Homeowners Insurance in Indiana
Quote in 60 SecondsYou wouldn’t race in the Indy 500 without wearing a seatbelt, right? Taking steps to keep you, your family and your property safe is as simple as clicking a seatbelt into place.
You want to be confident that whether you’re cheering on the Colts during the NFL playoffs on a brisk fall day or watching the Pacers shoot from the three-point line as one of Indiana’s strong spring thunderstorms rolls through the plains that your home and family are protected.
Seeing how Indiana has a need for speed, Hippo raced over to the Crossroads of America to provide reliable, accessible home insurance. So before you cross the finish line and close on your new home, read on for more information about homeowners insurance in Indiana.
How much is homeowners insurance in Indiana?
Good news for Hoosiers: the home insurance average in the state is $1,124 annually, totaling $76 less than the national average of $1,200.However, there are a few factors that can drive up that cost.
Living in an older home that is more likely to experience breakdown damage can up your premiums — and given the median year that Indiana homes were built is 1974, you could likely inhabit an older home. Living on one of Indiana’s two fault lines can also up the cost, as earthquakes may be on the horizon.
What factors influence my home insurance rate?
When buying a home in Indiana, consider its age and location. A newly constructed tudor that is nowhere near a fault line will have a lower premium than an older cottage sitting right on top of the fault. But all things considered, the average Indiana resident can expect their home insurance premium to total a bit less than the national average. But there are other factors to consider as well, like attractions and outdoor activies. For instance, did you know that Fort Wayne Indiana was named the top place to buy a vacation home in the nation?
Indiana Home Insurance Premiums
What does home insurance in Indiana cover?
Home insurance policies usually cover dwelling, personal property and personal liability. In the event that Indiana’s famous four distinct seasons start to take their toll on your home, dwelling insurance covers damage to any structures on your property, while personal property insurance protects your belongings inside your home. Personal liability insurance covers accidental damage or injury to a person on your property, or accidental damage on someone else's property that is your fault.
Apart from these basic coverages, there are additional considerations for Indiana residents that may impact the coverage you choose. As the spring ice melts and the rainy season begins, Indiana homeowners might find themselves needing flood insurance — especially with the 42 inches of annual rainfall. And even though Indiana is located outside of Tornado Alley, the 22 tornadoes that spawn there on average might find you looking at windstorm or catastrophe insurance. These coverages can help you weather any storm without worrying about the cost of any damages.
Indiana Insurance Coverage Options
Traditional coverage
Structure
Expenses
Protection
Structures
Possessions
Supplemental coverage
Tips to lower your home insurance premium
Lowering your home insurance premium doesn’t have to be as hard as explaining to an outsider that Indiana is the center of American basketball. Finding the right insurance provider is a great first step. Some providers, like Hippo, will give you a discount for upgrading your home with smart home devices. In doing so, you can not only save a few bucks on your premium, but you can also lower your utility bill and do your part to save the planet.
You can also save on your insurance premiums by buying smart. Bigger homes will need bigger insurance plans. And you’ll also want to consider where you’re choosing to buy. Homes near hospitals or police and fire stations may be eligible for a discount, while homes located in flood, windstorm or other catastrophe zones may require more coverage.
Indiana homeowners insurance resources
Hoosiers have a few resources available to learn more about their home insurance options. The Indiana Department of Insurance can help navigate a few questions and concerns, while other state and federal programs can help get you covered.
National Flood Insurance Program
The NFIP is a federal program that can help those living in floodplains get the coverage they need. According to the Federal Emergency Management Agency (FEMA), just one inch of floodwater can cause $25,000 in damages. The National Flood Insurance Program aims to be an affordable option for residents who need flood coverage.
FAIR
The Indiana FAIR Plan aims to help secure home insurance for Indiana residents who haven’t been able to get coverage from other providers. This program provides dwelling and commercial insurance to households that have been declined coverage by at least three other companies. Though not meant to be seen as a first choice, the FAIR plan provides a backup option for Indiana residents needing homeowners insurance coverage.
Though few things in life are more important than a pork tenderloin sandwich and a Pacers game, Hippo believes that home insurance is one of them. Whether you live where the corn grows knee high by the Fourth of July or over in the bustling city of Naptown, Indiana residents all deserve access to reliable and affordable home insurance coverage. Let Hippo give you a quote today.
