Indiana § 37-2-5-14 - Property insurance
Full text of Indiana Indiana Code § 37-2-5-14 — Property insurance, with citation guidance and answers to common questions.
§ 37-2-5-14. Property insurance
Sec. 14. (a) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless:
(1) the insurance covers a substantial risk of loss of or damage to property related to the credit transaction;
(2) the amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and
(3) the term of the insurance is reasonable in relation to the terms of credit.
(b) The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.
(c) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the amount financed or principal exclusive of charges for the insurance is three hundred dollars ($300) or more, and the value of the property is three hundred dollars ($300) or more.
(d) The amounts of three hundred dollars ($300) in subsection (c) are subject to change pursuant to the provisions on adjustment of dollar amounts (IC 37-2-1-5). However, notwithstanding IC 37-2-1-5(a), the Reference Base Index to be used under this subsection is the Index for October 1992.
[Pre-2026 Revision Citation: 24-4.5-4-301.]
As added by P.L.115-2026, SEC.97.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 37-2-5-14
What does Indiana Code § 37-2-5-14 cover?
Section 37-2-5-14 ("Property insurance") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 37-2-5-14?
A common citation format is "Indiana Code § 37-2-5-14" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 37-2-5-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.