On average, your neighbors pay $82 a month.See Your Rates
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.
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 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|
|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.
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.
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.
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:
|Rank||Company||Financial Rating||Market Share|
|1||Indiana Farm Bureau||B++||6.0%|
|8||Cincinnati Financial Group||A+||2.7%|
|9||American Family Insurance||A||2.7%|
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 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.
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.
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.
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.
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.
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.
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