Elwood Homeowners Insurance

More than 8,000 people call the city of Elwood home. If you own a house in this vibrant Indiana city, a solid homeowners insurance policy can protect the investment you have made in it. Of course, nobody wants to spend more of their hard-earned money than they have to for insurance.

That is where independent agents come in. These experienced professionals are free to work with several different insurance providers. This means they can shop around to find you a reliable policy at a competitive price. Find an insurance agent near you for help finding the best home insurance policy.

How Much Does Homeowners Insurance Cost in Elwood, IN?

Homeowners insurance rates in the state of Indiana are lower than the national average. This is great news for residents of Elwood who are looking for an affordable home insurance policy.

• National average yearly premium: $1,211
• Indiana average yearly premium: $1,000

Your actual home insurance cost is likely to differ a bit from the average rate listed above. This is because prices are calculated on a case-by-case basis. Your rates will be based on several factors such as the following.

• Your home’s age, value, and size in square feet
• The type of house you are insuring (e.g., single family detached, multi-family home, mobile home, rental property, tiny house, etc.)
• The crime rate and weather risks where your house is located
• Your claims history and credit score
• The size of your deductible
• Whether you are bundling your coverage with other policies like car insurance or RV insurance

Reviewing an assortment of homeowners insurance quotes lets you be sure that the policy you choose is offered at a reasonable price.

What Are the Risks Faced by Homeowners in Elwood?

Your home insurance policy is designed to cover against most of the damaging risks you are likely to face as a property owner in Elwood. You can expect your policy to cover against property loss and damage caused by the following.

• Property crimes: This includes crimes like burglary, vandalism, and arson.
• Fires: This includes wildfires, accidental fires, and fires caused by faulty wiring or lightning.
• Harsh winter weather: This includes damaging events like prolonged freezing temperatures, ice accumulation, and heavy snows.
• Severe storms: This includes windstorms, thunderstorms, hailstorms, and derechos.
• Tornadoes: Indiana experiences an average of 22 tornadoes a year.

You will want to be sure that your coverage limits are high enough to enable you to fully rebuild your house and replace all of your belongings if your home is destroyed by a major disaster like a fire.

A Word about Flood Damage in Elwood, IN

Homeowners insurance covers against a lot of risks but it does not cover flood damage. This is true even if the flood is the direct result of a covered storm. According to FEMA, just one inch of water in your home can cause as much as $25,000 in property damage.

Fortunately, you can supplement your home insurance with a flood insurance policy through the National Flood Insurance Program (NFIP).

Property owners whose houses are located in FEMA-designated flood zones are required by their lenders to carry flood insurance until their mortgages are paid in full. Otherwise, this coverage is optional.

Just because it may be optional doesn't mean you should ignore it. When heavy rains fall, flash flooding can happen anywhere in this city—even in low risk areas. More than 20 percent of all flood claims filed are for properties that are located outside of designated flood zones.

Flood insurance policies take 30 days to go into effect, so do not wait until heavy rains are on the way to purchase your policy.

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What Is Loss of Use Coverage?

Tornado activity in the Elwood area is 123% greater than the national average. If your house in the direct path of a tornado, the damage can be devastating.

If damage from a covered disaster like a tornado or a windstorm leaves your house uninhabitable until repairs are made, the loss of use coverage in your homeowners insurance can pay for your temporary living expenses.

Loss of use insurance can cover hotel or rental accommodations and can provide you with a meal allowance if your temporary living space does not include a kitchen. It can also cover your additional mileage if you must drive further to get to and from work.

Why Is Liability Insurance Important for Elwood Homeowners?

In addition to covering your property, your homeowners insurance provides you with a significant amount of personal liability protection. This can prove quite beneficial if you or someone in your household is responsible for accidental injuries or property damage to others.

Homeowners liability insurance is designed to cover expenses such as court costs, legal fees, settlements, judgements, and other associated damages if you are sued for a covered event. Examples of times your insurance can prove beneficial include the following.

• A visitor to your home is seriously injured in an accident that can be attributed to negligence on your part.
• Your child accidently damages your neighbor’s valuable property while playing outside.
• You accidentally hit someone with a golf ball while enjoying a day at the Elwood Golf Links.
• Your dog gets loose and bites someone.
• You or your spouse are accused of libel or slander

If you have a lot to lose and want more liability coverage than your home insurance can provide, you may want to consider purchasing an umbrella insurance policy. Umbrella insurance is an affordable way to boost all your liability coverage.

Does Elwood Homeowners Insurance Cover against Burglaries?

The burglary rate in Indiana is slightly higher than the national rate, but in Elwood, the risk is a bit lower. Residents of this city report about 30 burglaries a year.

• Number of burglaries per 1,000 homes in the US: 3.76
• Number of burglaries per 1,000 homes in Indiana: 3.78
• Number of burglaries per 1,000 homes in Elwood: 3.46

If your house is broken into, the first thing you should do is make sure that you and your family are safe, and then notify the authorities.

You will need to have a copy of the police report when you file a claim. Your homeowners insurance can reimburse you for your property losses as well as for any damage the burglar may have caused to your home.

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

Independent insurance agents want to help you find the best and most affordable coverage for your Elwood home. These agents are not tied to a single insurance provider so they can shop around to find you the coverage you need at the most competitive price.

It doesn’t cost anything to talk to an independent agent. Arrange a consultation with an insurance agent near you to discover how easy it can be to start comparing customized homeowners insurance quotes.