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Indiana Homeowners Insurance

Homeowners Insurance in Indiana: Complete Consumer Guide

Want to move to Indiana? Here are some interesting facts about your new home state. The capital of Indiana is Indianapolis. Indiana became the 19th state on December 11, 1816. The town of Santa Claus, Indiana, receives and replies to letters to Santa Claus each year. The first professional baseball game took place in Fort Wayne, Indiana, on May 4, 1871. Indiana has one of the richest deposits of limestone anywhere in the world. Ninety percent of the world’s popcorn comes from Indiana. The first long-distance auto race in the United States was held May 30, 1911 at the Indianapolis Motor Speedway. The state bird of Indiana is the cardinal. The state flower of Indiana is the peony. And the state tree of Indiana is the tulip tree.

Types of policy for Homeowners Insurance in Indiana

Do you know what type of insurance policy is needed for your home? Not sure? Here is a look at the different types of homeowners insurance policies.

HO-1 The HO-1 form, known as the “basic form,” covers the 10 most common perils. But you won’t find this policy just anywhere. Some insurance companies do not offer HO-1 forms.

HO-2 The HO-2 form, called the “broad form,” provides more limited coverage. But the HO-2 form still provides more coverage than a HO-1 basic form.

HO-3 This insurance form is the most commonly used and widely purchased type of homeowners insurance. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These perils include theft, falling objects, the weight of ice, snow and sleet, water damage, fire, smoke, lightning, windstorm, hail, explosions and vandalism.

HO-6 The HO-6 form is for condominium units. This type of coverage is typically “walls-in” coverage and may protect the condo unit’s walls, floors, ceilings from 16 covered perils. The HO-6 form also includes coverage for the condo owner’s personal belongings.

HO-8 The HO-8 form is for older houses and covers 10 perils. The HO-8 form is paid on an actual cash value basis, which is the cost of the house items minus depreciation.

What factors affect rates on homeowners insurance in Indiana?

There are a wide array of factors that affect the rate on a homeowners insurance policy. Let’s look at just a few. For example, the type of construction materials on your home is a big factor. So are some other things such as how much it will cost to rebuild your home and replace all your personal belongings. Do you have a swimming pool or trampoline on your home property? Both of these items affect home insurance rates. Do you own a dog? You are liable for dog bites and injuries caused by your pet and this affects homeowners insurance rates. Credit also plays a role in homeowners insurance. If you have good or excellent credit you will pay a lower insurance rate than a homeowner with bad credit.

Top 5 disasters in the State of Indiana

Indiana federally declared Severe Storms disasters the most with 24 counts since 1953, followed by Flood, Snow, Tornado, and Biological disasters. Here are the top 5 federally declared disasters in the state of Indiana:

Rank

Declaration Title

Disaster Number

1Severe Storms24
2Flood13
3Snow6
4Tornado4
5Biological2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Indiana?

The average cost of homeowners insurance in Indiana is $906 per year.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Indiana a safe state?

2019 Crime in Indiana Crime Number Crime Rate*
Property Crime132,6941,971.0
Burglary21,795323.7
Larceny-Theft97,1761,443.4

*Rate per 100,000 inhabitants

Safest Cities in Indiana by Property Crime*

  • Zionsville, IN has a population of 27,630 with a Property Crime rate of 2.8 per 1k. The city average home value is approximately $199,477.
  • West Lafayette, IN has a population of 49,154 with a Property Crime rate of 7.3 per 1k. The average home value there is about $244,549.
  • Fishers, IN came in third as the safest city in the state of Indiana and has a population of 95,506 with a Property Crime rate of 7.7 per 1k. Its home value averaged at about $313,473.
  • Westfield, IN has a population of 43,212 with a Property Crime rate of 7.8 per 1k. Its average home value is $322,159.
  • Carmel, IN has a population of 95,388 with a Property Crime rate of 8.5 per 1k. The city home value averaged $391,340.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Indiana

Top homeowners insurance companies in Indiana

Erie insurance is known for providing homeowners insurance at affordable rates, good customer service and for offering many different kinds of discounts that lower costs even further. Discounts include a multi-policy discount, an advance quote discount and a sprinkler system credit. At Erie, you can get a 25 percent discount on your policy when you bundle home insurance and auto insurance policies together.

Nationwide insurance offers extensive coverages for homeowners insurance as well as a range of add-on coverage options. Nationwide also offers a variety of discounts that help to lower policy costs. These discounts include a home renovation credit, a gated community discount, and a home purchase discount. At Nationwide, you also can save money on your insurance premium based on your roof’s age and surface type.

Allstate insurance is well-known for offering an array of discounts and an interactive website chock-full of digital tools. Discounts push affordable insurance premiums even lower. At Allstate, discounts include an early signing discount, a home buyer discount and a hail-resistant roof discount. At Allstate, you can save 10 percent on your premium if you sign up for your new policy at least seven days before the current one expires.

Indiana Home Insurance FAQs

Do homeowners insurance cover detached garages in Indiana?

Yes, a detached garage is covered under the “Other Structures” section of your homeowners insurance policy. Some policies may exclude a detached garage so it’s important to check inclusions and exclusions. Also, ask your agent.

What is the homeowners insurance claim time limit?

Depending on your insurance company, you could have from 30 days to a year to file a home insurance claim.

How much should I carry for homeowners insurance?

You want to have enough liability coverage to cover your home’s assets and at least $300,000 to $500,000 in liability coverage is recommended. If your net worth is more than that, consider buying an umbrella policy to protect your assets.

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