On average, Hoosiers are paying $1,109 every month on homeownership costs. There are 3 million homes in the Hoosier State, 69% of which are occupied by owners.
- Population: 6,691,878
- Average value of homes that’s occupied by owners: $130,200
- Households: 2,537,189
- Average household income: $52,182
- High school grad or higher, percent of people age 25 years +: 88%
- Average travel time to work: 23 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
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.
While it may not be a particularly storm-prone region of the country, there are still threats to your home in Indiana. The first would, of course, be the intense mid-western winters. Wind, rain, ice, and snow are commonly cited concerns amongst homeowners. The amount of snowfall and generally harsh conditions in the winter can lead to frozen pipes, while strong winds are capable of damaging the structure of your house, such as your roof.
Besides this, property crime is also a valid concern in Indiana. In 2016, it was reported that a total of 17 percent of Indiana citizens tackled an instance of property crime. At present, Indiana’s property crime rate is above the national average at 0.3 percent. Before weather hazards or property crimes occur, it is most practical to secure homeowners insurance to protect yourself and your home.
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 Insurance Information Institute (III) in 2016 (latest available data), the average annual premium a homeowner pays in Indiana is $1,003, which amounts to $83.58 per month. On the other hand, the average annual premium a homeowner pays across all states is $1,192, which makes about $99.33 per month. Hence, Indiana is cheaper than the average U.S. state for homeowners insurance with a ranking of 31st out of the 51 states.
Looking closer, the most affordable city for home insurance happens to be Kendallville. Residents in Kendallville pay 25 percent less on their home insurance than the state average. Meanwhile, the most expensive city in the state is French Lick, with a considerably higher premium than the state and national average.
Average Indiana Home Insurance Premiums
|National annual average||$1,192||$1,173||$1,132|
Our Choice Home Insurers In Indiana
While Indiana is subject to some harsh winters, it is still less prone to disaster than other parts of the country. As a result, insurance premiums remain below the mean. It will not be hard to find sufficient coverage at an affordable price in Indiana. If you are unsure of which company to consult, we reviewed some of the popular home insurance providers in the state below.
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.
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+ (Superior) 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 Farm Bureau
Indiana Farm Bureau is a local company and smaller in size compared to insurers who provide coverage nationwide. It mostly provides insurance for farms and farmhouses in the countryside of Indiana. It offers excellent policies that specifically benefit farm owners because they provide the most comprehensive farm coverage in the state. It has the second largest market share for homeowners insurance at 8 percent. AM Best gives this company a financial strength rating of A (Excellent).
When compared to some other insurance firms, it is a much smaller company, but this allows Indiana Farm to have a strong customer support system in place. It has roughly 200 agents located across the state to provide the necessary help, and its agents are known to be approachable and friendly.
While mainly focused on 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.
The greatest benefit of a firm such as Indiana Farm is that as a local company, it will have a very clear idea of which policies are in demand. It has an in-depth understanding of the problems that afflict homeowners in Indiana and has tailored its policies to accommodate them as much as possible. Thus, you will easily find the kind of coverage you need. Its standard policies are suitable for various residential properties and give you customizable options, so you can also include protection from windstorms, property theft, floods, and identity theft.
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 with little 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.
Liberty Mutual is the third largest provider of homeowners insurance in Indiana with a market share of 7.9 percent. It is a reputable firm with a solid reputation among customers. AM Best rated it with an A (Excellent), while JD Power gave it a 3 (About average) out of 5 Power Circles Rating.
The rates at Liberty Mutual are generally very affordable as they provide a wide range of discounts that allow you to reduce your premiums considerably. You can also cut costs by combining home insurance with auto insurance, by installing alarm systems, and even by insuring your home for its replacement value.
Liberty Mutual has a positive track record of a smooth claim filing process and helpful customer support services. Its agents are responsive and helpful, so you have reliable support from the company when the time comes to file a claim. Liberty Mutual also offers 24/7 repair services to customers alongside a Catastrophe Response Unit, which aims to secure lodging for you while speeding up the claims process if your dwelling has been subject to a disaster.
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 than 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.
State Farm offers affordable policies for all types of residential spaces. This includes farm and ranch protection, which is likely an important consideration for many Indiana citizens. Standard policies provide protection from weather-related hazards (lightning and windstorms) and property crime (vandalism and theft). You can support your policy with add-on coverage to include other concerns such as personal injury and flood insurance.
Filing claims with State Farm is a generally smooth process. If you need to file a claim, you have multiple options at your disposal, so you can choose whichever method is most convenient for you. This means you could file the claim online, in person with an agent, or via its app.
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 Home Insurance Companies: Market Share and Summary of Ratings
|Rank||Insurer||Market Share %||AM Best||S&P||JD Power|
|2||Indiana Farm Bureau||8.1||A||NR||NR|
Source: Insurance Information Institute, AM Best, S&P, JD Power
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 Premiums
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 $1,192 in 2016, which is the latest available data mentioned by III. The average cost of Indiana home insurance is lower than the the country’s average at $1,003 per year in 2016. 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.
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.
The state of Indiana has some of the most affordable home insurance rates in the country. It also has a fairly low cost of living and ample job opportunities, which is why many people relocate to this state. Even though Indiana is not as disaster-prone as some other states, it is in your best interest to take advantage of the affordable premiums and secure the necessary protection for your dwelling.
Home insurance in Indiana prioritizes the homeowner. This can also be seen in Indiana state laws, such as the provision that residential insurance claims can be filed within 10 years of the incident in question.
For more assistance, please contact your local state department of insurance:
Indiana Department of Insurance