According to Bankrate’s 2021 study on quoted annual premiums, the average cost of Indiana home insurance is $1,150 for $250,000 coverage. The state lost nearly one million dollars in homeowner losses in 2018, with hail, lightning, wind and fire being the most common losses. To make matters worse, Indiana is also subjected to tornadoes, getting approximately 22 cyclones per year.
It is important to take into account the following factors when looking at Indiana homeowners insurance coverage: the property’s value, the types of coverage, deductible amounts and coverage add-ons, as well as what perils are covered by the policy. Your age, zip code, and claims history will all impact the cost of Indiana home insurance.
Indiana’s best home insurance companies
We looked at the ratings of professional industry associations like J.D. to find the best Indiana home insurance companies. We looked at ratings from professional industry organizations like J.D. Power, AM Best, and the Better Business Bureau. We checked to see if the companies we had identified had good ratings. After identifying the best home insurance companies in Indiana, we looked at each company’s policies and compared them to the needs of local homeowners. To determine the average rate, we also used 2021 rates data from Quadrant Information Service.
These are the top Indiana homeowners insurance providers.
Allstate
Allstate offers a range of coverage options to meet the needs of Indiana residents. You have options for identity theft restoration, water backup, green improvement reimbursement, and HostAdvantage if you rent your home with vacation rental services such as AirBnB. The company also offers insurance products for renters, businesses, and cars.
Cincinnati Insurance
Cincinnati Insurance is a simple choice for homeowners who want transparent pricing and flexible billing options. Cincinnati Insurance offers a variety of coverage options that will help you find the right coverage for you. The company offers insurance for homeowners as well as life, auto, and business insurance.
Erie
Erie offers policyholders with eligible coverage benefits such as credits for security devices or home business protection. Erie also provides coverage for life, business, and boats.
Indiana Farm Bureau
Indiana Farm Bureau is located in downtown Indianapolis and offers comprehensive Indiana home insurance. This includes protection for your dwelling, personal property, and liability. This provider offers coverage for businesses, boats, farms, crop, life, and renters.
All over the country
Nationwide is able to meet the insurance needs of a broad range of individuals. The app allows people to access their policies from anywhere they want. Nationwide claims that bundle policies can save policyholders up to 20%.
What is the cost of homeowners insurance in Indiana
The average cost of home insurance in Indiana is $1,150, which is lower than the national average of $1,312 based on $250,000 in dwelling coverage. Indiana, which is sandwiched between Ohio and Illinois, is the middle of the pack for homeowners insurance costs. The average Illinois rate is $1322, while Ohio’s is $1,111 annually.
Indiana’s lower natural disasters mean that homeowners insurance costs are lower than average. However, rates may increase as the likelihood of natural disasters spurring flooding and tornadoes continues to increase in the Hoosier state. Although flooding is not covered under homeowners insurance, most insurers will cover tornado damage in Indiana.
Indiana home insurance: What are your options?
In Indiana, flooding and tornadoes are two of the most common types of severe weather events. When deciding on the type of homeowners insurance you should purchase for your Indiana home, consider the damage that natural disasters can cause.
Common causes of insurance losses in Indiana
It is not unusual to file a claim for homeowner insurance. Insurers expect that homeowners will do the same. These are some of the most common reasons someone might file a claim.
- Fire, smoke and windstorm can cause hail, lightning, and other damage.
- Frosting, rupturing, or accidental overflow of heating, plumbing, and air-conditioning
- Identity and credit card theft
- Trees and other fallen objects
Between 2018 and 2019, 74 counties in Indiana were eligible for disaster relief. There were 111 flood insurance claims in Indiana in 2016. Six of the 10 most costly U.S. disasters that involved tornadoes directly affected Indiana homeowners. In Indiana, homeowners are also susceptible to damage from lightning, hail, fire, and wind.
Common options for insurance coverage in Indiana
Although the exact coverage options available to a policy will vary from one company to another, here are some of the most common coverages found in standard Indiana home insurance policies.
- Dwelling: This covers damage to the house and attached structures, such as a garage or porch. The dwelling coverage covers permanent fixtures such as plumbing and electrical wiring.
- Other structures: This includes damage to other structures, such as fences, sheds, and other structures not attached to your main house. To determine how much coverage you might need, consider the cost of replacing all detached structures in the event of a tornado causing damage to the entire property.
- Personal property: This includes personal possessions such as jewelry, electronics, and furniture. Many home insurance policies cover personal property at a certain percentage based on the amount of coverage. You may be able to increase this coverage, if necessary.
- Loss of use: This covers additional living expenses while the insured home is under repair for a covered loss and deemed uninhabitable. This optional coverage is not available. You will need to cover your living expenses while you are away from your home.
Tornadoes are often covered by home insurance. However, you should verify the policy before signing up.
Flood insurance is usually offered separately from standard home insurance policies. Some companies, like Erie, offer insurance for flooding, but many homeowners choose a policy from the National Flood Insurance Program.
Questions frequently asked
Which is the best Indiana homeowners insurance?
It all depends on what homeowner needs are for home insurance. Some people want coverage at the lowest price available, while others desire comprehensive coverage for all events and do not mind paying a higher premium for the best insurance policy. Get multiple quotes so you can determine which policy is best for you.
Indiana homeowners insurance is required
Indiana does not require homeowners insurance. However, many lenders require that people have insurance in order to obtain a mortgage. Homeowners can still get the best homeowners insurance in Indiana.
How can I learn more about homeowner’s insurance?
To find out more about the ins and outs of the Indiana home insurance industry check out our comprehensive page on the subject. Anyone looking for more info can head over to the National Association for Insurance Commissioner’s Consumer Guide to Homeowners Insurance.