Being cost conscious is more important than ever and when it comes to something as important as Indiana homeowners insurance, you want to make sure you save as much money as possible while also getting the coverage you need. Purchasing a cost effective Indiana homeowners insurance policy can be done by following a few tips laid out in the article below.
Consider the Neighborhood Before Purchasing Your Home
The neighborhood that you live in will have a great deal to do with the ultimate cost of your Indiana homeowners insurance. The neighborhood constitutes the environment of your home and can pose a variety of risk factors that make a large contribution to how your Indiana homeowners insurance company will assess the cost of your insurance policy.
Here are a few of the issues that Indiana homeowners insurance companies consider when evaluating a neighborhood.
- Cost of living
- Geographical issues (earthquakes, mud slides, forest fires)
- Neighborhood crime rate
- Presence of fire station or fire hydrants
- Weather phenomenon (tornadoes, floods, etc.)
Just as your neighborhood can lead to higher Indiana homeowners insurance premiums, a low risk neighborhood can lead to lower premiums.
Don’t Insure Structures in Your Policy
If you have a small structure on your property, such as a storage shed, you probably don’t need to cover it in your Indiana homeowners insurance. Cheap storage sheds can be purchased at your local hardware store. They will not cost you much to insure, but the replacement cost of an inexpensive shed may be less than your deductible.
Take into account how much your other structures would cost to replace and how much they would cost to insure. It may not be worth it. Most standard policies will automatically include some amount of protection for other structures, but you can remove this from your policy to further reduce your cost.
Evaluate Adding Risk Factors to Your Policy
When you make changes to your home, sometimes you may add risk factors that will increase your Indiana homeowners insurance premiums. Things such as purchasing a home with a pool or adding a pool to your property will increase your Indiana homeowners insurance cost. You will have to purchase additional liability insurance to protect yourself against injury because of the pool as well as insure the structure of the pool itself.
Also, certain breeds of dogs will cause your Indiana homeowners insurance to increase. If you are looking into getting a dog, it is a good idea to check with your Indiana homeowners insurance agent to see which dogs are considered by them to be risky. While adding a dog or a swimming pool to your home could be great for your family, you may want to evaluate how much these additions will end up costing you on your Indiana homeowners insurance.
Bundle Your Insurance Policy
This means using the same Indiana homeowners insurance for your other insurance needs. If you go with the same insurance company for your auto insurance and possibly life, boat or even health insurance, you will save money on all of your insurance policies. This could lead to a considerable amount of savings across the board.
Use All of Your Resources
Purchasing a cost effective Indiana homeowners insurance policy will require you to do some shopping around. You should always research any insurance company before purchasing a policy. You want the company to be around when you need them. This means checking on their financial stability ratings, which can be done online, and their customer service records.
You should also ask family and friends to see if there is a company they recommend or even don’t recommend. Not only do you want the company to be around when you need to file a claim, you also want an Indiana homeowners insurance company that is hassle free and easy to work with.
Finally, gathering online quotes from many different Indiana homeowners insurance companies is a great resource. You can compare rates to determine which company is the most competitive as far as cost. These quotes can be gathered in only a few minutes and can go a long way toward helping you find a cost effective Indiana homeowners insurance policy.