Insurance 101

Protect Your College Grad With the Right Insurance

College graduation is an exciting time in Indiana and elsewhere for students and their parents alike. And, while it’s easy to be immersed in graduation parties and focused on first-job jitters, it’s a time of major transitions and big decisions, and it’s essential to prepare graduates for what comes next.

One area new college graduates need to address is insurance. As insurance professionals at The Hoosier Insurance Agency, we know insurance can be a confusing topic. We also know that seemingly small missed details can result in very large losses. We want to ensure your college graduate is protected before heading out into the real world, so we have compiled the following pointers.

• Review your family’s current insurance. The first step when considering insurance for your new graduate is evaluating the coverage you currently have. Make an appointment with us. We can advise on whether it’s appropriate given the pending changes and if it will cover your son or daughter.
• Know the law. Most states require drivers to have auto insurance and most of those have minimum policy limit requirements. Research the law in your son or daughter’s state, or consult with us to make sure they are covered adequately.
• Read your lease. Many apartment, condominium and home rental properties require tenants to maintain a certain level of renter’s insurance, which covers the contents of the home in the event of a robbery, fire, or other loss. Make sure you know the terms of your son or daughter’s new lease, and insure them accordingly.
• Don’t end up liable. Any home renter or owner is exposed to liability risk. To ensure there is adequate coverage in the event someone gets injured on your son or daughter’s property, speak with us about liability insurance.
• Don’t gamble! Never go without. It’s simple: your son or daughter should always have insurance in place. Be sure to discuss with us what types they need.
• Know your company benefits. Many college graduates move straight into the workforce and most companies have benefits. Make sure your new graduate studies the company’s human resources handbook to learn what benefits are available, when they go into effect and what their limitations are.

We at The Hoosier Insurance Agency congratulate you on your child’s graduation! Please contact us with any questions or to request a review of your family’s insurance portfolio by calling (812) 384-4242 or Send Email.

What You Should Know About Flood Insurance

You’ve probably heard the horror stories before – someone loses a home due to a flood and learns after the fact that standard homeowners insurance doesn’t cover flood damage.

At The Hoosier Insurance Agency, we want you to be educated about all of the risks you may face – before a loss occurs – so you can determine what insurance coverage is appropriate. Spring may be a historically prime season for flooding and severe storms but now is always a good time to review your options.

Because very few companies offer flood insurance, the U.S. government created the National Flood Insurance Program (NFIP) in 1968. Available to homeowners, renters and business owners, this insurance often is required to obtain a mortgage in areas at high risk of flooding.

But you might want to look into a policy just for peace of mind, even if you don’t live in a traditionally flood-prone area. According to the NFIP, nearly 25 percent of the program’s claims occur in moderate to low-risk areas. Check out the questions and answers below to help determine if flood insurance is right for you.

Is flood insurance available in my area?

To participate in the NFIP, a community must adopt and enforce a floodplain management ordinance with rules regarding construction in certain flood-prone areas. In exchange, the government makes flood insurance available within that community. We’re happy to help you find out if you’re eligible for flood insurance. Just give us a call at (812) 384-4242. You can also visit www.fema.gov/fema/csb.shtm.

What does it cover?

The NFIP provides coverage for both the structure and its contents. Coverage for contents is optional in some cases, so you may want to give us a call to discuss other coverage for your personal property.

Keep in mind that you typically can’t purchase flood insurance and have it take effect the next day. There is usually a 30-day waiting period. (Exceptions to this rule apply, however, particularly when the insurance is required by a lender and is purchased during the process of securing a mortgage.) If you think you need flood insurance, don’t wait to buy a policy!

What doesn’t it cover?

Generally, government-issued flood insurance will not cover the following: Buildings entirely over water or principally below ground, gas and liquid storage tanks, animals, aircraft, wharves, piers, bulkheads, growing crops, shrubbery, land, roads, machinery or equipment in the open and most motor vehicles.

How much does it cost?

As with all insurance policies, the cost of flood insurance varies depending on your situation. If your home or business is in a high-risk area such as a “special flood hazard area,” your premium naturally will be higher than those in low or moderate-risk zones. Premiums are based on how old the building is, how many floors it has, the location of its contents, your deductible and more. Renters insurance is typically less expensive, as renters generally insure their belongings and not the building.

Where can I find more information?

As always, we are happy to help you determine your insurance needs. Stop by our office, Send Email, or give us a call at (812) 384-4242. The NFIP website, at www.fema.gov, has plenty of answers as well.

Do You Own a Classic Car of the Future?

There’s nothing quite like driving a speedy, shiny classic car that turns heads and starts conversations. In fact, the beauty and elegance of old collectibles – like the 1964 Aston Martin DB5, the 1963 Corvette Sting Ray and the 1969 Dodge Charger – can be downright captivating.

If you don’t happen to own one of these timeless beauties, it may not mean you will never own a classic. In fact, there are many automobile aficionados and industry experts that predict we can expect a whole new generation of cars that will one day be bestowed the same level of prestige as, say, the 1969 Chevy Camaro.

If your curiosity is getting the better of you, here is a peek at the 10 models predicted by CNET’s Car Tech editors as being the vintage cars of the future. Who knows, you just may own a classic after all.

1. Toyota Prius (first generation): Built from 1997 to 2003, sold in the U.S. from 2001 to 2003
2. Honda Insight (first generation): Sold in the U.S. from 1999 to 2006
3. Toyota MR2 Spyder: Built from 1999 to 2007
4. Honda S2000: Built from 2000 to 2009
5. Scion xB: Offered from 2004 to 2006
6. Infiniti G35: Built from 2003 to 2006
7. BMW 335i/N54 3-series: Built from 2006 to 2010
8. Pontiac G8: Built from early 2008 to mid-2009
9. Dodge Magnum: Built 2004 to 2008
10. Chrysler 300C: Built 2005 to 2011

If any of the above-named vehicles is sitting in your garage congratulations may be in order. And if not, it’s not too late to start checking the classified and used car lots.

Regardless what you’re driving or what automobile you might have stored away, we at The Hoosier Insurance Agency are here to make sure you have it covered! Contact us today.

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

When the Kids Head to College, Put ‘Insurance 101’ on Your Class List

It’s an exciting time when your child is heading off to ‘college’. Whether they’re headed to school in Indiana or all the way across the country, there are a ton of things to get done – and a ton of things to pack!

But one of the most important things they’ll need at school is something that doesn’t have to be packed at all – the right insurance coverage.

Of course, that’s what we at The Hoosier Insurance Agency are here for! We’re ready to answer your questions and make sure both you and your young student are well protected. Check out the general information below and then give us a call at (812) 384-4242 to discuss your specific needs.

Homeowners Policies

• Coverage of personal property: Most homeowners policies provide 10 percent of Coverage C (Personal Property) for your property while it is at a residence other than your residence. That means if the contents of your home are insured for $100,000, your student’s property up to $10,000 generally would be covered if they are living in a dormitory. The damage must be caused by an event covered in the policy, however.
• Special items: Be aware that certain items, such as jewelry or expensive electronics and computers, may require special coverage.
• Off-campus living: If your student lives in off-campus housing, such as an apartment, we strongly advise you to consider renters insurance, as your homeowners insurance generally would not apply in this instance. Check with us at The Hoosier Insurance Agency to be sure. Keep in mind that renters insurance cannot be shared between roommates, so your child will need their own policy.
• Create an inventory: It’s a good idea to keep an inventory of expensive items your child is taking to school as well as keeping photos and receipts for the items. In the event of a loss, this can make the claims process much easier.

Auto Policies

• Coverage without a car at school: If your student will continue to drive while at home on school breaks – or if there’s a chance they could drive a friend’s car at school – it is vital that you keep them on your auto policy. They may even qualify for a distant-student or good-student discount. Contact us via Send Email to see if we can save you some money on your insurance.
• Coverage with a car at school: In most instances, a car registered to you and listed on your policy will be covered if used by your student away at school, provided they are listed on your policy. Be sure to call us at (812) 384-4242 and make sure your insurance company writes coverage in the college’s state and location, however. And please let us know if your child is taking a car to school because the location of the vehicle can result in a change in premium.

Not having the right insurance can be a costly mistake – and college is expensive enough as it is. So give us a call today. Your child may be going away, but we’ll be right here when you need us! (And we won’t call you to ask for pizza money, either.)

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Do I Need Rental Car Insurance?

You’ve probably been at the rental-car counter listening to the representative ask if you want to purchase the company’s insurance. And the thoughts start racing through your head. “Do I really need this? Doesn’t my regular auto policy cover me? What about my credit card? Why didn’t I figure this out before I left on my trip?”

At The Hoosier Insurance Agency, we are here to help. And while not every situation is the same, we’ve got some general tips that will help you make an informed decision the next time you take a trip to or from Indiana and are standing at that counter. Please check with us at (812) 384-4242 to verify whether you’re adequately covered.

1. Know your personal auto policy.

Because insurance policies vary, it’s a good idea to give us a call – before you rent a car – to make sure you have the coverage you need. In many instances, your personal auto policy will provide coverage for a rental car – but that coverage may be limited to the value of the car you own, rather than the one you’re renting. Of course, if you don’t have a personal auto policy, you’ll need to purchase coverage from the rental company.

And keep in mind that in the event of an accident, many rental companies will charge fees beyond repair costs. They may assess a loss-of-use fee for each day the car is unusable as well as charge you because the value of the car has decreased. Not all insurance policies cover these fees.

2. Also know your homeowners or renters policy.

If you’re traveling with expensive electronics or other valuable items, you probably want to consider what coverage you’ll have in the event they are stolen. Your personal auto policy and/or credit card coverage likely won’t provide protection for this scenario.

3. Check your credit card protection.

Most credit cards will also provide some coverage, but often payment is limited to reimbursement of your personal auto policy deductible (after that policy pays for repairs). Generally, loss-of-use and other fees are not covered, but it’s important to check with your credit-card provider to determine their policies. And while some cards may offer additional protection for a fee, usually coverage is limited to damage to the car, not liability for any injuries to others. Remember, to receive any sort of benefit from your card, you must use that card to pay for your entire car rental.

4. Consider any unique circumstances.

Are you renting a car in a foreign country or for more than a week? You’ll definitely want to get confirmation of coverage from both your insurance carrier and credit card company because different rules might apply. Also, no matter where you are, vehicles such as trucks, RVs or exotic sports cars often aren’t covered under standard agreements. And if you’re using a car for business purposes your personal coverage might not apply. Finally, if multiple people will be driving the car during your trip, make sure your coverages will apply to them.

5. Learn about the insurance offered by the rental car company.

According to the Insurance Information Institute, rental companies offer four main types of coverage.

• A Loss Damage Waiver (LDW) relieves you of responsibility if your rental car is damaged or stolen. This may also provide coverage for loss of use.
• Liability Protection provides protection from lawsuits if you are sued after an accident.
• Personal Accident Insurance covers you and passengers for medical bills after an accident. You may not need this if you have adequate health and auto coverage.
• Personal Effects Coverage protects you if items are stolen from your car. You generally are covered for this under your homeowners or renters policy but keep in mind that the loss must exceed your deductible for you to receive payment. If you have a high deductible, it may make sense to purchase this coverage from the rental company.

Contact Us!

When you go on vacation, you don’t want to stress out about insurance. So give us a call before you leave at (812) 384-4242, or Send Email. Then, when you head over to the rental-car counter you can stop worrying about your coverage – and start enjoying your trip!

A Home Inventory Will Help You Know What You Own

Your furniture and appliances, clothing, sports or hobby equipment and electronic goods are all regarded as personal property. Like many people in Indiana, you may own much more than you realize.

Comparing the value of your belongings to the “contents” limit listed in your policy helps you make sure you have enough insurance to replace them if they are lost, stolen or destroyed as a result of a covered loss.

If that’s not enough to make you consider doing an inventory, having one also makes filing a claim easier.

What’s the best way to create my inventory?

The easiest way is to create a video inventory. Using a video camera, record and describe items as you walk through your house. Or, you can use a regular camera to take pictures and create a home inventory checklist.

Here are a few tips for completing and storing your inventory:

• Add brand names and descriptions where you can, especially on large-ticket items.
• Keep any receipts you have with the list to make the claims process easier.
• Store your video or photo inventory offsite so you won’t lose it if your house is damaged.
• Update your personal property records when you purchase new furnishings and valuables.

There are a number of online services and software options you can use as well to help you organize and store your inventory remotely.

How much insurance do I need?

Talk to us at The Hoosier Insurance Agency to assist you in analyzing your insurance needs and help you decide how to most effectively protect your personal property.

Ask us about full value coverage which will pay for the replacement value of your personal belongings. A standard policy typically covers personal property only up to its actual cash value, determined by taking the replacement cost and deducting depreciation, which can be substantial.

Remember, your homeowners policy covers valuable items such as jewelry, art and antiques, only up to set dollar amounts. If the cost of replacing them exceeds these limits, you may want to purchase scheduled personal property coverage.

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Have New Jewelry in the House? Protect it!

Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say “Be Mine” – and, of course, jewelry.

It’s exciting to receive jewelry from a loved one – or to give it as a gift. Not to mention romantic. But if you’re lucky enough to have some new jewelry in your Indiana home this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.

Don’t know where to turn? Don’t worry. At The Hoosier Insurance Agency, we think it is exciting to help our customers protect what’s most important to them – so we’re ready to help and can answer all of your questions.

Things to consider when insuring jewelry:

• You may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry only up to set amounts. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage. You can check your policy or give us a call at (812) 384-4242.
• You might want to reconsider your deductible amounts. As always, this impacts your policy premium. It’s a good idea to take a look at your deductibles whenever you make a change to your policy.
• Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.
• What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, whether they’re in Bloomfield, or on an international trip, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen or if you can simply keep the cash settlement.
• Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
• Should I go with a company that specializes in jewelry insurance? There are companies that specialize in jewelry insurance. Whether you choose one of these or a company that we represent, you’ll want to make sure they are reputable and stable.
• Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is “yes,” you might consider foregoing insurance. But please, talk to us at (812) 384-4242 before making that decision. That’s what we’re here for.

Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.

Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Figure Out Your Auto Insurance Needs

When choosing auto insurance, you want complete coverage for the best price.

There’s a lot to think about when choosing auto insurance. In some states, to license your car you must carry liability coverage for damages incurred by others if you cause an accident or no-fault coverage to pay for medical and related expenses for you and your passengers caused by injuries from a car accident, regardless of fault; or carry both. Check with The Hoosier Insurance Agency at (812) 384-4242 or Send Email to see what’s required.

If you don’t have car insurance you risk paying the full cost of:

• Medical costs due to injury to yourself or others.
• Repairing or replacing your car if it’s damaged or stolen.
• Damage or injury from an auto accident with an uninsured driver.
• Damage to your vehicle when it’s parked at your home or a public place.

So, how can you tell what amount of coverage is best for you? Consider your driving profile.

• What kind of car do you drive? Coverage on your vehicle depends on its value. The less expensive the car, the lower the insurance premium you generally pay.
• How much do you drive? Drivers who use their car for business and long-distance commuting normally pay more than those who drive less.
• What’s your age, gender, and marital status? Statistics show accident rates are impacted by a driver’s age, gender, and marital status. If there are multiple drivers in your household that can also affect your price. Parents can lower risk by keeping teens safer on the road.
• Where do you live? Your location, and whether you’re a homeowner or renter, will affect your car insurance payment.
• What is your driving record? Drivers with a history of accidents or chargeable motor vehicle violations (e.g. speeding ticket) generally pay more than those who are accident-free for several years.
• What is your credit history? Many insurance companies consider credit history when determining an individual’s rate.

For more details, give The Hoosier Insurance Agency a call at (812) 384-4242.

Ask The Hoosier Insurance Agency

The Hoosier Insurance Agency can help you find insurance that meets your specific needs. Here are a few things to discuss when you call (812) 384-4242:

• How much can I afford to pay if my car is in an accident, damaged, or stolen?
• What would my cost savings be if I raised my deductible?
• Can I get discounts for taking safety classes or having multiple policies?
• Will I save money if my car is stored in a garage or if I belong to an auto association?
• How much medical and liability coverage should I have?

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Summer Vacation Safety: A Little Planning Goes a Long Way

We love it here in Indiana but summertime is the time for getting away! And whether your escape is by air, land or sea, The Hoosier Insurance Agency can help ensure you are covered. Just because you’re on vacation, though, doesn’t mean you can stop thinking about safety. These tips will help you and your family get the most out of your trip – and help you get back home safe and sound.

Does my insurance come on vacation with me?

This is a common question. Here are some brief answers. Call us at (812) 384-4242 if you have more specific questions.

AUTO: In most instances, your personal auto policy coverages will extend to your rental car. However, give us a call at (812) 384-4242 so we can discuss your specific situation. Be sure to mention if you’re traveling out of state or internationally as that could impact your coverage.

HOME: If you rent a vacation property, your homeowners coverage may apply in certain situations. Personal items you take on vacation generally are covered, but again, give us a call at (812) 384-4242 so we can discuss your specific policy and coverage.

Before You Leave Home

• Secure your home, and don’t leave a house key hidden outside. Ask a friend or neighbor to pick up your mail and newspaper and help with yard maintenance. This along with timers for some household lights will make it look like your house is occupied.
• Tell a friend or neighbor about your itinerary and how to reach you in case of emergency.
• The Privacy Rights Clearinghouse (PRC) recommends using caution when posting on Facebook or other social media websites. You don’t want everyone to know you’re on vacation!

What To – Or Not To – Pack

• Keep a first-aid kit handy when traveling. And bring copies of any prescriptions along with enough medication to last through your trip. Be sure all important medications are with you in your carry-on luggage.
• Don’t bring unnecessary credit cards or documents that could compromise your identity if lost or stolen.

Staying Safe On Your Trip

• Heading outdoors? Use sunglasses and plenty of sunblock. Don’t forget that you can get burned even on a cloudy day especially in tropical locations. It’s far easier to prevent a sunburn than to treat one.
• If you’re going to be in or around the water, use extreme caution. Always wear a life jacket when boating and don’t swim or dive alone or if you’ve been drinking. You can go ahead and swim immediately after you eat if you like because that doesn’t lead to cramping according to the American Council on Science and Health.
• Prevent heat-related injuries by staying hydrated, scheduling activities for cooler times and dressing in light, loose-fitting clothing. Remember, never leave children or pets inside a car even if the windows are open.
• Going to an amusement park or fair with your kids? Take a picture of them at the start of each day. Then, if you are separated, you can easily show people what they look like – and exactly what they’re wearing.

Remember, just a little extra emphasis on safety can make a big difference in how memorable your vacation will be.

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

You Need More Than a Tarp to Keep Your Boat Covered

Whether you own a Jet Ski, a small ski boat, fishing boat, or a 26-foot cruiser, knowing that you’re covered by the right insurance should give you the peace of mind to relax and enjoy every minute on the water.

What We Insure

We represent insurance companies that insure a full range of recreational boats including:

• Bass boats
• Fish and ski
• Cabin cruisers
• Sailboats
• Pontoons
• Jet boats
• Ski boats
• Runabouts
• Jon boats
• Personal watercraft

Why Insure Your Boat or Personal Watercraft?

In tough economic times some boaters are tempted to let their insurance coverages lapse. Should you ever need to use your watercraft insurance, however, it is one of the best investments you could make. Here are some things to consider:

• If you’re in an accident or your watercraft is stolen, it costs money, often a lot, to fix or replace it.
• If you or any passengers are hurt in an accident, medical costs can be extremely expensive.
• If your watercraft is responsible for damage or injury to others, you may be sued for much more than you’re worth.
• If you are injured by an uninsured boater, uninsured watercraft coverage will provide coverage for you.

Your Watercraft Insurance Coverage Options

Your watercraft needs protection on the water, and on land, with coverage for you, your guests and your boat. Thinking of buying a boat in Indiana? Check with us at The Hoosier Insurance Agency to see what it will cost to insure it.

Get Started

Contact us at (812) 384-4242 or Send Email. We’ll help identify the best combination of coverage, value, and price for you. And we here at The Hoosier Insurance Agency can help make sure your insurance continually meets your changing needs.

Ask Us

Here are a few things to discuss when we talk:

• Is my boat or watercraft covered for year-round use?
• Can I get discounts for things such as taking safety classes, having multiple policies and diesel power?
• Do I have coverage if I need to have my boat towed in an emergency?

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Estimating Your Boat’s Value in Indiana

Buying, selling or insuring a boat in Indiana? First you’ll need to know how much your boat and/or motor is worth. Here are a few popular pricing guides as references.

• NADA
• BUC

Also, you can check out the prices on boats similar to yours using these sites:

• IBoats
• Boats.com
• Boat Trader

Boat Valuation and Insurance Coverage Tips

Any permanently attached equipment is included in the boat’s value, so make sure your insurance coverage amount takes that into account. Contact The Hoosier Insurance Agency for a quote: (812) 384-4242. Examples of permanently attached equipment include:

• Ship-to-shore radios
• Depth finders
• Loran and GPS systems
• Fish finders
• Radar and sonar systems
• Electric trolling motors

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Condo Unit Owner’s Insurance

Insuring a condominium in Indiana is different than insuring a home. And the biggest difference is knowing where your responsibilities begin and end. That’s why it really pays to work with a knowledgeable insurance.

Your Condo Insurance Coverage Options

Your condo association buys insurance for the building and common areas. In choosing your condo policy, you should consider the areas of the building that you own, your personal belongings and any safety systems you have in place. The Hoosier Insurance Agency can assist in finding a policy that is right for you and your condominium.

Ask Your Agent at The Hoosier Insurance Agency

Your independent agent at The Hoosier Insurance Agency can help you find insurance that meets your specific needs. Here are a few things to discuss when you speak with us:

• Which areas of the structure am I responsible for?
• Can you talk me through my condo’s interior features and the things I own so I can make an informed decision about coverage?
• Are discounts available to me if I carry multiple policies or have a security system and fire resistance?

Contact Us!

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Estimate Your Home Value to Match Coverage Limits

Your home may be worth as much or more than your retirement account. As a result, it makes sense to track your home insurance as carefully as you do your 401k.

Getting Started with The Hoosier Insurance Agency

If you haven’t checked in recently, you might consider contacting The Hoosier Insurance Agency at (812) 384-4242 or Send Email to schedule an annual review of your home’s value and contents.

We want you to be relieved knowing you’ve made informed decisions about the amount of home insurance needed to help you recover in the event of a loss. Check out the tips provided below to make sure you are prepared for the worst case scenario.

Know Your Limits

With home improvement being a national pastime and construction costs rising, it’s a good idea to check your policy limits once a year. Planning to remodel your home? Just finished adding a new deck, fence or garage in your front yard? It is time to review your policy limits.

Rebuilding Is Different Than Buying

When you review your policy with The Hoosier Insurance Agency, remember that the cost to buy and the cost to rebuild are different. Consequently, you can’t rely on your home’s market value to set your insurance limits. An appropriate amount of insurance coverage will permit you to rebuild your home in the event of a total loss. That replacement value depends on the physical characteristics of your home as well as the price of labor and materials in your area. In most areas these costs increase with time.

The Hoosier Insurance Agency Can Ballpark Your Coverage Needs

The Hoosier Insurance Agency can estimate the typical cost of rebuilding your home based on the average costs of materials and labor. However, this number won’t reflect major upgrades made to your home or the cost of replacing your home’s unique features unless you specifically inform The Hoosier Insurance Agency about major upgrades.

Be Proactive in Selecting Your Coverage Limits with The Hoosier Insurance Agency

If your home is truly unique or custom built or if you’d simply like additional peace of mind knowing that you’ve selected the right amount of insurance consider asking your insurance agent. For a modest fee, you can hire a building contractor to give you a more precise estimate of the cost of rebuilding your home.

Don’t Forget to Do a Home Inventory

The Hoosier Insurance Agency recommends doing a thorough inventory of your home’s contents. Compare the value of your belongings to the “contents,” or personal property limit listed in your policy and make sure these match up.

Using a video camera is the easiest way to do inventory of your home. That way, you can record and describe items as you walk through your house. A regular camera and a home inventory checklist works well, too. Share the completed list with The Hoosier Insurance Agency to review and make sure your belongings are fully covered. Store your video or photo inventory off-site so you won’t lose it if your house is damaged.

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.

Determine Your Homeowners Insurance Needs

What’s the secret to selecting the right amount of insurance coverage? Simple – the more information you provide, the easier The Hoosier Insurance Agency can create a homeowner’s policy that’s right for you…

Homeowners Insurance From The Hoosier Insurance Agency Is Here to Protect You

Consider these scenarios:

• If your home was destroyed by fire or damaged by a natural disaster you’d need money to repair or replace it.
• If a guest in your home is injured, liability protection and medical coverage help pay expenses.
• If you are a victim of theft and vandalism, insurance can reimburse you for your loss or pay for repairs.
• If you are still paying for your home, your lender will require insurance.

The amount you pay for your homeowners insurance depends on many factors. Think of your personal housing situation and the assets you want to protect.

Are you a home or condo owner, a renter or a landlord? As a home or condo owner, whether you live in Indiana or elsewhere, you want to make sure you’re protecting your home, your possessions and yourself, family and guests in the event of damage or injury. Renters will want to protect their possessions which will not be covered by a landlord’s insurance. And landlords want to protect their properties while protecting themselves from liability. Note: Liability coverage is not included in our standard landlord policy but is available as an add-on coverage.

Do you have collections of art or other valuables? Your homeowners insurance generally covers the contents of your house. However, there are often limits on items like jewelry, paintings or other collectibles. Adding a scheduled personal property endorsement can provide coverage for your special belongings with no deductible. Creating an inventory of your home or property’s contents is a good idea.

Are you concerned about out-of-pocket expenses if your home or property becomes unlivable? You may find yourself with extra, unforeseen expenses, for repairs, replacements or living costs. Your policy can help cover those.

For more details, give The Hoosier Insurance Agency a call at (812) 384-4242 or Send Email.

Ask The Hoosier Insurance Agency

The Hoosier Insurance Agency can help you find homeowners, renters, condo or landlord insurance that meets your specific needs. Here are a few things to discuss when you call us at (812) 384-4242:

How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed?

Can you talk me through my home’s features and the things I own so I can make an informed decision about coverage?

Are discounts available to me if I carry multiple policies or have a security system and fire resistance?

For further questions and assistance, please contact The Hoosier Insurance Agency at (812) 384-4242 or Send Email.