Finding the Best Homeowners Insurance in Indiana
A homeowners insurance protects your private property financially in the event of an accident or disaster caused damage incurred on your home. It covers you as a homeowner financially. The real estate market in Indiana can be experiencing rapid growth with the constant increase in house prices. Due to the demand for real estate properties being high with relatively slow supply, there's competition among potential homeowners to get quality homes successfully. So you are considering getting yourself and your family a home in Indiana, or you are a current homeowner in search of the right homeowner's insurance for your property? Well, Indiana has one of the cheapest homeowners insurance in the US, with an average annual rate of $1173, which is slightly lower than the national average. If you were considering getting a cheap rate for your homeowner's insurance in Indiana, well, you're in luck! As stated earlier, Indiana has cheaper homeowners insurance rates, and we are here to help you with easy steps and basic information on your search for the best and most affordable homeowners insurance in Indiana for you.
| Indiana Homeowners Insurance Cost Broken Down | Rates |
|---|---|
| Yearly Cost of Homeowners Insurance in Indiana | $1,035.00 |
| Costs Per Month for Homeowners Insurance in Indiana | $86.25 |
How Much is Homeowners Insurance in Indiana
As a homeowner or a potential one in Indiana, you are probably wondering how much the homeowner's insurance in Indiana costs? How affordable is Indiana's homeowner's insurance rates? Or what the average cost of homeowners insurance in Indiana is? Before we go further, we need first to consider what type of state Indiana is, the disasters it's prone to and its cost of living. The answers to these questions are factors that affect the price of homeowners insurance in Indiana. Indiana is a state prone to various natural disasters like Ice Storms, Tornadoes, Earthquakes, Flooding, Heatwave, etc. Indiana also has a property crime rate of about 34%. These are some of the reasons for constant increases in the homeowner's insurance rate in Indiana. While trying to decide on the right homeowner's insurance for you, it's important to consider these events stated in your selection process. The cost of living in Indiana based on a national average of 100 is 82.1, with housing being just 61.7 out of 100. Also, the homeowner's insurance rate in Indiana is pretty low, with an average annual cost of $1173, which is also lower than the national average. Finally, Indiana can be said to be a good state with an affordable living cost. Only 41.7% of Indiana residents spend over 30% of their income on rent and utilities. Meaning Indiana's living cost is quite affordable.
| City in Indiana | Monthly Costs | Yearly Costs |
|---|---|---|
| Anderson, IN | $75.00 | $900.00 |
| Auburn, IN | $65.17 | $782.00 |
| Bedford, IN | $81.33 | $976.00 |
| Beech Grove, IN | $80.00 | $960.00 |
| Bloomington, IN | $71.75 | $861.00 |
| Bluffton, IN | $67.08 | $805.00 |
| Carmel, IN | $71.83 | $862.00 |
| Columbus, IN | $73.42 | $881.00 |
| Connersville, IN | $70.83 | $850.00 |
| Crawfordsville, IN | $74.42 | $893.00 |
| Crown Point, IN | $67.67 | $812.00 |
| East Chicago, IN | $85.92 | $1,031.00 |
| Elkhart, IN | $63.50 | $762.00 |
| Evansville, IN | $75.58 | $907.00 |
| Fishers, IN | $72.00 | $864.00 |
| Fort Wayne, IN | $64.92 | $779.00 |
| Frankfort, IN | $73.42 | $881.00 |
| Franklin, IN | $77.17 | $926.00 |
| Gary, IN | $95.75 | $1,149.00 |
| Goshen, IN | $62.58 | $751.00 |
| Greencastle, IN | $77.92 | $935.00 |
| Greenfield, IN | $75.92 | $911.00 |
| Greensburg, IN | $73.33 | $880.00 |
| Greenwood, IN | $76.33 | $916.00 |
| Hammond, IN | $79.58 | $955.00 |
| Hobart, IN | $72.50 | $870.00 |
| Huntington, IN | $66.00 | $792.00 |
| Indianapolis, IN | $81.08 | $973.00 |
| Jasper, IN | $73.08 | $877.00 |
| Jeffersonville, IN | $82.08 | $985.00 |
| Kokomo, IN | $69.08 | $829.00 |
| La Porte, IN | $69.25 | $831.00 |
| Lafayette, IN | $65.67 | $788.00 |
| Lake Station, IN | $79.58 | $955.00 |
| Lawrence, IN | $79.67 | $956.00 |
| Lebanon, IN | $71.17 | $854.00 |
| Logansport, IN | $68.58 | $823.00 |
| Madison, IN | $79.42 | $953.00 |
| Marion, IN | $73.92 | $887.00 |
| Martinsville, IN | $78.75 | $945.00 |
| Michigan City, IN | $70.42 | $845.00 |
| Mishawaka, IN | $66.42 | $797.00 |
| Muncie, IN | $72.33 | $868.00 |
| New Albany, IN | $80.92 | $971.00 |
| New Castle, IN | $76.25 | $915.00 |
| New Haven, IN | $65.42 | $785.00 |
| Noblesville, IN | $72.17 | $866.00 |
| Peru, IN | $67.67 | $812.00 |
| Portage, IN | $70.83 | $850.00 |
| Richmond, IN | $70.00 | $840.00 |
| Seymour, IN | $78.00 | $936.00 |
| Shelbyville, IN | $73.08 | $877.00 |
| South Bend, IN | $69.67 | $836.00 |
| Terre Haute, IN | $80.58 | $967.00 |
| Valparaiso, IN | $69.17 | $830.00 |
| Vincennes, IN | $79.50 | $954.00 |
| Wabash, IN | $70.08 | $841.00 |
| Warsaw, IN | $67.58 | $811.00 |
| Washington, IN | $79.75 | $957.00 |
| West Lafayette, IN | $64.83 | $778.00 |
| Westfield, IN | $71.58 | $859.00 |
Indiana Homeowners Insurance Laws
It is not mandatory by law to get homeowners insurance, but it could be required as a prerequisite for getting a mortgage by mortgage lenders in Indiana. Getting a homeowners insurance is completely optional and based on your mortgage lender's requirements. Though getting a homeowners insurance might not be compulsory, it is highly necessary. Indiana is a state prone to natural disasters and property crimes. If one of these occurs, a lot of damage could be caused and personal belongings lost. Your homeowner's insurance ensures that in case unexpected events like this occur, you have coverage. A secured financial protection that can help handle your losses. According to the Indiana department of insurance, a major Indiana homeowners insurance requirement in getting a homeowners insurance is to make sure sufficient information of your personal property and its value are well prepared. This would help determine how much coverage you would be needed when buying a homeowners insurance. You should also ensure that your home is insured for at least 80% of its replaceable value.
What Does Homeowners Insurance Cover in Indiana
Now that you've come to understand basically what a homeowners insurance is and why it's so important to get one, it's time to answer the questions, 'what does homeowners insurance in Indiana cover?' and 'what are the benefits you can enjoy by purchasing a homeowners insurance?' every homeowner who gets a homeowners insurance or wants to get one would love to have their money's worth for what they purchased or are planning on purchasing, this being an insurance plan that satisfies completely and ensures the security of their private property. This is pretty understandable. If a natural disaster should occur, if your house becomes uninhabitable, with some of your private property lost or damaged in the process, your homeowner's insurance plan, based on your coverage, will handle the cost of getting a new home or a temporary place of residence. It will also help in replacing lost private properties. In your search for the best homeowners insurance that suits you and grants you the coverage you desire, comparing homeowners insurance companies would be advised just to know what works best for you. As we further, this will be explained better.
| Costs of Home Insurance in Kansas by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Allen County, IN | $65.17 | $782.00 |
| Bartholomew County, IN | $73.42 | $881.00 |
| Boone County, IN | $71.17 | $854.00 |
| Cass County, IN | $68.58 | $823.00 |
| Clark County, IN | $82.08 | $985.00 |
| Clinton County, IN | $73.42 | $881.00 |
| Daviess County, IN | $79.75 | $957.00 |
| Decatur County, IN | $73.33 | $880.00 |
| DeKalb County, IN | $65.17 | $782.00 |
| Delaware County, IN | $72.33 | $868.00 |
| Dubois County, IN | $73.08 | $877.00 |
| Elkhart County, IN | $63.04 | $756.50 |
| Fayette County, IN | $70.83 | $850.00 |
| Floyd County, IN | $80.92 | $971.00 |
| Grant County, IN | $73.92 | $887.00 |
| Hamilton County, IN | $71.90 | $862.75 |
| Hancock County, IN | $75.92 | $911.00 |
| Henry County, IN | $76.25 | $915.00 |
| Howard County, IN | $69.08 | $829.00 |
| Huntington County, IN | $66.00 | $792.00 |
| Jackson County, IN | $78.00 | $936.00 |
| Jefferson County, IN | $79.42 | $953.00 |
| Johnson County, IN | $76.75 | $921.00 |
| Knox County, IN | $79.50 | $954.00 |
| Kosciusko County, IN | $67.58 | $811.00 |
| Lake County, IN | $80.17 | $962.00 |
| LaPorte County, IN | $69.84 | $838.00 |
| Lawrence County, IN | $81.33 | $976.00 |
| Madison County, IN | $75.00 | $900.00 |
| Marion County, IN | $80.25 | $963.00 |
| Miami County, IN | $67.67 | $812.00 |
| Monroe County, IN | $71.75 | $861.00 |
| Montgomery County, IN | $74.42 | $893.00 |
| Morgan County, IN | $78.75 | $945.00 |
| Porter County, IN | $70.00 | $840.00 |
| Putnam County, IN | $77.92 | $935.00 |
| Shelby County, IN | $73.08 | $877.00 |
| St. Joseph County, IN | $68.05 | $816.50 |
| Tippecanoe County, IN | $65.25 | $783.00 |
| Vanderburgh County, IN | $75.58 | $907.00 |
| Vigo County, IN | $80.58 | $967.00 |
| Wabash County, IN | $70.08 | $841.00 |
| Wayne County, IN | $70.00 | $840.00 |
| Wells County, IN | $67.08 | $805.00 |
Top Rated Homeowners Insurance Companies in Indiana Based on Ratings
Looking at some of the top-rated homeowner's insurance companies in Indiana will be helpful in your search for the best homeowners insurance for you. Homeowners insurance providers are usually rated by top professional industry organisations like J.D. Power which rates insurance companies based on their customer satisfaction and reviews, AM Best which rates companies based on their financial stability and the Better Business Bureau(BBB). According to J.D. Power, "Eries" homeowners insurance provider in Indiana is rated 5 out of 5 among the other providers. It was also given an A+ rating by AM Best and BBB, making it the best homeowners insurance providers in Indiana. Eries offers its customers coverage for businesses, life insurances and auto insurances. Ranking as the next best in Indiana just after Eries is Allstate homeowners insurance providers in Indiana. Allstate has a 3 out of 5 ratings from J.D. Power because of their not so good customer service and also has an A+ rating from AM Best and BBB. Allstate has a wide range of coverage options and discounts, which makes up for its lowly rated customer service. Your preferred requirements or desires in a homeowners insurance plan deter which plan suits you best.
How to Lower Homeowners Insurance in Indiana
With more homeowners now opting for homeowners insurance because of its proven advantages, the rate of homeowners insurance in Indiana has experienced a constant and tremendous increase over the past few years. Due to an increase in the homeowner's insurance rates, getting a discount is one of the best ways to purchase a homeowners insurance with a good coverage option while saving more in the process. An example of possible discounts which homeowners can enjoy is the claim-free reward granted to homeowners who switch to Allstate without having any recent claims. With this discount, customers get to enjoy homeowners insurance at a cheaper cost with 5% back for every year they do not have claims. With this, customers can enjoy coverage options from Allstate at a cheaper rate. Homeowners can also lower costs for themselves by Increasing their deductibles. Deductibles are amounts paid to an insurance company for a loss before the homeowner's insurance company pays a claim. Finally, we have a loyalty discount. Staying with the same homeowner's insurance company can allow you to receive special discounts from your homeowner's insurance provider. With this, you could enjoy 5-10% premium reductions depending on how long you've been a customer.
Compare Homeowners Insurance in Indiana Before Buying
So far, we’ve been able to take you through what homeowners insurance is, why you should get one, the costs, and the best-rated companies to get homeowners insurance from. Now, before saying our goodbyes, one last important piece of information you should know is the importance of shopping the market and why you should do so. Shopping the market is just you basically comparing homeowners insurance companies to know which can provide you with what you want. You can compare these companies based on their affordability, their coverage options and their customer service. How do they treat their customers? How affordable are they? What coverage options do they have to offer? What discounts do they offer? In your search for your best homeowners insurance providers, while comparing companies, make sure you ask these questions before purchasing any insurance plan so you don’t miss out on what works best for you. Be rest assured that you will find your desired homeowners insurance. It’s worth the time and hard work.