Did you know that according to the Indiana Department of Insurance (IDI), the insurance industry is one of Indiana’s largest employers. That being said, that means there are many insurance options for homeowners in Indiana. Because the insurance industry is so large, there must be tough regulation to ensure the protection of the consumer.

Here are some facts Indiana homeowners should be aware of when securing homeowners insurance:

If your homeowners policy is being cancelled for non payment of premium, the notice of cancellation must be in writing and sent to you at least 10 days before policy cancellation.

If your insurance company does not want to renew your policy, IDI requires the notice be sent to you at least 20 days before policy expiration. As a consumer, negotiate with your insurance company to extend the 20 days to 30 or 60 day notice. If your policy is being cancelled for a reason other than non payment, you’ll need the extra time to shop around for replacement coverage.

If your policy does not cover flood damage, it must be stated prominently on the policy jacket or, you must be given written notice that flood coverage may be available through the National Flood Insurance Program.

In certain Indiana counties in southwestern Indiana along the Illinois Coal Basin, the insurance company must inform you of the availability of mine subsidence coverage (coverage for homes built over mines that may collapse or slowly settle) when they issue the policy.

IDI also regulates how much an insurance company can charge you for an inadvertent bad check. Their charge may not exceed 20 (this is in addition to the charge issued by the banking institution).

Please see our list of references below to find the lowest rate insurance quotes on the web. Along with low rate quotes this is a good source of insurance information.

Best Homeowners Insurance Rates – How Can You Get Them?

Rating of Homeowners insurance depends on various factors. The most knowledgeable buyer usually finds the best home insurance rate. To get the best homeowners insurance rate, you should do a bit of research work. If you cannot time yourself for it you can of course seek professional help. This approach is timesaving but you have to be cautious about your advisor.

Here are some tips to get the best homeowners insurance rates.

1.First of all you should get the basic understanding about your home insurance rate and the different policies. You have to know who regulates the rate. It is the individuals of an insurance company who decide on the home insurance rates and these rates are regulated by the insurance department of the state. The state insurance department is the approving authority; it is only after their approval the rates can be passed on to the customers.

2.Before applying for homeowners insurance, you should shop around, so that you get the best homeowners insurance rates. To maximize your options you should make a search of your own. Enquire with your local bank, lenders and credit unions. Today, many banks have official websites; you can send your enquiry online. After completing your search, compare with those available in the advertisements. This will make it easier for you to get the best deal.

3.Some insurance companies provide more than one kind of insurance policy. For example, they will give you better rate if you buy auto policy along with home insurance. It also helps you get better home insurance rates.

4.Many insurance companies are associated with security companies like Brinks or ADT, these companies offer you better rates if you install a home security system.

5.Not only better rates, you can even get discounts if you are ready to install motion sensors or video surveillance cameras in your home, provided by the associate companies of home insurance company.

While keeping these points in your mind, you can get the best homeowners insurance rates.