With mortgage companies requiring homeowners insurance, it’s important to shop and compare. Like many residents in other big cities, Indianapolis homeowners tend to pay more for insurance coverage than those who live in less populated areas where crime rates are lower. Our partners at ConsumerAffairs researched the best homeowners insurance in Indianapolis based on rates, customer service and overall convenience.
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How to choose the best homeowners insurance in Indianapolis
When shopping for homeowners insurance, you’ll find that rates vary considerably based on the location, cost and condition of the property. As an Indianapolis resident, you can expect to pay about $1,300 a year for $200,000 in home insurance coverage. This is slightly above the national average of $1,083.
In addition to higher crime rates, other factors that contribute to higher homeowners insurance rates include risk for hurricanes, tornadoes, windstorms and hail. Indiana is prone to tornadoes, so homeowners here should expect to pay more than the national average.
Homeowners insurance in Indianapolis varies even within the same ZIP code. For example, homeowners in the Near Northside neighborhoods of Rocky Ripple and Warfleigh must pay thousands more in annual premiums for flood insurance because of their proximity to Central Canal.
Get an idea of what your neighbors may be paying for Indianapolis homeowners insurance in these areas:
Dwelling coverage - $200,000
Dwelling coverage - $300,000
Dwelling coverage - $400,000
Clearwater - 46240
Downtown - 46204
Traders Point - 46278
Butler-Tarkington - 46208
Broad Ripple - 46220
Castleton - 46250
South Franklin - 46259
Note: Rates above based on a deductible of $1,000 and liability of $100,000.
Unlike car insurance, home insurance is not required by Indiana law. However, if you have a mortgage, lenders will require you to purchase a policy to cover property damage caused by weather, flooding, vandalism and other potential threats. Even if you don’t have a mortgage, insurance coverage can be critical in protecting your home and its contents.
Determine the level of coverage you need. In most cases, you can choose between replacement cost or actual cash value when selecting home insurance. Actual cash value, which is less costly, includes repairs to the home and replacement of your damaged belongings after calculating depreciation. Replacement cost, on the other hand, represents how much it would cost to repair the home and purchase new belongings without accounting for depreciation.
Also, with temperatures regularly diving below zero during the winter, homeowners face the additional risk of frozen pipes. More than likely, the water damage caused by burst pipes will be covered by insurance, but not the actual plumbing. Be sure to get clarification from the provider you choose.
When reviewing Indianapolis homeowners insurance, always consider liability insurance. If you have a swimming pool, for example, ensure that you have liability coverage in the event of an accident. This is not included in standard policies. Also, with our winter weather, liability insurance protects you if someone falls on your icy steps or driveway.
Before selecting an Indianapolis home insurance company, ask providers about discounts that may be available if you:
Take protective measures. Minimize risks and reduce rates by installing smoke detectors, fire extinguishers and a security system.
Bundle your policies. Consider using your car insurance provider to cover your Indianapolis home insurance policy as well.
Pay upfront. Many providers offer a discount if you pay your premium in full every six months or every year, instead of month-to-month.
Progressive insurance offers Indianapolis homeowners the option of comparing plans online. With dozens of Indianapolis insurance agents offering Progressive plans, you also have the option of getting highly rated one-on-one customer service. Choose bundled services that include homeowner and auto insurance for a discount.
Many residents are familiar with GEICO as a car insurance provider. However, GEICO also offers other insurance plans, including homeowners insurance in Indianapolis. They get positive reviews for quick, friendly customer service. Savings are offered through bundled coverage plans.
With personalized service, State Farm representatives ensure that you have the right Indianapolis homeowners insurance for your house or condo. Gain more savings by choosing bundled services with auto insurance. If you prefer face-to-face customer service, visit one of their locations conveniently located throughout Indianapolis.
Get competitive pricing and personalized customer service with A-1 Insurance, a local provider with offices in Indianapolis. A-1 representatives will give you cost-effective options to compare plans for your home, vehicle and belongings. Start the process by requesting a quote online or stop by A-1’s south or north offices.
Steffey Hatoway Insurance
Highly rated for helpful, streamlined customer service, Steffey Hatoway Insurance has been offering Indianapolis area homeowners a wide range of insurance plans for more than 30 years. In addition to homeowners insurance, Steffey Hatoway also offers car insurance, flood insurance and health insurance.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.