Homeowners insurance policies are a far cry from one-size-fits-all. But even though you’re looking for an insurance policy that’s uber-specific to your home, there are actually some universal truths when selecting a first-rate insurance company. The best companies offer affordable and honest coverage. They have a sound financial standing, which means they have the funds to pay out if you make a claim. Their insurance agents are honest and patient. After hours of research and expert interviews, we found several Indiana insurance companies who scored high marks across the board.

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The Best Homeowners Insurance in Indiana

Freshome’s Recommended Homeowners Insurance Companies in IndianaState FarmAmicaLiberty MutualAllstateTravelers InsuranceAmerican FamilyChubbGEICO

The first step on your way to purchasing homeowners insurance is applying for quotes from multiple providers. Requesting each quote online will only take you about 10 minutes, but we recommend following up on the phone or in-person after you’ve narrowed down your choices to two or three companies. While you’ll be able to make most of your decisions online, it’s nice to have a real live person review your choices and make sure there aren’t gaps in your coverage that could leave you vulnerable.

We picked a three-bedroom, three-bathroom single family home in Indianapolis to begin our quote process. The home was just under 2,000 square feet and was valued around $170,000. Since replacement value is often more than fair market value, we requested dwelling coverage for $200,000. (Most insurers recommend adding about 10 percent to the value of your home, in case rebuilding your house costs more than what you originally paid.)

Each insurance provider will use different criteria to determine your quote — some ask about pets, pools, and trampolines, while others request information about housing materials and finishes. All will provide discounts if you’re taking extra precautions to stay safe in your home. That means that smoke detectors, burglar alarms, and secure locks will save you money in the long run.

Your personalized quote will depend on many factors, so you might find that the provider who gave us the best quote will be the most expensive for you, or vice versa. So take these numbers with a grain of salt, and apply for plenty of quotes when it’s time to start shopping.

Our Quotes
Amica$1,112 Per Year
State Farm$1,139 Per Year
Liberty Mutual$1,966 Per Year

We looked into several other home insurance providers in Indiana, and then vetted them to make sure that they would be able to pay your claim in the event of a disaster. These agencies all have solid scores from J.D. Power, an A.M Best Financial Strength Rating of at least B+, and a good financial strength rating from both Moody’s and Standard & Poor’s. The more quotes you get, the more likely you are to get a good deal, so check out the agencies below, too.

What You Should Know Before Getting a Quote

How do Indiana’s rates compare?

While the average annual cost of homeowners insurance across the US is $1,096, Indiana residents’ rates come in lower at just $887 per year. That nearly 20 percent cheaper than the national average. The Hoosier State’s property crime statistics are right on par with the national average, so that’s probably not the driving force behind this discount. And since we’re no strangers to epic snowstorms, lightning strikes, and the occasional tornado, it seems a bit odd that Indiana’s insurance rates rank among the lowest in the nation. However, thanks to a lack of hurricanes, landslides, and severe earthquakes, you can soak in the savings.

Keep in mind that while Indiana’s rates are generally low, prices can vary greatly depending on where exactly you live.

What do I need to prepare?

Getting a quote for homeowners insurance isn’t as simple as just typing in your address. You’ll need a lot of detailed information on your home or potential new home. Think building materials, foundation type, and the date your roof was last attended to. You should be able to access most of this information on your home’s listing sheet. If you’re not sure, go ahead and guess for your online quotes — you can always update your info with an agent when it’s time to buy.

How much should my deductible be?

Unfortunately, there’s no one-size-fits-all answer to that question. Basically, you should get the deductible you can afford. If spending a few thousand dollars out of pocket is doable for you in the event of an emergency, it can be smart to capitalize on the savings of a high deductible. But if that amount would be as disastrous to your finances as a fire would be to your home, then it’s in your best interest to pay a little more monthly to keep your deductible low.

“Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Nowadays, most insurance companies recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25 percent.” – USA.gov

Keep in mind that any claims you make on your insurance can raise your rates, which will cost you a significant amount over time. So save your homeowners insurance for catastrophic damage rather than moderate annoyances that don’t cost much to fix.

Does my credit score affect how much I pay?

Boy, does it. While a few states have outlawed the practice of using credit scores to determine home insurance rates, Indiana is not one of them. In fact, a drop in your credit rating from “Excellent” to “Fair” can raise your premiums by as much as 50 percent. If you’re shopping for a new home, you’re probably hyper-aware of your credit score already; this is just one more reason to keep an eye on it.

What else does homeowners insurance cover?

Most policies will include liability protection, which covers the medical bills of someone injured in your home. This can come in handy if your friend cuts a finger helping you cook, or if your neighbor suffers a bite from your pet. And you can opt for even more protection, if you need it. Consider this, from the Insurance Information Institute:

“Liability limits generally start at about $100,000, however, it’s a good idea to discuss whether you should purchase a higher level of protection with your insurance professional. If you have significant assets and want more coverage than is available under your homeowners policy, consider purchasing an umbrella or excess liability policy, which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits.”

You’re probably aware that homeowners insurance protects the valuables in your home, but did you know that it protects the things you carry with you, too? From lost luggage to wedding rings, your belongings are insured while you’re on the road for around 10 percent of your total possessions coverage. Expensive jewelry and other valuables should be itemized in your insurance, and for just a few bucks extra, you’ll have the peace of mind that comes with knowing your most precious pieces are covered.

Your insurance policy should also include ALE, short for Alternative Living Expense. This covers the cost of temporary accommodations if your home is too damaged to stay in. Typically you’re allowed up to a year of alternate living arrangements, which should be more than enough to repair the damage done to your property.

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FAQs

What type of policy do I need?

While certain types of insurance policies will only cover situations that they specifically mention, an HO3 policy will include all situations unless they are specifically excluded. That means the process will be more transparent, and you won’t be left wondering what you’ll be paying for in the event of an unspecified disaster. Most insurers will default to HO3 when you go to get a quote, but be sure to confirm that you’re on an HO3 policy before you buy, and review all of the exclusions with your agent.

Homeowners insurance isn’t a set-it-and-forget-it purchase. You should check in regularly to make sure your policy still has your back, and while you’re at it, see if you’re eligible for any new discounts.

“You should review your protection regularly, at least once a year, and adjust your insurance coverage according to building costs at the time of your review. Your agent will help you with these decisions.” – IN.gov

What are common coverage gaps?

Most insurance quotes will default to $0 coverage on water backup/sump pump overflow. Unfortunately, water backup is a frequent cause of home damage and can cost you a pretty penny if you’re not covered. We recommend adding on this type of coverage, despite the added cost.

Broken appliances, electrical issues, and plumbing problems aren’t the responsibility of your insurance company. For those to be covered, you’ll need a home warranty. For more information on how home warranties work and where you can find the best one, check out this article.

What about flood insurance?

While flooding from a storm seems like exactly the type of situation that homeowners insurance was created for, it’s actually not covered by any home insurance policies. If you need flood insurance, you’ll have to purchase it separately from the federal government. If you live in a floodplain, you’ll be required to have flood insurance. And if you don’t, it’s just about weighing your risk. Live on the third floor of a condo? You can probably feel safe skipping it. But if your area is vulnerable to flooding, it might be worth the cost, even if your home is above sea level.

How can I lower my premium?

The best way to lower your premium is to lower your risk. Swimming pools, trampolines, and even family pets can greatly impact what you pay for homeowners insurance in Indiana. While we’re not suggesting you say goodbye to Fido, you should consider the real cost of home additions that double as hazards. While it might not seem fair, you may be liable for accidents that happen on your property, even if the victim was trespassing. So-called attractive nuisances, such as treehouses and playground equipment, will skyrocket your home insurance payments. Eliminating these risks will keep your insurance rates manageable.

As we touched on earlier, taking security precautions in your home will greatly increase your chances of locking in a low rate. Burglar alarms, smoke detectors, and deadbolt locks will all result in a discount, especially if those systems automatically report to your local emergency services.

Many insurers offer discounts for paying upfront every year instead of every month. If you have the cash at hand, this is an easy way to save money and cut out the hassle of a monthly bill. Some even offer a discount for setting up autopay or going paperless. If you bundle your homeowners insurance with your auto insurance, you’ll save on both.

Another great way to save green is by going green. Not every insurance agency offers this discount, but Traveler’s gives you 5 percent off if your home is LEED certified.

Take Action

While homeowners insurance can be an intimidating purchase , we hope this guide helped define the jargon, clarified the gaps, and made you feel confident entering the insurance marketplace. Whether you’re shopping for your very first house, or looking for ways to save money on your forever home, the best way to get started is to dive right in and get a few quotes. The more quotes you get, the better your chances are of finding a great deal on Indiana home insurance. Go ahead and get started with our top picks.

Freshome’s Recommended Homeowners Insurance Companies in IndianaState FarmAmicaLiberty MutualAllstateTravelers InsuranceAmerican FamilyChubbGEICO

Compare Homeowners Insurance Rates

To quickly find and compare rates in your area, enter your ZIP code below.

Enter Your ZIP Code: