Compare Homeowners Insurance Quotes In Indiana

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Best Home Insurance Rates 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

Indiana’s average home insurance rates are moderate compared to the rest of the US. According to the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Indiana was $944, only slightly higher than the national average of $1,132. There are 18 states with lower average homeowners insurance rates than Indiana.

Indiana Average Annual Homeowners Insurance Rates
  2012 2013 2014
Indiana Annual Average $1,096 $887 $944
Indiana Price Per Month $91 $74 $79
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 33 35 33
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Indiana should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in Indiana from multiple companies.

Best 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 Insurance
  2. Progressive Casualty
  3. Farmers
  4. American Family
  5. Geico
  6. Liberty Mutual
  7. AAA Insurance Co.
  8. 21st Century Insurance
  9. Erie Insurance
  10. Nationwide
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Why contact every individual company in Indiana that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Indiana Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Indiana Farm Bureau Group $584,713 6.0%
2 Liberty Mutual $514,234 5.3%
3 Allstate $376,074 3.8%
4 American International Group $375,757 3.8%
5 Travelers Companies Inc. $347,752 3.6%
6 Progressive Group $324,125 3.3%
7 Auto-Owners Insurance Co. $298,928 3.1%
8 Cincinnati Financial Group $255,852 2.7%
9 American Family Insurance Group $256,571 2.7%

Financial Strength Ratings of Top Indiana Home Insurers

Source: A.M. Best (Ratings as of 8/23/2015)

  • Indiana Farm Bureau Group: B++
  • Liberty Mutual: A
  • Allstate: A+
  • American International Group: A
  • Travelers Companies Inc.: A++
  • Progressive Group: A+
  • Auto-Owners Insurance Co.: A++
  • Cincinnati Insurance Group: A+
  • American Family Insurance Group: A
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Rating Guide

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Indiana.

Average Home Listing Prices

Home prices have a large impact on the cost of insurance in a given state. A higher average home price generally means higher premiums in that state. For Indiana, the average listing price is $165,205 as of July 2015, far lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Indiana’s average burglary rate was 653.0 per 100,000 people, which is about the same as the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Indiana, there are 26.9 law enforcement personnel per 100,000 total citizens, which is slightly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Indiana is known for hot, humid summers and extreme weather year-round. Its typical Midwestern climate leads to four distinct seasons, each with its own home insurance hazards.

Hot, wet weather: Summertime in Indiana is hot. The average high temperatures are well over 80 degrees, higher in southern Indiana than northern Indiana. For example, the average July high in Evansville, to the south, is 92 degrees; while the July high in South Bend, to the north, is only 83 degrees. Combined with an average relative humidity of over 80%, the heat feels even hotter. The hot, humid air gives way to extreme weather. As such, the majority of the year’s rain typically falls between April and July, often in the form of thunderstorms.

The combination of heat and humidity can be dangerous because the body is unable to cool itself as effectively, and these conditions are especially trying for young children and adults over 65. As air conditioning is used more, energy bills soar, and power outages can occur. While extreme heat waves are not very common, they do occur every few years, so it’s important to prepare accordingly.

Cold winters: Indiana is home to cold winters, when most of the state experiences low temperatures that are below freezing. Snow is common in the winter, and the state averages 24 inches of snowfall per year, though northern parts of the state can experience far more. In January, the coldest month of the year, even the average high temperature is below freezing. As with summer temperatures, snowfall varies greatly between north and south Indiana, with the southern region receiving much less. For example, Tell City, in the south, averages only 4.4 inches of snow per year. To contrast, Angola, in the north, averages about 37 inches of snow per year--almost ten times as much.

A cold and snowy winter can be an insurance hazard for a number of reasons. When temperatures drop, people crank the furnace, causing a spike in energy costs and trapping in moisture that may lead to mold development. In freezing temperatures, pipes can crack or leak, and other structures can become stiff and brittle because of the cold.

Tornadoes: Tornadoes are the most violent kind of storm, involving heavy winds that can cause devastating property damage. They often accompany or are caused by other storms, usually thunderstorms, that can bring about heavy rain, lightning, hail, and even floods. Tornadoes are extremely damaging, and even mild tornadoes can uproot trees and damage property. According to the National Oceanic and Atmospheric Administration, Indiana averages 23 tornadoes per year, and the peak of tornado season occurs between April and June. Although strictly speaking, Indiana is not part of Tornado Alley, the National Weather Service ranked Indiana as the #8 most tornado-prone state in 2012.

Indiana Office of the Insurance Commissioner

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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