Best homeowners insurance in Indiana of 2021
The average cost of home insurance for a $250k home in the United States is $1,477. In Indiana it is $1,252, or 15% less. Though this may sound like a lot of money, it’s not when you consider worst case scenarios.
In 2018, the state racked up nearly a million dollars in incurred losses for homeowners, with wind, hail, fire and lightning damage topping the list of losses. To make matters worse, Indiana is also subjected to tornadoes and flooding, getting approximately 22 cyclones a year.
When looking into homeowners insurance Indiana coverage, 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 Indiana home insurance to help you save money.
Best 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. We also used 2021 rate data from Quadrant Information Services to determine average rates.
Here are the best homeowners insurance Indiana providers:
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power customer satisfaction score|
|Cincinnati Insurance||$768||Not rated|
|Indiana Farm Bureau||$1,658||Not rated|
Allstate has a variety of coverage options that can help meet the needs and wants of many Indiana residents. Options include identity theft restoration, water backup coverage, green improvement reimbursement and HostAdvantage for people who rent their homes with vacation services like AirBnB. This company also provides other insurance products for businesses, cars and renters.
The transparent pricing and flexible billing options make Cincinnati Insurance a user-friendly choice for home coverage for many people. Cincinnati offers bundles of coverage options to help people find what they need. Aside from homeowners, the company also offers insurance for business, cars and life.
Erie is a top-ranked insurer and earned a high score in overall customer satisfaction for J.D. Power’s 2020 U.S. Property Claims Satisfaction Study, and AM Best graded Erie A+ in financial stability. Erie offers certain eligible policyholders benefits like credits for certain security devices and home business protection. The company also offers coverage for business, boats, cars and life.
Indiana Farm Bureau
Located in downtown Indianapolis, Indiana Farm Bureau provides comprehensive Indiana home insurance for fellow 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.
Nationwide can meet insurance needs for a wide variety of people, and the helpful app is an option for people who like to manage their policies from wherever they are. Nationwide reports that it’s possible to save up to $646 a year when you bundle policies, and other available discounts could save eligible policyholders even more.
Average cost of homeowners insurance in Indiana
The average cost of home insurance in Indiana is $1,252, which is lower than the average of $1,477. However, your provider will determine your rate based on a variety of factors, so you could pay closer to the national average or lower than the state average.
Home insurance considerations in Indiana
Statewide, Indiana has to deal with both flooding and tornadoes on occasion. If it weren’t for these natural disasters, Indiana homeowners would possibly pay even less for homeowners insurance each year.
Indiana common causes of insurance loss
It’s not uncommon to file a claim as a homeowner—insurers expect it with their policyholders. Here are a few of the usual reasons 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
From the years of 2018 and 2019, 74 counties in Indiana were eligible for disaster relief. 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.
Common 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 Indiana home insurance policies.
- 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. Should wind damage befall your home, this is what you need.
- Other structures: This covers damage to freestanding structures like fences, tool sheds and other structures that are not attached to the main house. It’s important to insure these because they contribute to your home’s overall value, and will help you sell should you ever decide to move.
- Personal property: This covers the value of personal possessions like electronics, furniture and jewelry. Many homeowners often choose to not worry about extensive personal property protection and forget the cumulative value of their belongings.
- Loss of use: This covers additional living expenses while the insured home is under repair. You’ll want this one should a tree damage your roof and you’re waiting for everything to be fixed.
Aside from these standard coverages, insurance experts sometimes recommend 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.
Frequently asked questions
What is the best homeowners insurance in Indiana?
The best home 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 (or specifically home insurance in Indianapolis) 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. For this reason, homeowners still need the best homeowners insurance in Indiana.
Where can I find out more about homeowners insurance?
To find out more about the ins and outs of the Indiana 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.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.