The Best Indiana Home Insurance Companies of 2020

Fact-checked with HomeInsurance.com

4 min read
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Indiana homeowners rely on home insurance companies for steadfast coverage when the worst occurs and disaster strikes. In 2018, the state racked up nearly a million dollars in incurred losses for homeowners.

Midwesterners in the region must face natural disasters like tornadoes and flooding, so getting reliable home coverage is important for all Indiana homeowners.

When looking into prospective home insurers, it’s important to consider factors like the value of the home, types of coverage, deductible amounts, coverage add-ons and what perils are covered under the policy.

Finding the right home insurer is an involved process, but we found the best home insurers Indiana has to offer.

The top home insurance companies in Indiana

To find the best home insurance companies in Indiana, we looked at ratings from professional industry organizations like J.D. Power, AM Best and the Better Business Bureau. After we determined which companies had positive ratings, we checked to see if they provide coverage in Indiana. Once we found the top home insurers in the state, we focused on each company’s individual policies and how well the offered features match up to the needs of homeowners in the area.

Here are the best Indiana homeowners insurance providers:

  • Allstate: No matter what type of home coverage is desired, Allstate’s excellent variety of coverage options will fit the needs of most. This company also provides other insurance products for businesses, cars and renters.
  • Cincinnati Insurance: The transparent pricing and flexible billing options make Cincinnati Insurance a user-friendly choice for home coverage. Aside from homeowners, the company also offers insurance for business, carsand life.
  • Erie: This top-ranked insurer earned a perfect score in overall customer satisfaction for J.D. Power’s 2019 U.S. Home Insurance Study, and AM Best graded Erie A+ in financial stability. The company also offers coverage for business, boats, cars and life.
  • Indiana Farm Bureau: Located in downtown Indianapolis, Indiana Farm Bureau provides comprehensive home insurance forfellow Hoosiers, including protection for dwelling, other structures, personal property and liability. This provider also offers coverage for business, boats, farm and crop, life and renters.
Company
J.D. Power
AM Best
Better Business Bureau
Erie
5 out of 5
A+
A+
Allstate
3 out of 5
A+
A+
Cincinnati Insurance
Not rated
A+
A+
Indiana Farm Bureau
Not rated
A-
A+

Average homeowners insurance cost in Indiana

The average cost of an annual premium for home insurance in Indiana is $2,423, which is slightly higher than the national average of $2,305.

Unfortunately, the four companies profiled in this review do not give out dollar amounts in their online quoting. To get a quote on how much the insurance premium will be for a specific home, call and speak to a live agent. After getting all the details on the home, the agent can calculate the cost of coverage.

State
State ranking
Average annual premium
Oklahoma
1
$4,445
West Virginia
21
$2,486
Indiana
22
$2,423
New Mexico
23
$2,299
Hawaii
51
$499
National average
$2,305

The reason why the state’s ranking isn’t lower may be due to the natural disasters that the region faces. Tornadoes and flooding are both worries that Indiana homeowners should be well-aware of when applying for home insurance.

Home insurance coverage options in Indiana

The exact coverage options that are available in a policy differs from company to company, but here are a few of the common coverages included in most standard home insurance policies in Indiana.

  • Dwelling:This covers damage to the house and attached structures, such as a garage or porch. Dwelling coverage also pays for permanent fixtures like plumbing and electrical wiring.
  • Other structures: This covers damage to freestanding structures like fences, tool sheds and other structures that are not attached to the main house.
  • Personal property: This covers the value of personal possessions like electronics, furniture and jewelry.
  • Loss of use: This covers additional living expenses while the insured home is under repair.

Aside from these standard coverages, Indiana homeowners should also look into coverages for tornadoes and flooding, as the region has historically experienced both disasters. Some people even choose to get extra hazard insurance added to their home policy.

Tornados are a peril that is commonly covered by home insurance, but check the policy to make sure before signing up.

Flood insurance is generally offered separately from standard home policies. Some companies, like Erie, offer insurance for flooding, but many homeowners choose a policy from the National Flood Insurance Program.

Common causes of home insurance losses in Indiana

It’s not uncommon to file a claim as a homeowner—insurers expect it with their policyholders. Here are a few of the usual suspects that would cause someone to file a claim:

  • Fire, smoke, windstorm, hail and lightning damage
  • Freezing, rupturing or accidental overflow of plumbing, heating and air-conditioning
  • Identity and credit card theft
  • Trees and other falling objects

All homeowners in Indiana should at least look into insurance for tornadoes and flooding. In 2016, there were 111 claims filed in Indiana for the National Flood Insurance Program, and 6 out of the 10 costliest U.S. catastrophes involving tornadoes impacted Indiana homeowners.

Frequently asked questions

What is the best homeowners insurance in Indiana?

The best homeowners insurance in Indiana depends on the insurance needs of the homeowner. Some people want coverage at the lowest price available, while others desire comprehensive coverage for all events and don’t mind paying a higher premium for the best insurance policy. Determine your needs and get several quotes to determine the best option for you.

How do I get homeowners insurance in Indiana?

Many home insurers who offer their services in Indiana don’t give out dollar amounts with their online quotes, so the best way to get coverage is to call around to different companies and get individualized quotes for the home.

Is homeowners insurance required in Indiana?

The state of Indiana does not require its citizens to have homeowners insurance, but many mortgage lenders do require people to have home insurance as a prerequisite for getting a mortgage.

Where can I find out more about homeowners insurance?

To find out more about the ins and outs of the home insurance industry check out our comprehensive page on the subject. Anyone looking for more info can head over to the National Association for Insurance Commissioner’s Consumer Guide to Homeowners Insurance.