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If you have just purchased a home, shopping for homeowners insurance does not have to be a chore. While the right homeowners insurance policy can protect one of your most important assets, there are plenty of companies competing to offer the best homeowners insurance in Indiana. Here, we walk you through which companies offer the most competitive rates and explain some of the key factors to look for in an insurance policy.
These three companies pride themselves on offering cheap homeowners insurance in Indiana:
New homeowners are sometimes surprised to learn that they'll pay a discounted price for homeowners insurance. That's because all the bits and parts of the home are new, and insurance companies aren't quite as worried about making big payouts any time soon. They tend to pass their expected savings on to the homeowner by way of lower insurance premiums. These three Indiana home insurance providers are among the least expensive for newly built homes:
There's a reason so many people fall in love with older homes. They've got character and flourishes that most new homes can't touch. They also tend to have problems not seen in newer builds. For example, an older home is more likely to have problems like termites, wood rot, a damaged roof, and leaks. For that reason, companies charge more to insure an older home. Still, these three companies have managed to keep their prices for older homes relatively competitive.
If a home is damaged or destroyed, insurance is there to make things right. Still, a homeowner can expect their premiums to go up for a time after a claim is made. For a Hoosier homeowner who has previously made a claim, these three insurance companies offer the lowest rates in the state:
The average cost of homeowners insurance in Indiana is $1,837, about 6% higher than the national average of $1,725.
|Average Rate Category||Indiana||National Average|
|New home construction||$882||$943|
|When making a claim||$1,932||$1,803|
The best homeowners insurance in Indiana is a combination of comprehensive coverage and low rates. Before shopping for homeowners insurance, it's good to know what to look for.
There are six types of policies designed to cover traditional (non-mobile) homes in Indiana. The policies range from basic coverage to coverage with all the extras. The best homeowners insurance companies offer them all.
The level of coverage a homeowner chooses to carry is a matter of personal preference. Someone may pay for a bare-bones policy, then wish they had more comprehensive coverage when peril strikes. Or, they could pay for all the bells and whistles, and never make a claim. Because there's no way to know if homeowners coverage will be needed, the best thing a homeowner can do is assess how much risk they're willing to assume. The lower the risk they're comfortable with, the more comprehensive the policy should be.
When a claim is made, the homeowner typically owes a deductible. Let's say a roof is damaged and it's going to cost $12,000 to make repairs. If the homeowner has a $1,000 deductible, they pay their portion to the contractor, and the insurance company pays the other $11,000. It's up to a homeowner shopping for coverage to choose what deductible they prefer. The lower the deductible, the higher the annual premium they can expect to pay.
Nearly all insurance companies offer home insurance discounts. These discounts represent one of the best ways to snag cheap homeowners insurance in Indiana. To fairly compare one policy to another, it's important to know how much each policy costs after discounts are factored in. Discounts range from whether there's an alarm system in the house to whether a homeowner bundles auto and home insurance with one company.
Knowing which types of claims are most common is one way to determine the proper level of coverage to buy.
As a Midwestern state, Indiana gets its share of rain and snow each year. From roofs damaged by ice dams to wood rot caused by rain, water damage and freezing are two of the top reasons Hoosiers make claims.
It's impossible to find a place in the U.S. that doesn't experience fire and lightning. In fact, according to the Insurance Information Institute, 25% of all homeowners insurance claims are due to fire and lightning damage. It's not the No. 1 claim in the state, but replacing roofs damaged by lightning or rebuilding homes burnt to the ground are among the most expensive claims insurers deal with.
Wind in Indiana can be the result of a simple summer storm or as serious an event as a tornado. In either case, the resulting damage can be severe, and is one of the primary reasons to purchase a good homeowners insurance policy.
As mentioned, policy discounts are one of the best ways to save money on homeowners insurance. Some discounts can save the homeowner a lot. For example:
The best homeowners insurance in Indiana rewards homeowners for protecting their property by installing an alarm system. The average savings is around 7%. Let's say the annual premium is $1,000. An alarm system can cut that amount by $70, while also reducing the risk of a break-in.
A lot of claims involve roof replacement or repair. Upgrading a roof can provide an Indiana homeowner with a whopping home insurance discount. Because there is less risk the roof will need to be replaced or repaired soon, the average discount for homeowners who upgrade a roof is an impressive 24%.
Something as simple as paying the annual premium upfront can save an Indiana homeowner an average of 10%.
Insurance companies take many factors into account as they determine premiums. They include things like:
That said, here are the five cheapest cities in Indiana for homeowners insurance:
|City Name||Average Home Insurance Rate|
Here are the five most expensive cities in the Hoosier State for homeowners insurance:
|City Name||Average Home Insurance Rate|
The best homeowners insurance in Indiana offers it all: low rates and good coverage. Insurance may not be the most exciting purchase a homeowner makes, but it's certainly one of the most important.
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The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
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