Best Home Insurance Rates In Indiana

On average, your neighbors pay $82 a month.

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Compare Homeowners Insurance In Indiana

Indiana is the home state of Janet Jackson, David Letterman, Larry Bird, and Presidents Benjamin and William Henry Harrison. The Hoosier State is home to the Indy 500. But you may get a caution flag if you don’t learn about the homeowners insurance risks that exist in the Crossroads of America.

Average Indiana Homeowners Insurance Rates

How much is home insurance in Indiana? Indiana’s average homeowners insurance rates are moderate compared to the rest of the US. The average cost of home insurance in the state of Indiana is $983. That's much lower than the national average of $1,173. There are 18 states with lower average homeowners insurance rates than Indiana.

Indiana Average Annual Homeowners Insurance Rates
  2013 2014 2015
Indiana Annual Average $887 $944 $983
Indiana Price Per Month $74 $79 $82
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 35 33 31
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Indiana home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Indiana homeowners insurance rates increased from $779 in 2011 to $983 in 2015, a jump of $204 dollars, or 26.19 percent.

Indiana average homeowners insurance rates

Choosing a homeowners insurance company in Indiana should be easier. Actually, it’s already easy. The key to finding the best rates is to get a homeowners insurance quotes comparison in Indiana from multiple companies.

Most Popular Indiana Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Indiana. Out of the 20,740 Indiana homeowners that used QuoteWizard to request insurance quotes last year, 997 had no home insurance.

  1. Allstate
  2. Progressive
  3. Farmers
  4. American Family
  5. GEICO
  6. Liberty Mutual
  7. AAA
  8. 21st Century
  9. Erie
  10. Nationwide
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Best Homeowners Insurance Companies in Indiana

The above list shows the most popular home insurers in Indiana according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top Indiana Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Indiana Farm Bureau B++ 6.0%
2 Liberty Mutual A 5.3%
3 Allstate A+ 3.8%
4 AIG A 3.8%
5 Travelers Companies A++ 3.6%
6 Progressive A+ 3.3%
7 Auto-Owners Insurance A++ 3.1%
8 Cincinnati Financial Group A+ 2.7%
9 American Family Insurance A 2.7%
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Indiana Home Insurance Rate Factors

When looking to buy homeowners insurance, you should be aware of the factors that go into your rate. Some of them are based on you individually, but there are others based on the region your house is in.

Your Personal Rate Factors

Your House

Your house type, structural style, and material quality all matter. These will all vary from house to house, but insurers consider them all when pricing a policy.

  • Your home’s age: Simply put, the older your house, the more it will cost to insure it. This is because older homes tend to have more needs for a claim. This is especially true if the house wasn’t well maintained. 6 percent of housesin Indiana were built before the 1940s. Houses in this range will have higher rates. They may even need special coverage.
  • Roof quality: It’s important to be aware of how well your roof can withstand weather. Certain roof materials help protect a home from Indiana’s snowy weather. Metal roofing prevents snow from piling up and causing a roof collapse. The makeup of concrete tiles insures that it’ll be years before snow can even begin the crack and damage it. Insurers take the condition and material of roofs very seriously, so make sure yours is up to par.
  • Replacement cost: Dwelling coverage is one of the main factors in how much you pay for insurance. When deciding how much home insurance you need, your dwelling/structure coverage should be enough to rebuild your home from the ground up. This amount is called replacement cost. To estimate the replacement cost of your house, multiply the square footage by your city’s average per square foot construction cost. But that’s just an estimate – the exact amount depends on your specific home. And it doesn’t correlate with market value. A house worth $150,000 in Indianapolis could actually cost less to replace than a house worth $65,000 in Gary. Replacement cost accounts for these details
    • General structure, size, and style of the house
    • External and internal features and finishes

Claims History

If you file a claim, it’s probably going to raise your rates. Homeowners claims stay on your insurance record for five to seven years. If you make any other claims during this period, your rates will go up even more. It’ll make you a risk in the eyes of your insurer. You might even get your policy cancelled. That’s why many homeowners choose to fix minor problems themselves.

Pets

According to the AVMA, 69% of Indiana residents own pets. That puts them in the top 10 states for most pet owners.  If you’re a dog person, you should be aware that owning certain breeds can affect your homeowners premiums. If you own an exotic pet breed, that can also hurt your rates.

Credit Score

Home insurance carriers assess your credit score. If you have bad credit, you’re going to face higher rates. The average credit score in Indiana is 677, lower than the national average of 682.

Indiana Rate Factors

Weather

Weather in your region is a deciding factor in your home insurance rates. Premiums are higher in regions that have extreme weather conditions.

Snow is a common occurrence in Indiana. Southern Indiana gets less the national average of 24 inches, but the northern end of the state sees almost triple that in some parts. Winter storms in Indiana bring a wide array of dangers to your home. Wind, rain, snow and ice are key concerns.

Wind can cause extensive damage to roofs and siding. Snow and ice can freeze piping, leading to burst pipes. One hard storm can lead to extensive claims. Being prepared by protecting your home before the storm and understanding your policy for filing a claim afterwards can make a huge difference.

Property Crime

17 percent of Indiana residents surveyed experienced at least one incident of property crime in 2016. Indiana is currently at 0.3 percent above the national average for property theft.

Burglary, property theft, and vandalism are all crimes that can raise the rates of all your neighbors. For instance, Cumberland has a property crime rate of 34.65 per 1,000 residents. Madison only has a property crime rate of 10.01 per 1,000 residents. You are sure to see lower rates in Madison.

Much like the steps you take to protect your car, there are steps you can take to protect your home. If you install deadbolt locks, motion detectors, and other defensive systems, it can prevent you from becoming a property crime statistic and lower your rates.

Types of Home Insurance Policies

  • HO-1: This is the barest bones policy you can get. It covers named perils such as fire and theft.
  • HO-2: This is a broader coverage policy, protecting everything the HO-1 does but also covering risks like freezing pipes, water overflow, and falling objects like rocks or tree limbs.
  • HO-3: This is the most commonly-purchased homeowners policy. It provides coverage for your home, any attached structures such as garages and decks, liability, and possessions.
  • HO-5: This policy type covers essentially everything the HO-3 does, but it also has fewer limitations for property claims.
  • HO-6: This is a policy strictly for providing possession and liability coverage for condos.
  • HO-7: This provides HO-3 type coverage for mobile or manufactured homes.
  • HO-8 This policy focus on much older homes. It gives HO-3 level coverage to homes in the historic or registered landmark category.

Indiana Department of Insurance

Website:
Homepage
Insurance Commissioner:
Stephen W. Robertson
Insurance Hotline:
(800) 622 - 4461
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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