Best Homeowners Insurance Indiana 2021

Last modified: March 1, 2021

Are you planning to buy homeowners insurance in Indiana? Are you confused about how to find the best Indiana insurance company and what coverage options to consider? You have come to the right place.  This post reviews the best insurance companies in Indiana for homeowners and top factors to consider to make an informed choice. Homeowners insurance is the best way to keep your investment safe and to cope with unexpected situations without experiencing substantial financial losses.

Is homeowners insurance required in Indiana?

Although Indiana home insurance is not a requirement by law, you should still buy a coverage policy. Homeowners insurance helps buffer you, your property, and your family financially against risks and liabilities. You can rely on your home insurance for steadfast coverage when the worst occurs and disaster strikes.

If you compare different top-rated insurance companies in Indianacoverage options are variable. However, some common options in most standard policies include:

  • Dwelling—Covers damages to the home and structures attached, like a porch and garage.
  • Other structures—Covers for freestanding structural damages such as tool sheds, fences, and other types of structure of the house 
  • Personal Property—Covers the value of personal possessions, such as furniture, jewelry, and electronics
  • Loss of use—Pays for additional living expenses when the insured home is under repair.

However, when buying homeowners insurance in Indiana, it is advisable to purchase coverage for floods and tornadoes as these disasters are quite common in this region.

Common Causes of Home Insurance Losses in Indiana

Some of the most common causes of home damage and loss in Indiana result from:

  • Smoke, hail, lightning damage, fire, and windstorm
  • HVAC failure
  • Accidental overflow of plumbing
  • Falling objects on the house such as trees

Did you know that in 2018 and 2019, approximately seventy-four counties in and around Indiana were eligible for natural disaster relief? Therefore, when buying a homeowners insurance policy, make sure to include:

  • Water backup insurance
  • Mobile home insurance Indiana
  • Manufactured home insurance Indiana replacement value

Purchasing insurance should be every homeowner’s top priority in Indiana to stay protected in case disaster strikes.

How much is homeowners insurance in Indiana?

The average home insurance cost in Indiana is $2,423. It is important to note that this figure is slightly higher than the national average cost— $2,305. The reason is that the state is at a higher risk of natural disasters than other states, like Hawaii and New Mexico. However, the average premiums in Indiana for home insurance are relatively lower than the rates in Oklahoma.

Cheapest Homeowners Insurance in Indiana

The rates for homeowners insurance in Indiana vary from city-by-city and company-to-company. Upon our research and analysis, Gary is the most expensive city in Indiana to buy homeowners insurance, with the average cost being $1,149. At the same time, you can find the cheapest rates in West Lafayette with an average cost of $778.

We found that the average cost for home insurance Indianapolis in city-by-city breakdown was $973. Here’s a quick overview of more cities:

 

Cost Of Homeowners Insurance By Top Cities
City Average Rate
Indianapolis $973
Evansville $907
Bloomington $861
Hammond $955

Best Homeowners Companies Indiana

Here’s a detailed review of the best homeowners companies in Indiana.

Company Best For Coverage Discounts  Average Cost
Cincinnati Financial
  • High-value homes
  • Executive—covers the dwelling, personal property, legal liability, and also, additional living expenses
  • Executive Classic covers high-value homes plus $500,000, including the full cost of rebuilding, repair, and payment for buying replacement items
  • Home and auto bundle discount
  • Home alarm discount
$537
Erie
  • Base Policy
  • Those looking for excellent customer service
  • Structure Coverage 
  • Personal Property Coverage 
  • Liability Coverage 
  • Home Business Protection 
  • Add on Coverage for garage, sewers, sump pumps, jewelry, and more.
  • Multi-policy
  • Advance quote discount
  • Sprinkler system credit
$773
Hippo home insurance
  • Those looking for savings through big discounts
  • Replacement cost coverage
  • Add on for the home office, equipment breakdown, service line, and water backup
  • Sprinkler system
  • Hail-resistant roof
  • Security systems
  • Storm shutter windows
  • Notion Smart Home Kit
$1,362
Allstate
  • New homebuyers
  • Dwelling
  • Personal property and liability
  • Add on  flood insurance, host advantage, and personal umbrella policy
  • Early signing discount
  • Homebuyer discount
  • Hail-resistant roof discount
$577
State Farm
  • First-time homebuyers
  • Present homeowners
  • Flood Insurance Coverage 
  • Earthquake Coverage 
  • Full Replacement Cost Coverage 
  • Energy Efficiency Upgrade Coverage 
  • Umbrella Coverage 
  • Sump Pump Overflow and Water Backup Coverage 
  • Personal Injury Liability Coverage 
  • Cyber Event, Fraud Loss, and Identity Restoration Coverage 
  • Home Systems Protection Coverage 
  • Off-premises Structures Coverage 
  • Multi-policy discount
  • Safety device discount
  • Roofing discount
  • Higher deductible discount
$1,596 
USAA
  • Military and their families 
  • Identity theft coverage 
  • Military uniform coverage
  • Replacement cost coverage
  • Multiple policies (bundle) discount
  • Claims free discount
$833
American Family
  • Those looking for good coverage options at affordable rates
  • Dwelling
  • Personal items
  • Loss of use
  • Medical cost coverage 
  • Multi-product
  • New Home 
  • Smart home
  • Renovated home
$875

 

Cincinnati Financial

Best known for its transparent pricing and Executive Homeowner Plus endorsement option, Cincinnati Financial is one of the top-rated companies for homeowners insurance in Indiana. If you are wondering how long it takes to fulfill Cincinnati Financial insurance claims, rest assured their speed is fast. The company has an exceptional financial standing in the market, rated A+ by both BBB and AM Best. Furthermore, the company also gives you the flexibility to customize your policy according to your home insurance needs. For example, you can include coverage, like landscaping and water damage.

Erie

Whether it is Erie insurance Logansport Indiana or Erie insurance new Albany, Indiana, their customer service is the best. This is evident from their 5/5 J.D. Power score. They consistently offer a high level of service to their customers.

Erie provides comprehensive base policies at competitive rates. They also include replacement cost coverage in their standard home insurance policy. Moreover, they offer two options for flood coverage insurance and approximately a 25 percent discount on their bundle home and auto insurance. 

Hippo Home Insurance

Hippo home insurance has expensive rates and offers coverage to clients in a few states, including Indiana. It’s best for those homeowners looking for discounts. With this company, you can lower premiums through discount savings. You can get a discount on premiums if you have a sprinkler system installed, hail resistant roofing, windows that have storm shutters, or security systems.

Allstate

No matter what type of homeowners insurance in Indiana you want, Allstate has you covered. Allstate home insurance in Indiana offers a variety of coverage options to fit different needs. The company has a high customer satisfaction rate and is ranked A+ for its financial stability by AM Best and BBB (Better Business Bureau). It is best for new homebuyers as their discounts add up to low premiums, thus saving good money on premium costs. 

State Farm

State Farm is the largest and among the most popular companies offering homeowners insurance in Indiana. The company has an impeccable financial standing but is slightly expensive than its competitors. However, what makes them popular is their wide range of coverage options and discounts.

USAA

USAA is perhaps the best choice for military members and their families. Although their pricing isn’t the best in Indiana, they offer excellent customer service and special military-specific benefits, making it a good option for individuals in the armed forces.

USAA has a 0.15 NAIC Complaint Index, which is impressively low, and a 5/5 J.D. Power score. This is indicative of their high level of customer service and satisfaction rate. Additionally, they offer unique perks to military members, such as even if you are in an active warzone, your property will be covered, which many properties exempt from coverage.

American Family

It is a private mutual company, also known as AmFam. American Family scores consistently well on customer service with J. D. Power and provides adequate coverage to homeowners for natural disasters, theft, fire, and vandalism. They also offer additional coverage, including debris removal, identity theft protection, and mold damage protection. They have excellent financial standing. So, contact American Family Indiana claims department to get coverage in case of emergency, and they will handle your claim efficiently.

Conclusion

In a nutshell, no matter where you live in Indiana, you must purchase homeowners insurance policy if you own a house. Home insurance plays a crucial role in asset protection in the event of emergencies and when disaster strikes. There are endless options for homeowners insurance in Indiana. Explore and evaluate the companies listed above to select a provider that suits your needs and budget the best.

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

Does homeowners insurance cover flooding in Indiana?

Given the heavy downpours of rain and snowfall in Indiana, the state is at high risk for flooding. However, standard policies for homeowners insurance in Indiana don’t cover flood damage. Therefore, to supplement this gap, buy a flood insurance policy too. It can be bought from the same home insurance company if they offer flood coverage as an additional option.

Does homeowners insurance cover lightning in Indiana?

Yes. A standard homeowner’s insurance policy covers lightning damage in Indiana.

What if I can’t get homeowners insurance?

If you somehow can’t get homeowners insurance, then contact your state’s department of insurance. They may have established programs, like Fair Access to Insurance Requirements, to help homeowners get insurance.

Is wind damage from tornadoes covered by home insurance?

Yes. Homeowners insurance typically covers wind damage.