Average Cost of Homeowners Insurance in Indiana (2024)

The average cost of homeowners insurance in Indiana in 2024 is $2,384. This figure is slightly below the national average of $2,423. Aside from the amount of coverage you get, the insurance provider has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $6,081 on average.

If your rates have recently increased, we've also analyzed the cheapest policies in the state which may guide you to more budget-friendly options. Remember, the insurance provider can significantly affect your premium costs.

In Indiana, the average homeowners insurance premium is $2,384 for policies with $250K Dwelling / $125K Personal Property / $200K Liability coverage. This figure is less than the national average home insurance rate.

Understanding how much coverage you need is vital for your financial protection. It should be enough to rebuild your home and replace personal belongings in the event of a total loss. Coverage should also include other structures on your property, liability protection, and expenses for temporary housing if needed. In Indiana, a basic policy with $100K in dwelling coverage costs an annual premium of $1,423. If your home is larger and you need $500K in dwelling coverage, the premium increases to $3,794.

Premiums for homeowners insurance in Indiana can vary significantly among providers for similar coverage. For instance, Allstate offers an annual premium of $1,019, which is substantially lower than the state average, while Travelers' policy stands at $6,857, far exceeding the average cost.

For those exploring the market, there are plenty of great providers in Indiana. Differences in underwriting can lead to a broad range of premiums, so it's wise to compare options.

Homeowners in Indiana with excellent credit pay an average annual premium of $1,417 for homeowners insurance, while those with poor credit face a steep increase, averaging $5,847. This demonstrates a direct correlation between credit scores and insurance rates, with a difference of $4,430 between the highest and lowest credit ratings.

While you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short-term, you can compare insurers, in less than 15 minutes to see which will save you the most.

Roofing and construction types influence homeowners insurance premiums. In Indiana, the type of roof can affect insurance costs due to material durability and resistance to damage. Tile roofs, known for their resilience, result in lower premiums, while shake-treated roofs, which are more vulnerable to severe weather events, may lead to higher rates.

Similarly, the construction material of a home can impact insurance premiums. Homes built with materials that are more resistant to common hazards, such as fire, have lower insurance costs. For instance, homes with superior construction types have more affordable premiums compared to those with standard frame construction, which may be considered higher risk.

Explore the tables below to see how changes in your home's materials can alter insurance premiums.

Insuring a new construction home in Indiana averages $1,192 annually, which is less than the $2,384 average for existing homes. Newer homes benefit from modern construction and adherence to recent building codes, often resulting in lower premiums. The table below displays the premium differences for varying levels of coverage.

In Indiana, homeowners who have maintained a claim-free status for five or more years can expect to pay an average annual premium of $2,384 for their homeowners insurance. However, if there's been a single claim filed within the past five years, the average premium jumps to $2,708, reflecting an increase of $324 from the baseline. For those with two claims in the same period, the average cost rises further to $2,797 annually, which is $413 above the average premium for claim-free homeowners.

For the cities we analyzed, we found premiums ranging from $2,179 to $2,722. In Evansville, homeowners pay about $2,545 annually, while Fort Wayne residents see lower rates at around $2,179. Indianapolis has the highest at approximately $2,722. Location impacts insurance costs due to varying risks like weather and crime. City-based rates show significant differences but are just one of many factors affecting premiums.

Shopping for home insurance in Indiana is a breeze when you know the ropes. The key is to explore your options and understand what influences the cost. You'll find that snagging a good deal on your policy is well within reach. Here's how to find the best deal for you.

In Indiana, homeowners can trim their insurance costs by bundling home and auto policies. On average, you might save between $219 and $659, which translates to around a 17% discount on the combined cost of policies. This multipolicy approach isn't just about convenience; it's a smart financial move. Discover more about the potential for savings with a home and auto bundle by exploring MoneyGeek's Best and Cheapest Home and Auto Bundle Companies in Indiana analysis.

Indiana homeowners can tap into several insurance discounts to lower their premiums.

• Claims-free discount: Savings for maintaining a claim-free record.
• Protective devices discount: Discount for installing security systems or smoke detectors.
• Roof upgrade discount: Reduced rates for using impact-resistant roofing materials.

Understanding all available discounts is vital, so always inquire when getting a quote. To explore more about how discounts can affect your insurance costs, visit our comprehensive guide on how to save with discounts.

Here is a curated list of resources that could help when exploring homeowners insurance in Indiana.

• Indiana Department of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Indiana: Find cost-effective options for your home.
• Indiana Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Indiana: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.