Average Cost of Homeowners Insurance in Indiana (2024)

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Updated: May 22, 2024

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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.

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Rates updated:

Jul 22, 2024

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To establish the average cost of homeowners insurance in Indiana, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Indiana as of 2024.

1.2 MQuotes Analyzed
8Companies Compared
12ZIP Codes

Average Cost of Home Insurance in Indiana by Coverage Amount

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.

Average Annual Home Insurance Premium New Jersey by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,423
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$2,384
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$3,794
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$5,168

Average Cost of Home Insurance in Indiana by Insurer

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.

Average Annual Home Insurance Premium New Jersey by Provider
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
AllstateAnnual Premium$1,019
American FamilyAnnual Premium$1,416
USAAAnnual Premium$1,760
State FarmAnnual Premium$1,840
Auto-Owners InsuranceAnnual Premium$1,984
NationwideAnnual Premium$2,083
FarmersAnnual Premium$2,114
TravelersAnnual Premium$6,857

Average Cost of Home Insurance in Indiana by Credit Score

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.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$5,847
Below FairAnnual Premium$4,567
FairAnnual Premium$3,402
GoodAnnual Premium$2,384
ExcellentAnnual Premium$1,417

Average Cost of Home Insurance in Indiana by Construction and Roof Type

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.

Average Annual Home Insurance in New Jersey by Construction and Roofing Type
Data filtered by:Results filtered by:
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,423
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$2,384
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$3,794
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$5,168
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$6,688

Average Cost of Home Insurance in Indiana for Newly Constructed Homes

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.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$2,384
New Construction (2023)Annual Premium$1,192

Average Cost of Home Insurance in Indiana by Claims History

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.

Average Annual Home Insurance in New Jersey by Claims Experience
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$2,384
1 claim in past 5 yearsAnnual Premium$2,708
2 claims in past 5 yearsAnnual Premium$2,797
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In Indiana, tornadoes and flooding pose the greatest risks to homeowners. While standard home insurance policies typically cover tornado damage, such policies do not cover flood damage. To protect your home from flooding, you'll need separate flood insurance.

Average Cost of Home Insurance by City in Indiana

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.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
EvansvilleAnnual Premium$2,545
Fort WayneAnnual Premium$2,179
IndianapolisAnnual Premium$2,722
South BendAnnual Premium$2,262

How to Shop for Home Insurance in Indiana

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.

Understand Your Coverage Needs

Assess how much coverage you need for your home.

Compare Insurance Quotes

Compare quotes by looking at different plans to find the best coverage.

Check for Discounts

Ask about deals like bundling or safety feature discounts.

Review the Deductible

Choose a deductible that fits your financial situation.

Consider Claims Experience

Check how claims affect premiums in Indiana.

Finalize Your Policy

Purchase the policy that meets your needs and budget.

Bundling Home Insurance With Auto Insurance in Indiana

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.

Home Insurance Discounts in Indiana

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.

FAQ: Homeowners Insurance in Indiana

On average, what is the cheapest insurer in Indiana?
Is tornado damage covered by homeowners insurance in Indiana?
What is the biggest factor that impacts the price of homeowners insurance in Indiana?
In Indiana, how much, on average, can I save bundling my homeowners insurance with auto?
Is flood damage covered by homeowners insurance in Indiana?

Additional Resources for Homeowners Insurance in Indiana

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

About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.