Best homeowners insurance in Indianapolis

Your guide to the best homeowners insurance companies in Indianapolis, the cost of coverage by ZIP code, and special considerations for Indianapolis homeowners.

Pat Howard 1600

Pat Howard

Published October 25, 2019

Homeowners insurance is important and lender-required protection for your home, your personal property, and your combined assets in the event your property is damaged or you’re sued because of an accident. If you’re one of the approximately 175,000 Indianapolis residents who owns a home, you’ll want to make sure you have a good homeowners insurance policy and that you’re insured with a reputable company.

Keep reading for our guide on homeowners insurance in Indy.

The best homeowners insurance companies in Indianapolis

When comparing policies, pay special attention to companies’ financial strength, the depth of coverage for standard policies, customer service ratings with J.D. Power and Consumer Reports, and the number of discounts offered.

Of the insurers offered by Policygenius, we determined the most affordable homeowners insurance companies in Indianapolis were Hippo and Travelers—both quoted an average annual premium of around $1,300 for $300,000 in coverage. Safeco had the highest rates, with an average annual premium of $2,000 for $275,000 of coverage.

Insurance companyAverage quoted replacement costAverage annual premium
Hippo$300,000$1,300
Metlife$400,000$2,100
Nationwide$300,000$1,550
Safeco$275,000$2,000
Stillwater$275,000$1,575
Travelers$300,000$1,300

Methodology: Average annual premium for each insurance company was calculated using Policygenius quoting data.

Indianapolis homeowners insurance prices by ZIP code

When determining your homeowners insurance premium, companies factor in your coverage amounts, the makeup, build and age of your home, your credit score, and where your home is located.

Among the areas where Indianapolis homeowners submitted quotes with Policygenius, the best deal on coverage was in the 46254 ZIP code, with a $1,000 average annual premium for $200,000 of coverage. The highest rates quoted were for homes in the 46224 ZIP code, which averaged a $2,025 premium for $150,000 of coverage.

ZIP codeAverage quoted replacement costAverage annual premium
46201$200,000$1,600
46203$225,000$1,175
46205$275,000$1,175
46218$175,000$950
46220$325,000$1,550
46224$150,000$2,025
46237$350,000$1,550
46254$200,000$1,000
46256$275,000$1,375

Methodology: Average annual premium for each ZIP code was calculated using Policygenius quoting data.

policygeniusSymbolCenter

Policygenius is the easy way to compare home insurance.

"Policygenius is an easy-to-use online service dedicated to educating consumers about insurance."

– Forbes

Indianapolis homeowners insurance rates by coverage amount

The amount you pay for homeowners insurance is directly impacted by your coverage amounts. Your home’s insured value or dwelling coverage amount should be equal to the rebuild cost of the home.

Here is the average rate for three different coverage levels for a home in Indianapolis.

Coverage amountAverage annual premium
$200,000-300,000$1,400
$300,000-400,000$1,400
$400,000-500,000$1,525

Methodology: Average annual premium for each ZIP code was calculated using Policygenius quoting data.

Special considerations for Indianapolis residents

Storm damage

Indianapolis residents don’t have a whole lot to worry about in terms of catastrophic weather or natural disasters. The region experiences the occasional tornado, blizzard and ice storm, and flooding, but nothing in overwhelming abundance. All the same, Indy homeowners should assume the worst when it comes to protecting their home, personal belongings, and assets.

Property crime

In addition to protecting your home against bad weather and natural disasters, homeowners insurance also covers you from human-induced loss like theft and arson.

Indianapolis has one of the highest property crime rates in the country, averaging about 4,000 reported offenses per 100,000 residents annually—about double the national average. Pay close attention to the portion of your policy that reimburses you for damage or theft of personal belongings. Certain items—like jewelry, furs, art, and instruments—are only covered up to a certain limit and may need to be scheduled under a personal valuables endorsement depending on its value.

Homeowners insurance resources for Indianapolis residents

Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.