Insurance
Indiana Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: October 3, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Oct 14, 2024
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MONEYGEEK EXPERT TIP
If you’re wondering where to find affordable homeowners insurance in Indiana, MoneyGeek gathered rates from several insurance providers in Indiana. Moreover, MoneyGeek studied the best homeowners insurance in Indiana if you also value quality customer service.
We reviewed quotes from different providers to guide you in selecting the most suitable provider for your needs.
How to Estimate the Cost of Your Homeowners Insurance Policy in Indiana
The homeowners insurance costs in Indiana vary depending on several factors, including location, credit score and deductible.
Using MoneyGeek's Indiana home insurance calculator below, take a look at your personalized homeowners insurance estimate.
Indiana
Your homeowners insurance costs depend on where you live. Your premium will be higher if you reside in an area more susceptible to theft, natural disasters, and other risks.
Dwelling Coverage
Dwelling coverage covers the reconstruction of your home if needed. The amount of dwelling coverage you include in your policy affects the cost of homeowners insurance.
More considerable dwelling coverage limits offer more damage protection at a higher cost.
In Indiana, the average coverage amount is $100K.
Deductible
The deductible is the amount you pay out of pocket before your insurance covers the remainder.
For example, if your home insurance deductible is $1,000 and you file a claim for $10,000, you must pay the $1,000. Your insurance provider will cover the remaining $9,000.
You may opt for a higher deductible if you prefer a more affordable monthly premium.
Liability
Your insurance covers the expenses if someone gets injured in your home because of your negligence. Liability insurance covers these costs.
Remember to invest in enough liability insurance to safeguard your assets. Increasing your liability limits by tens of thousands of dollars will only cost you a few dollars a month.
Personal Property
Your personal property encompasses different items inside and outside your home. This clause means that your insurance provider compensates you for damaged or stolen items.
Refer to the calculator below to estimate how much personal property coverage you need.
Credit Score
Credit score plays a vital role in computing insurance prices in Indiana.
Homeowners with poor credit scores are considered riskier clients since they often file more claims.
However, a credit score may not be necessary for calculating your rate in some states, including Indiana.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Clothes, shoes, bags, belts, hats, gloves, etc.
Average Cost of Home Insurance in Indiana
Indiana offers affordable home insurance. For $250,000 in dwelling coverage, the average Indiana homeowner can expect to pay $1,761 annually, 27.15% less than the national average of $2,417.
If you need more or less dwelling coverage in Indiana, check the table below, as the cost fluctuates per coverage level.
Average Annual Premium in Indiana for Homeowners Insurance
| $100,000 | Average Annual Premium$1,329 |
| $250,000 | Average Annual Premium$1,761 |
| $500,000 | Average Annual Premium$3,932 |
| $750,000 | Average Annual Premium$5,584 |
| $1,000,000 | Average Annual Premium$7,423 |
| $2,000,000 | Average Annual Premium$15,548 |
| $3,000,000 | Average Annual Premium$23,833 |
MONEYGEEK EXPERT TIP
Consider how much dwelling coverage you need before getting homeowners insurance. Several factors affect the replacement cost of your home. These factors are square footage, building materials, height and more. It's best to consult an appraiser to estimate and compute the potential rebuilding costs.
Remember to consider how much money you'd be spending to rebuild your home in the case of total loss.
Average Cost of Home Insurance in Indiana Cities
Homeowner insurance prices change significantly depending on where you live in Indiana. You can observe how much the rates vary from city to city by checking the MoneyGeek table below. It shows the premiums for different Indiana cities.
Average Annual Premium in Indiana Cities for Homeowners Insurance
| Fort Wayne | Average Annual Premium ($100K Dwelling Coverage)$1,167 | Average Annual Premium ($250K Dwelling Coverage)$1,539 |
| Indianapolis | Average Annual Premium ($100K Dwelling Coverage)$1,427 | Average Annual Premium ($250K Dwelling Coverage)$1,955 |
MONEYGEEK EXPERT TIP
In Indiana, the best homeowners insurance is Nationwide, according to MoneyGeek's research.
When looking for a homeowners insurance provider, it's best to find one that offers affordability and quality. MoneyGeek shares more detailed research on the best homeowners insurance companies based on what you need.
Frequently Asked Questions About Home Insurance in Indiana
Generally, the cost of home insurance in Indiana changes due to personal profile, location, insurance provider and home type. MoneyGeek answers the most commonly asked questions about homeowners insurance in the state.
How much does homeowners insurance cost in Indiana?
Indiana is one of the most affordable states to buy homeowners insurance, averaging $1,761 per year for $250,000 in dwelling coverage.
How do I know how much dwelling coverage to get?
Indiana’s baseline dwelling coverage is $100,000. You must know how much it will cost to remodel or rebuild your home to determine how much dwelling coverage is needed in your insurance package.
Make sure to factor in the current labor rates, materials and construction prices. Consult an appraiser or a real estate company to ensure you get accurate estimates.
Insurance
Methodology
To determine the average cost of homeowners insurance in Indiana, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance.
This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He 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.