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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Mar 4, 2024

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Buying a home is a huge investment, so it’s important to protect your home with comprehensive insurance coverage. Choose the right home insurance policy for your needs with Obrella, an online platform that allows you to connect with Indiana home insurance experts quickly and easily. They’ll walk you through options from several providers, answer any questions you have, and can even bind your policy—all over the phone!

What are the average homeowners insurance rates in Indiana?

The average Indiana homeowner pays $843 annually for home insurance, while the national average is$1,034 per year. This means Indiana insurance premiums cost less than the average rate in 32 states.

  • Median Home Value: 130,000
  • Household Income: 48,060
  • Percent of Income on Home Ownership: 23.30%

Hoosier State residents spend a smaller percentage of their household income on housing related costs than residents of almost every other state. In fact, at 23.3%, as someone who lives in Indiana, you can say you spend nearly 10% less on housing related expenses than typical Americans. That could be because Indiana’s median house value is $122,800. This is substantially less than the national norm of $176,700, yet the median income of $47,529 is only slightly less. Moderately priced housing may account for why more homes are owner occupied in Indiana than they are nationally. At 68.5%, the state ranks 12th for its rate of owner occupancy, with the national average is 63.5%.

You need home insurance that not only adequately protects your home, but is also affordable. Ask an insurance expert to run a policy comparison, get homeowners insurance quotes in Indiana and find out if you could save you money on your premium.

How to calculate premiums for home insurance in Indiana?

In setting premiums, insurance companies assess the amount of risk they take on by insuring your property. The higher the risk, the higher the premium.

Providers look at your property’s characteristics, value, location, and the surrounding area when determining risk and setting your home insurance premium. Your provider will evaluate your home’s size, date of construction, and add-ons like swimming pools and guest homes. Local crime rates, home prices, and the likelihood of natural disasters occurring in your area may also affect your premium. For example, if you live near a flood-prone river, you can expect to pay a higher insurance premium than someone who lives on higher ground nearby. Likewise, living in an area with high rates of vandalism and home burglary may also raise your costs.

Fortunately, your homeowners insurance premium can be lowered with a few proactive steps on your part. Installing home protection like security systems, motion-sensor lights, and surveillance cameras can help lower your rates. Having a high credit score can also help in some cases.

Read more: Finding The Best Homeowners Insurance In Indiana 2023

What types of Indiana homeowners insurance are available?

Most Indiana home insurance companies offer a range of coverage options; some of which are defined below:

  • HO-1: Limited Coverage
    • An HO-1 policy provides protection against any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. In most states, however, this type of policy is no longer available.
  • HO-2: Basic Policy
    • In the event of any of the 16 classified disasters, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • With very few exceptions, this standard homeowners policy offers the most extensive home protection.
  • HO-8: Older Home
    • As homes age, the cost of repairs to the house may exceed the actual market value of the house. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Older homes may not qualify for policies that cover the full replacement cost of the home in the event of a total loss.

What’s the standard Indiana homeowners insurance coverage?

Home insurance policies usually dictate specific situations that grant you coverage for damages. If damages to your home result from a situation not explicitly covered in your policy, your provider usually won’t reimburse you. So, if your home is damaged in an earthquake, you’ll only be covered if your policy specifies that you have earthquake coverage. Here are some common home insurance coverage definitions to help you figure out your current coverage and determine how much you actually need:

  • Coverage A – Dwelling
    • Coverage A deals with damage to the home itself, any structures attached to the home, and any of the home’s plumbing, heating, wiring, or permanent air conditioning systems.
  • Coverage B – Other Structures
    • Structures not physically connected to the house are protected under Other Structures coverage. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • Personal Property coverage reimburses homeowners for the value of possessions, like electronics, furniture, and clothing items that are lost or damaged, even if the damage did not occur on the homeowner’s property—such as items in a storage unit.
  • Coverage D – Loss of Use
    • With Loss of Use coverage, the homeowner can get reimbursed for living expenses during home repairs.
  • Coverage E – Personal Liability
    • If found legally liable for injuries that occurred on their property, a homeowner can use their Personal Liability coverage, which will cover the homeowner’s financial loss.
  • Coverage F – Medical Payments to Others
    • Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.

Read more: Understanding Homeowners Insurance Coverage For Air Conditioning Units 

What Indiana insurance resources are available?

Indiana Department of Insurance: From online tools to consumer alerts and education, it offers a number of resources for you as an Indiana homeowner. The Department also regulates approximately 1,780 insurance companies and licenses over 100,000 agents and brokers. If you have a question about how Indiana home insurance policies work, you can visit:

The Indiana Department of Insurance
311 West Washington Street, Suite 103
Indianapolis, Indiana 46204

Overwhelmed by your home insurance coverage choices? You can make the selection process a lot easier by taking advantage of Obrella! It’s easy to find the perfect coverage for your needs with a quick phone call to one of the insurance agents we’re connected with. Not only will you have an opportunity to get all of your home insurance questions answered, but insurance professionals will make it their mission to understand your needs and help you discover the best policy options for you. And if you’re short on time, don’t worry. Home insurance shopping is as simple as picking up the phone.

To better understand your home insurance policy options in Indiana, call and speak to an insurance expert today at [mapi-phone-link /].

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