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Best homeowners insurance in Indiana of 2022
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What To Know First
How Bankrate chose the best home insurance companies in Indiana
To find the best Indiana homeowners insurance, we reviewed top home insurance companies in the state using our unique rating system and premium data from Quadrant Information Services. Based on our findings, each carrier earned a Bankrate Score out of five points. Scores are based on important features like price, coverage options, financial strength, accessibility and online/mobile tools.
When comparing home insurance companies in Indiana, checking the Bankrate Scores for companies you are interested in can be helpful. Insurers with a high score stand out in multiple areas and are considered strong companies overall. On the other hand, low Bankrate Scores indicate that the carrier might struggle in certain areas, so you should investigate further to see if the company will meet your needs.
Best home insurance companies in Indiana
There are many reputable homeowners insurance companies in Indiana, but not all are created equal. According to our review, the best home insurance companies in Indiana are Erie, Auto-Owners and Nationwide. In addition, some top providers identified offer rates below the statewide average, which is $1,180 per year for a policy with $250,000 in dwelling coverage.
In the table below, you can see which Indiana homeowners insurance companies we recommend, as well as their average annual premiums, Bankrate Scores and third-party ratings.
Indiana Farm Bureau
How much is homeowners insurance in Indiana?
Home insurance considerations in Indiana
Common causes of loss in Indiana
- Tornadoes: Tornadoes are serious weather-related disasters that Indiana homeowners face. In 2021, 20 tornadoes were confirmed in Indiana, and since 1950, more than 1,400 tornadoes were recorded. In most cases, a standard home insurance policy will cover tornado damage.
- Earthquakes: Homeowners may be unaware that Indiana experiences earthquakes. The last earthquake recorded in Indiana was in June 2021, when a 3.8 magnitude earthquake struck the Indiana-Illinois border, roughly 1.9 miles west of Bloomingdale, IN. Because standard home insurance policies don’t cover earthquakes, Indiana homeowners may consider a separate earthquake insurance policy or add the coverage as an endorsement.
- Flooding: In Indiana, severe storms are common during summer, often bringing heavy rain and flash flooding. In 2021, there were 103 floods or heavy rain events. A flood insurance policy can be beneficial in protecting your home from flood damage.
- Flood insurance: Home policies don’t cover flood damage, so you may want to consider a flood insurance policy. You can often buy flood coverage from the federally-backed National Flood Insurance Program (NFIP) or from many private insurers that underwrite flood policies.
- Sewer backup: Homeowners with basements may find it important to add a water and sewer backup endorsement to their policies. If you don’t have a basement, this add-on coverage could help protect your finances if your home’s damage is 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 may qualify for replacement cost roof coverage. Indiana’s weather hazards — including damaging straight-line winds, hail and tornadoes — can lead to roof damage. This endorsement can help ensure that you’re paid the amount to replace the damaged portions of your roof, rather than depreciation being factored into your claim payment.