Best Condo Insurance in Indiana
- Best Condo Insurance in Indiana
Whether you’re a current condominium owner or considering purchasing one, it’s essential to understand the importance of condo insurance. There’s no other way to financially protect your belongings, liability, and more in one policy.
With so many options for home insurance, finding which provider and policy is right for you can be challenging. In this guide, we’ll review how personal condo insurance works with your association’s insurance policy. And, we’ll go over helpful information and tips to help you find the best condo insurance in Indiana.
How Much Is Condo Insurance in Indiana?
The average Indiana condo insurance cost is $360 annually or $30 per month. Rates at common coverage levels ranged from $26 to $41 every month.
It’s important to know that your exact premium may be higher or lower due to your individual circumstances. Many factors affect the cost of condo insurance, and you can experience different rates than your neighbor in the same building depending on your insurance provider, personal details, and more.
Nevertheless, it’s helpful to be familiar with average costs to know what to expect when shopping for coverage. Below are average Indiana condo insurance rates at different common coverage levels.
Average Cost of Condo Insurance in Indiana
$20,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 and over
Avg. Annual Rate
Avg. Monthly Rate
Generally, the higher coverage limits you request, the more you pay for insurance. The difference between the lowest and highest categories of coverage on our list was $195 per year. Since the average Indiana condo insurance is only $30 per month, indicating most people fall well under $100,000 of coverage.
What Does Condo Insurance in Indiana Cover?
Condo insurance in Indiana provides coverage for a variety of aspects related to your condominium unit, mainly personal belongings and liability of unit owners. Condo insurance policies protect against several damage sources called perils, such as theft, water, wind, and fire damage.
The protection your condo insurance policy provides is typically divided into sections as follows:
Personal Property Coverage
Personal property coverage in condo insurance protects your belongings, such as furniture, clothes, electronics, tools, and more, from covered perils.
Loss of Use Coverage
Loss of use coverage will help cover living expenses if you’re forced to move out of your unit after significant property damage makes it unlivable. Your insurance company can cover lodging, groceries, gas, and more through loss of use coverage while you’re displaced.
Liability coverage financially guards you in case you’re found liable for causing an injury or property damage to someone else. Your liability coverage can help with medical expenses, legal fees, and more.
Medical Payments Coverage
Medical payments is a coverage designed to help with minor injuries someone can suffer without the need for legal liability. It has much smaller limits than liability coverage.
Loss Assessment Coverage
Loss assessment coverage comes in handy if a property damage or liability claim exceeds your condo association’s insurance limits. If your association tries to pass costs on to you through an unexpected assessment, your insurer can cover it through loss assessment coverage.
Building Property (Dwelling) Coverage
Dwelling coverage in condo insurance protects surfaces and features inside your unit, such as flooring, countertops, and lighting, from covered peril damage.
How to Get the Best Condo Insurance in Indiana
You must know your coverage needs and shop around to find a good rate for the best coverage in Indiana. Don’t sacrifice protection for price, though, as you should be able to get a policy that sufficiently covers you at a price that works.
Know Your Coverage Needs
When you live in a condo, you just own your unit outright while sharing ownership of the building and common areas. As a result, you share the insurance burden of the building structure and common areas with other residents, and you pay for insuring the complex overall through your homeowners association (HOA) dues. Every condo HOA has a master insurance policy protecting the building’s exteriors, lobby, elevators, stairwells, amenities, and other shared spaces.
The coverage of your HOA master policy influences the coverage you need for your personal condo insurance. Some master policies, called walls-out or bare-walls policies, cover nothing in your unit. Other times, HOA plans will cover permanent fixtures in your dwelling, like the counters, cabinets, and flooring, since they’re technically part of the building.
Such protection, called walls-in coverage, can help you save money on your personal condo insurance because, with walls-in coverage, you may not need dwelling coverage in your policy.
The best condo insurance in Indiana will likely include loss assessment coverage if you can fit it into your budget. Loss assessment coverage is usually optional, but it can come in handy if your complex ever experiences unexpected damage that exceeds the HOA reserves.
Assessments are never welcome, and paying your insurance company to cover assessments for you may be worthwhile instead of paying for them unplanned out of pocket.
Recognize Policy Limits
You should also note how damage is covered in your policy so you can change it if you want. For instance, insurers usually cover personal property damage one of two ways: at actual cash value or replacement cost.
With actual cash value coverage, your provider subtracts depreciation from the purchase price of your item depending on its age before reimbursing you during a claim. With replacement cost coverage, your carrier will pay to replace your item with a new one based on what you paid for it. Replacement cost coverage has higher payouts, but it is also the more expensive option.
You should also note sub-limits in your policy that limit protection for notably valuable items like art, jewelry, and memorabilia. Coverage for these items is usually capped at around $5,000, regardless of your personal property limit. So, if you want to fully protect costly valuables, consider scheduling them in your policy.
Tips for Getting the Cheapest Condo Insurance in Indiana
Everyone wants to save money when possible. When looking for coverage, keep these tips in mind to find cheap condo insurance in Indiana:
- Shop around
- Adjust coverage limits
- Raise your deductible
Taking the time to shop around and gather multiple quotes allows you to make an informed decision and save money. Providers’ rates vary, and you can see different premiums and discounts depending on your personal situation.
Altering your coverage limits can lower your rates. You shouldn’t be underinsured, but you can also avoid overpaying for coverage you don’t need. Adjust your personal property, liability, and medical payments coverage amounts as needed.
A quick way to lower your premiums is by raising your deductible. Your deductible is the amount damage must exceed before your provider can cover the bill. You can reduce your rates by opting for a higher deductible, meaning you’ll pay more out of pocket for damage. Don’t raise your deductible too high, though, or else your carrier can never help you.
What Determines the Average Cost of Condo Insurance in Indiana?
Average condo insurance in Indiana runs will cost you about $360 per year. Several variables affect this average. Insurance companies analyze various factors that influence your risk of property damage, and condos with higher chances of property damage are riskier and will have higher premiums.
If you have dwelling coverage in your policy, the cost of your dwelling will influence your premiums. Higher-value properties with more expensive or harder-to-replace features will need more coverage, which will cost more. Having higher coverage limits raises your premiums.
Condo buildings in areas prone to natural disasters, such as tornadoes or flooding, can have higher premiums than buildings not at risk of such damage.
Is Condo Insurance Required in Indiana?
Condo insurance isn’t mandated by law in Indiana, but mortgage lenders and condo associations can require unit owners to get policies.
When mortgage lenders loan money for a condo unit, they’ll require personal insurance as part of the mortgage. This protects their investment in your condo. If your unit gets destroyed, they can recoup the money they invested through the insurance policy.
Even if you didn’t purchase your condo with a mortgage, you may be required to get HO-6 insurance by your condo association. Some HOAs want all residents to have coverage to limit the liability of everyone in the complex.
We would never recommend going without condo insurance coverage, even if no one is telling you to have a policy. Condo insurance is a financial safety net that can save you thousands of dollars and relieve headaches and burdens if disaster strikes. It only needs to pay for itself one time.
The Best Way to Get Condo Insurance Quotes in Indiana
Shopping around is important to find the most competitive and affordable policy to meet your needs. When you need condo insurance quotes in Indiana, consult an independent insurance agency like Clovered for help.
We partner with several of the best Indiana condo insurance companies, and with our online quoting tool, you can compare multiple plans at once to find the best rate. If you want to speak to a licensed agent with any questions, our team members are standing by to help with your quote.
Protect everything your condo association doesn't with a custom condo insurance policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.