In 2019, Indiana had $6,780,466,000 in commercial insurance claims paid alone. To better protect your investment, you'll need adequate protection for a loss. Vacation home insurance will provide the right coverage for all the what-ifs.
An independent insurance agent can help review your policies for free. They work with numerous carriers so that you get the best coverage for an affordable price. Get connected with a local expert and start saving.
What Is Vacation Home Insurance?
Indiana vacation home insurance will require similar coverage to your homeowners policy. There will be some additional exposures that carriers have to account for, and they will charge accordingly. Check out what vacation home insurance is below.
- Vacation home insurance: Provides liability, property damage, and loss of use coverage for a vacation property. This home will be used for renting to others on a short-term basis.
What Does Vacation Home Insurance Cover?
Your Indiana investment will need to be with a specific type of carrier for proper protection. Not all companies will insure a vacation home, making it necessary to be with the right agent to avoid inadequate insurance. The majority of vacation home policies have the following coverages.
- Dwelling limit: Pays for the replacement or repair of your home itself when a covered claim occurs.
- Personal property: Pays for the replacement or repair of your personal belongings.
- Personal liability: Pays for bodily injury, property damage, and libel or slander claims against a household member.
- Loss of use: Pays for your lost rental income when a claim shuts down your operation for a period of time.
- Medical payments: Pays for the first $1,000 - $10,000 of a medical expense when a third party gets injured on your property.
Perils your vacation home policy will cover
How Much Is Vacation Home Insurance in Indiana?
Indiana has approximately 512,348 small businesses in existence. If you're running a vacation home for additional income, you'll need the right policy. Vacation home insurance costs more than your typical homeowners coverage. Take a look at the items insurance companies use when determining your premiums.
- Where you live
- How many claims you've filed
- How new your house is
- How close you are to a fire department
- How close you are to a fire hydrant
- The materials of your home
- Your credit score
- If you have a pool, trampoline, or pet
- The square footage of your home
- How much it costs to replace your home
Risk factors you can improve
- Improving your credit score
- Filing fewer insurance claims
- Updating your roof, electrical, plumbing, or heating
Will the Location of My Vacation Home Impact My Rates?
The location of your Indiana vacation home affects more than just rentability. Where your property is will impact your insurance premiums as well. Companies look at the following having to do with your location.
- Local crime rate
- Local claims reported and paid
- Flood zone
Another factor that is used to assess your costs is the flood zone. Zones are assigned by FEMA and used to determine your risk for a loss. If you're in an A or V zone, you're more likely to have a claim and will need separate flood insurance.
How an Independent Insurance Agent Can Help
In Indiana, there are several ways to obtain coverage. One of the best is through a licensed adviser. Your vacation home insurance is vital and should be handled with care by a knowledgeable professional.
Fortunately, an independent insurance agent can help with policy and premium options. Since they work with several carriers, you'll save on coverage. Connect with a local expert on TrustedChoice.com for custom quotes today.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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