Get the Cheapest Indiana Home Insurance Quotes
Are you in search of a cheap Indiana home insurance quote? Well, your quest can come to an end!
Welcome to Insurance Geek!
Our main goal is to provide you with affordable yet premium home insurance. How do we do that?
By combining the expertise of our insurance agents with the technology of the latest quotes comparison tool. We work with some of the best homeowners insurance companies in the country to bring you the cheapest quotes, top-notch service, and unparalleled protection.
If you’ve recently relocated to Indiana and you need a homeowners insurance policy, or you want to upgrade your current Indiana homeowners contract, read on to get the full gist!
Shall we begin?
Indiana Homeowners Insurance: The Basics
Indiana, or as their official motto states – the crossroads of America. The 19th US state, although smaller in size, has a lot to offer to everyone who’s looking to move there for education, job opportunities, family ties, or just for the experience of it all.
While it is a relatively small state, it ranks in the first half of the 50 states by population. The total crime rate is kind of high, too – 23.42 per thousand residents, and the chance of each Hoosier becoming a victim of a violent crime is 1 in 270.
Among all the states, Indiana isn’t as high on the list of crime rates as let’s say, South Carolina, Alabama, or Tennessee. However, crime is a serious issue in the state of Indiana that has to be considered when browsing for home insurance.
From Fort Wayne to Gary, Indiana is not safe from natural disasters either.
The fact that it’s located in the Midwest means hot summers and cold winters for this charming state.
So during the freezing winter months, you can expect ice storms, while tornados, earthquakes, and floods can happen any time of the year.
Interestingly enough, although not a part of the tornado alley, Indiana is prone to tornadoes. In 2012, it was ranked eighth in a list of the top 20-tornado prone states.
All this means that Hoosiers need good coverage in their home insurance, which is why crime rates and proneness to natural hazards are accounted for in Indiana homeowners insurance policies.
Besides these, a couple of other factors affect Indiana home insurance rates:
There are a few terms you need to know when buying home insurance. One of them is peril.
Simply put, the peril is any event that can cause damage or a loss to your home.
Basically, if something happens to your property, and the peril is included in your policy, you’re fully covered. You’re eligible to file a claim and receive the money necessary to repair or rebuild.
Since Indiana is prone to natural disasters, the perils in your policy might include ice storms, tornadoes, and similar. Make sure to dig deep and educate yourself about all probable perils in your area so you’re perfectly clear about what you need protection from.
The second term you have to know about is a deductible.
Contrary to perils, deductibles are part of your home insurance plan that the insurance company does NOT cover. When you file a claim in order to receive the money, your insurance company will require you to pay the deductible BEFORE you get the payout.
It’s essential that you be clear on what deductibles are and the exact amount you’ll need to pay before signing a contract. That way you’ll avoid any possible misunderstandings in the future.
One thing you ought to know – the lower the deductible the higher the amount you’ll have to pay and the other way around.
At Insurance Geek, the amount for a deductible our customers get is on average between $1,000 and $5,000.
How Are Premiums Determined In Indiana?
Premiums depend on plenty of factors, such as state laws and the average annual premium.
What elements play a role in the cost of home insurance in Indiana, besides the average annual premium?
There are plenty of factors that determine the cost of homeowners insurance in Indiana. We’ve made a detailed list below, but you can also use our home insurance calculator for Indiana to put a figure on your rate.
Here’s what homeowners insurance companies in Indiana take into account when deciding about your insurance rate:
As per usual, a credit score plays a huge role in determining your insurance premiums. While it isn’t the pivotal factor, it’s still quite important. It’s in the interest of the insurance provider to check your overall financial history – how accurate you are with your payments, mortgage, bill, and what have you.
Don’t be surprised if your credit score is low and you don’t get the premium you’ve hoped for. On the other hand, if you’ve been responsible with your financials, you shouldn’t worry about it, we’re sure you’ll be able to get the best rates.
The home value
Another thing that affects your homeowners’ insurance rate is the state of your house because your insurance company has to know the precise replacement costs of your home.
Replacement cost is not the same as market value; it’s the cost of your house in as-is condition. Before you get an insurance rate, your insurance provider will come and check how old your house is, what materials were used to make it, etc.
This helps them determine how much it would cost to repair or rebuild any possible damage so you can get the right coverage.
Your past claims determine the premium in a way. If you have a history of filing insurance claims, your insurance company may consider you a high-risk client (your home is at greater risk), and you’re more likely to file more claims in the future.
This doesn’t necessarily mean you’ll get a sky-high rate, but prepare yourself just in case because it may not be what you wanted.
You’re already familiar with deductibles. They also influence your insurance rate and the general rule is when your deductible is high, you usually get a low insurance rate.
You may not know this, but you can actually apply for various discounts when buying homeowners insurance. By getting multiple policies from the same insurance provider, you could become eligible for a discount.
For instance, in addition to getting homeowners insurance, you could also buy car insurance and life insurance and thus use the available discounts.
If you decide to get multiple policies, we’ll make sure to check all available discounts so you don’t miss out on any.
What Is The Best Option For Home Insurance In Indiana?
When it comes to homeowners insurance, people in Indiana have two options:
- All peril policy
- Named policy
You can probably guess from the names what each one entails. The all peril insurance covers all perils, as the name suggests. Unless a peril is explicitly omitted, your policy will cover for it. This type of insurance is preferable in states like Indiana where crime rates are pretty high and chances of natural disasters are even higher.
The other one – the named policy – involves coverage for explicitly named perils. Any peril that isn’t listed won’t be covered. Generally, it’s not advised to go for this one as you may end up without coverage in unforeseen circumstances.
However, a named policy can come in handy in case you only want to update your current Indiana home insurance. In all other cases, you should go with an all peril to cover all the bases.
If you’re not entirely clear on the two types of homeowners policies, you can always get in touch with our agents who will solve all your dilemmas. Furthermore, you can also check the declaration page of your contract which should explain this in detail.
Get Indiana Home Insurance Quotes Now
Finding the best and cheapest home insurance quote in Indiana may seem like a challenging experience at first, but we’ve got your back.
Our agents will guide you through the process of discovering the home insurance rates, coverage options, and insurance companies for the best experience.
We work with some of the best homeowners insurance companies, such as Cincinnati Insurance, Safeco, and Nationwide, and we use the Fat Agent app to provide you with the best possible service.
Furthermore, we’ll help you compare the home insurance rates so you don’t overpay.
You can start exploring your options for the best rates on our insurance home website.
First, visit our comparison tool and provide us with some basic info. All we need is your address, ZIP code, what kind of policy you need, and a few details about your home, and that’s it! It doesn’t take more than a minute to find the best home insurance in Indiana.
Once you do this, our smart tool will return the insurance providers, their products, and homeowners coverage options that would suit you.
If you’re having a hard time determining which one is the right choice, ask our insurance agents for help.
Don’t forget that you can claim discounts if you opt for home insurance in Indiana. The easiest way is to buy multiple insurance policies, such as auto insurance, life insurance, and so on, from the same insurance provider.
Top Cities & Metro Suburbs in Indiana for Homeowners
People from all over the Hoosier state come to us for help, including the largest cities:
- Fort Wayne
- South Bend
Naturally, homeowners insurance is more affordable in the suburbs, which is also where many of our clients come from. The most popular ones include:
- Meridian Hills
What’s your preferred location in Indiana? Let us know so we can find you the cheapest homeowners insurance quotes!
Who Should Get Indiana Homeowners Insurance?
Word to the wise – get homeowners insurance whether you’re a new or a long-time Indiana resident.
It doesn’t matter if you’ve just bought a home in the Hoosier state or you’ve lived there all your life; homeowners insurance is a must. Besides, it comes with many benefits.
For example, you’re completely covered financially in case of a natural or manmade disaster. You don’t have to worry about how you’ll repair or rebuild your home if it comes to that.
Also, a homeowners insurance policy protects you if someone is injured at your premises or you’re accused of being guilty of an accident.
Knowing you’re prepared for any kind of event or accident is worth every penny.
What Does Homeowners Insurance in Indiana Coverage Include?
These are the home insurance coverage options you get with any homeowners policy.
Coverage A – Dwelling coverage
The dwelling amount, or dwelling coverage, is the exact amount stated in your home insurance that’s dedicated specifically to the damage of the physical structure of your property. This amount should cover any repairs or rebuilds.
Your insurance provider will calculate the dwelling coverage based on the replacement cost of your home, so you’ll be able to get the precise amount needed to get your home back to its previous state.
Coverage B – Separate structures coverage
This coverage is for all parts of your home that are not part of the main dwelling, such as mailboxes, pools, sheds, fences, garages, and so on.
These are not physically tied to your home, however, they are pretty susceptible to damages so it’s important to include them in your home insurance policy.
Coverage C – Personal property
Your personal belongings are just as important as your home, and perhaps even more vulnerable, which is why there’s personal property coverage, or coverage C clause in home insurance policies.
With this coverage, all your personal property is covered from fire, vandalism, theft, etc.
Coverage D – Loss of use
The loss of use coverage is there in case you cannot reside in your home due to damage that can be any peril named in your policy. This will cover the costs of hotel, meals, transportation, and similar.
Coverage E – Personal liability coverage
This insurance coverage will come in handy if someone is injured on your property as it protects you and your family members against liability.
Coverage F – Medical Payments
With Coverage E, you’re covered if you’re guilty. With this one, you’re covered whether you’re at fault or not. Coverage F will provide medical payments to anyone who’s been hurt on your property, disregarding whose fault it was.
What Isn’t Included in Indiana Homeowners Insurance Policy?
One more reason (besides the discounts) why you should consider getting multiple insurance policies, such as car insurance, and similar, is because the homeowners’ insurance doesn’t cover everything.
Here are a few things that are not a part of your home insurance policy:
- Auto insurance
Just like your home, your car can also get damaged in case of natural hazards. Home insurance won’t cover this, and that’s why you should get proper car insurance. At Insurance Geek, you have the chance to compare the cheapest car insurance quotes and find the one that’s best for you.
- Flood insurance
Homeowners’ insurance providers generally don’t offer insurance coverage for flood and water damage. While a flood insurance policy should be purchased independently, there is a way to include flood coverage (to some point) in your home insurance policy.
Namely, some home insurers like Cincinnati Insurance, allow you to add protection against sump pump failure, sewer, or drain backup.
- Life insurance
If you still don’t have this insurance, it’s time you get on that. Homeowners’ insurance policies don’t include this, so you’ll need to get it separately. Luckily, we also have a tool for comparing life insurance quotes.
Home Insurance in Indiana: FAQ
Q: What is the average annual cost of a home insurance policy in Indiana?
A: The average annual cost of homeowners insurance in Indiana is $1,252. You may think it’s too much and you’re probably right. However, the price is high for legitimate reasons. We touched upon this earlier – the crime rate and the chance of being a victim of a violent crime in Indiana is too high. Add insult to injury, the state is prone to natural disasters which significantly increases the premiums. That being said, you shouldn’t dwell too much on the average annual cost as your premium will depend on a number of personalized factors, such as your credit score, previous claims, and so forth. Plus, you can easily become eligible for discounts! Go check out our insurance quote comparison tool before you start worrying about the high average cost.
Q: What are the top home insurance companies in Indiana?
A: There are a few excellent choices when it comes to home insurance companies in Indiana. For instance, Nationwide, Safeco, or Cincinnati insurance is at the top of the game. Their best rates are pretty cheap, and they don’t sacrifice the quality of the service for affordable prices. Also, they offer a wide range of products and discounts. What’s more, some of them, like Cincinnati Insurance, offer insurance policies that cover identity theft, credit cards fraud, flood insurance, auto insurance, etc.
The Bottom Line
Kudos to you for learning all about the homeowners’ insurance in Indiana down to the nitty-gritty! Now you can find the best home insurance quotes and make an informed decision.
If you still have any concerns, our customer service and our agents are at your disposal at any time. Don’t hesitate to ask for help – customer satisfaction is our number one priority!