Average homeowners insurance cost in Indianapolis, Indiana

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In Indianapolis, homeowners pay an average annual rate of $3,232 for a coverage level that includes $300,000 for dwelling, $100,000 for liability protection, and a $1,000 deductible, according to our data. This is $650 more than the national average of $2,582 .

Homeowners insurance premiums can vary significantly from one property to another. In Indianapolis, the cost of home insurance is influenced by several factors, including:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers. This will enable you to find the coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in Indianapolis, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Indianapolis.

Key Takeaways

The average cost of homeowners insurance in Indianapolis is $3,232 per year.
Allstate is the cheapest homeowners insurance company in Indianapolis with an average annual premium of $1,311 .
If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $748 more a year for home insurance.

Average homeowners insurance cost in Indianapolis per month

Residents of Indianapolis pay an average of $269 a month for homeowners insurance. It’s $22 more than the state average of $247 and $54 more than the national average for home insurance across the nation.

The cost of your homeowners insurance policy in Indianapolis may change based on location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house

Homeowners insurance with $200,000 in dwelling coverage and $100,000 in liability protection costs about $2,484 per year in Indianapolis. Your rate can vary based on a number of factors, especially the risk of natural disasters in your area. Places more prone to floods, hurricanes, or tornadoes often face higher rebuilding costs, which leads to higher insurance premiums.

It is important to note that your insurance plan may not cover flood or hurricane damage. So, if you live in an area prone to flooding, consider buying flood insurance coverage.

Average homeowners insurance cost for a $300,000 house in Indianapolis

According to a rate analysis by Insure.com, homeowners in Indianapolis pay an average of $3,232 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you’ll have to pay $748 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, its features, and the cost of living in your area.

Average homeowners insurance cost in Indianapolis by company

After comparing several homeowners insurance companies, Allstate offers the lowest rates in Indianapolis. Its average annual rate for homeowners in Indianapolis is $1,311 , while Indiana Farmers is the second-cheapest.

Researching the insurance company is crucial before selecting a homeowners insurance policy. Our experts have analyzed all insurance providers in Indianapolis and compiled a list of the cheapest home insurance providers. Below, you’ll find the home insurance companies in Indianapolis and their average annual premiums.

Home Insurance Company	Annual rate
Allstate	$1,311
Indiana Farmers	$1,712
State Farm	$2,105
American Family	$2,407
Erie Insurance	$2,471
Auto-Owners	$3,538
Farmers	$3,774
Indiana Farm Bureau Grp	$5,584
Travelers	$8,022
Nationwide	$2,882
USAA*	$2,623

*USAA is only available to military community members and their families.

Bundling your home insurance with other policies, like auto insurance, can lead to significant savings. Insurance companies often offer discounts for customers who combine multiple policies. By bundling, you can reduce your premiums and manage your insurance needs with one company.

Natural disasters in Indiana that can impact your home insurance

Living in Indiana means facing the risk of natural disasters that can seriously damage your home and belongings. These events can lead to expensive repairs and major insurance claims. That’s why it’s so important to understand which disasters are most likely in your area before choosing a home insurance policy.

Being aware of your local risks helps you choose the right level of protection, from setting appropriate coverage limits to deciding on deductibles or adding extra coverage. Taking the time to tailor your policy to those risks can help you avoid being underinsured and give you peace of mind if you’re impacted by a natural disaster.

Indiana is commonly affected by Cold wave, Strong wind, Tornado, and Winter weather.

How home insurance protects you against natural disasters

Home insurance can provide valuable protection against the financial impact of natural disasters. Standard home insurance policies typically cover damages from fire, windstorms, hail and lightning. However, events such as floods, earthquakes or landslides are excluded and require purchasing additional policies or endorsements. For example, flood insurance must be purchased separately, as it is not typically covered by a standard home insurance policy.

Home insurance pays for home repairs, replacement belongings and temporary living expenses if your dwelling becomes uninhabitable due to damage. The protection offered by home insurance can significantly reduce the financial impact of natural disasters.

Check for coverage gaps before it’s too late

Many homeowners find out too late that their insurance doesn’t cover certain natural disasters. Be proactive – review your policy, ask your insurer about disaster-specific exclusions, and explore additional protection if you’re in a high-risk zone.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Indianapolis for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

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Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.