Best Home Insurance Rates in Indianapolis, Indiana

On average, your neighbors pay $87 a month.

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Compare Homeowners Insurance in Indianapolis

Indianapolis residents tend to pay more for homeowners insurance than homeowners in other parts of the state. Insuring a home in Indianapolis costs about $87 a month on average, which is a few dollars higher than the state average of $79 a month. In order to help you find your best home insurance rate, we compared rates and policy offerings from insurers in the Indianapolis area. Here's what we found:

How much does homeowners insurance cost in Indianapolis?

Indianapolis homeowners insurance rates average out at about $1,049 a year. This is $94 over the average yearly Indiana home insurance policy price of $955. The following graph shows how home insurance rates compare across different companies in Indianapolis:

Average cost of home insurance in Indianapolis

average cost of homeowners insurance companies in indianapolis

Our research shows that Indiana Farmers Mutual, Allstate, Erie and American Family offer the lowest average premiums for home insurance in Indianapolis. While premium cost is definitely a factor when choosing a home insurer, you should also look at specific coverage needs, customer satisfaction ratings and other relevant metrics.

Best home insurance company recommendations

Some home insurance providers can work better than others for you, depending on what you're looking for in a policy. Following are the best home insurance companies in Indianapolis for different types of homeowners:

State Farm: best for new home buyers

While not the cheapest option for home insurance in Indianapolis ($925 yearly on average), State Farm has proven to be an excellent resource for new homeowners with a helpful quote process, affordable rates and good customer service.

State Farm makes it easy to quickly find quotes and learn both the basics and the deeper levels of home insurance. Their website has a vast amount of articles on picking a neighborhood, buying a house, choosing coverage, and more.

Furthermore, they have an intuitive app through which you can quickly view your policy and file a claim. Between easy-to-find home insurance information and knowledgeable agents who can explain the ins and outs of a home insurance policy, State Farm can help you get home insurance step-by-step.

J.D. Power gave State Farm 831 out of 1000 on their 2019 customer satisfaction study for home insurance companies. This placed State Farm fourth overall for home insurance providers with the highest customer satisfaction.

Furthermore, the National Association of Insurance Commissioners (NAIC) gave State Farm a score of .20 on their 2018 Complaint Index, the third lowest score in the city. The lower this score is, the fewer complaints a company has. This combined with a quarter of the market share in Indiana shows State Farm to be a popular choice.

Indiana Farmers Mutual: best for cheap home insurance rates

Indiana Farmers Mutual's average rate in Indianapolis is $653, which is 34% lower than the city average of $1,049. In operation since 1887, they are able to focus on the insurance needs of Indianapolis residents at a low price.

Started and operating primarily in Indiana, they pride themselves on customer satisfaction and sense of community. J.D. Power gave Indiana Farmers Mutual an A for customer satisfaction. If you value local companies, this is a bonus.

Another strong point in the company's favor is that they are not publicly traded. They have no stockholders they are beholden to, leaving your premiums to go strictly to operations of the company and claim payouts.

Indiana Farmers Mutual is also valued for its financial stability. A.M. Best, a financial organization that rates insurance providers, gave Indiana Farmers Mutual an excellent A rating for financial backing of their claim payouts.

USAA: Best home insurance for veterans

According to the census, military veterans make up almost 15% of Indiana's population. Marion County, at the heart of the Indianapolis metropolitan area, is home to over 50,000 veterans. USAA is the #1 insurance provider for veterans in the country. They offer home insurance coverage specifically to U.S. military personnel, both veteran and currently serving.

While their average annual rates of $991 for home insurance lines up with the Indianapolis average, they provide many excellent services that other home insurance providers in the city do not. They offer full banking and investment services, including home loans.

USAA is also known for their top-quality customer satisfaction. USAA received one of the three 5/5 overall satisfaction ratings that J.D. Power gave in their 2019 home insurance study. They also received a 5/5 in both claims servicing and settlement. Their customer satisfaction levels stand out among other insurers.

The Hartford: best home insurance for senior citizens

According to the census, 10% of Indianapolis residents are seniors. Of that number, 32% live alone. If you're a senior citizen and own your home, you're going to want to have home insurance tailored to the golden years.

AARP and the Hartford have aligned to provide just that. AARP’s Homeowners Insurance Program from the Hartford is centered around coverage specifically for AARP members. Hartford's home insurance coverage is customizable to your policy needs. Furthermore, AARP offers discounts and credits that can lower your premiums even more.

A major benefit of AARP's home insurance plan with the Hartford is the Lifetime Renewability program. In many states, including Indiana, AARP members will have their home insurance renewed yearly as long as a few basic criteria are maintained. Knowing that your home insurance policy isn't going to be dropped for filing a claim (or claims) or other reasons provides great peace of mind.

Another perk is the ProtectorPlus Plan. With it, up to $5,000 of your deductible may be waived if the total cost of most damages are $22,500 or more. Some hazards such as floods and hurricanes are not covered under the program.

Summary: the biggest insurance companies in Indianapolis

Read here to find out how the biggest home insurance companies in Indianapolis compare.

Company Market share Annual premium 2018 NAIC complaint index (lower is better)
Allstate 8.05% $741 .29
American Family 6.65% $932 .32
Erie 5.59% $892 .20
Indiana Farmers Mutual 2.57% $653 .15
Property Owners 4.49% $1,531 .36
State Farm 25.26% $925 .20
Travelers 2.36% $1,277 .08
United Farm 7.79% $1,497 .15
Note: Average rates for today are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. Data from 2015-2016 sourced from NAIC.

Home insurance rates in Indianapolis metropolitan area

Home insurance rates vary across the 10 counties that comprise the Indianapolis metropolitan area. Here are the counties along with their average yearly premiums and median home values

County Average yearly premium Median house value
Boone $938 $229,688
Brown $1,011 $204,893
Hamilton $941 $274,207
Hancock $1,019 $184,222
Hendricks $1,013 $198,486
Johnson $1,012 $176,137
Marion $1,048 $143,776
Morgan $999 $166,368
Putnam $1,024 $140,190
Shelby $996 $146,604
Madison $967 $102,311
Note: Average rates for today are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. Data from 2015-2016 sourced from NAIC.

Methodology

We gathered quotes from every city in every ZIP code in the counties comprising the Indianapolis metropolitan area. The quotes were for a home built in 1973 with the Indiana median home value of $148,885. The companies used in our analysis are Allstate, American Family, Erie, Indiana Farmers Mutual, Property Owners, State Farm, Travelers, USAA and United Farm.

Market share, geographic and demographic data were sourced from Standard & Poor's Financial Services.

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