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Homeowners in Indiana pay an average of $1,770 per year, or about $148 per month, for homeowners insurance. But you can find cheaper rates by shopping around and comparing insurers like Allstate, Buckeye Insurance Group, Westfield, Cincinnati Insurance, and more.
Standard coverage may not be sufficient in Indiana, since the state often experiences both tornadoes and floods. Many standard homeowners insurance policies cover tornado damage, but most won’t protect you against flooding. That means you’ll need additional coverage to ensure your policy protects you from these perils.
As you begin your search for a new policy in Indiana, the information presented here can be a helpful guide.
Quick Facts
Indiana sees an average of 22 tornadoes per year, which is lower than neighboring Illinois (54) but higher than Ohio (19).
Popular dogs German shepherds and pit bulls are among the most commonly banned dog breeds on homeowners insurance policies.
Only 0.8% of all homes in Indiana are worth $1 million or more, meaning most Indiana homeowners can sufficiently protect their home with lower dwelling coverage limits.
Best home insurance companies in Indiana
A number of quality home insurance companies serve the Hoosier State, which makes it easier to shop around and find the right insurer to fit your needs. Just remember, the best home insurance company for you depends on your specific situation, and it pays to get quotes from multiple insurers before making a decision.
The insurers listed below are among the top insurers in Indiana, and you should include them in any search.
| Insurance Company | Average Annual Premium | Best For |
|---|---|---|
| Allstate | $739 | Cheap rates |
| Buckeye Insurance Group | $782 | Personal service |
| Westfield | $1,107 | Bundling |
| Cincinnati Insurance | $1,147 | High-value homes |
Best insurer for cheap rates: Allstate
AllstateCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores. | 4.2 |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | 833 |
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $60/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $81/mo |
Allstate is a mainstay in the homeowners insurance market and one of the nation’s largest insurers in terms of direct premiums written.[1] Allstate offers all types of insurance coverage — not just homeowners insurance — and provides customers with a number of available discounts for reducing premium costs.
As an added benefit, Allstate doesn’t ban any dog breeds from its home insurance coverage, which will come as a relief to Indiana’s dog lovers. German shepherds and pit bulls are two of the top 10 most popular breeds in Indiana, as well as two of the dogs most commonly blacklisted by home insurance companies.
Pros
Highly rated mobile app
Optional coverage for home-sharing
Cons
NAIC score of 2.20, meaning more than twice the number of complaints compared to the market average
Lower-than-average J.D. Power customer satisfaction rating
Best insurer for personal service: Buckeye Insurance Group
Buckeye Insurance Group is a small regional insurer based out of Piqua, Ohio, that serves the residents of Ohio, Indiana, and Kansas. The company works solely with independent insurance agents in those three states and prides itself on providing exceptional and responsive customer service.
Pros
Mutual insurance company, meaning it’s cooperatively owned by policyholders
A+ rating from the Better Business Bureau (BBB)
Cons
AM Best financial strength rating of B (Fair)
Doesn’t disclose available discounts online
Best insurer for bundling with auto insurance: Westfield
WestfieldCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores. | |
|---|---|
| $300,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $92/mo |
| $500,000 Dwelling A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others. | $109/mo |
This Ohio-based company offers homeowners insurance in 10 states, including Indiana. Westfield’s home insurance products provide coverage for your personal belongings and personal liability, but homeowners can really benefit from the Wespak bundling option. If you bundle with Wespak, you’ll receive automatic inclusion of preferred options, like replacement cost coverage.
Pros
AM Best financial strength rating of A (Excellent)
NAIC score of 0.38, meaning significantly fewer complaints compared to the national average
Cons
Relatively few available endorsements
No mobile app available
Best insurer for high-value homes: Cincinnati Insurance
Cincinnati Insurance CompaniesCompare personalized, real-time quotes
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores. | |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | Not rated |
Houses valued at more than $1 million make up 0.8% of the properties in the Hoosier State, which can make it difficult for homeowners with high-value homes to find adequate home insurance to cover their needs.[2]
Regional insurer Cincinnati Insurance offers the Executive Capstone Homeowner home insurance policy, which the insurer tailors to meet the needs of Indiana residents with high-value homes. This coverage includes the full building costs to rebuild your home in case of a covered loss, among other protection clauses.
Pros
Robust list of additional coverage options — including compensation for water backup and protection of your family from various perils, including carjacking and stalking
NAIC score of 0.10, meaning it receives one-tenth of the complaints compared to the national average
Cons
Quotes not available online
Very few discounts
Cheapest home insurance in Indiana
On average, the cheapest Indiana home insurance policy comes from Allstate, according to Insurify data. Your results may differ, though, and the cheapest homeowners insurance coverage for you will depend on factors such as the type of insurance you need, the location of your house, what personal property you need to insure, and what types of natural disasters may be common in your ZIP code.
That’s why it’s always a good idea to compare multiple quotes from several insurers. Here, you can see the average quotes in the state from leading companies. All average annual premiums are for $300,000 in dwelling coverage.
| Insurance Company | Average Annual Premium |
|---|---|
| Allstate | $739 |
| Buckeye Insurance Group | $782 |
| Westfield | $1,107 |
| Cincinnati Insurance | $1,147 |
| American Family | $1,188 |
| Wolverine Mutual | $1,421 |
| Indiana Farmers Mutual Ins | $1,470 |
| State Farm | $1,550 |
| Erie | $1,596 |
| Grange Mutual | $1,609 |
Cost of homeowners insurance in Indiana
The average cost of homeowners insurance in Indiana is $1,770 per year, or about $148 per month. The exact cost of your home insurance depends on a number of factors, including the age, condition, and location of your home, your claims history, and the types of coverage you choose.
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See Also: Types of Homeowners Insurance Policies
Cost of homeowners insurance by dwelling coverage amount
Upping your dwelling coverage amount will also increase your premium costs. In particular, Indiana homeowners who increase their dwelling coverage from $100,000 to $500,000 see their annual premiums increase by almost $1,800, on average.
This table below illustrates how average home insurance premiums change based on dwelling coverage rates in Indiana.
| Coverage Limit | Average Annual Premium |
|---|---|
| $100,000 | $923 |
| $200,000 | $1,327 |
| $300,000 | $1,770 |
| $400,000 | $2,194 |
| $500,000 | $2,683 |
Cost of homeowners insurance by deductible
Your deductible is the amount you’re responsible for paying when making a claim for a covered peril. Once you’ve paid your deductible, your insurer will provide coverage up to the predetermined level.
The size of your deductible will also affect the amount you pay in premiums. The lower your deductible, the higher your premium will be, because your insurer is taking on more of the financial risk. This also means that raising your deductible can be an easy way to lower your premium. Just make sure you have enough money to cover this higher deductible in the event of a loss.
Here’s how adjusting your deductible affects the average annual premiums for $300,000 in dwelling coverage in Indiana.
| Deductible Amount | Average Annual Premium |
|---|---|
| $1,000 | $1,770 |
| $500 | $1,827 |
How to get cheap homeowners insurance in Indiana
Things you can do to help lower your insurance premiums in Indiana include:
Increase your deductible. If you have the financial assets to pay for a higher deductible in the event of a covered loss, raising your deductible is an easy way to lower your premium costs.
Bundle your insurance. If your insurer offers auto coverage, life insurance, or umbrella insurance, you may be able to save money by getting all your insurance products from the same company.
Request discounts. Many insurance companies offer discounts for anything from loyalty to savings for paying in full or enrolling in auto pay. Be sure to research what discounts you may be eligible for before selecting a policy.
Mitigate risks. Making your home more resistant to both natural disasters and security problems can help you save money on your insurance. Ask your insurer which mitigation strategies will reduce your premium costs.
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How much homeowners insurance do you need in Indiana?
Indiana doesn’t legally mandate you to have homeowners insurance, but mortgage lenders require it as a condition of your loan. In general, it’s best to have enough homeowners insurance coverage to repair or replace your home and personal property in the event you need to file a claim.
The specific amount of insurance coverage that’s right for you will depend on a number of factors, including your preferences and the risk level of your home. For example: Flooding is among the most common natural disasters in Indiana, and standard home insurance coverage generally doesn’t include flood insurance. Any Indiana resident living in a floodplain should consider buying additional coverage to protect themselves from water damage.
You should also read your full policy carefully so you know what it covers. This can help ensure the provided coverage aligns with your specific needs.
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Read More: What Does Homeowners Insurance Cover and What Does It Exclude?
What are some of the biggest risks when owning a home in Indiana?
The risks your home may face will vary depending on where you live, although some areas are more prone to specific perils than others. In Indiana, some of the biggest risks to homeowners include:
Floods
Indiana has experienced a number of significant flooding events. Different triggers, including flash floods, river flooding, snow melts, and ice jams, may cause a flood. Homeowners with property on a floodplain will need to get separate flood insurance coverage, either through a private insurer or the National Flood Insurance Program.
Tornadoes
Indiana sees an average of 22 tornadoes per year. Not all homeowners insurance policies cover tornado damage, so you may need to purchase a separate tornado insurance policy.
Winter storms
Indiana is vulnerable to various types of winter weather, including cold waves, snow, and ice storms. While a standard homeowners insurance policy will generally cover any damage caused by winter weather, it’s worthwhile to double-check that your policy covers the most common winter events that occur in your part of Indiana.
Indiana homeowners insurance FAQs
Still have questions about how to find the most affordable home insurance in Indiana? Review the answers below.
How much is home insurance in Indiana?
The average cost of homeowners insurance in Indiana is $1,770 per year, or about $148 per month. This places Indiana near the middle of the pack when comparing average statewide rates.
The exact cost of your home insurance depends on a number of factors, including the age, condition, and location of your home, your claims history, and the types of coverage you choose.
Which companies have the cheapest homeowners insurance in Indiana?
Allstate offers the cheapest home insurance in Indiana, averaging $739 per year for $300,000 in dwelling coverage.
Does Indiana require homeowners insurance?
Not legally. The state of Indiana doesn’t legally require homeowners insurance. But if you have financed your home, your lender will probably require it.
What factors determine the cost of home insurance in Indiana?
Several factors dictate the price you pay for home insurance, including your home’s age, value, and location. Your insurer will also take into account your past claims history when determining your rates.
Related articles
Sources
- Insurance Information Institute. "Facts + Statistics: Insurance company rankings."
- Today's Homeowner. "There Are More Million-Dollar Homes in the U.S. Than Ever Before. But Can Americans Afford Them?."
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Emily Guy Birken
Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson.
Her work has appeared on The Huffington Post, Business Insider, Kiplinger's, MSN Money, and The Washington Post online.
She is the author of several books, including The 5 Years Before You Retire, End Financial Stress Now, and the brand new book Stacked: Your Super Serious Guide to Modern Money Management, written with Joe Saul-Sehy.
Emily lives in Milwaukee with her family.
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