Indiana Homeowners Insurance

The standard Indiana homeowners insurance policy will cost $55/mo on average, but it will only cover your home, your personal belongings, any additional structures o your property, and any loss of use costs if your home is unlivable during repairs. If you need additional coverage for theft or flooding, start comparing free Indiana home insurance quotes below to find the best rates.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Jul 16, 2021

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The average cost of Indiana homeowners insurance premiums is $658/yr ($55/mo), which is more than $100 cheaper than the national average of $791/yr ($66/mo).

Familiarize yourself with the different coverage sections of your policy, and then look into the covered perils to make sure that your home is adequately covered for anything that might happen to it.

Remember, having coverage is good, but it is equally important to make sure that you have enough coverage. Is the following enough for you? It’s what’s included in a standard Indiana homeowners insurance policy:

  1. Dwelling
    Your insurance policy considers the part of your property where your family lives the dwelling, even if the are other residential structures on the property. The dwelling is the primary insured structure, and includes any structures that are permanently attached.
  2. Other Structures
    Any building that is not attached to the home is an “other structure’ for insurance purposes. This might include any number of constructions, such as fences, decorative structures, guest houses, pump or pool houses and much more. If you purchase a prefabricated utility shed, it will be added to your insurance as an “other” structure.
  3. Personal Property
    This is everything you own that is located on the insured property. Personal property might include jewelry, your kids’ bicycles, lawn equipment, and more. If you own it and it is not a structure, then it is probably personal property. Because your personal property changes over time, it is a good idea to update your home inventory often or you risk losing items if the unthinkable happens.
  4. Loss of Use
    If you are not able to sleep in your home or prepare meals in your kitchen, the money you spend to do those things elsewhere can be reimbursed if you file a loss of use claim with your insurance company. You will need to document how the money was spent and save your receipts for verification, but this part of your insurance can be the difference between maintaining your standard of living and being forced to do without.

Average Indiana Homeowner Insurance Rates vs. US

Source: USCB

Cheaper Indiana Home Insurance

$658 is the average cost of home insurance in your state, but it is probably not the same figure as you will see. Average home insurance differs a great deal from one home to the next, because the coverage is based on the size of the home, and your premiums are at least partially set according to your own credit score.

  • Avoid Unnecessary Claims
    It is not a good idea to have too many insurance claims on your record. Each time you file a claim, it is added to a national database, and that means your insurance company can charge you more for coverage because there is a higher risk of you actually filing a claim. Even more, if you do file too many claims, your insurance company could drop you and that would make it hard to find replacement coverage.
  • Smoke and Home Insurance
    People who smoke are a greater risk than non-smokers. Statistics have shown that cigarettes are to blame for a majority of house fires, and your insurance company will gladly reward you with discounts if you can reduce the risk of insuring the home.
  • Credit Score and Insurance Risk
    686 is the state average credit score, which is going to differ considerably from your own credit score. The best thing that you can do is to monitor your credit score regularly and correct any errors you discover.

Home Characteristics Affecting Indiana Insurance Rates

The average age of a home in Indiana is 39 years. Materials that were used that long ago may not be readily available today, and that means that it is imperative for your home to have full replacement coverage, not the less expensive actual cash value. Actual cash value coverage will pay out a depreciated amount for damages, but replacement value coverage will repair or replace the damaged item or structure regardless of the cost to do so.

Defending Your Home Against Crime & Vandalism

In Indiana, the crime rate is 7.27/1000 people, a number that is higher than most states. To combat the crime rate, there are three simple things you can do. First, have a professionally monitored alarm system installed. Second, have deadbolts installed in all of the doors which lead out of the house, even the one leading into your garage. Finally, putting up a fence around the perimeter of the property is a good deterrent to let potential criminals know they are at the wrong place.

Local Natural Disasters Indiana Homeowners Should Consider Protecting Against

Indiana experiences a wide range of perils, but none are especially common. The best course of action is to be prepared for whatever may come, because it is a lot cheaper to have insurance that you never make use of than to have to pay for property repairs out of pocket because you didn’t see a need to buy the insurance.

  • Earthquakes
    Ranked at 30 out of 51 and that means that earthquakes are not a major concern. You probably do not need to purchase any coverage for earthquakes, but it is a good idea to make sure that they are not specifically excluded from your policy. If this is the case, ask your insurance agent about adding the protection, or seek sufficient coverage from other channels if it is not available from traditional insurance markets.
  • Flood
    In 2009, Indiana residents filed 115 claims, which may not seem like much, but when you consider that the average cost of an Indiana home is $123,000, it is easy to see how the costs can mount quickly. It is much less expensive to pay for insurance for years without using it than it would be to have a single uninsured claim you have to pay for out of pocket.
  • Hail
    Hail storms are covered under the wind damage portion of your home insurance policy. You should check the policy to make sure that hail damage has not been specifically excluded, but you are probably well protected for this peril.
  • Hurricanes
    Hurricanes do reach as far inland as Indiana on occasion. The good news is that your standard policy already includes wind damage. That means that your main concern if a hurricane blows your way is the potential flooding. But flood insurance is one type of coverage that everyone should have on their home, no matter where it is located.
  • Tornadoes
    With only 22 tornadoes in an average year, Indiana is not considered prone to the phenomena. Tornadoes do happen, but they are rare, and most home insurance policies include wind damage coverage, and that is what you will get from most tornadoes. Occasionally, flooding occurs as well, so double-check that your flood insurance in in effect.
  • Wildfires
    Around 74,749 wildfires pop up around the country every year, and may affect any portion of every state. Indiana is no exception, but fire damage is one of the basic perils that all standard homeowner’s insurance policies cover. You can check your policy just to be certain, but fires are one of the primary reasons home insurance was developed to begin with.

Indiana Homeowners Insurance Optional Coverage

Two of the most important and most frequently overlooked coverage on your policy are the personal property protection and how the policy pays out, either in actual cash value or replacement value. Your personal property is probably not completely protected by your basic policy, but you can easily add more coverage for your personal effects. Replacement cost insurance comes with higher premiums, but it will repair or replace any damaged items where actual cash value only pays out depreciated value.

Important Contact Information

Indiana Department of Insurance
311 West Washington Street, Suite 300
Indianapolis, IN, 46204
Phone: (317) 232-2385

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