Homeowners in Indiana pay an average of $1,980 per year, or about $165 per month, for homeowners insurance. But you can find cheaper rates by shopping around and comparing insurers like Allstate, Buckeye Insurance Group, Westfield, Cincinnati Insurance, and more.
Standard coverage may not be sufficient in Indiana, since the state often experiences both tornadoes and floods. Many standard homeowners insurance policies cover tornado damage, but most won’t protect you against flooding. That means you’ll need additional coverage to ensure your policy protects you from these perils.
As you begin your search for a new policy in Indiana, the information presented here can be a helpful guide.
A number of quality home insurance companies serve the Hoosier State, which makes it easier to shop around and find the right insurer to fit your needs. Just remember, the best home insurance company for you depends on your specific situation, and it pays to get quotes from multiple insurers before making a decision.
The insurers listed below are among the top insurers in Indiana, and you should include them in any search.
Buckeye Insurance Group is a small regional insurer based out of Piqua, Ohio, that serves the residents of Ohio, Indiana, and Kansas. The company works solely with independent insurance agents in those three states and prides itself on providing exceptional and responsive customer service.
On average, the cheapest Indiana home insurance policy comes from Allstate, according to Insurify data. Your results may differ, though, and the cheapest homeowners insurance coverage for you will depend on factors such as the type of insurance you need, the location of your house, what personal property you need to insure, and what types of natural disasters may be common in your ZIP code.
That’s why it’s always a good idea to compare multiple quotes from several insurers. Here, you can see the average quotes in the state from leading companies. All average monthly premiums are for $300,000 in dwelling coverage.
The average cost of homeowners insurance in Indiana is $1,980 per year, or about $165 per month. The exact cost of your home insurance depends on a number of factors, including the age, condition, and location of your home, your claims history, and the types of coverage you choose.
Upping your dwelling coverage amount will also increase your premium costs.
This table below illustrates how average home insurance premiums change based on dwelling coverage rates in Indiana.
Your deductible is the amount you’re responsible for paying when making a claim for a covered peril. Once you’ve paid your deductible, your insurer will provide coverage up to the predetermined level.
The size of your deductible will also affect the amount you pay in premiums. The lower your deductible, the higher your premium will be, because your insurer is taking on more of the financial risk. This also means that raising your deductible can be an easy way to lower your premium. Just make sure you have enough money to cover this higher deductible in the event of a loss.
Here’s how adjusting your deductible affects the average annual premiums for $300,000 in dwelling coverage in Indiana.
Things you can do to help lower your insurance premiums in Indiana include:
Increase your deductible. If you have the financial assets to pay for a higher deductible in the event of a covered loss, raising your deductible is an easy way to lower your premium costs.
Bundle your insurance. If your insurer offers auto coverage, life insurance, or umbrella insurance, you may be able to save money by getting all your insurance products from the same company.
Request discounts. Many insurance companies offer discounts for anything from loyalty to savings for paying in full or enrolling in auto pay. Be sure to research what discounts you may be eligible for before selecting a policy.
Mitigate risks. Making your home more resistant to both natural disasters and security problems can help you save money on your insurance. Ask your insurer which mitigation strategies will reduce your premium costs.
Indiana doesn’t legally mandate you to have homeowners insurance, but mortgage lenders require it as a condition of your loan. In general, it’s best to have enough homeowners insurance coverage to repair or replace your home and personal property in the event you need to file a claim.
The specific amount of insurance coverage that’s right for you will depend on a number of factors, including your preferences and the risk level of your home. For example: Flooding is among the most common natural disasters in Indiana, and standard home insurance coverage generally doesn’t include flood insurance. Any Indiana resident living in a floodplain should consider buying additional coverage to protect themselves from water damage.
You should also read your full policy carefully so you know what it covers. This can help ensure the provided coverage aligns with your specific needs.
The risks your home may face will vary depending on where you live, although some areas are more prone to specific perils than others. In Indiana, some of the biggest risks to homeowners include:
Still have questions about how to find the most affordable home insurance in Indiana? Review the answers below.
The average cost of homeowners insurance in Indiana is $1,980 per year, or about $165 per month. This places Indiana near the middle of the pack when comparing average statewide rates.
The exact cost of your home insurance depends on a number of factors, including the age, condition, and location of your home, your claims history, and the types of coverage you choose.
Allstate offers the cheapest home insurance in Indiana, averaging $58 per month for $300,000 in dwelling coverage.
Not legally. The state of Indiana doesn’t legally require homeowners insurance. But if you have financed your home, your lender will probably require it.
Several factors dictate the price you pay for home insurance, including your home’s age, value, and location. Your insurer will also take into account your past claims history when determining your rates.
)
15+ years in content creation
7+ years in business and financial services content
Featured in
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
Chartered financial analyst
12+ years in data analysis and marketing
Featured in
){kind=small}
){kind=small}
){kind=small}
)
)
)