The average cost of homeowners insurance in Indianapolis is $1,831 per year or $153 a month. This is around 10% higher than the statewide average of $1,668 per year, and about 4% higher than the national average of $1,754.
Compare the best cheap homeowners insurance companies in Indianapolis
To find the best cheap homeowners insurance in Indianapolis, Policygenius rated over a dozen of the largest insurance companies in Indiana across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.
Company | Average monthly cost | Policygenius rating |
|---|---|---|
$227 | 5.0 out of 5 | |
$164 | 4.8 out of 5 | |
$116 | 4.5 out of 5 | |
$113 | 4.5 out of 5 | |
$161 | 4.5 out of 5 |
2023 Policygenius award winner
Auto-Owners Insurance
5.0
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Why we chose it
Auto-Owners Insurance is one of the best homeowners insurance company in Indiana thanks to its extensive policy and coverage options, its high marks for financial strength, and its customer experience ratings.
Pros and cons
Pros
Offers a slew of extra coverage add-ons
Lots of discounts available
Flood insurance available through the NFIP
Cons
Not able to get quotes or file claims online
More details
Why Auto-Owners Insurance is our pick for best overall company
Auto-Owners Insurance is our pick for the best overall home insurance company in Indiana. Auto-Owners scored at least a 4 out of 5 for customer experience, coverage options, and financial strength, which earned it a perfect 5 out of 5 Policygenius rating.
With endorsements like guaranteed replacement cost coverage, water backup protection, inland flood coverage, and a comprehensive Homeowners Plus endorsement package, Auto-Owners offers excellent value for the coverage you're getting.
Finally, although Auto-Owners' rates are more expensive than average in Indianapolis, the company offers a range of discounts that can help lower your insurance rates.
How much does Auto-Owners home insurance cost in Indianapolis?
The average cost of Auto-Owners home insurance in Indianapolis is $2,725 per year, according to sample quotes provided to us by Quadrant Information Services. This makes Auto-Owners Insurance about 49% more expensive than the city average.
2023 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm is one of the best home insurance companies in Indianapolis thanks to its large selection of policy options, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
Save up to $1,127 per year when you bundle your home and auto insurance
Excellent line-up of policy add-ons, including extended replacement cost coverage
Cons
No longer sells home insurance policies in California
20% more complaints filed with the NAIC than other companies of its size
More details
Why we chose State Farm
State Farm is one of the best home insurance companies in Indiana. One of the reasons why we picked State Farm is because of its coverage options. State Farm lets homeowners get extended replacement cost coverage for their homes, replacement cost coverage for their personal property, water backup protection, and much more.
State Farm's customer service is top-rated, too. The company has received high ratings from policyholders according to J.D. Power’s 2022 customer satisfaction, claims, and digital experience surveys. It has also received the highest rating possible from A.M. Best for financial strength and stability.
The company doesn't offer as many discounts as other insurers in the state, but if you're planning to bundle home and auto insurance with State Farm, you may receive a large discount.
How do State Farm home insurance rates compare to the Indianapolis average?
The average cost of home insurance from State Farm in Indianapolis is $1,963 per year, which is more expensive than the statewide average.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
American Family
4.5
Offers extended replacement cost
Offers flood insurance
Bundle home & auto
Why we chose it
American Family is one of the best home insurance companies in Indianapolis. It also has industry-best coverage options and high customer service ratings.
Pros and cons
Pros
Affordable rates and 11 available discounts
Ranked #2 in J.D. Power’s 2022 U.S. Home Insurance Study
Diminishing deductible feature to lower out-of-pocket claim costs
Cons
Offers online quotes, but requires talking to an agent to complete the process
More details
Why we chose American Family
AmFam's wide range of coverage options provides discounts (many of which may be easy to qualify for) can make your premiums even cheaper.
American Family offers lots of additional coverage options that you can choose to add to your home insurance policy, too. You can customize your policy with up to 15 additional coverage options — including inland flood, equipment breakdown, and service line coverage.
How do American Family home insurance rates compare to the Indianapolis average?
The average annual cost of American Family home insurance in Indianapolis is $1,395 per year, which is less expensive than the statewide average.
How to get a quote
Online with American Family or by contacting a local agent
2023 Policygenius award winner
Erie
4.5
Mobile app
Bundle home & auto
Why we chose it
Erie's wide range of coverage options, industry-best customer service ratings, and affordable rates make it one of the best home insurance options in the country.
Pros and cons
Pros
Cheap rates
Guaranteed replacement cost comes standard on Erie policies
Excellent customer service and claims satisfaction ratings
Cons
Only available in 12 states
Just three available discounts
Can’t get quotes or file claims online
More details
Why we chose Erie
Home insurance policies from Erie come standard with guaranteed replacement cost coverage — which you often have to pay extra for at other companies. A basic policy also covers lost and misplaced items, jewelry, and gift cards to closed businesses.
Erie also offers a range of add-ons that you can purchase, like short-term rental coverage, equipment breakdown coverage, water backup protection, underground service line coverage, and more.
How do Erie home insurance rates compare to the average in Indianapolis?
The average cost of Erie home insurance in Indianapolis is $1,358 per year, which is cheaper than the average annual premium in Indianapolis of $1,831 per year.
How to get a quote
Online through Erie
2023 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Farmers is one of the best home insurance companies in Indianapolis for combining high claims satisfaction scores with a range of coverage add-ons and discounts.
Pros and cons
Pros
High claims satisfaction score
Receives few complaints from policyholders
Optional extended or guaranteed replacement cost dwelling coverage
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
More details
Why we chose Farmers
Farmers earned a high score in J.D. Power’s 2022 claims satisfaction study (though it was below-average on J.D. Power’s overall customer satisfaction and digital experience surveys). Farmers also receives fewer complaints than average, according to the National Association of Insurance Commissioners.
You can add some impressive coverages to a basic Farmers home insurance policy, like guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.
Depending on where you live, you could save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies with Farmers, according to the company website.
Even more, Farmers has up to 16 additional discounts and money-saving policy perks. For context, Farmers competitors offer an average of around seven discounts total.
How do Farmers home insurance rates compare to the average in Indianapolis?
The average cost of Farmers home insurance in Indianapolis is $1,932 per year, which is more expensive than the average annual premium of $1,831 per year.
How to get a quote
Online through Farmers
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
How much is homeowners insurance in Indianapolis?
The average cost of home insurance in Indianapolis is $1,831 per year, or $153 a month, for a policy with $300,000 in dwelling coverage. This is around 10% higher than the average annual cost of $1,754 for homeowners insurance in Indiana and about 4% higher than the national average.
Indianapolis home insurance rates by ZIP code
Home insurance rates can vary substantially depending on which ZIP code your home is located in, as homes in certain Indianapolis neighborhoods may be more prone to extreme weather damage or property crime than others.
To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Indianapolis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
46227 | $1,858 | 11% |
46226 | $1,890 | 13% |
46237 | $1,804 | 8% |
46254 | $1,898 | 14% |
46224 | $1,866 | 12% |
46217 | $1,805 | 8% |
46203 | $1,906 | 14% |
46219 | $1,870 | 12% |
46222 | $1,901 | 14% |
46220 | $1,753 | 5% |
Cheapest ZIP codes for home insurance in Indianapolis
With an average home insurance rate of $1,704 per year, the 46256 ZIP code is the most affordable area for home insurance in Indianapolis.
Here are the average rates for the cheapest ZIP codes in Indianapolis.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
46256 | $1,704 | 2% |
46280 | $1,716 | 3% |
46290 | $1,718 | 3% |
46250 | $1,742 | 4% |
46220 | $1,753 | 5% |
46240 | $1,753 | 5% |
46260 | $1,756 | 5% |
46259 | $1,772 | 6% |
46216 | $1,779 | 7% |
46234 | $1,782 | 7% |
Most expensive areas for homeowners insurance in Indianapolis
With an average annual premium of $1,939, the 46201 ZIP code is the most expensive ZIP code in Indianapolis for home insurance. If you live one of these ZIP codes, your rates might be among the highest in the city.
ZIP code | Average annual cost | Difference from state average (%) |
|---|---|---|
46201 | $1,939 | 16% |
46218 | $1,910 | 15% |
46203 | $1,906 | 14% |
46222 | $1,901 | 14% |
46208 | $1,898 | 14% |
46254 | $1,898 | 14% |
46225 | $1,895 | 14% |
46226 | $1,890 | 13% |
46221 | $1,886 | 13% |
46235 | $1,885 | 13% |
Learn more >> Home insurance rates by ZIP code
Indianapolis home insurance costs by coverage amount
Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy. This is the centerpiece of your home insurance coverage, covering the cost to repair or rebuild your home after a covered disaster. Here are the average rates for homeowners insurance by coverage amount.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $955 |
$200,000 | $1,388 |
$300,000 | $1,831 |
$400,000 | $2,277 |
$500,000 | $2,754 |
Indianapolis home insurance costs by deductible amount
Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim. Here are the average rates for homeowners insurance by deductible amount.
Deductible | Average annual cost |
|---|---|
$500 | $2,051 |
$1,000 | $1,836 |
$2,000 | $1,156 |
Cheapest homeowners insurance companies in Indianapolis
Based on our analysis, Allstate, Westfield Insurance, and Indiana Farmers Insurance are the three cheapest home insurance companies in Indianapolis, with average premiums citywide ranging from $992 to $1,128 per year.
Company | Average annual cost |
|---|---|
$992 | |
Westfield Insurance | $1,075 |
Indiana Farmers Insurance | $1,128 |
$1,358 | |
$1,376 | |
$1,395 | |
$1,422 | |
$1,706 | |
$1,903 | |
$1,932 | |
$1,963 | |
$2,429 | |
$2,725 | |
$4,223 |
Cheapest home insurance in Indianapolis if you have poor credit
A bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher. Here are the average insurance rates for homeowners with poor credit.
Company | Average annual cost |
|---|---|
Allstate | $1,466 |
Cincinnati Insurance | $1,710 |
Westfield Insurance | $1,727 |
Indiana Farmers Insurance | $1,963 |
American Family | $2,238 |
Grange Insurance | $2,328 |
USAA | $2,394 |
Nationwide | $2,441 |
Erie | $2,503 |
Farmers | $2,857 |
State Farm | $3,368 |
Auto-Owners Insurance | $4,875 |
Farm Bureau Insurance | $6,281 |
Cheapest home insurance in Indianapolis if you have an older home
Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code. Here are the average insurance rates for homeowners with older homes.
Company | Average annual cost |
|---|---|
Allstate | $960 |
Indiana Farmers Insurance | $1,191 |
Cincinnati Insurance | $1,314 |
Erie | $1,413 |
American Family | $1,423 |
USAA | $1,468 |
Westfield Insurance | $1,544 |
Grange Insurance | $1,704 |
Farmers | $1,888 |
State Farm | $1,957 |
Nationwide | $2,003 |
Auto-Owners Insurance | $2,575 |
Farm Bureau Insurance | $4,038 |
Cheapest homeowners insurance in Indianapolis if you have a history of claims
Claims history is one of the biggest factors that insurance companies use when calculating your home insurance premiums. If you have multiple claims on your record, your insurer will likely view you as a risk for filing future claims and may charge you higher rates as a result. Here are the average insurance rates for homeowners with multiple claims.
Company | Average annual cost |
|---|---|
Allstate | $1,507 |
USAA | $1,645 |
Westfield Insurance | $1,813 |
Indiana Farmers Insurance | $1,913 |
Grange Insurance | $2,052 |
State Farm | $2,233 |
Farmers | $2,430 |
American Family | $2,456 |
Erie | $2,552 |
Auto-Owners Insurance | $2,729 |
Cincinnati Insurance | $2,888 |
Nationwide | $3,790 |
Farm Bureau Insurance | $6,140 |
How to get homeowners insurance quotes in Indianapolis
Buying homeowners insurance comes down to finding the coverage you need for a price you can afford. If you live in Indianapolis, you should have enough coverage in case a tornado or severe storm causes massive damage to your home.
Here are some additional tips to help you shop for insurance:
Reach out to a licensed Policygenius agent. If you have questions about anything from coverage limits to comparing quotes, a Policygenius agent is available at no cost to you.
Ask about the Indiana FAIR plan. If you’ve been rejected by other insurance companies, the Indiana FAIR plan offers last resort home insurance coverage.
Consider purchasing flood insurance. Floods can cause expensive damages to your house and are typically not covered by homeowners insurance.
Compare quotes from a Policygenius agent. If you need help determining which quote is best for you, a Policygenius agent can help.
Choose your policy, sign it, and pay your first premium. When you’ve found the right coverage for the best price, a Policygenius agent can complete the paperwork and cancel your old policy. All you have to do is make your first payment.
Frequently asked questions
How long does a home insurance claim take in Indiana?
There is no set amount of time that insurance companies are required to process your claim in Indiana, so it can take from a few days up to several months to receive your payment.
How much is home insurance per month in Indiana?
The average cost of homeowners insurance in Indianapolis is $179 a month, which is about $2,146 per year.
How can a homeowner reduce the cost of homeowners insurance?
You can reduce costs by making sure your coverage limits are correct, having a higher deductible, looking for eligible discounts, and by shopping around and comparing quotes.
Does home insurance go down if I pay off my house?
In some cases, yes, home insurance companies will offer discounts to customers who have paid off the entirety of their mortgage balance.
