Elkhart Homeowners Insurance

Your Complete Guide to Elkhart, IN Homeowners Insurance

Beautiful home exterior on bright sunny day with green grass and blue sky

Elkhart, Indiana has a population of over 50,000 residents. The city is located 110 miles east of Chicago. Any home in Elkhart can sustain damage at any time after a fire, a severe weather event, or even a break-in or vandalism. If you are a homeowner in Elkhart, the best way to protect yourself from the financial consequences of major disasters and even more typical events is to purchase a reliable homeowners insurance policy. An independent insurance agent can help you obtain the best and most affordable insurance coverage for your home. 

How Much Does Homeowners Insurance Cost in Elkhart, IN?

Indiana is the 31st most expensive state for homeowners insurance in the US. Homeowners insurance in Elkhart tends to cost less than the state average. 

  • National average yearly premium: $1,173
  • Indiana average yearly premium: $983
  • Elkhart average yearly premium: $809

Everyone’s homeowners insurance rates are a little different because insurance costs are based on your individual home’s characteristics and the amount of coverage you need. That means your home insurance premiums will be more or less than the average for your city. Some of the individual risk factors used to calculate homeowners insurance rates include the type of home you are insuring, the age, size, and value of your home, and the materials used to construct your home. Insurance companies also evaluate other risk factors, such as: 

  • Your claims history and credit score
  • The crime rate and weather risks in your city or ZIP code

The amount of coverage you need and the deductibles you choose also impact your rates. Most insurance companies offer a variety of discounts to help you save. The best way to make sure that you are getting the best price is to shop around. An independent insurance agent can get quotes from multiple insurance companies, so you can compare costs and coverage and make the best choice for your needs and budget. 

Homeowners Insurance Covers Your Property

Homeowners insurance protects you from the financial consequences of most property losses you could experience, including damage caused by house fires, tornadoes, heavy rains, and lightning. After a covered event, your dwelling coverage will help you pay for repairs to the physical structure of your home, while contents coverage helps you repair or replace your lost and damaged possessions.

  • Number of declared disasters in Indiana: 41
  • Most common reasons for disasters in the state: Severe Storms and Floods
  • Average number of tornadoes per year in Indiana: 24.6
  • Average amount of property damage per year in Indiana: $1,003,810,000
  • 1 in 15 US insured homes has a claim each year

It’s important to keep in mind that flood damage is not covered by your homeowners insurance policy. Elkhart residents should consider purchasing separate flood insurance from the National Flood Insurance Program (NFIP). Your independent insurance agent can help guide you. 

The Importance of Liability Insurance for Elkhart Homeowners

Liability insurance is one of the most important parts of any homeowners insurance policy. It is designed to protect you when someone claims you have caused an injury or property damage. In these cases, it’s not unlikely that you would be sued for negligence. Without insurance protection, a lawsuit could be financially devastating. 

But the liability insurance portion of your homeowners policy takes the worry away. It covers court costs, legal fees, and even settlements or judgments levied against you if you are sued. Talk to your independent insurance agent to learn how an umbrella policy can offer even more liability coverage than your home insurance policy will allow. A personal umbrella policy supplements the liability coverage in both your home and auto insurance policies. 

Does Elkhart Homeowners Insurance Offer Burglary Coverage?

The home burglary rate in Indiana is higher than the national average, and the rate in Elkhart is high compared to both the state and national averages. Homeowners who live in areas with higher rates of property crimes may have to pay more for homeowners insurance because of the increased risk they face. 

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Indiana: 5.14
  • Number of burglaries per 1,000 homes in Elkhart: 9.24

If you protect your home and your belongings from break-ins, thefts, and vandalism, you can have peace of mind and avoid having to make home insurance claims. A home security system is one of the best ways to keep burglars away. And always keep your home well-lit, inside and out. Be sure to leave the lights on even when you are away, and keep your doors locked even during the day. A local independent insurance agent can help you be certain that your home and your possessions are properly insured. 

Insurance Coverage for Second Homes and Vacation Homes

Do you own a hunting cabin out of town, a rental property, or a vacation home? If you own a second home in or near Elkhart, you might need insurance coverage that is different from a standard home insurance policy. It’s important to talk to your insurance agent about how to sufficiently insure all of your residential properties. If you own a rental property,  you probably need landlord insurance to protect you from the additional liability risks associated with renting your property to tenants. 

If your second home or vacation home is vacant for long periods, it is more susceptible to fires, water damage, and ice damage. What’s more, thieves and vandals often target homes that are empty for long periods. In these cases, vacant home insurance may be necessary to protect your investment. An independent insurance agent can help you find the right home insurance policy for all of your residential properties. 

Why Work with an Independent Insurance Agent in Elkhart, IN?

The easiest way to find a reliable and affordable homeowners insurance policy is by contacting a local independent insurance agent. These agents work for you, not for a particular insurance company, so you can be sure that you are receiving trustworthy guidance and the coverage you need. 

Contact a local agent to start comparing customized, competitively priced home insurance quotes. 

Sources © 2020, Consumer Agent Portal, LLC. All rights reserved.

http://www.naic.org/prod_serv/AUT-PB-14.pdf

https://www.census.gov

http://www.city-data.com

© 2020, Consumer Agent Portal, LLC. All rights reserved.

Now, who's ready to get their insurance problems solved?