Home insurance rates are on the rise in Indiana after a period of losses for the insurance carriers. Our in house expert, Realty Group Insurance says to expect a 15% increase in your rates.
This is going to translate to a lot more out-of-pocket expenses when you file a claim. There have been years of losses in the Indiana property and casualty segments. An unusually high number of hailstorms brought an avalanche of claims.... and I know I saw a lot of new roofs happening in our our neighborhood!
Here are some of the changes you will see (or feel!):
* Cash value for a damaged roof rather than the replacement cost
* Higher deductibles for those that file more than one claim during a particular time frame
* Higher premiums for anything other than basic coverage. Be sure to look into "cosmetic damage coverage". (affects the appearance but not the structure)
You may not even receive notification of some of the changes.
A higher deductible might help to avoid a higher premium. If you drop that cosmetic damage coverage, you could even get a discount. Maybe. Home insurance rates are on the rise in Indiana, and some customers may be asked to implement a form of loss mitigation, some might be asked to increase their deductible, or the ultimate - non renewal.
They say most insurers will allow one weather claim in a 3 year period. So - say your prayers between hail storms!
Property and casualty insurance has been a losing proposition for many insurers - just not as severe as in recent years. What insurance policies do you see the most commercials for? It's all about the car - right? My favorite is the baby in the garage. Because auto insurance is traditionally a money-maker.
And don't even get me started on Flood Insurance - yikes!!! That is a whole other fear factor topic.
Talk to our in house expert for more insight, detail or a quote here:
Home insurance rates are on the rise in Indiana - so talk to Realty Group Insurance
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Berkshire Hathaway HomeServices Indiana Realty Referrals
Monday, November 18, 2013
Home Insurance Rates are on the Rise in Indiana
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