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:
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*|
*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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At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
Gutters and downspouts work to navigate water flow off the roof so that there is no standing water that can lead to complications such as rotting wood, rotting fascia and foundation cracks
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
If you're a new homeowner or if you simply decided to look into what homeowners insurance covers, you probably have a few questions about your policy. We have answers.
Keep in mind that in order to get paid for the tree removal you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it?
With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.