Homeowners in Indiana collected more than $1 billion in insurance claims in 2019 alone. If you are among the nearly 2,400 people who call Petersburg home and you own your house, you will want to be sure to protect your investment with a suitable homeowners insurance policy.
Local independent agents are available to help you find the best policy to cover your Petersburg home. These agents can obtain customized quotes from a few competing insurance companies so you can be sure you are getting the coverage you need at a great price. Contact an insurance agent near you to get started.
How Much Does Homeowners Insurance Cost in Petersburg, IN?
Overall, homeowners insurance rates in Indiana are lower than the national average. This is great news for area homeowners who are looking for affordable home coverage.
- National average yearly premium: $1,211
- Indiana average yearly premium: $1,000
Of course, your quoted costs are likely to vary from the average listed above because home insurance rates are based on several factors such as the following.
- The age, size, and value, of your house
- The type of house you are covering (e.g., single-family detached, mobile home, rental property, etc.)
- The number of stories your house has and whether it has a basement
- The crime rate and weather risks where your house is located
- Your claims history and credit score
- The size of your deductible
Comparing quotes from a few different insurers lets you be sure you are getting your policy at the most competitive price.
Petersburg Homeowners Insurance Covers Your Property
Homeowners insurance is designed to cover the cost to rebuild, repair, or replace your property if it is damaged by a covered event. Most homeowners insurance policies cover damage caused by the following.
Your property insurance will have two parts.
- Dwelling insurance: This covers damage to the structure of your home including built-in appliances, and peripheral structures like sheds and garages.
- Contents insurance: This covers the personal property you have in your home including portable appliances, electronics, décor, clothing, and cookware.
You will want to be sure that your coverage limits in each category are high enough to allow you to fully rebuild, repair, or replace damaged property if your home is severely damaged by a catastrophic event like a fire or tornado.
Also, if you have any particularly expensive property such as family heirlooms, collections, or original artwork, you may need to purchase special endorsements for it to be fully covered.
A Word about Flood Insurance in Petersburg, IN
FloodFactor.com estimates that 197 properties in Petersburg are at risk for experiencing flood damage. And according to FEMA, just one inch of rainwater in your home can result in up to $25,000 in damage. However, homeowners insurance does not cover against floods.
Fortunately, you can supplement your home insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP). These federally backed policies allow homeowners to cover their property with up to $250,000 in dwelling coverage and $100,000 in contents coverage.
Flood insurance policies take 30 days to go into effect, so do not wait until heavy rains are imminent to purchase your policy.
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What Is Loss of Use Insurance?
The risk of tornado activity in Petersburg is 57% higher than the national average. The worst to strike in the area was an F4 twister that touched down in 1990 destroying much of the city, including the mayor’s house.
If damage from a covered event like a tornado or a structure fire render your home uninhabitable, loss of use insurance can help. This coverage is included as a standard part of your home insurance policy.
Loss of use insurance is designed to pay for your alternate living accommodations while your house is being repaired following a covered event.
It can also provide you with a meal allowance if you do not have access to a kitchen and can reimburse you for mileage if you have to drive further to get to work.
Why Do Homeowners in Petersburg Need Liability Insurance?
There are times when accidents and errors in judgement can lead to extremely expensive lawsuits. That is why homeowners insurance also provides policyholders with a significant amount of personal liability coverage.
Homeowners liability insurance is designed to cover expenses like court costs, legal defense fees, settlements, judgements, and damages if you or someone in your household is unintentionally responsible for injuries, financial losses, or property damage to others.
Examples of situations where this liability coverage can help include the following.
- A visitor slips on an icy walkway while approaching your front door.
- Your dog gets loose and bites someone.
- A dead tree in your yard falls onto your neighbor’s swimming pool.
- You accidently hit someone with a golf ball while enjoying a day at the Prides Creek Golf Course.
- Someone accuses you or your spouse of libel or slander.
Most homeowners insurance policies offer between $100,000 and $300,000 in personal liability coverage. If you would like to have more liability coverage than your home insurance company can provide, you may want to also consider purchasing an umbrella insurance policy.
Homeowners Insurance Covers against Property Crimes in Petersburg
The burglary rate in Indiana is slightly higher than the national average.
- Number of burglaries per 1,000 homes in the US: 3.76
- Number of burglaries per 1,000 homes in Indiana: 3.78
Home security systems are among the most effective theft-deterrents. That is why many insurance companies offer discounts to policyholders who have alarm systems installed in their homes.
Of course, nothing is 100% foolproof against a determined burglar, so it’s good to know that if your house is burglarized, your homeowners insurance can provide you with compensation for your lost and damaged property.
Why Work with an Independent Insurance Agent in Petersburg, IN?
Independent insurance agents in the Petersburg area can help you find the best and most affordable homeowners insurance policy. These experienced agents can answer your insurance-related questions and can help you rest assured that your property is suitably covered at a competitive price.
Arrange an obligation-free consultation with an insurance agent near you to learn more. You will soon discover how easy it can be to review customized homeowners insurance quotes from a variety of highly rated providers.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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