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Best homeowners insurance in Indiana for 2024
Erie, Auto-Owners and Nationwide are some of the best home insurance companies in Indiana, per Bankrate’s research.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare the best homeowners insurance companies in Indiana
Bankrate analyzed data provided by Quadrant Information Services to determine average rates for the top Indiana home insurance companies. Homeowners in Indiana pay an average of $1,724 for $300,000 of dwelling coverage, which works out to about $144 per month. This is 25 percent less than the national average of $2,304.
To further our analysis, we reviewed financial strength ratings from AM Best and customer satisfaction scores from J.D. Power, then awarded each company a Bankrate Score to reflect our overall findings. Using these criteria, some of the best homeowners insurance companies in Indiana include Auto-Owners, Erie, Nationwide, Encompass and Indiana Farm Bureau.
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---|---|---|---|---|
634
/1,000 |
$231
|
$2,770
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||
674
/1,000 |
$105
|
$1,258
|
||
641
/1,000 |
$121
|
$1,450
|
||
Not rated |
$187
|
$2,245
|
||
Indiana Farm Bureau
|
Not rated |
$227
|
$2,719
|
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Bankrate's trusted insurance industry expertise
Read our full methodologyThe home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The top 5 home insurance companies in Indiana
Best for add-on coverage
4.6
4.6
Avg. premium for $300K dwelling
$231/mo
Avg. premium for $300K dwelling
$2,770/yr
Customer satisfaction
634/1,000
-
Why Auto-Owners made our list: Auto-Owners is one of the best home insurance companies for Indiana homeowners looking to customize their policies with add-ons. It offers a variety of endorsements for more protection, like special personal property coverage, ordinance or law coverage, equipment breakdown coverage and home cyber protection. Plus, several discount opportunities are available to those who qualify. However, homeowners must work with an independent agent who represents the company to get a quote or buy a policy.
Who Auto-Owners may be good for: If you’d like to craft a policy that will meet your specific needs, Auto-Owners is worth considering.
Best for low rates
4.4
4.4
Avg. premium for $300K dwelling
$105/mo
Avg. premium for $300K dwelling
$1,258/yr
Customer satisfaction
674/1,000
-
Why Erie made our list: Erie offers the cheapest home insurance in Indiana, based on the companies we reviewed. The company is also highly rated by J.D. Power for overall customer satisfaction. In addition to its low rates, Erie stands out for its coverage options, like guaranteed replacement cost coverage, water backup coverage, service line protection and identity theft coverage. There are also a handful of discounts available for potential policy savings, but Erie offers fewer discounts than some other companies on our list.
Who Erie may be good for: Erie may be worth considering if you're tight on cash following a home purchase. Its high customer satisfaction ranking also makes it a good choice for homeowners who want a company that is highly responsive to their needs.
Best for discounts
4.3
4.3
Avg. premium for $300K dwelling
$121/mo
Avg. premium for $300K dwelling
$1,450/yr
Customer satisfaction
641/1,000
-
Why Nationwide made our list: Nationwide offers ample opportunities to earn discounts. Homeowners might get a break on their premiums for bundling policies, installing protective devices in their homes, renovating major home systems, living in a gated community, insuring a newly purchased home and more. In addition, the company has several endorsement options on offer for anyone seeking added coverage.
Who Nationwide may be good for: Nationwide’s extensive list of discounts might make it a good option for homeowners on a tight budget.
Best for replacement cost coverage
3.7
3.7
Avg. premium for $300K dwelling
$187/mo
Avg. premium for $300K dwelling
$2,245/yr
Customer satisfaction
Not rated
-
Why Encompass made our list: Encompass is a lesser-known home insurance company in Indiana that is a subsidiary of Allstate. Homeowners looking to boost their financial protection by upgrading to a replacement cost coverage policy may want to consider Encompass. The Elite and Deluxe homeowners packages offer coverage limits equal to 200 percent of a home's value for the dwelling, personal property and detached structures. Coverage for increased building costs is also available. Encompass products are sold exclusively through independent agents.
Who Encompass may be good for: Encompass's three coverage levels — Special, Deluxe and Elite — may be helpful to homeowners who want robust coverage options without breaking their budget.
Best for customer service
3.5
3.5
Avg. premium for $300K dwelling
$227/mo
Avg. premium for $300K dwelling
$2,719/yr
Customer satisfaction
Not rated
-
Why Indiana Farm Bureau made our list: To get coverage from Indiana Farm Bureau, homeowners must join its membership-based program and work with an agent. Some homeowners may appreciate the personalized shopping experience. However, Indiana Farm Bureau’s average rates are more expensive than some other companies we reviewed.
Who Indiana Farm Bureau may be good for: If you value the experience of speaking with a local agent who has feet-on-the-ground knowledge of your community, Indiana Farm Bureau is worth considering.
Additional Indiana home insurance companies to consider
Cincinnati Insurance
Homeowners with high-value properties
Cincinnati Insurance may be a good option if you require coverage unique to high net worth individuals, such as having a home valued over $1 million or need kidnap and ransom coverage. Depending on the homeowners package you select, you can obtain wildfire protection services, a preferred flood policy with enhanced coverage or a capstone green upgrade, which uses green materials to rebuild your home after a covered loss.
Westfield
Homeowners who want to bundle their insurance products
Westfield offers coverage for homes and vehicles in 10 states, including Indiana. Aside from standard coverage, it also specializes in high-valued homes. Westfield may be a good option for a luxury homeowner looking for additional benefits such as equipment breakdown and replacement cost coverage. Westfield has a suite of coverage options available to farmers and other agribusinesses, so Indiana farmers may want to consider Westfield as a way of keeping their insurance products with one company.
Indiana Farmers Insurance
Homeowners who prefer local agents
Indiana Farmers Insurance was established in 1877 and is based and solely operates in Indiana. Homeowners looking for local agents, insurance bundles and a company with longevity may want to consider Indiana Farmers. It has had an AM Best rating of A (Excellent) for over 50 years. Its offerings are simple for both auto and home, but Indiana Farmers also has farming and business coverage.
Cheapest home insurance companies in Indiana
Hoosiers may have seen their home insurance premiums rise several hundred dollars since 2020, and rates are expected to continue to rise. If you’re concerned your insurance premium might become unaffordable, or you’re just looking for the best cheap home insurance, here are insurance carriers known for offering the lowest insurance premiums in Indiana.
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---|---|---|---|
Buckeye State Mutual
|
$56
|
$676
|
- $1,048 |
$68
|
$820
|
- $904 |
|
$102
|
$1,228
|
- $496 |
|
$105
|
$1,258
|
- $466 |
|
$108
|
$1,302
|
- $422 |
How to get cheap Indiana home insurance
Although Indiana's average rates for home insurance are already on the low side, it's likely that you want to find the best possible coverage at the lowest possible rate. Here are a few strategies you can use to help you save money on your Indiana home insurance:
- Shop around: Shopping for insurance can take a little time, but it’s money well spent. By requesting several home insurance quotes in Indiana, you can compare policies to find the coverage you need at a price you can afford. Don’t forget to use the same coverage types and amounts for each quote so they’re easier to compare.
- Bundle your policies: Many insurers will offer savings on your premium if you purchase more than one insurance product from them. Most frequently, homeowners and auto insurance are bundled. But you could also ask an agent about bundling motorcycle, boat or another type of insurance.
- Work on your credit: Individuals with better credit are likely to be offered better rates by insurers since they have a demonstrated history of paying their bills promptly and fully.
- Repair your roof: An older or damaged roof may cause a costly claim, so you may earn a lower rate if you replace your roof. Installing one made of storm-resistant materials could even earn you a discount.
Best home insurance discounts in Indiana
Another way to save money on your Indiana homeowners insurance is by taking advantage of discounts. Almost all insurers offer at least a few. Experts recommend contacting your agent at least once a year to ask which discount opportunities you may qualify for. Here are a few that are common in Indiana:
How to save on home insurance policy renewals in Indiana
While homeowners in Indiana are lucky to have lower-than-average insurance rates, finding additional ways to save money is a smart financial move. Here are a few ideas to consider:
- Only submit a claim when necessary: Insurance is a backup plan and should only be used when the cost to repair your home is more than what you can reasonably afford. Frequent claims increase your premium and too many small claims can be a cause for nonrenewal.
- Keep up with home maintenance: Dwellings kept in good condition are less likely to experience damage from small storms and wind gusts. When left to deteriorate, homes may not meet underwriting standards, which can cause a loss in benefits or claims to be denied.
- Mitigate your risks: Be aware of your area's natural hazards and ensure your home is safeguarded. Some safety measures are simple, such as keeping gutters clear and removing dry debris from your yard. More expensive updates, like installing hurricane shutters, may help you earn a discount.
- Inquire about discounts: If your renewal premium is more than what you anticipated, speak with your insurance agent about any discount opportunities that you aren’t taking advantage of yet.
- Shop your policy early: You don’t have to wait until your renewal to shop for a better rate. In fact, many insurance providers offer discounts for early bird shoppers who secure coverage at least 10 days before the policy start date.
How much is home insurance in Indiana?
The average cost of home insurance in Indiana is $1,724 per year, 25 percent less than the national average rate of $2,304 based on $300,000 in dwelling coverage. Indiana home insurance rates are also cheaper than some neighboring states. For example, the average home insurance premium in Kentucky is $3,277, and the average rate in Illinois is $2,272.
|
|
|
|
|
|
---|---|---|---|---|---|
$1,778
|
$2,770
|
$3,141
|
$3,881
|
$5,858
|
|
$755
|
$1,258
|
$1,421
|
$1,720
|
$2,618
|
|
$856
|
$1,450
|
$1,648
|
$2,034
|
$3,177
|
|
$1,429
|
$2,245
|
$2,496
|
$2,979
|
$4,311
|
|
Indiana Farm Bureau
|
$1,701
|
$2,719
|
$3,083
|
$3,898
|
$6,566
|
Indiana homeowners insurance rates by city
Home insurance rates vary from city to city and from home to home. Aside from variables like square footage and building material, factors such as land elevation, proximity to a fire department and risks of vandalism are different from one town to the next. Your insurance company weighs these risks and prices the policy accordingly. See the map and data table below for more information on how Indiana home rates change depending on location.
- Goshen: $1,446 per year — 16 percent below state average
- Shipshewana: $1,450 per year — 16 percent below state average
- Topeka: $1,465 per year — 15 percent below state average
- Howe: $1,470 per year — 15 percent below state average
- Syracuse: $1,472 per year — 15 percent below state average
- Gary: $2,060 per year — 20 percent above state average
- West Newton: $1,953 per year — 13 percent above state average
- Beech Grove: $1,923 per year — 12 percent above state average
- Velpen: $1,918 per year — 11 percent above state average
- Winslow: $1,913 per year — 11 percent above state average
*Rates are for $300,000 in dwelling coverage.
What does home insurance cover in Indiana?
Home insurance is written on a standardized form. Which form you choose depends on what coverage you need, and then each insurance provider adds benefits or exclusions to make its policies unique. For example, HO-3 homeowners insurance coverage is the most common type of policy. It is written on an open-peril basis for dwelling and other structures and named perils for personal property. This simply means that your dwelling and other structures have coverage from every kind of peril, except what is specifically excluded and your personal property is only covered for the perils that are listed in the policy documents.
In areas prone to certain types of disasters, insurance providers can exclude perils to mitigate their risk. So, what does this mean for your Indiana home insurance? While most HO-3 policies offer the same coverage, understanding the risks inherent to your home can help you identify coverage gaps. Here are the most common types of damage covered by a standard HO-3 policy in Indiana. Make sure to review your policy paperwork to learn the specifics regarding your policy.
- Fire and lightning
- Windstorms, hail and tornadoes
- Weight of ice or snow
- Damage from vehicles
- Smoke
- Vandalism
- Falling objects
Additional home insurance coverage types in Indiana
Once you learn about common factors that cause damage to homes in your area, you can better tailor your home insurance policy to meet your specific needs. Working with a local insurance agent could be beneficial if you aren’t sure what coverage types are best for your situation.
Coverage options residents of the Hoosier State may want to consider include:
- Flood insurance: Standard homeowners insurance doesn’t cover flood damage, so you may want to purchase a flood insurance policy. Indiana experienced 77 flooding or heavy rain events in 2023 alone. You may be able to buy flood coverage from the federally backed National Flood Insurance Program (NFIP) or from private insurers that underwrite flood policies.
- Earthquake insurance: Earthquakes are excluded from home policies and Indiana is near two major seismic zones. While the most recent earthquake was only a magnitude of 2.3, homeowners may want to consider adding an earthquake endorsement to their policy considering the financial impact damage from earthquakes can cause.
- Sewer backup: Homeowners with basements may find it important to add a water and sewer backup endorsement to their policies. But even if you don’t have a basement, this add-on coverage could help protect your finances if damage is caused by drain-line backups. It also covers sump-pump failures during a power outage.
- Roof replacement cost: If your roof is new enough and in good condition, you might qualify for replacement cost roof coverage. Indiana’s weather hazards — including damaging straight-line winds, hail and tornadoes — may lead to roof damage. This endorsement helps ensure that your payout is enough to replace the damaged portions of your roof, rather than receiving a payout equal to the depreciated value.
Related content:
Common Indiana home insurance problems
Homeowners in Indiana don’t experience the same types of insurance issues that other states have, like Florida, Louisiana and California. However, there may be some concerns on the horizon that Hoosiers should be aware of. Due to changes in weather patterns and climbing average temperatures, Indiana is already starting to have more precipitation than average. According to the Indiana Climate Change Impacts Assessment, Indiana may see 6 to 8 percent more rainfall per year by 2050.
This increases the risk of flooding in areas that are not currently included in FEMA’s flood zone map. If you are concerned with potential flooding, check your address on First Street Foundation’s Risk Factor model to see what your flood risk is today and several years from now.
News
Home insurance has risen an average of $444 in Indiana since 2020. Experts point to climate change and a higher number of weather-related claims for driving up rates. In fact, insurers historically profited from insuring Indiana residents because the volume and cost of claims didn’t exceed the premiums they charged. However, in 2023, for the first time, insurance companies lost money in the state — to the tune of almost $10 million.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Additional profiles:
- Coverage A, Dwelling: $150,000, $350,000, $450,000
- Coverage B, Other Structures: $15,000, $35,000, $45,000
- Coverage C, Personal Property: $75,000, $175,000, $225,000
- Coverage D, Loss of Use: $30,000, $70,000, $90,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
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Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.