Indiana Homeowners Insurance

 
Indiana Homeowners Insurance

Residents in Indiana pay an average of $82 per month or $983 per year in home insurance premiums. 


There are almost 3 million homes in The Hoosier State, sixty-nine percent of which are owner-occupied.

The average monthly cost for a homeowner with a mortgage in IN is $1,109.

Residents in Indiana pay an average of $82 per month or $983 per year in home insurance premiums. 


There are almost 3 million homes in The Hoosier State, sixty-nine percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in IN is $1,109.

Shop around and save.

Compare insurers to find the cheapest rates around.

 

Indiana Statistics*

6,691,878

Population

$130,200

Average value of owner-occupied housing units

2,537,189

Households

$52,182

Average household income

88%

High school grad or higher, percent of people age 25 years +

23.4 min

Average travel time to work

*Data from the U.S. Census Bureau


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The state of Indiana is mostly free of natural disasters, and homeowners do not file claims as much as in other coastal states with hazardous environments. As a result, you will find it easier to get cheaper home insurance premiums in most areas of Indiana. However, between all the major cities, the prices vary as much as 87 percent.


Therefore, if you are a homeowner in Indiana, it is important to do your research, find rates from different insurance providers and compare them based on the quotes and other benefits they provide. Our free online tool is designed to help you find the best deals by providing you with a list of insurers in your area. 

Home insurance rates: IN vs Nationwide


The insurance providers which hold most of the insurance market share in Indiana are State Farm, Indiana Farm Bureau, Liberty Mutual, and Allstate, to name a few. State Farm and Indiana Farm Bureau together account for more than 30 percent of the home insurance market in IN.


According to Information Insurance Institute (III) in 2015 (latest available data), the average annual premium a homeowner pays in Indiana is $983, which amounts to $82 per month. On the other hand, the average annual premium a homeowner pays across all states is $1,173, which makes about $97 per month. Hence, Indiana is cheaper than the average US state for homeowners insurance with a ranking of 31 out of the 51 states.

Average Indiana home insurance premiums

 20142015
Monthly average$79$82
Annual average$944$983
National annual average$1,132$1,173
Rank3331
Source: Insurance Information Institute

Our choice homeowners insurance companies in Indiana


To choose the best insurance companies, you need to test them for certain parameters such as financial stability, claims handling, customer support, discounts, coverage options, endorsements and affordability. Based on these criteria, we have found these companies that have a good record in terms of financial strength and consumer satisfaction.


State Farm


State Farm is the leading insurance company in Indiana based on their home insurance market share in the state at 25.8 percent, according to III. It is known for providing coverage for many types of homes that most other insurance companies do not normally put their hands on.


It provides a number of coverage options which might seem pricier other insurers, but it also allows you to customize your coverage. Thus, you can opt for coverage benefits you need and leave the ones you do not need.


It also boasts great ratings from trusted organizations, getting a rating of A++ (Superior) from AM Best, which is their highest rating. This rating means State Farm’s financial stability is outstanding, and your reasonable claims are likely to be approved.


Its website contains a useful tool called HomeIndex Inventory, which lets homeowners check which coverage they have on different home belongings. From this tool, you can make a claim without having to contact a hotline and talking to an agent or company rep.


However, as the website is not updated, the quotes on the site are usually inaccurate. You can find the real prices by talking to an agent. The agents are very professional and guide you through the process and suggest different options according to your requirements. State Farm’s 3 (About average) out of 5 JD Power Circle Ratings, reflects their good overall consumer satisfaction record.


Indiana Farm Bureau


Indiana Farm Bureau is a local company and smaller in size compared to State Farm. It mostly provides insurance for farms and farmhouses in the countryside in Indiana. It offers excellent policies that specifically benefit farm owners.


While mainly focused at farms and crops, it also provides standard home insurance with some additional options. There are also numerous discounts such as a 5 percent discount on going paperless on policies, bundling discount of up to 18 percent if you sign up for both auto and home insurance, loyalty discount for having coverage for over a year, and a 5 percent discount on full payment of your premium.


Although it is a small company and has not received a rating from JD Power yet, its online reviews show that it offers excellent customer support. However, its website is lacking compared to the national-level companies and lack information regarding policies. It also does not have some common features you see on most insurance websites such as an online quote tool. Hence, you would need to contact an agent to get quotes.


Due to its size, it might not be the best option for urban homes, but considering the large farming population in Indiana, this might be the best option for those who are looking to insure their farmhouses.


Allstate


Allstate makes our list for their overall performance. The company provides an extensive range of insurance coverage options, discounts and endorsements along with affordable prices. It covers most types of houses such as mobile homes and ranches.


It provides numerous discounts such as welcome discounts for new users, bundling discounts for those signing up for both auto and home insurance, and discounts for remaining claim-free for a certain number of years. The additional options you can choose alongside your standard insurance are water coverage for water damage, Imperial Shield policy which gives identity theft coverage in the form of legal fees and document replacements, and coverage for upgrading to energy-efficient solutions in your house.


It received an A+ (Excellent) rating from AM Best, which indicates it is financially stable and will be able to handle claims reasonably well. Its website contains some useful features for visitors such as a quote tool called Premium Gauge, which lists all the coverage options and discounts the company provides. It also lets you add or remove additional options to find a premium price that you are comfortable with. One stand out feature of Allstate is that you normally do not need to contact an agent or rep for information since you can get it all on the website.


Indiana home insurance companies: Market share and summary of ratings

RankInsurerMarket share %AM BestS&PJD Power
1State Farm25.8A++AA3
2Indiana Farm Bureau8.1ANRNR
3Liberty Mutual7.9AA3
4Allstate7.8A+AA3
5American Family6.3ANR3
6Erie5.7A+NR3
7Auto-Owners4.0A++AA3
8USAA3.0A++AA+5
9Travelers2.8AA3
10Farmers2.7AA3

NR: Not rated
Source: Insurance Information Institute

The bottom line


With the strong housing market in Indiana, many people are interested in purchasing a home. One of the most important aspects of purchasing a new home is having the right coverage. Some people wrongly assume that home insurance is a waste of money. However, this is one of the best investments that anyone can make as when an unexpected disastrous event strikes, you’ll find yourself well protected against unforeseen high costs from damages and repairs.


Indiana is a state with a booming economy. With of the strong economy, many people are moving in-state for job opportunities. This is increasing the overall housing costs in the area. In addition, it is increasing the average rate of home insurance in the state. With this said, if you are a homeowner in Indiana and live in one of the major cities or some urban area, State Farm or Allstate is a safe and reliable choice. However, if you own a farm or is a farmer looking to insure your crops, Indiana Farm Bureau will provide you with the best service. Please note that we are unable to review all of the home insurers in IN so be sure to do more research and compare lots of quotes because a smaller and lesser known company may be better suited for your individual needs and provide you with the most affordable rates. Shopping around is key and our free comparison tool is designed to help you with this seemingly tedious task.

Finding the right policy

Before choosing a policy, it is vital to conduct some research. With all of the online options today, there is no excuse to choose a bad policy that does not cover your needs. Some people want to spend as little as possible on a home insurance policy. This is the wrong approach to take. Instead, homeowners should look at what their insurance needs are.


This is the best way to determine the type of policy that you want to use. Many insurance companies are willing to reduce coverage costs if you bundle the policy with other insurance options.

Choosing a company


Choosing a quality insurance company is a vital part of having a good experience during this process. Many people like to use online options to find the right policy for them. However, other people would rather work with an agent directly. Whatever you prefer, make sure to choose a reputable company that has a track record of quality customer service.


If something happens to your home and you need to file a claim, you will be happy to pay a little extra for good service. A new home is the most important investment that many people have. It only makes sense to protect this investment by having the right insurance policy.


A recap on average home insurance rates


The cost of living is lower in Indiana than the rest of the country. However, housing costs have increased greatly over the past couple of years. The national average premium for home insurance was $1,173 in 2015 as mentioned by III. The average cost of Indiana home insurance is lower than the rest of the country at $983 per year in 2015 (latest available data as per III). This is a big reason why so many people are moving to the state. Not only are there job opportunities in various parts of the state, but it is cheap to live there as well.


Next steps


Finding the right Indiana homeowners insurance can be a long process. However, it is an important process to protect your home. Before deciding on the right insurance policy for your situation, look at various options online. This website is a great starting point to find the best insurers in your area. Insurance companies want to grow their customer base, and they may offer discounts if you are willing to sign up for multiple coverage options through them.

For more assistance, please contact your local state department of insurance:

Indiana Department of Insurance

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