Our editorial team analyzed regional and national home insurance companies that sell policies in Indianapolis to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
The average cost of home insurance in Indianapolis is $2,356 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible. This is slightly less expensive than the national average of $2,584 for the same insurance policy but more expensive than the Indiana state average of $2,068.
Indianapolis has some susceptibility to flooding and, to a smaller degree, tornadoes. Both of these weather events can cause severe damage to homes, which may affect home insurance costs in the area.
Here’s what you should know about finding home insurance in Indianapolis.
Best home insurance companies in Indianapolis
Homeowners in Indianapolis have plenty of quality home insurance companies to choose from, with some offering rates below the citywide average. The best home insurance company for you depends on various factors, such as your budget, location, and coverage needs.
Start your search with three of the best companies in Indianapolis below.
Best company for homeowners on a budget: Allstate
Best company for water damage protection: American Family
Best company for military members and their families: USAA
Cheapest home insurance companies in Indianapolis
Allstate is the cheapest home insurance company in Indianapolis, with an average annual insurance rate of $839 for a $300,000 dwelling policy with a $1,000 deductible. Compare the cheapest home insurance companies in Indianapolis below.
How much is home insurance in Indianapolis?
The average cost of home insurance in Indianapolis for a policy with $300,000 in dwelling coverage is $2,356 per year for a $300,000 dwelling policy with a $1,000 deductible.
Numerous factors affect your home insurance premium. Your chosen coverage limits and your home’s age, location, and condition have some of the largest effects on your premium.
Cost of home insurance by dwelling coverage in Indiana
Your chosen dwelling coverage for your home will have a direct effect on how much your premiums cost. The higher your coverage level is, the higher your premiums will be, as your insurance company is on the hook for more damages.
Here’s how average home insurance rates in Indiana can vary based on your dwelling coverage amount.
Cost of homeowners insurance by deductible amount
Your home insurance deductible is the amount you’ll pay out of pocket before your home insurance company begins to contribute to the cost of damages in the event of a claim. Typically, the higher your deductible, the lower your home insurance premium, and vice versa.
Average cost of home insurance in other cities in Indiana
The average cost of home insurance varies by your location, so homeowners will pay different insurance rates for the same policies across different cities in Indiana. Home insurance rates can even vary by ZIP code within a city. For example, if you live in a very flood-prone part of Indianapolis, you’ll likely pay higher rates than average.
The table below highlights just how much premiums can vary by city.
What to know about owning a home in Indianapolis
If you own a home in Indianapolis, you should be aware of a couple weather factors that can damage your home and affect the cost of home insurance:
Some home insurance companies offer flood insurance, but many don’t, as the damages can often be too expensive. If your home insurance doesn’t offer it, you can still buy flood insurance coverage through the National Flood Insurance Program (NFIP). This program offers flood insurance coverage to homeowners who wouldn’t otherwise be able to secure it.3
Indianapolis home insurance FAQs
If you’re searching for home insurance in Indianapolis, check out the additional information below as you compare policies and coverage options.
The average monthly cost of home insurance in Indianapolis is $203 per month for a $300,000 dwelling policy with a $500 deductible. That works out to $2,432 per year. The average annual cost of a policy with $300,000 in dwelling coverage and a $1,000 deductible is $2,356.
If you live in an area prone to flooding, your mortgage lender may require you to carry flood insurance, which can increase insurance rates. You can purchase flood insurance through the NFIP or some home insurers.4
Allstate has the cheapest home insurance in Indianapolis, with an average annual insurance rate of $839 for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
The 80% rule, also known as the 80/20 rule, is a home insurance industry standard that states that you should insure your home for at least 80% of its replacement cost.
The best home insurance in Indianapolis depends on various factors, including your home’s age, its location, and what kind of coverage you need. That said, Allstate, American Family, and USAA stand out as some of the best home insurance companies in the city. Allstate has the cheapest insurance rates, American Family offers strong flood protection, and USAA is an excellent option for veterans.
A home insurance policy with $500,000 in dwelling coverage and a $1,000 deductible in Indiana costs an average of $3,143 per year. The more dwelling coverage you have, the more your home insurance company is on the hook for. To account for this increased liability, home insurance companies charge higher insurance rates.
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