Best and Cheapest Homeowners Insurance in Indiana
- Best and Cheapest Homeowners Insurance in Indiana
Although it’s usually a prime example of classic, Midwestern living, Indiana does experience weather conditions that, at times, can turn brutal. Parts of the state are prone to tornadoes, harsh winters, and lake-effect snow.
Homeowners generally have enough to worry about on a day-to-day basis without the effects of severe weather, break-ins, or other uncontrollable events looming at a moment’s notice.
The time and money you put into making your home a special place for yourself and your family is likely the most significant investment you’ll make in your lifetime. One of the wisest moves you can make as a property owner is to financially protect your house with homeowners insurance.
We’ve made this comprehensive guide on Indiana homeowners insurance so you can be informed before you buy a policy. Keep reading to learn about average home insurance costs in Indiana, the companies that offer the cheapest home insurance in Indiana, common requirements, important cost factors, and more.
How Much is Homeowners Insurance in Indiana?
The average home insurance cost in Indiana is about $2,314 per year for $300,000 worth of dwelling coverage. You can pay more or less than this, depending on how much insurance you need. Certain characteristics about yourself and your property will also influence how much you spend.
Larger, more expensive homes in Indiana will need more coverage than smaller, simple homes. This is primarily due to higher replacement costs, which raise your dwelling coverage needs. See how the average home insurance cost in Indiana changes based on the replacement cost of your home below.
Average Cost of Homeowners Insurance in Indiana
Cost of House
What Does Homeowners Insurance in Indiana Cover?
When you invest in an Indiana home insurance plan, you get comprehensive protection for your property and financial liability in several ways. Every homeowners insurance policy in the state comes with the following coverages:
Coverage A: Dwelling
Dwelling coverage protects your home structurally, safeguarding the physical components that make up your house, such as the roof, walls, floor, air conditioning, wiring, and more.
Carriers determine the amount of dwelling coverage you need by looking at your home’s replacement cost, which is the amount it would take to rebuild your house from scratch based on labor and material costs.
Coverage B: Other Structures
Other structures coverage covers permanent fixtures and features on your property that aren’t attached to your main house. Such features would include fences, sheds, detached garages, gazebos, and more.
Indiana home insurance companies typically allot other structures coverage limits that are 10% of your dwelling coverage limits. For example, if you had a $250,000 dwelling coverage limit, you’d likely have $25,000 of other structures coverage.
Coverage C: Personal Property
Personal property coverage protects your belongings in and around your property. Your clothes, furniture, electronics, tools, jewelry, and more fall under personal property coverage.
If these items get damaged by a covered peril or stolen, your insurer can reimburse you on an actual cash value or replacement cost basis.
Coverage D: Loss of Use
Loss of use coverage applies if you’ve been forced to move out of your house due to covered property damage. While your provider is repairing your home, they can pick up the tab on your lodging, food, gas, and more while you’re displaced through loss of use coverage. Loss of use coverage limits are often around 20% of your dwelling coverage limit.
Coverage E: Personal Liability
Personal liability coverage financially protects you if you’re found liable for someone’s injury. Let’s say someone slips and falls on your stairs, or your dog bites someone. If that person pursues you for damages, your liability coverage can cover their medical expenses and your legal fees.
Coverage F: Medical Payments
Medical payments coverage is similar to liability coverage, but it’s set aside for only minor injuries. Liability limits are at least $100,000 and often higher, while medical payments limits are typically around $2,000 to $5,000.
What is the Best Homeowners Insurance in Indiana?
The best homeowners insurance in Indiana will be the policy and company that protects you the best at a price that works for you. This option will vary by person depending on several variables. The best homeowners insurance in Indiana for you may not be the best for someone else, which is why you should compare many facets of different companies.
Money is the primary concern for most people when it comes to insurance coverage. We analyzed some of the largest and best home insurance companies in Indiana. You can see their average rates below.
Homeowners Insurance in Indiana Average Cost for a $250,000 House
In addition to looking at average premiums, you may also want to compare customer service experiences from different companies to see what dealing with them may be like. You can also look for referrals through friends and family or consult an independent agent to help you find the right choice.
You can also compare carriers’ financial strength through certain rating agencies like A.M. Best or Moody’s to find the best homeowners insurance in Indiana. Your state’s department of insurance website may have some of this information. Reading reviews people leave online can also offer some valuable insight into providers.
Companies With the Cheapest Home Insurance in Indiana
Based on our table above, Allstate and Erie have some of the cheapest home insurance in Indiana. These might be good places to start your coverage search, but you should always compare several options before buying a policy to know you’re getting the best deal.
But, know that the cheapest home insurance in Indiana isn’t always the best. If you experience great customer service with one provider, you may be willing to pay a little more for their quality care.
Homeowners can bundle their home insurance policy with their car insurance. Different companies have different bundling discounts, and you may be able to save anywhere from 10-25% on your premiums. When looking for cheap homeowners insurance in Indiana, ask providers about bundling discounts and other potential discounts you may qualify for.
More to Know About Indiana Home Insurance Companies
As you can probably tell, there’s a lot to keep track of when shopping for homeowners insurance in Indiana. We’ve gone over some average homeowners insurance rates in Indiana.
There are over a hundred Indiana home insurance companies that can offer you coverage. Keep reading to learn what to expect from Indiana home insurance companies regarding cost factors, requirements, and more.
Factors That Affect the Average Home Insurance Cost in Indiana
Insurance companies analyze a variety of risk factors before offering a policy through a process called underwriting. They need to do this to verify that offering a policy is a financially sound move for them. Each company has a slightly different way of underwriting, but many factors that influence premiums are still the same.
Some of the most important factors that affect homeowners insurance rates in Indiana are:
- Home age
- Home style
- Home location
- Policy deductible
- Claims history
Home insurance companies prefer to cover newer houses because newer homes are generally safer and have fewer issues that can lead to a claim. Wear and tear-related problems, such as old roofs, pipes, or siding, can raise rates or jeopardize your ability to get coverage entirely. Older home components can negatively affect your home’s ability to withstand severe weather if they don’t cause a claim directly.
The stylings and features of your house can also affect rates. Brick houses are sturdier and more fire-resistant than frame homes. As a result, brick homes may have lower premiums comparatively. Also, certain features can raise premiums, such as trampolines, pools, or playground equipment. Conversely, features like deadbolt locks or home security systems can lower premiums.
Indiana has certain weather-related events that insurers must take into account also. Homes closer to Lake Michigan may be more prone to heavy lake-effect snow, which can cause frozen pipes, ice dams, and more.
Additionally, southern parts of the state are prone to tornadoes. Insurers will note if you live in an area where tornado damage is more common, which can raise your rates. You may also pay more if you live in a high-crime area.
Aspects of your policy also affect how much you pay. Choosing a higher deductible can lower your premiums, while opting for a lower deductible, which puts your insurer on the hook for more money in case of damages, will raise your premiums.
Indiana Homeowners Insurance Laws to Know
State governments regulate insurance carriers to verify that companies don’t act outside their rights. The law gives benefits to providers and consumers.
For instance, Indiana homeowners insurance laws allow companies to consider your claim activity when deciding to renew your policy. Filing several claims can raise your premiums, and filing too many claims within a short period can cause a carrier not to renew your plan.
The number of claims considered excessive varies by company, but be aware that filing more than one in a policy term will likely influence your coverage. And, try not to file too many claims for minor damage.
Companies have certain timelines they need to follow when responding to claims. They will also outline steps you should take during the claims process in your policy to help the process go as smoothly as possible.
Is Homeowners Insurance Required in Indiana?
No, homeowners insurance isn’t required by law in Indiana. But, a mortgage lender will require you to have a policy for the life of your mortgage loan. Lenders mandate homeowners insurance to protect their investment in your property.
When a mortgage company lends you money for a house, they don’t want the property to get damaged or destroyed. If it did, they’d have no way to make their money back on your house. So, lenders will require you to maintain home insurance. Many first-time homebuyers will have this process simplified with an escrow account.
When you pay off your mortgage, or if you never had one in the first place, no one will require you to have homeowners insurance in Indiana. But, know that if you don’t have a policy, you’ll be responsible for fixing any home or property damage you experience out of your own pocket.
How to Get Indiana Home Insurance Quotes
Getting home insurance quotes in Indiana is easy with Clovered. You can get a quote entirely online and compare your options from several providers.
We partner with the nation's top homeowners insurance companies so you can get a custom 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.