Customer Service Center at 800-723-3276.
Making the switch to Indiana Farm Bureau Insurance
If you are looking to switch your homeowners insurance policy to Indiana Farm Bureau Insurance, simply get a quote online, purchase on our website or contact one of our local agents.
Protect your home and belongings by purchasing a customized homeowners insurance policy today.
Inside Story is for educational and informational purposes only. Inside Story is compiled from various sources, which may or may not be affiliated with our family of companies, and may include the assistance of artificial intelligence. While we strive to provide accurate and reliable content, we make no warranties or guarantees about its completeness, accuracy, or reliability, and are not responsible for the content of any third-party sources or websites referenced herein. The inclusion of any content does not establish a business relationship or constitute our endorsement, approval, or recommendation of any third party. Testimonials and examples provided are for illustrative purposes only and do not guarantee future or similar results or outcomes, and may not consider individual circumstances, goals, needs, or objectives. Inside Story does not provide legal, tax, or accounting advice. For individual guidance, please consult a qualified professional in the appropriate field.
Coverages subject to policy terms, conditions, and exclusions. Subject to underwriting review and approval.
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