Best Homeowners Insurance Agencies in Muncie

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Does your homeowner's insurance policy in Muncie cover damage to underground utility/service lines, such as internet and water lines?

  No, coverage for underground utility lines is not included in standard homeowners’ insurance policies. It’s a separate coverage you can choose to add to your policy. As homeowners in Muncie are responsible for service lines running from their residence to the property line, it is advisable to purchase this coverage.

• Can you claim payment for termite damage repair from your homeowners’ insurance policy in Muncie?

  Coverage for termite damage is generally not included in homeowners’ insurance policies. Termite damage is preventable and takes a period of time to occur. Homeowners’ insurance only pays for repairs of sudden or accidental events; therefore, it does not pay for termite damage. It is recommended to have the Muncie property you intend to purchase or insure inspected for vermin to determine the likelihood of termite damage.

• Can renovating your home in Muncie affect your homeowners’ insurance costs?

  Yes. Your premium is based on the cost of rebuilding your house. So, a renovation that increases your property's value or square footage, such as a room addition, new roof installation, or swimming pool, may raise your premium. The period of renovation also increases risks in your house. Before starting construction, check with your Muncie insurance agent if you have enough liability coverage or if additional coverage is needed to handle expenses if someone gets injured.

• Are belongings for your home-based business covered under your homeowners’ insurance policy in Muncie?

  Some damage to business property within your home may be covered, but only to a limited extent. Clarify this matter with your Muncie insurance agent and discuss extra coverage you may need to protect your enterprise. Some business-related endorsements that you can consider adding to your homeowners’ insurance policy are equipment breakdown, personal cyber insurance, and identity theft coverage.

• How can you save on homeowners’ insurance costs in Muncie?

  First, get quotes for the coverage you want from multiple insurance agencies in Muncie to find the most favorable price and see discounts you can take advantage of. Many insurers give discounts for veteran and student homeowners and houses with updated or safety features, such as storm windows, home security systems, and modern electrical and plumbing systems. Lastly, check if you can afford a higher deductible. Raising your deductible will instantly reduce your premium.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.