With an Indiana home insurance policy, you can get coverage for your home and personal belongings, in addition to protection against liability claims. While you may never need to use your policy, having this type of insurance provides peace of mind that you won’t have to bear the burden of home repairs or expensive costs on your own. Read on to learn how to find the best homeowners insurance policy in Indiana.
Indiana’s Top 3 Home Insurance Companies
The highest-rated home insurance in Indiana include:
- Liberty Mutual
When ranking the top home insurance providers in Indiana, Farmers, Liberty Mutual, and Travelers came out on top because of their customizability and affordability.
While Farmers homeowners insurance is more expensive than Liberty Mutual and Travelers, customers can fully customize their policy. You can get up to 200% of dwelling for other structures and personal property coverage, up to 30% of dwelling for loss of use coverage, and up to $2 million for liability coverage, along with a variety of endorsements.
Other Farmers benefits include:
- Endorsement that allows you to use eco-friendly products to rebuild your home
- Deductible split up by peril
- Choice of 80%, 85%, 90%, 95%, or 100% of rebuilding cost for dwelling coverage
2. Liberty Mutual
Liberty Mutual offers 10 homeowner discounts to help keep policy costs affordable. Some discounts include ones for being claims-free, having a new roof, and signing up for paperless billing.
As a Liberty Mutual customer, you’ll also receive the following benefits:
- Claims center open 24/7
- Six endorsement options to customize your policy
- A company with over 100 years of experience in the insurance industry
Travelers has two unique features—affordability and experience. Not only does Travelers have more than 160 years of industry experience providing insurance products and services, but it also provides the cheapest homeowners insurance out of the providers in this review. For less than $100 per month, you can customize your dwelling, other structures, personal property, loss of use, personal liability, and medical payments coverage.
Take a look at Travelers’ other benefits:
- Up to 100% of dwelling for other structures, personal property, and loss of use coverage
- Agents are available in all 50 states and Washington, D.C.
- Unique discount for having a certified “green home” from the Leadership in Energy and Environment Design program
Indiana Homeowners Insurance Coverage
In general, a home insurance policy includes six parts:
- Dwelling—This part of the policy covers built-in elements of your home, like the cabinets, electrical system, and walls. If an event destroys your home and you have to rebuild it, this part of your policy will pay for the costs.
- Other structures—Detached structures on your property, like a fence or shed, are covered under this part of your policy. You usually get 10% of dwelling coverage for this type of coverage.
- Personal property—This part of the policy protects your personal belongings and covers them when they’re in your home or when they’re in your car. If your items are damaged or destroyed, you can file a claim to have them replaced. Personal property coverage is usually at least 50% of dwelling coverage.
- Additional living expenses—If your home requires repairs following a covered event, and you have to live elsewhere during that time, your policy will pay for living expenses, like the cost of a hotel room and meals. This is usually 20% of dwelling coverage.
- Personal liability—Your provider will pay for liability claims if you’re responsible for causing bodily injury or property damage to another person. Personal liability coverage will also cover legal fees if you’re sued. We recommend purchasing at least $300,000 of this type of protection.
- Medical payments to others—Your policy will cover medical bills if a guest is injured in your home. The standard for this type of coverage is $1,000 per person.
How Much Does a Home Insurance Policy Cost in Indiana?
In 2017, the average cost of homeowners insurance in Indiana was a little over $83 per month, according to the Insurance Information Institute. When ranked from most expensive to least expensive by the Insurance Information Institute, a resource that helps people make educated decisions, manage risk, and appreciate the essential value of insurance, Indiana ranked 33 out of 50, placing it on the more affordable end of the list.
Factors to Consider Before Buying Homeowners Insurance
Here are some factors to consider before you sign up for a home insurance policy:
- Tornadoes and other weather-related events—Tornadoes can cause wind and structural damage to Indiana homes. Most insurance policies cover wind damage, but read the fine print of your policy to ensure this coverage is available.
- Liability coverage for your assets—Consider purchasing enough liability protection to cover the cost of your home and all of your assets, including your vehicles, second homes, and businesses. If the value of your assets surpasses the liability coverage available from your home insurance provider, you can purchase an umbrella policy that kicks in after the liability coverage in your base policy is maxed out.
- Property features—If your home is older, needs a new roof, is more than five miles away from a fire station, or doesn’t have safety features, your premium will be higher.
Quote comparison—When shopping for an insurance policy, get quotes from at least three different companies. This allows you to compare coverage and cost options and make an informed decision.
Compare Homeowners Insurance Coverage Options
|Other structures coverage limits||5%–200% of dwelling||10% of dwelling||1%, 5%, 10%, 25%, 50%, 75%, or 100% of dwelling|
|Personal property coverage limits||40%–200% of dwelling||70% of dwelling||20%, 30%, 50%, 75%, or 100% of dwelling|
|Liability coverage limits||$100,000, $300,000, $500,000, $1 million, or $2 million||$100,000, $200,000, $300,000, $500,000, or $1 million||$100,000, $300,000, $500,000, or $1 million|
|Unique add-ons||Building ordinance or law, marring to metal roof materials||Water backup, sump overflow, hurricane||Equipment breakdown, roofing, siding matching package|
|Customer service||24/7 for claims; limited for sales and service||24/7 for claims; limited for sales and service||24/7 for claims; limited for sales and service|
*Based on sample quotes our team received
FAQs About Homeowners Insurance in Indiana
What are some common home insurance discounts?
Homeowner discounts vary by company, but here are a few popular ones:
- Claims-free—You’re typically eligible for this discount if you’ve been claims-free for at least five years.
- Multi-policy—If you bundle home and auto insurance policies, you’ll get a discount.
- Auto pay/paperless billing—If you choose to have your bill emailed to you or allow the company to automatically charge your bank account, you’ll receive this discount.
- Safe home—If you have safety features, like fire extinguishers, smoke detectors, and deadbolts, you may be eligible for this discount.
Will my homeowners insurance premium go up if I file a claim?
Insurance companies typically increase premiums when the home or homeowner is seen as risky to insure. While one claim alone may not increase your premium, a home or person with a history of multiple claims may increase your insurance rate.
What other companies offer home insurance in Indiana?
Companies like Allstate, Amica, State Farm, Geico, and Progressive offer homeowners insurance to Indiana homeowners. If you’re looking for a smaller, less well-known company, consider Lemonade or The Cincinnati Insurance Company.
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