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Indiana Homeowners Insurance Quotes - Best and Cheapest (2022)

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Insurify Staff

By: Insurify Staff

Last Updated February 25, 2022

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Indiana Average Cost of Homeowners Insurance Rates (2022)

According to 2021 rates, the average cost of homeowners insurance in Indiana is $862 per year and $72 per month. Indiana homeowners insurance rates are $536 per year less then the national average and about 38% less annually. When compared to the other US states that makes the cost of homeowners insurance in Indiana the 43rd most expensive in the country, based on 2021 data.

For shoppers, the best way to find a homeowners insurance policy in Indiana is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.

Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Indiana in minutes.

Indiana Average Homeowners Insurance Rates
Average Cost Per Month$72
Average Annual Premium$862
State Rank (Most Expensive)43rd

Cheapest Insurance Companies for Homeowners in Indiana (2022)

For homeowners in Indiana, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.

To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Indiana. The following are the best insurance rates from carriers that offer homeowners insurance in Indiana.

Cheapest CompaniesQuotes
Buckeye$740
Allstate$866
American Family$1,224
Nationwide$1,458
Travelers$1,569

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How to Get Affordable Home Insurance in Indiana

Living in the Hoosier State has significant benefits. People are friendly, the cost of living is low, and there are beautiful state parks. For those looking to buy a house, the Indiana Housing and Community Development Authority has several homeownership programs available to help you get into your new home.

But the question is how to find affordable home insurance in Indiana. Since buying a home is one of the most substantial financial investments you’ll make, taking steps to protect that investment can minimize risk and give you peace of mind.

The first step to protecting your property is homeowners insurance. Believe it or not, home insurance isn’t required by law. However, a policy provides dwelling coverage and financial liability for your property and belongings from natural disasters or theft.

Just remember that shopping for home insurance means more than comparing rates. Not all policies are created equal, and different coverage levels are available for various property types, locations, and other factors.

Homeowners Insurance Quotes in Indiana by Company

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2021, the average cost of a home insurance premium in Indiana is $1,547 annually, and the median home value is $141,100.

That’s a pretty penny. How can you be expected to pay all of these costs (vital as they are) and still provide for you and your family?

Average Annual Homeowners Insurance Premium in Indiana by Company

Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage

Buckeye
$740
Allstate
$866
American Family
$1,224
Nationwide
$1,458
Travelers
$1,569
USAA
$1,569
State Farm
$2,094
Encompass
$2,147
Erie
$2,313
Farmers
$2,705

Home Insurance Rates in Indiana by City

Where you live plays a significant role in how much you pay for homeowners insurance. The cost can vary from city to city, though most pricing is determined on ZIP code–specific variables.

It comes down to the volume of claims filed nearby, crime rates, property costs, and risk variables, such as natural disaster frequency. Even within the same ZIP code, you might pay more or less for your annual premium if your home is in a subdivision or a more rural area.

Rates in Indiana can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive Indiana ZIP codes in which to insure a home.

CityMedian Home Price
Zionville$614,184
Carmel$502,512
Westfield$415,436
Rochester$124,066
Princeton$107,762
Hartford City$60,432

What Does Home Insurance Cover in Indiana?

There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:

  • The simplest and least comprehensive type of homeowners insurance.

    Provides coverage for a handful of potential problems including:

    • Natural disasters (storms, fires, wind lightning, volcanic eruption)
    • Explosions
    • Theft
    • Damage from vehicles
    • Civil commotion
  • Broad form homeowners insurance policies include all basic form coverage, plus:

    • Protection from falling objects
    • Damage from the weight of ice, snow, or sleet
    • Freezing of household systems including HVAC and pipes
    • Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
    • Accidental discharge or overflow of water or steam
    • HO-2 policies typically cover both dwelling protection and personal property.
    • In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
    • The most common form of homeowners insurance is known as a “special form” policy.
    • While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
    • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
    • Tenant’s form policies typically cover all the same dangers as HO-2 policies.
    • Tenant’s form policies typically cover all the same dangers as HO-2 policies.
    • These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
    • Some HO-4 policies may also include loss of use coverage for the tenants.
    • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
    • The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
    • An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
    • HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
    • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
    • They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
    • These policies also include personal property and liability coverage and may include loss of use coverage.
    • If you own a mobile home or manufactured home, you likely have an HO-7 policy.
    • Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
    • Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
    • HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
    • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
    • HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
    • Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

For more detailed Indiana city level guides, check out these below.

Mobile Home Insurance in Indiana

Mobile and manufactured homes are popular choices in the U.S. It makes sense if you want to take advantage of the convenience and amenities of a well-maintained mobile home park or consider it an ideal option for your semi-rural property.

However, you need a specific policy to protect it against damage, vandalism, and theft. HO-7 type coverage is the best homeowners insurance option for mobile homeowners.

Like most homeowners insurance, mobile home insurance in Indiana covers your personal belongings under a named perils policy. That means your things are only protected in situations individually listed in your policy, such as fire, windstorms, and theft.

Consider ways to lessen the risk of damage, such as strapping your home to the ground or permanently attaching it to a foundation for better protection against high-wind damage. Installing a security fence and using smoke detectors and burglar alarms can offer you better protection. It may also qualify you for policy discounts to save money on your mobile home insurance .

Natural Disasters and Home Insurance Coverage in Indiana

Indiana has a history of severe storms, flooding, snow damage, straight-line winds, and tornadoes. The natural disaster you experience depends on the season, with flooding more common in the spring and blizzards and snow damage more likely in January and February.

No matter the season, the effects of a natural disaster can be catastrophic to your property and livelihood. Read your homeowners policy carefully to understand what the policy does and doesn’t cover. For instance, home insurance doesn’t generally provide flood coverage; you need a separate policy for that.

Comparing policy and coverage options from multiple homeowners insurance companies with Insurify can help you get the coverage you need at a great rate.

Special Home Insurance Situations in Indiana

Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Indiana.

Cheapest Home Insurance for Houses Near Fire Department in Indiana

If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.

Insurance CompanyAverage Annual Premium
Allstate$886
Buckeye$740
Indiana Farmers$1,076
Travelers$1,568

Cheapest Home Insurance for Houses Less Than 20 Years Old in Indiana

The age of your home and its major systems may affect the policy rate you're quoted by insurance companies

Insurance CompanyAverage Annual Premium
American Family$1,015
Cincinnati$890
Grange$1,349
Indiana Farmers$946

Save big on home insurance in the Crossroads of America.

How to Find the Cheapest Home Insurance in Indiana

Shopping for home insurance can seem overwhelming if you aren’t sure where to start. But it isn’t rocket science. Remember that prices can swing high and low between different insurance carriers, and comparing prices is the best way to find a good bargain on home insurance. With a little research and the right tools, you’ll be on your way to big savings.
Use Insurify to compare home insurance rates for your property in Indiana.

Indiana Homeowners Insurance FAQ

  • Indiana doesn’t have the most expensive home insurance, but it isn’t the cheapest, either. Risk is the most significant factor in pricing. The Hoosier State is home to many types of natural disasters, and the threats of snow damage, tornadoes, thunderstorms, and straight-line winds can drive up insurance costs. The easiest way to save on home insurance is to shop around to find the best price. Insurify lets you compare quotes from multiple companies in one place, saving you time and money.

  • Homeowners insurance does not cover flood damage. To mitigate against financial loss from water damage, you must purchase a separate flood insurance policy. Keep in mind that you don’t have to live near a lake or river for your home to be at risk of flooding. If the National Flood Insurance Program (NFIP) designates your property as being in a high-risk area, the government requires you to purchase flood insurance. Otherwise, it’s optional. But, according to the Federal Emergency Management Agency (FEMA), areas of low-to-moderate flood risk account for 25 percent of all flood insurance claims.

  • The time it takes for a home insurance claim depends on the type of damage and how many other people are filing claims simultaneously. If an ice storm affects much of the state, insurance companies will struggle to keep up with demand, and your claim may take longer to process.

    You want to get back to normal as soon as possible after a catastrophe. Preparing in advance can expedite the process. Besides reporting your claim promptly, keep a home inventory of your personal belongings, and include pictures and receipts when possible. It also helps to document the loss or damage with photos and notes.

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Methodology

The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews. 

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.

Insurify Staff
Insurify Staff

Content Specialist at Insurify

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