More on Home Insurance
More on Home Insurance
The cost of homeowners insurance in Indiana is $1,498 a year for the average amount of coverage. Indiana residents can compare rates from multiple companies with Policygenius.
Published August 12, 2020|7 min read
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Homeowners insurance is essential financial protection for the 69% of Indiana residents who own a home, especially given the Hoosier State’s penchant for tornadoes in the spring and summer months and heavy snowfall in the winter.
The statewide average cost of homeowners insurance in Indiana is $1,498 but policy premiums can differ greatly based on specific factors related to your home and the details of your policy. Your rates will be directly impacted by your home’s condition and style of build, its location, your credit and claims history, and your policy deductible amount. Rates also vary from company to company for the same level of coverage, which is why it’s so important to compare policies from different companies — that’s where we come in.
To help simplify your shopping experience, Policygenius reviewed the five best homeowners insurance companies in Indiana offered through our website. We also calculated the cheapest and most expensive cities in Indiana for home insurance based on hundreds of submitted quotes.
The average cost of homeowners insurance in Indiana is $1,498 for $100,000–500,000 in coverage
The most affordable insurance company in Indiana is Travelers, according to Policygenius quote data
When deciding on policy coverage, Indiana residents should consider the state’s tornadoes and ice storms
Your house is your most valuable asset, so you want a homeowners insurance company that not only offers affordable rates, but also good customer service and open communication. It’s smart to do a little research on the company that will be insuring your house and all of your belongings. A great homeowners insurance company is financially stable, has dependable customer service, affordable coverage, flexible policy options, and high quality discounts.
Travelers provides the cheapest Indiana home insurance quote of any Policygenius partner carrier. The average quote with Travelers is $1,259 for $100,000–500,000 in coverage, which is over $200 cheaper than the statewide average of $1,498.
Not only is Travelers a good budget pick, Travelers is among the highest-rated insurers in Indiana. With an A++ rating with A.M. Best, Travelers has the highest score a company can receive with the insurance company credit rating agency.
Read our full review of Travelers here
In terms of discounts, few Indiana insurance companies compare to Nationwide. Nationwide offers a generous multi-policy discount if you bundle your home insurance policy with their auto insurance or another type of property insurance. Nationwide also offers discounts for securing and strengthening your home and roof from break-ins and bad weather. If you haven’t filed a claim in three years or if you recently purchased your home, that can also land you a discount with Nationwide.
Read our full review of Nationwide here
For a relatively low $1,362, Indiana residents can insure their homes with Hippo, a company that offers coverage as good as any we’ve reviewed. Hippo homeowners insurance includes all of the primary coverages you find in a standard home insurance policy, as well as several coverage enhancements like equipment breakdown coverage, service line coverage, water backup coverage, and computer coverage. Most companies will charge you extra for the aforementioned endorsements, but with Hippo it all comes packaged into their base policy.
Read our full review of Hippo here
Chubb is a homeowners insurance heavyweight with a great reputation for handling claims. Indiana residents looking for a quick, personalized claim process should consider purchasing homeowners insurance with Chubb.
Chubb guarantees that they’ll make every effort to issue claim payments within 48 hours of a resolved claim. They also offer multiple claim settlement options, which gives you the option of a cash reimbursement on a loss if you don’t want to replace or repair your damaged home or personal belongings. You can also download Chubb Mobile Estimate App that will help you obtain damage estimates to send directly to your claims representative and expedite your claim.
Read our full review of Chubb here
If you’re looking to maximize coverage for the structure of your home, Safeco is the way to go. Safeco, with its excellent replacement cost coverage options, may be your best bet against severe property damage from tornadoes. Safeco has four comprehensive tiers of coverage, and all include the option to add extended replacement cost, a policy add-on that increases your home’s coverage limits an additional 25% or 50% if rebuild costs exceed your dwelling coverage amount. Safeco’s “Premier Plan”, its highest level of coverage, includes guaranteed replacement cost, which pays for a rebuild of your home regardless of the price.
Read our full review of Safeco here
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When comparing insurance companies, Indiana residents may find that rates differ greatly from company to company for the same level of coverage. The more expensive policy may provide more coverage add-ons in a basic plan than their competitors, or some companies may simply charge more for coverage in certain areas than others.
After reviewing hundreds of quotes submitted with Policygenius, we found that Travelers is the cheapest insurance company in Indiana with a $1,259 average annual premium for $100,000–500,000 in coverage. Encompass is the most expensive with a $1,908 average annual premium.
The average cost of homeowners insurance in Indiana will also differ considerably based on the amount of insurance you have for your home. Below is the average homeowners insurance quote for five different levels of coverage.
|Coverage Amount||Average Cost|
|Greater than $500,000||$ 2,428|
Insurance companies will also price policies differently based on where you live. We found the city of Noblesville has the lowest rates in the state with a $1,103 average annual premium for $100,000-500,000 in coverage. The most expensive area on average is the city of Gary, located on the southern border of Lake Michigan and only about 25 miles from downtown Chicago, with a $2,495 average annual premium.
|Fort Wayne||$ 1,218|
|South Bend||$ 1,385|
|Terre Haute||$ 2,172|
|West Lafayette||$ 1,521|
We selected the 20 largest cities in Indiana by population where customers have submitted quotes with Policygenius. Quotes are based on a coverage amount between $100,000 and 500,000.
Though Indiana isn’t technically located in the so-called Tornado Alley, tornadoes are a common occurrence due to its flat terrain and low-pressure systems that move through the Midwest from the months of May to June.
Indiana residents may also experience minor earthquakes. Since homeowner insurance does not cover earthquakes, homeowners who live near a fault line may want to consider purchasing earthquake insurance.
Winter storms and blizzards are frequent during the colder months. Although homeowners insurance does cover repairs if the weight of snow and ice causes your roof to fall through or damages your foundation , homeowners should try to keep their roofs clear of ice dams and excessive snow.
Because of the state’s propensity for intense storms and frequent tornadoes, it’s extra important for Indiana residents to insure their home with a comprehensive replacement cost policy to ensure their home and personal belongings are fully protected in the event of a disaster.
Given the excessive rain, heavy snowfall, and surplus of lakes and rivers in Indiana, the state is at high risk for flooding. Homeowners insurance does not cover flood damage in Indiana or any of the other 49 states. Indiana residents can supplement that gap in coverage by purchasing a flood insurance policy. Flood insurance can typically be provided through the same insurance company that insures your home.
Most flood policies are sold by private companies but administered by the federal government’s National Flood Insurance Program (NFIP). An NFIP flood policy can cover up to $250,00 for the structure of your home and up to $100,000 for personal belongings.
The Indiana Department of Insurance is a valuable resource for both Indiana homeowners purchasing coverage for the first time or those who are already insured. The IDOI website has helpful information about what to prioritize when selecting your coverage, preparing for natural disasters, and buying flood insurance.
Homeowners insurance companies can cancel your insurance for a number of reasons — maybe the insurance company no longer offers coverage where you live or maybe they determined your home was too risky to insure after a recent inspection.
If you’re struggling to find coverage, you can get last-resort coverage via a Indiana Fair Access to Insurance Requirements (FAIR) Plan. The Indiana FAIR plan is offered by The Indiana Basic Property Insurance Underwriting Association.
The Indiana Insurance Underwriting Association was established to make property insurance available to applicants who have not been able to secure insurance through the normal insurance marketplace. To qualify for a FAIR Plan, you need to demonstrate that you’ve had at least three unsuccessful attempts to buy insurance from other companies.
Not where you live? We've got you covered, check out our guide to homeowners insurance in your state
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