Yes, no and maybe. That’s not meant to confuse, it just depends. You see, unlike driving a car, you can legally own a home in Indiana without insurance. But this only really applies if you own your home outright – meaning there is no mortgage on the home. If you do have a mortgage, then your lender will likely require you to have home insurance to protect their investment. They actually own your home until it is paid off, so any significant damage that isn’t repaired can impact the value, and ultimately, their investment.

Lenders may also require additional insurance if you live in an area that is prone to flooding or earthquakes. In fact, the Federal Emergency Disaster Agency (FEMA) actually created flood zone maps of the entire U.S. to help determine homes at the most risk for flooding and, subsequently, those homes that are legally required to have flood insurance.

Condo’s, Townhomes, Apartments.
If you own a condominium or co-op, your board may require you to buy condominium insurance or home insurance. Be sure to check with your board to see what type of policy is required.

If you’re looking to insure a townhouse and your townhome association has a master policy (which typically covers the structure and common areas), you’ll get renters insurance. If your association does not have a master policy, you’ll get homeowners insurance.

Homeowner’s insurance can also be used to protect others. Visitors to your home who are injured or even neighbors property can be covered by your policy, but it varies by policy to policy, so be sure to ask your agent for details. For example, say a relative is visiting your home and a tree branch falls on their car. Your homeowner’s policy may cover that damage. Likewise if a tree in your yard falls onto your neighbor’s house, it may require your insurance to cover damages. Again, it varies by policy.

Your independent Provident Insurance agent is trained to help guide you through all the decisions that will provide you with the best coverage at the best price. We’ll make sure you are insured adequately for your assets and your budget.

To learn more, contact your independent Provident Insurance agent. We serve Plainfield, Greenwood, Avon, Brownsburg, Indianapolis, Carmel, Zionsville and the entire central Indiana area. Stop in one of our convenient locations to discuss your insurance needs today.