Oakland City Homeowners Insurance

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Oakland City Indiana Homeowners Insurance

Oakland City is home to nearly 2,500 people. If you own a house in this small college town, a suitable homeowners insurance policy can help to protect the investment you have made in it by covering against many of the damaging events you could potentially experience.

When you are looking for the best and most affordable home insurance policy, a local independent agent can help. These agents are free to work with a variety of competing insurance companies so they can help you find a solid policy at a great price. Contact an insurance agent near you to get started.

How Much Does Homeowners Insurance Cost in Oakland City, IN?

On average, homeowners insurance rates in the state of Indiana are lower than the national average. This is great news for Oakland City property owners who are looking for affordable coverage.

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

Your actual home insurance cost is likely to differ from the average rate listed above because it will be calculated based on several factors such as the following.

  • The age, size, and value of your home
  • The type of house you are insuring (e.g., single-family home, mobile home, rental property, etc.)
  • The crime rate and weather risks where your house is located
  • Your claims history and credit score
  • The size of your deductible

If you bundle your home insurance with other coverage like car insurance or RV insurance, you can usually receive significant discounts on all your policies.

Comparing homeowners insurance quotes from a few competing providers can help you be sure you are getting the coverage you want at a great price.

What Are the Risks Faced by Homeowners in Oakland City?

Your home insurance policy is designed to cover against damage caused by most of risks you may face as a homeowner in Oakland City. These include the following.

  • Structure fires
  • Severe storms
  • Tornadoes
  • High winds
  • Hail
  • Heavy snows
  • Ice accumulation
  • Burglary
  • Vandalism

Your policy will include two parts for property coverage. Dwelling insurance covers damage to the structure of your house while contents insurance covers loss or damage to your personal property.

You will want to be sure that your coverage limits in each category are high enough to enable you to fully rebuild or replace your property if you suffer a total loss in a catastrophe like a fire.

A Word about Flood Insurance in Oakland City

It is important to be aware that homeowners insurance does not cover against flood damage. However, when heavy rains fall, drainage systems can become overwhelmed and flooding can occur.

FloodFactor estimates that 5% of the homes in Oakland City are at risk for flooding but warns that due to changes in the weather patterns, this number is likely to double over the next fifteen years.

According to FEMA, as little as one inch of rainwater in your home can result in as much as $25,000 in property damage, so supplementing your home insurance coverage with a flood insurance policy may prove quite beneficial.

A local independent agent can help you evaluate your flood risk and, at your request, can set you up with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).


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What Is Loss of Use Insurance?

If your home is impacted by a hazard like a fire or a severe storm, property damage isn’t the only expensive consequence you’ll need to worry about. If the damage is particularly severe, your home may be rendered uninhabitable until repairs are made.

Loss of use insurance, which is included in every homeowners insurance policy, is designed to offer coverage for temporary living expenses if you are unable to live your house due to damage caused by a covered event.

This insurance can pay for hotel or rental accommodations, meals, and even additional mileage if you must drive further to get to and from work.

Why Is Liability Insurance Important for Oakland City Homeowners?

In addition to covering your house and personal property, your homeowners insurance provides you with personal liability protection.

Homeowners liability insurance covers court costs, legal defense fees, settlements, judgements, and other damages if you or someone in your household unintentionally causes injuries, property damage, or financial losses to others.

Here are examples of times that you might need your homeowners liability insurance.

  • If your dog gets loose and bites someone
  • If someone accuses you or your spouse of libel or slander
  • If your child damages someone’s property while playing with friends
  • If you accidentally hit someone with a golf ball while hitting the links at the Oakland City Golf Club

Insurance companies typically offer between $100,000 and $300,000 in homeowners liability insurance. If you want more liability coverage than your home insurance can provide, you can boost this coverage with umbrella insurance.

Does Oakland City Homeowners Insurance Cover against Burglaries?

The burglary rate in Indiana is only slightly higher than the national average. But in Oakland City, the risk of property crimes is lower. Residents of this small city report around 10 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 Oakland City: 2.87

It can be very stressful to be the victim of a burglary. However, you may gain some peace of mind in knowing that your homeowners insurance can reimburse you for your losses as well as for any property damage the burglars may have caused to your house.

Why Work with an Independent Insurance Agent?

When you are looking for the best and most affordable coverage for your Oakland City home, an independent insurance agent can help. These local agents are available to answer your insurance-related questions and provide you with trustworthy guidance and advice.

Also, because they are free to work with several competing insurance providers, independent agents can quickly provide you with a selection of customized quotes. That way, you can choose the policy that offers the coverage you want at the most affordable price.

Arrange an obligation-free consultation with an insurance agent near you to get started.

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