Most people do not think much about their homeowners insurance until something happens.
A storm comes through.
A tree falls.
Water starts coming into the basement.
Your roof is damaged.
Or you get your renewal in the mail and immediately think:
“Why did my homeowners insurance go up again?”
And honestly, we get it.
Homeowners insurance is not something most people want to spend their free time reading about. You buy a house, get the insurance your mortgage company requires, make sure the policy is active, and move on.
But here is the thing we see all the time at Shurr Insurance Agency:
A lot can change after you buy your home—and your insurance may need to change with it.
If you live in Indiana or Midwest, you already know our homes deal with a little bit of everything. Severe storms, high winds, hail, heavy snow, frozen pipes, and heavy rain can all create problems for homeowners. Recent severe storms in Indiana and the Midwest are also a reminder that understanding your policy before you need it is important.
So instead of giving you another generic list of insurance terms, let's talk about a few things we think every Indiana and Midwest homeowner should actually look at.
Start With This: How Much Would It Cost to Rebuild Your Home Today?
One of the biggest misunderstandings we hear is:
“My house is worth around $300,000, so I have $300,000 in coverage.”
But the market value of your home and the cost to rebuild your home are not necessarily the same thing.
The amount you paid for your house includes things like the location and the land. Homeowners insurance, on the other hand, is focused on the cost of rebuilding the structure after a covered loss.
The Indiana Department of Insurance recommends reviewing your coverage regularly because construction and reconstruction costs can change over time.
Think about your own home.
Since you bought it, have you:
Those changes can affect how much it could cost to rebuild.
And even if you have not changed anything, construction materials and labor costs can change.
That is why reviewing your homeowners insurance once in a while is more important than simply looking at the price of the policy.
Your Roof Deductible Might Not Be What You Think It Is
This is another one that surprises homeowners.
You may know that you have a $1,000 deductible on your homeowners policy.
But what about wind or hail damage?
Some policies have separate deductibles for certain types of storm damage. In some cases, those deductibles can be based on a percentage of your home's insured value rather than a flat dollar amount.
For example, a 1% deductible on a home insured for $300,000 would mean a $3,000 deductible for a qualifying claim.
That can be a very different situation than expecting to pay $1,000 out of pocket.
We're not saying every Indiana or Midwest homeowner has a percentage-based deductible.
We are saying you should know whether you do.
Especially when wind, hail, and severe weather are real concerns for homeowners in our area.
Water in Your House Doesn't Always Mean Your Homeowners Policy Covers It
This is probably one of the most confusing parts of homeowners insurance.
A pipe suddenly bursts and damages your home.
That can be very different from water entering your basement because of outside flooding.
A sewer or drain backs up.
That can be another situation entirely.
A sump pump fails.
Again, potentially different coverage.
The point is that water is not just water when it comes to insurance.
The cause of the damage can make a major difference in how a claim is handled.
Standard homeowners policies generally do not cover flood damage, which may require separate flood insurance. Indiana and Midwest homeowners should also review their policies for potential gaps involving water backup or similar exposures.
If you have ever looked at your homeowners policy and wondered what would actually happen if your basement flooded, you are not alone.
That is a great question to ask your insurance agent now rather than at 2 a.m. when you are standing in six inches of water.
Have You Actually Thought About How Much Stuff You Own?
Take a look around your house.
Your furniture.
TVs.
Computers.
Clothes.
Kitchen appliances.
Tools.
Jewelry.
Sports equipment.
Everything adds up faster than most people realize.
The Indiana Department of Insurance recommends keeping a home inventory to help determine how much personal property coverage you need and to make the claims process easier if you experience a loss.
You do not necessarily need to spend an entire weekend writing down every single item you own.
A simple place to start is walking through your home and taking photos or videos of each room.
Open closets.
Record major purchases.
Keep receipts for expensive items when possible.
And if you own valuable items such as jewelry, collectibles, firearms, or other high-value property, ask whether your standard policy limits are enough.
Sometimes, the things people assume are fully covered have special limits.
What Happens If You Can't Live in Your Home?
Let's say your home has a major fire.
Or significant storm damage makes it temporarily unlivable.
You still need somewhere to live.
You may need a hotel, temporary housing, meals, and other expenses while your home is being repaired.
This is where additional living expense coverage can become important. Depending on your policy and the circumstances of a covered loss, it may help with qualifying expenses when you are temporarily unable to live in your home.
Again, the details depend on the policy.
But it is worth understanding because after a major loss, the question is not just:
“Can I repair my house?”
It can also be:
“Where is my family supposed to live while this is happening?”
Homeowners Insurance Isn't Just About Your House
Your policy can also include personal liability coverage.
This is the part of your insurance that people often do not think about until something happens.
Someone slips and falls on your property.
Your child accidentally damages someone else's property.
Your dog bites someone.
You are involved in a situation where you may be held legally responsible for an injury or property damage.
The right amount of liability coverage depends on your individual situation, assets, and potential exposure.
For some homeowners, it may also make sense to ask about an umbrella policy for additional liability protection.
The important thing is not to assume that every homeowner needs exactly the same amount of coverage.
So, When Should You Review Your Homeowners Insurance?
You do not have to review your policy every time you buy a new couch.
But there are definitely times when we recommend taking another look.
For example:
You bought a new home.
You renovated or added onto your current home.
You finished a basement.
You purchased expensive jewelry, collectibles, or other valuable property.
You added a pool, hot tub, trampoline, or other features that could affect liability.
You started a business from home.
You bought a rental property or started renting out part of your home.
Your policy renewal increased significantly.
Or maybe you have simply had the same policy for years and honestly have no idea what is on it.
That last one is more common than you might think.
You Shouldn't Have to Become an Insurance Expert
At Shurr Insurance Agency, we do not expect Midwest homeowners to know every detail of their insurance policy.
That is our job.
Our job is to help explain what you have in terms that actually make sense.
We can talk through questions like:
How much would it cost to rebuild my home?
What is my deductible if my roof is damaged by hail?
What happens if my sump pump fails?
Do I have enough coverage for my belongings?
What happens if I can't live in my home after a covered loss?
Has anything changed since my policy was originally written?
Those conversations can help uncover potential gaps before you actually need to use your insurance.
Midwest Homeowners: Is It Time to Take Another Look at Your Policy?
Your homeowners insurance should not be something you only look at when you have a claim.
If your home, your belongings, or your life has changed, your coverage may need to be reviewed too.
And if you are simply wondering whether you are paying too much or whether your current policy still makes sense, that is worth a conversation as well.
Get a Homeowners Insurance Review From Shurr Insurance Agency
If you own a home in Indiana or the surrounding states, the team at Shurr Insurance Agency can help you review your current homeowners insurance and better understand your options.
No confusing insurance language. No pressure. Just a conversation about your home and the coverage protecting it.
Contact Shurr Insurance Agency today to request a homeowners insurance review.
This article is intended for general informational purposes only and does not constitute insurance advice or guarantee coverage. Coverage availability, limits, deductibles, exclusions, endorsements, and claim outcomes vary by policy, insurance carrier, and the circumstances of a loss. Please review your specific policy with a licensed insurance professional.