The Cheapest and Best Homeowners Insurance in Indianapolis
The Cheapest Home Insurance Companies in Indianapolis
Cost should be an important factor when choosing the best homeowners insurance in Indianapolis since there are minimal differences in the core coverages companies offer.
For the average homeowner, the cheapest insurance companies in Indianapolis for home insurance with $250,000 in dwelling coverage, on average, are:
- Nationwide: $824 per year
- Allstate: $844 per year
On average, for expensive homes, the cheapest insurance companies in Indianapolis for home insurance with $2,000,000 in dwelling coverage are:
- Allstate: $4,915 per year
- American Family: $6,292 per year
To see how prices change based on the dwelling coverage limits, refer to the table below.
The Cheapest Home Insurance in Indianapolis, Ranked
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All these policies have $100,000 in liability coverage. Policies with the initial baseline dwelling coverage of $250,000 have personal property limits of $100,000, while the policies with dwelling coverage of $2 million have personal property limits of $800,000.
If you are an Indiana homeowner living outside of Indianapolis, you can compare the rates for the entire state.
The Average Cost of Homeowners Insurance in Indianapolis for 2021
For the average home in Indianapolis, homeowners insurance costs $1,033 per year, which is $1,070 lower than the national average of $2,103 yearly. Compared to the Indiana state average of $954 per year, the Indianapolis cost is marginally higher by $79 yearly.
Calculate the Cost of Home Insurance in Indianapolis
Apart from location, there are other factors that impact the cost of homeowners insurance in Indianapolis. The dwelling coverage limit, personal property limit and your credit score are other key factors that will affect the amount you pay in premiums. To find the best prices in your state, you can use MoneyGeek’s cost calculator to compare quotes.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Indianapolis
You will be making a claim on your homeowners insurance during a stressful time, so it is important to consider customer experience and financial stability when picking an insurer. While cost is important, customer satisfaction rating and the financial stability of the company determine how well your claim will be handled.
Based on MoneyGeek’s study, the best homeowners insurance companies in Indianapolis are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: Nationwide
MoneyGeek ranked home insurance companies in Indianapolis based on three key categories: affordability, user satisfaction and financial stability.
USAA stands out from other insurers based on its unique core coverages, which include a home-sharing coverage that covers policyholders who rent out a room in their homes or their entire house. USAA policies also cover earthquake damage in cities like California, Nevada and Washington. Other insurers typically exclude this in their coverage.
MoneyGeek ranked USAA highest based on its scores across three categories, including customer satisfaction, financial stability and affordability. However, this policy is only available to current and former military members.Read MoneyGeek's USAA home Insurance Review
Apart from the affordable cost, Nationwide also comes with a wide range of coverages for homeowners. This policy has an optional flood damage coverage, unlike other insurers in Indianapolis. Nationwide also offers replacement cost coverage for your personal items meaning that in case of damage, you will get replacements of the same quality as the lost items.
Nationwide is the runner-up, ranking highest in affordability and scoring highly in customer satisfaction. One unique coverage Nationwide offers is Better Roof Replacement.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in Indianapolis for Newly Constructed Homes
The cost of homeowners insurance for newly constructed homes in Indianapolis is cheaper compared to rates for older homes. Modern materials are typically more damage resistant and easier to replace, which means that the risk to the insurer is much lower with newly constructed homes.
The average cost to insure a newly constructed home in Indianapolis is $706 per year compared to $1,033 yearly for a home built in 2000.
For new homes with $250,000 in dwelling coverage, the cheapest insurance companies in Indianapolis, on average, are:
- Nationwide: $407 per year
- USAA: $629 per year (available to current and former members of the military)
The Cheapest Home Insurance in Indianapolis for New Homes, Ranked
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Cheapest Home Insurance Companies in Indianapolis if You Have a Lot of Personal Property
Personal property is one of the coverages offered under a homeowners insurance policy. The value of the property you want to be covered inside your home will impact the cost of home insurance. When you have a higher personal property value, you will pay higher premiums compared to someone who has less property to cover.
In Indianapolis, it will cost an average of $1,116 to get personal property limits of $250,000 with our standard policy, compared to an average of $1,033 for $100,000 in personal property coverage limits.
On average, the cheapest insurance companies in Indianapolis for high personal property coverage limits are:
- Allstate: $858 per year
- Nationwide: $899 per year
Cheap Companies in Indianapolis for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Indianapolis for High Deductibles
The cost of home insurance in Indianapolis is significantly impacted by the deductible. A deductible is the amount you need to pay before an insurer pays your claim. If your deductible is high, you will pay more money out-of-pocket if you file a claim, while a low deductible means you will pay less money out-of-pocket. A policy with a high deductible will cost you less in premiums each year.
In Indianapolis, a policy with a deductible of $2,000 will cost an average of $915 per year compared to $1,033 a year for a $1,000 deductible.
The cheapest homeowners insurance companies in Indianapolis for insurance policies with $2,000 deductibles, on average, are:
- Nationwide: $714 per year
- Allstate: $742 per year
The Cheapest Companies in Indianapolis for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Indianapolis if You Have Poor Credit
If you have a poor credit score, you will pay higher premiums for homeowners insurance because insurance companies in Indianapolis factor in your credit score when determining the insurance cost.
If you have poor credit, home insurance will cost you an average of $1,821 yearly compared to $1,033 per year for homeowners with good credit.
On average, the cheapest home insurance companies in Indianapolis for homeowners with poor credit are:
- Nationwide: $1,268 per year
- Auto-Owners Insurance Co: $1,612 per year
The Cheapest Companies in Indianapolis for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Indianapolis
To find out how much the cost of homeowners insurance is in Indianapolis, you can get a quote online. However, the insurance company will require some details from you to calculate the cost. These details include:
- Personal details: You need to provide details on where you live, who you live with and your past insurance history.
- The replacement cost of your home: In Indianapolis, the replacement cost is a key factor in determining the cost of insurance. Your dwelling coverage limit will be determined using the replacement cost, so it is not possible to get an online quote without this information. Do not use the market value of your home as the replacement cost since the two are different. The replacement cost refers to the actual cost of rebuilding your home.
- The value of your personal property: Your quote will depend on the value of the personal property that you want to be covered. Policies with high personal property coverage limits typically attract higher premiums.
- Information about your house: Factors such as the size of your house and when it was built are factored in when determining the cost of home insurance. You will therefore need to provide the insurer with this information to get an online quote.
Homeowners Insurance in Indianapolis Analysis: Methodology
In this study, MoneyGeek used a base profile for a home built in 2000, 2,500 square feet in size with a dwelling coverage of $100,000, personal property coverage of $40,000 and liability coverage of $100,000. A deductible of $1,000 was used.
MoneyGeek analyzed home insurance premiums from nine companies in Indianapolis. The data used in this study was provided in partnership with Quadrant. The quotes collected were for a home with varying coverage levels to calculate affordability scores. The customer satisfaction ratings used in this analysis were drawn from J.D. Power surveys.
Quotes were collected for homeowners in various categories, including those with newly constructed homes, homeowners with increased dwelling or personal property coverage and those with higher deductibles and poor credit scores.
About Mark Fitzpatrick