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Best homeowners insurance in Indiana for 2024

Updated May 01, 2024

Erie, Auto-Owners and Nationwide are some of the best home insurance companies in Indiana, per Bankrate’s research.

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Compare the best homeowners insurance companies in Indiana

Bankrate used data provided by Quadrant Information Services to determine average rates for the top Indiana home insurance companies. Homeowners in Indiana pay an average of $1,645 for $300,000 of dwelling coverage, which works out to about $137 a month. This is 24 percent less than the national average of $2,153.

To further our analysis, we reviewed financial strength ratings from AM Best and customer satisfaction scores from J.D. Power, then awarded each company a Bankrate Score to reflect our overall findings. Using these criteria, some of the best homeowners insurance in Indiana included Erie, Auto-Owners, Nationwide, Indiana Farm Bureau and Encompass.

Insurance company J.D. Power Average monthly premium Average annual premium
834
/1,000
$198
$2,372
856
/1,000
$105
$1,258
812
/1,000
$111
$1,332
Not rated
$187
$2,245
Indiana Farm Bureau
Not rated
$227
$2,719

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Bankrate's trusted insurance industry expertise

Read our full methodology

The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

The top 5 home insurance companies in Indiana

Best for add-on coverage

Auto-Owners

4.6

Rating: 4.6 stars out of 5

Avg. premium for $300K dwelling

$198/mo

Avg. premium for $300K dwelling

$2,372/yr

Customer satisfaction

834/1,000

Best for low rates

Erie

4.4

Rating: 4.4 stars out of 5

Avg. premium for $300K dwelling

$105/mo

Avg. premium for $300K dwelling

$1,258/yr

Customer satisfaction

856/1,000

Best for discounts

Nationwide

4.3

Rating: 4.3 stars out of 5

Avg. premium for $300K dwelling

$111/mo

Avg. premium for $300K dwelling

$1,332/yr

Customer satisfaction

812/1,000

Best for replacement cost coverage

Encompass

3.7

Rating: 3.7 stars out of 5

Avg. premium for $300K dwelling

$187/mo

Avg. premium for $300K dwelling

$2,245/yr

Customer satisfaction

Not rated

Best for customer service

Indiana Farm Bureau

3.5

Rating: 3.5 stars out of 5

Avg. premium for $300K dwelling

$227/mo

Avg. premium for $300K dwelling

$2,719/yr

Customer satisfaction

Not rated

Additional Indiana home insurance companies to consider

Cincinnati Insurance

Cincinnati Insurance

Who this may be best for

Homeowners with high-value properties

Cincinnati Insurance may be a good option if you require coverage unique to high net worth individuals, such as having a home valued over $1 million or need kidnap and ransom coverage. Depending on the homeowners package you select, you can obtain wildfire protection services, a preferred flood policy with enhanced coverage or a capstone green upgrade, which uses green materials to rebuild your home after a covered loss.

Read Bankrate’s Cincinnati insurance review to learn more about its policy types and coverage options.

Westfield

Westfield

Who this may be best for

Homeowners who want to bundle their insurance products

Westfield offers coverage for homes and vehicles in 10 states, including Indiana. Aside from standard coverage, it also specializes in high-valued homes. Westfield may be a good option for a luxury homeowner looking for additional benefits such as equipment breakdown and replacement cost coverage. Westfield has a suite of coverage options available to farmers and other agribusinesses, so Indiana farmers may want to consider Westfield as a way of keeping their insurance products with one company.

To better understand what Westfield offers, read Bankrate’s in-depth Westfield insurance review.

Indiana Farmers Insurance

Indiana Farmers Insurance

Who this may be best for

Homeowners who prefer local agents

Indiana Farmers Insurance was established in 1877 and is based and solely operates in Indiana. Homeowners looking for local agents, insurance bundles and a company with longevity may want to consider Indiana Farmers. It has had an AM Best rating of A (Excellent) for over 50 years. Its offerings are simple for both auto and home, but Indiana Farmers also has farming and business coverage.

Cheapest home insurance companies in Indiana

Indiana home insurance costs have risen over the past five years which is prompting many homeowners to look for more affordable policies. If finding the best cheap home insurance in Indiana is your goal, here are five insurance providers with some of the lowest average annual insurance rates in the Hoosier State.

Carrier Monthly premium for $300k coverage Annual premium for $300k coverage Savings vs state avg. for $300k coverage
Buckeye State Mutual
$51
$612
- $1,033
$68
$820
- $825
$102
$1,228
- $417
$105
$1,258
- $387
$108
$1,302
- $343

How to get cheap Indiana home insurance

Although Indiana's average rates for home insurance are already on the low side, it's likely that you want to find the best possible coverage at the lowest possible rate. Here are a few strategies you can use to help you save money on your Indiana home insurance:

  1. Shop around: Don't settle for the first insurance quote you receive. Ask several companies to give you a quote, making sure you are asking for the same coverage levels from each one (or as close to the same as possible). You may be surprised to find a wide range of prices.
  2. Bundle your policies: Many insurers will offer savings on your premium if you purchase more than one insurance product from them. Most frequently, homeowners and auto insurance are bundled. But you could also ask an agent about bundling motorcycle, boat or another type of insurance.
  3. Work on your credit score: Individuals with high credit scores are likely to be offered the best rates by insurers since they have a demonstrated history of paying their bills promptly and fully. A low credit score may lead your insurer to wonder if you'll be able to pay your premium on time every month.
  4. Repair your roof: An older or damaged roof may cause a costly claim, so you may earn a lower rate if you replace your roof. Installing one made of storm-resistant materials could even earn you a discount.

Best home insurance discounts in Indiana

Another way to save money on your Indiana homeowners insurance is by taking advantage of discounts. Almost all insurers offer at least a few. Experts recommend contacting your agent at least once a year to ask which discount opportunities you may qualify for. Here are a few that are common in Indiana:

Many insurers offer a discount if you purchase multiple insurance products from them, such as your home and vehicle coverage.
Since there is an increased risk of fires when there is a smoker in the house, insurers will often offer a discount to homeowners who don’t smoke.
Anything that makes your home a safer place, from smoke detectors to security systems, could potentially earn you a discounted rate.
If you go a certain number of years—often three to five—without filing any claims, you could earn a discount from some Indiana carriers.
You can potentially earn a discount for having a good payment history. You may also qualify for savings if you can pay your entire year's premium in one payment.
Some insurers may offer savings if you purchase your policy online rather than through an agent.

How to save on home insurance policy renewals in Indiana

While homeowners in Indiana are lucky to have lower-than-average insurance rates, finding additional ways to save money is a smart financial move. You can find ways to put money back into your pocket without losing valuable coverage by exploring various strategies. Here are a few ideas to consider:

  • Only submit a claim when necessary: Insurance is a backup plan and should only be used when the cost to repair your home is more than what you can reasonably afford. Frequent claims increase your premium and too many small claims can be a cause for nonrenewal.
  • Keep up with home maintenance: Dwellings kept in good condition are less likely to experience damage from small storms and wind gusts. When left to deteriorate, homes may not meet underwriting standards, which can cause a loss in benefits or for claims to be denied.
  • Mitigate your risks: Be aware of your area's natural hazards and ensure your home is safeguarded. Some safety measures are simple, such as keeping gutters clear and removing dry debris from your yard. More expensive updates, like installing hurricane shutters, may help you earn a mitigation discount.
  • Inquire about discounts: If your renewal premium is more than what you anticipated, speak with your insurance agents about any discount opportunities that you aren’t taking advantage of yet.
  • Shop your policy early: You don’t have to wait until your renewal to shop for a better rate. In fact, many insurance providers offer discounts for early bird shoppers who can secure coverage at least 10 days before the policy start date.

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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How much is home insurance in Indiana?

The average cost of home insurance in Indiana is $1,645 per year, 24 percent less than the national average rate of $2,153 based on $300,000 in dwelling coverage. Indiana home insurance rates are also cheaper than some neighboring states. For example, the average home insurance premium in Kentucky is $3,049, and the average rate in Illinois is $2,186.

Indiana homeowners insurance rates by city

Home insurance rates vary from city to city and from home to home. Aside from variables like square footage and building material, factors such as land elevation, proximity to a fire department and risks of vandalism are different from one town to the next. Your insurance company weighs these risks and prices the policy accordingly. See the map and data table below for more information on how Indiana home rates change depending on location.

  • Goshen: $1,376 per year — 16 percent below state average
  • Shipshewana: $1,389 per year — 16 percent below state average
  • Topeka: $1,402 per year — 15 percent below state average
  • Syracuse: $1,403 per year — 15 percent below state average
  • Elkhart: $1,403 per year — 15 percent below state average
  • Gary: $1,972 per year — 20 percent above state average
  • West Newton: $1,866 per year — 13 percent above state average
  • Beech Grove: $1,837 per year — 12 percent above state average
  • Velpen: $1,827 per year — 11 percent above state average
  • Winslow: $1,824 per year — 11 percent above state average

What does home insurance cover in Indiana?

Home insurance is written on a standardized form. Which form you choose depends on what coverage you need, and then each insurance provider adds benefits or exclusions to make its policies unique. For example, HO-3 homeowners insurance coverage is the most common type of policy. It is written on an open-peril basis for dwelling and other structures and named perils for personal property. This simply means that your dwelling and other structures have coverage from every kind of peril, except what is specifically excluded and your personal property is only covered for the perils that are listed in the policy documents.

In areas prone to certain types of disasters, insurance providers can exclude perils to mitigate their risk. So, what does this mean for your Indiana home insurance? While most HO-3 policies offer the same coverage, understanding the risks inherent to your home can help you identify coverage gaps. Here are the most common types of damage covered by a standard HO-3 policy in Indiana. Make sure to review your policy paperwork to learn the specifics regarding your policy.

  • Fire and lightning
  • Windstorms, hail and tornadoes
  • Weight of ice or snow
  • Damage from vehicles
  • Smoke
  • Vandalism
  • Falling objects

Additional home insurance coverage types in Indiana

Once you learn about common factors that cause damage to homes in your area, you can better tailor your home insurance policy to meet your specific needs. Working with a local insurance agent could be beneficial if you aren’t sure what coverage types are best for your situation.

Coverage options residents of the Hoosier State may want to consider include:

  • Flood insurance: Standard homeowners insurance doesn’t cover flood damage, so you may want to purchase a flood insurance policy. Indiana experienced 76 flooding or heavy rain events in 2022 alone. You may be able to buy flood coverage from the federally-backed National Flood Insurance Program (NFIP) or from private insurers that underwrite flood policies.
  • Earthquake insurance: Earthquakes are excluded from home policies and Indiana is near two major seismic zones. While the most recent earthquake was only a magnitude of 2.3, homeowners may want to consider adding an earthquake endorsement to their policy considering the financial impact damage from earthquakes can cause.
  • Sewer backup: Homeowners with basements may find it important to add a water and sewer backup endorsement to their policies. But even if you don’t have a basement, this add-on coverage could help protect your finances if damage is caused by drain-line backups. It also covers sump-pump failures during a power outage.
  • Roof replacement cost: If your roof is new enough and in good condition, you might qualify for replacement cost roof coverage. Indiana’s weather hazards — including damaging straight-line winds, hail and tornadoes — may lead to roof damage. This endorsement helps ensure that your payout is enough to replace the damaged portions of your roof, rather than receiving a payout equal to the depreciated value.

Related content:

Common Indiana home insurance problems

Homeowners in Indiana don’t experience the same types of insurance issues that other states have, like Florida, Louisiana and California. However, there may be some concerns on the horizon that Hoosiers should be aware of. Due to changes in weather patterns and climbing average temperatures, Indiana is already starting to have more precipitation than average. According to the Indiana Climate Change Impacts Assessment, Indiana may see 6 to 8 percent more rainfall per year by 2050.

This increases the risk of flooding in areas that do not have flood insurance and are not included in FEMA’s flood zone map. If you are concerned with potential flooding, check your address on First Street Foundation’s Risk Factor model to see what your flood risk is today and 30 years from now.

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News that affects Indiana homeowners

Experts have pointed toward likely increases in insurance costs for residents of the Hoosier State since 2022. According to the Insurance Information Institute (Triple-I) and information from the National Centers for Environmental Information:

  • Both auto and homeowners insurance are on the rise because of several factors.
  • Increased storm activity in the state — including four severe storms and one winter storm event in 2022 — is part of the problem.
  • Indiana saw a spike in premium rates of 13.5 percent over the past five years.
  • Much of the increase was due to the higher cost of building materials, which are covered by your dwelling insurance.
  • Mark Friedlander of Triple-I recommends that homeowners consider flood insurance, even if they are not in a flood zone because flooding is increasingly occurring in parts of the state that have never seen flooding before.
  • It’s recommended to get at least three quotes when looking for coverage. Additionally, consider doing an annual review of your policy to ensure that you have the best coverage for your needs.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze May 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 
5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
Written by
Shannon Martin
Writer, Insurance

Shannon Martin is a licensed insurance agent and Bankrate analyst with over 15 years of experience in the industry. She enjoys helping others navigate the insurance world by cutting through complex jargon and empowering readers to make strong financial decisions independently.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute