Hollay Ghadery Last Updated On: August 23, 2023

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Finding the Right Home Insurance in Indiana

You know that the Hoosier state is home to the renowned basketball team, the Indiana Pacers. So whether you’re watching the Pacers at the Gainbridge Fieldhouse or from the comfort of your home, you’ll need the right homeowners’ insurance. 

The perfect home insurance protects your biggest asset, so you don’t have to pay out of pocket for damages. And of course, it’s also affordable. 

If you’re looking for the best homeowners insurance in Indiana, read on, and we’ll review everything you need to help you choose your policy. 

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Table of Contents

Indiana’s Climate and How It Affects Your Home Insurance Rates

Although Indiana is not known for severe weather events like tornadoes or earthquakes—natural disasters that generate a lot of damage—they’re not immune to these and other hazards.

If you call Indiana home, these are the significant perils that the state is vulnerable to:

  • Flooding: One of the most common risks to Indiana is flash flooding after a rapid dethawing of snow or intense rainfall. According to the Indiana Department of Homeland Security (DHS), in 2021, the state experienced 103 flooding events.
  • Tornadoes: Even though Indiana isn’t in “tornado alley,” there were 20 recorded tornadoes in 2021 according to DHS. 
  • Earthquakes: Another surprising hazard in Indiana is that it does experience earthquakes. The latest quake was a 3.8 magnitude in 2021.

Since Indiana has its fair share of flooding, usually due to extreme weather events, you should consider flood insurance as traditional homeowners insurance in Indiana or elsewhere doesn’t cover flooding. So, if you don’t want to pay for flooding-related damages, you’ll need to take out a flooding policy. 

The same goes for earthquake insurance, it’s not built into homeowners insurance, so if you want the coverage, you’ll need to take out an earthquake policy.

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The Average Cost of Homeowners Insurance In Indiana

The homeowners insurance cost in Indiana depends on how much dwelling coverage you take out and other factors like your provider, location, and the coverage you take out.  Hoosier residents on average will pay $1,180 a year for $250,000 of coverage. This is more affordable than the national average of $1,383 per year for the same coverage amount. Some of the best home insurance companies in Indiana are:
  • Auto-Owners
  • Allstate
  • Cincinnati
  • Erie
  • Farmers
  • Indiana Farm Bureau
  • Nationwide
With these companies, you can find affordable home insurance fast so you can get back to watching the Pacers crush their opponents. And if the commercial break is almost over, go ahead and get access to free quotes fast right here (you can thank us later!).

Homeowners Insurance Cost Factors in Indiana

Insurance companies use different factors to create your homeowner profile; this profile allows insurers to calculate your premiums, as rates aren’t universal. Indiana insurance companies use these factors to help determine your rates:

  • Building Materials: Whether your home is constructed of wood, brick, or stone influences your rates.
  • Rebuilding Cost: If your home needs replacing, how much would it cost to rebuild it?
  • House Age: Older homes cost more to insure than a new house that’s built to code.
  • Location: Where is your home located? Are there a lot of homeowners insurance claims? Do you live near a fire department? If you live in an area prone to flooding, your rates will increase, whereas living near a fire station can reduce your rates.
  • Claims History: Do you have a history of claims? If so, then you may pay more for insurance.
  • Credit Score: Not every state looks at your credit score, but Indiana does. If you have good credit, you have nothing to fear, whereas bad credit can result in higher rates.
  • Home Insurance Coverage: HO-2 home insurance (limited coverage) will cost less than having comprehensive HO-5 insurance. The more your home insurance covers and the higher your limits, the more you’ll pay in rates.
  • Deductible Amount: You can choose your deductible amount; the lower it is, the more your premiums will be. So conversely, you can shrink your rates by raising your deductible amount.

Not everything is within your control, but there are ways you can find savings on home insurance. We’ll explore those tips further below.

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What House Insurance in Indiana Covers

When Hoosier residents take out home insurance on their home, a standard HO-3 policy will cover these six buckets:
  • Dwelling: If your home is damaged by a covered peril (like fire), your insurance will pay to repair or replace it.
  • On-Site Structures: If any of your outbuildings, like sheds or separate garages, are damaged due to a covered peril, your policy will kick in. 
  • Personal Property (Belongings): Most home insurance policies only cover your personal property against “listed perils” like fire or theft.
  • Liability: Liability pays for bodily injury and personal property damage that you cause, like kicking a soccer ball through a neighbor’s window. It also covers legal expenses should someone sue you over an accident.
  • Medical Payments to Others: If someone is injured on your property, this will pay for their medical expenses. However, the coverage limit is low, so it will only help pay for small medical claims.
  • Additional Living Expenses: If your home is under repair after a severe weather event—and insurance is footing the bill—they’ll pay for your temporary accommodations.
Home insurance has your back, whether the weather acts up or your dog bites a guest. But what isn’t covered by home insurance? Keep reading.

Which Perils Aren't Covered by Home Insurance?

Standard home insurance covers many perils, but a handful of exclusions exist. These are the typical perils NOT covered by any home insurance policy:
  • Flooding
  • Earthquakes
  • Infestations (Vermin or Insects)
  • Wear & Tear
  • Sinkholes
  • Power Failure
  • Intentional Loss
  • Nuclear 
Keeping up general maintenance on your home can help ensure your claims are approved, should you have any, and that wind, snow, and ice don’t further damage your home.

How to Save on Homeowners Insurance Costs in Indiana

Nobody wants to spend a fortune on home insurance. Fortunately, you can slash your home insurance costs with discounts; that way, you can spend less on insurance and more on time at Hoosier National Forest exploring the great outdoors! Here are the best ways to save on home insurance in Indiana:
  • Shop Around: Don’t settle on the first home insurance quote you get. Rather, get a handful of home insurance quotes in Indiana to compare which policy offers the best coverage at the best rates. Keep in mind every insurer uses different calculations to determine your rates, so there is a great deal of variance between insurance companies.
  • Buy the Right Coverage: Only purchase the right homeowner insurance coverage for you. For instance, purchasing the most expensive home insurance may only be right for you if you can afford it.
  • Raise Your Deductible: Increasing your deductible is a simple way to shrink your premiums.
  • Ask About Discounts: Of course, one of the best ways to make your premiums more affordable is by taking advantage of every discount available to you. Here are some discounts that you can inquire on:
    • Bundling: You’ll save money if you have more than one insurance product, like home and auto insurance.
    • Safety Features: Insurers will take money off your premiums if you have certain safety features like smart home monitoring or a security system. Check with your provider to find out their qualifying safety features!
    • New Home: You’ll save if you have a home under 15 years old.
Keep in mind, you won’t always be offered discounts. If you want to save on your home insurance, it’s up to you to ask for the discounts you think you might be eligible for.

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Indiana Condo Insurance

If you’re looking for the best Indiana condo insurance, you’ll want to protect your investment by taking out HO-6 insurance. The average cost of Indiana condo insurance is around $500 yearly for HO-6 insurance. HO-6 or condo insurance covers:
  • Dwelling: If a peril like fire damages your condo, your policy will pay to repair it. 
  • Personal Property: Insurance covers not only your dwelling but also its contents.
  • Liability/Medical: If someone is hurt at your place, medical payments to others will kick in, and if they sue, liability will cover your legal fees.
  • Loss Assessment: This will help shelter you from paying additional fees that the condo association’s insurance won’t cover.
  • Additional Living Expenses: If your condo is being repaired by insurance, your policy will pay for additional living expenses.
Indiana condo insurance won’t cover the following:
  • Local Hazards: Not every peril is covered; sinkholes, nuclear hazards, and earthquakes aren’t, so you’ll have to take out an additional policy for these if you are concerned.
  • Intentional Injuries: Insurance won’t pay medical fees if you intentionally hurt someone.
  • Underground Water Damages: Your policy will pay for burst plumbing but not for municipal pipe damages.
  • Wear and Tear: No insurance policy will cover wear and tear; HO-6 is no different.
Condos are an investment, just like houses. Protecting that investment is key and condo insurance can help you do just that.

Renters Insurance in Indiana

Renters in Indiana need and can benefit from home insurance too! Even though the dwelling is not yours, you’ll want protection for your personal belongings or liability/medical if someone is hurt in your apartment. In Indiana, insurance rates are low (around $17 monthly), which helps ensure that most renters have insurance.

Manufactured Home Insurance in Indiana

If you call a mobile or manufactured home, the average cost to insure it in Indiana varies between $300-$1,000 a year, depending on your home, personal information, and coverage choices. Manufactured home insurance in Indiana covers your dwelling, personal property, and liability/medical for someone that gets injured on-site.

Final Thoughts on Home Insurance in Indiana

Your home is your biggest asset, so you’ll want to protect it with the right homeowners’ insurance in Indiana. If you leave the house for the night and see the Indiana Pacers hit the court, you want to know that your property is guarded against the elements and whatever else may come its way, like thieves or other known perils.

If you’re ready to start shopping for quotes, go ahead and get access to free quotes fast by clicking here. 

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