Compare Homeowners Insurance in Indianapolis
Do you own a home in Indianapolis, Indiana? Are you thinking about making the Circle City your new home?
With shrinking unemployment and so many activities, Indianapolis is becoming a very popular place to live. In 2016, residential construction grew by 20 percent in Indianapolis.
As the population increases, so does the price of housing. The rising costs of homeownership means Indianapolis home insurance prices also rise. Indianapolis residents should take the necessary steps to find insurance rates that fit their needs and budget.
Average Indianapolis Home Insurance Rates
How much is home insurance in Indianapolis? By collecting data from almost 1,300 QuoteWizard users in the area, we created this 'average' Indianapolis home:
- 1648 square foot home built in 1967
- One story
- 3 bedrooms and 2 bathrooms
- Composite shingle roof
- Deadbolt locks and fire extinguishers
Using this ‘average’ Indianapolis home, we collected multiple Indianapolis home insurance quotes from top insurers. Remember, home insurance rates are unique to each person and their home. Our Indianapolis insurance quote may differ from your home. Below are the average rates for a homeowners insurance policy in Indianapolis:
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.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Indianapolis, Indiana.
Last year, 1,300 people used QuoteWizard to compare compare home insurance quotes in Indianapolis, IN from multiple companies.
Best Home Insurance Companies in Indianapolis
Most Popular Insurance Companies
According to QuoteWizard users in Indianapolis, these are the most popular insurance companies in the city:
- State Farm
- Liberty Mutual
- 21st Century
Best Insurance Companies
The above list shows the most popular home insurers in Indianapolis 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:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Indianapolis Home Insurance Rate Factors
Insurance companies use many elements to estimate your monthly premium. Sure, some of these factors are out of your control. But proper research and planning will help you save money. Below are the most common components used in deciding your insurance rates.
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- Your home's age: Owning an older home increases your homeowners insurance rates. These homes require more maintenance and upkeep. Older homes might not be up to modern building codes. According, to QuoteWizard users the, average home in Indianapolis was built in 1967. That’s relatively old, even for a home. Unless your house has been recently built or renovated, expect to pay a bit more for home insurance.
- Previous claims: Insurance agents use a report called CLUE to see your insurance claim history for the past seven years and to see the claims history of your new or current home. That means if your home’s previous owner filed multiple claims, it could hurt you. Why? Insurance companies believe a home with previous claims is more likely to need additional claims in the future.
- Proximity to emergency services: Each year the Insurance Services Office evaluates a city’s fire safety. ISO rates cities on a scale of one to 10. Class Rating 1 is the best while Class Rating 10 is, well, the worst. In 2016, Indianapolis received a Class 2 rating. That’s a good sign for resident’s safety. Home insurance premiums also benefit, as insurers charge less for house’s close to emergency services. Why? Your home is less likely to be completely destroyed by a fire if you’re near a fire station
- Home security and crime: Indianapolis has a property crime rate of 49.27, and a crime index of three out of 100. This means that Indianapolis is safer than only three percent of U.S. cities. The property crime rates are nearly double the national and state property crime rate. And your chances of becoming a victim of property crime in Indianapolis is one in 20. Unfortunately, high crime rates – especially property crime -- negatively impact home insurance rates. As this map shows, Indianapolis property crime rates depend heavily on your neighborhood. Fortunately, there are steps you can take to lower your premiums by making your home more secure.
- Credit history: It’s a known fact that if you have bad credit, you pay more for lots of things. Unfortunately, homeowners insurance is no exception. Of 100 metropolitan cities in the U.S., Indianapolis was ranked 93 in credit scores. With an average score of 637, Indianapolis residents can expect to see higher insurance costs. Why is that? Insurance companies believe people with low credit scores are more likely to file claims and make late payments.
- Coverage amounts: Buying a standard policy that covers the basics is a great move if you are looking to save in the short term. However, if you need to file a claim, you’ll pay more out-of-pocket. People with unique homes, large assets, or valuable belongings need higher liability and extra coverage amounts. In this case, it is better to be safe than sorry. Start with more coverage than you need and then reassess annually to see if you can save money on your premium.
Types of Homeowners Insurance
Here are the most popular homeowners insurance plans:
- HO-1: Basic insurance that covers standard damages.
- HO-2: Broad homeowners insurance that covers everything in HO-1. Also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all peris unless they are specifically excluded. Also covers unattached structures and liability.
- HO-4: Provides coverage for renters.
- HO-5: Comprehensive policy with expanded coverage. This policy has less limitations for property claims. This is considered a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
9 Ways to Save Money on Homeowners Insurance in Indianapolis
Below are just some of the steps Indianapolis homeowners can take to lower their insurance costs:
- Add Technology: High-tech security systems and alarms can stop potential problems before they even happen. From home alarms and remote door locks to modern smoke and carbon monoxide detectors, there are many options for homeowners today. Most insurance companies reward homeowners with bolstered security systems with discounts. Even without an insurance discount, adding technology to your home is a great idea.
- Don’t smoke: According to the CDC, 26.4 percent of 1,617 Indianapolis residents surveyed are smokers. Why does this matter? Smokers tend to pay more for home insurance. The reason being is smoking dramatically increases the odds of accidental housefires.
- Redo your roof: Your home's roof needs to withstand damage from wind, hail, rainstorms, or more. It’s your first line of defense from inclement weather. Plus, certain roof types are dramatically less flammable than others are. Making sure that your roof is in good shape and able to weather the storm is vital. If you have a newly updated roof, or a roof made with high-quality materials, most insurers will offer you better rates. Our data shows that the average Indianapolis house has composite roof shingles. This is a solid roof type with low fire risks.
- Shop around: It’s tempting to find a good insurance plan and then just stick with them. Buying insurance can be a bit of a pain, so why do it more than once? But if you don’t shop around you don’t know what savings you are missing. Each insurance company offers different rates. And most insurance companies know you don’t want to shop around, so they’ll raise your rates slightly every year. Be sure to compare home insurance companies in Indianapolis to find the best plan at the right price.
- Renovate: The age of your house may be the culprit of high insurance rates. Beyond new roofs and smart technology, certain home improvement steps can help lower your premiums. Upgrading your wiring, plumbing, and heating are also preventive measures you can take to update your home. These renovations can help you qualify for insurance discounts. Be aware that remodeling can increase your home's value, which can make your coverage levels inaccurate. You may need to buy extra coverage after a remodel.
- Build a Fence: Besides security systems, Indianapolis homeowners can install a fence. This will help decrease the chances of property crime. As a reward for taking preventive measures, most insurance companies may lower your insurance rates. With Indianapolis’ high crime rates, this is a good move – especially in rough neighborhoods.
- Avoid claims: This advice seems silly, because what is insurance for if not to use it? We don’t mean not filing claims ever. But weigh the severity of the incident and decide whether filing a claim is the right choice. Unfortunately, filing a claim causes your insurance premiums to jump. If you file several claims, your insurance company may cancel or refuse to renew your policy. That's why you may want to avoid filing a homeowners insurance claim in some cases. Even a single claim can cause your rates to jump significantly.
- Raise your deductible: It’s simple: when your deductible rises, your premium goes down. Your deductible is the out-of-pocket costs you must first pay before insurance will cover damage to your home. Depending on your budget, this could be a great plan for you. Remember that there's many things to consider when choosing your deductible.
- Bundle: Another great way to easily cut your home insurance costs is to bundle different policies. Insurance companies love customers who purchase more than one policy with them. Bundling your home and auto insurance, for example, can save you anywhere from 10 to 30 percent monthly.
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