The Best Indiana Homeowners Insurance Companies
Indiana’s annual premiums for homeowners insurance are on the lower side — on average $983 per year for an HO-3 policy, compared to the nationwide average of $1,173. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:
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Homeowners in Indiana don’t face the same level of weather extremes that some coastal and Southern states do, and property values are not as high in the state as they are in other areas of the country. That’s why homeowners insurance tends to cost less on average in the state, with an annual average premium in 2016 coming in at $983. However, severe weather can certainly affect the state’s homeowners, as last year’s tornado season showed. Also, very cold winters can pose challenges like burst pipes or snow-laden roof damage.
Not only that, but the age of your home and its specific location in the state can affect your individual premium. It’s important to do your research to find a policy that gives you the coverage you need in the event of an emergency at a price you can afford. To help you get started, we recommend using the quote tool below.
How We Found the Best Homeowners Insurance Providers in Indiana
We started by taking a careful look at Indiana’s five largest providers by market share: State Farm, Indiana Farm Bureau, Allstate, Liberty Mutual, and American Family Insurance Group. Then, just as we did for our national homeowners insurance review, we considered customer satisfaction reports from J.D. Power; financial scores from Moody’s, A.M. Best, and Standard & Poor’s; and discounts and quotes from the providers.
We ranked our top choices for their exceptional customer service, coverage, financial strength, discounts, and endorsements. We prioritized a seamless online quote process and the amount and quality of available discounts, and looked for the extras that helped a provider stand out, such as a particularly good mobile app or greater transparency in their coverage for special circumstances like tornado damage. Because it can be overwhelming to sort through all of the information and sales pitches when you’re researching homeowners insurance, we looked for companies that made it easy to find coverage and discount information, in particular. This also revealed their general commitment to providing a quality experience for their customers, which is important not only during the research phase but also down the line should you need to file a claim.
Indiana Homeowners Insurance Reviews
Allstate is our top choice in Indiana for more than just providing the lowest quote (though that helps!). Allstate shines for its excellent website and customer service. No matter your question or concern about homeowners insurance, Allstate’s website is likely to give you an answer you can understand. We especially like Allstate’s Common and Costly Claims tool, which gives you insights into the most common causes of claims in your neighborhood (e.g. hail damage, wind storms, or water issues.) This is really useful when you’re thinking about your property’s specific location and what kind of extra coverage you might need, such as for water damage. Allstate also has a really easy-to-use home inventory tool that allows you to catalog your belongings and estimate value and replacement cost.
With these great online features already in place, it’s no surprise that Allstate offers a superior online quote tool among the top providers in the state. For one thing, it’s more detailed, and it actually pulls public records on your property to account for any past claims you may not know about. Because of this, it was more accurate, and when we called an agent for a quote, we were given one nearly identical to the one we got online. Compared to State Farm and Liberty Mutual’s online quotes were $78 and $220 different, respectively, over the phone than online.
Our phone call with the Allstate agent was not only helpful but downright pleasant. He was enthusiastic without seeming like he was just giving us a sales pitch, and he offered an immediate quote after asking lots of questions, without making us wait for a follow-up email or call. This experience, combined with the ease of the online quote process, helped Allstate rise above the rest and grab the top spot for us among homeowners insurance providers in Indiana.
This national standby ranks solidly for financial stability and consumer satisfaction from J.D. Power and Consumer Reports and overall provides a smooth quote process, making it come in at a solid second in our review. Its online quote process is straightforward and it has good information about assessing your home’s value on its website, such as explaining the difference between the market value and the replacement cost of your home. However, it’s worth noting that the website is not as well designed or easy to navigate as that of Liberty Mutual, and they don’t have the same level of educational material as Allstate. This is potentially offset for many consumers, however, by its high-quality customer service in person or over the phone.
The quote provided by State Farm was slightly higher than the others we received, though its online process did not include as many detailed questions about the sample property. That leads us to believe that more discounts may be available if completing the process by speaking to someone directly. Indeed, when we called a local State Farm office in the Indianapolis area, we found the agent to be extremely helpful and willing to offer up all the available discount information. This experience reflects the consistently high ratings it receives for customer satisfaction from Consumer Reports.
We found its website and online quote system to be the most detailed of all the providers’, as well as the easiest to use. Because the questions on the online claim form go more in-depth, we were more confident of the estimated quote’s accuracy. This included more detail about improvements to the home’s utility systems, and lifestyle questions that even covered such details as whether the property has a trampoline.
Liberty Mutual has a nicely updated website that’s easy to navigate. Of note is its mobile app. The clean, contemporary design made scrolling and filling out forms very easy even on a mobile screen. Its additional features, like helpful information for how to file a claim, were easy to locate and navigate. It’s also quote comprehensive; you can use it make payments, submit claims, get a quote, and even view your ID card (in case you ever misplace it). We can see why it’s the highest-rated on the app store of the top insurers in Indiana, with an impressive average rating of five stars.
Calling Liberty Mutual wasn’t as easy as it was for State Farm; it took longer to get to a real representative, whereas with State Farm you are calling a local office and speaking directly to the agent’s team. However, its representative (once reached) was cheerful and helpful in answering all of our questions. She was willing to provide a quote right away, based on the info we provided, though we had to wait a few days for a more customized quote.
Indiana Farm Bureau
Indiana Farm Bureau is an interesting case, as it’s very popular anecdotally in online reviews and are local to Indiana, with an especially strong reputation for farm insurance (more on that later). Because it’s local, J.D. Power and Consumer Reports doesn’t cover it in their ratings. However, its financial stability rating is available from A.M. Best, where it earns an “A”.
It’s worth noting that its website is nowhere near as user-friendly or up-to-date as that of Allstate, State Farm, or Liberty Mutual. This made it more difficult to find information on the company. If you’re an avid app or website user with your insurance provider, Indiana Farm Bureau isn’t the choice for you. That said, its customer service rep over the phone was extremely helpful and friendly, and very straightforward about its coverage. She followed up with a quote via email within just a few hours. It was higher than the other quotes we received.
This generally higher cost may be offset by its local expertise and the perks of a farm bureau membership, such as discounts on GM cars and identity theft protection. While it didn’t beat out the resources and rates of the bigger nationwide competitors, we were overall impressed by the customer service, and it’s worth noting that if you’re a rural property owner or a farm owner, the Indiana Farm Bureau is an excellent option.
This smaller but still well-known insurance provider maintains strong financial stability and customer service ratings, with the highest overall score from J.D. Power. It’s website is of standard quality, with plenty of discount information, but we were surprised to find that its online quote tool was lacking. Unlike the more detailed tools of the major providers, its tool simply gets a few pieces of information from you and then puts you in touch with a local insurance rep. We did find that the local agent was helpful and asked all of the questions about the property that a better online tool would ask.
The agent was friendly and straightforward, but nothing about our experience made American Family seem superior to our top three choices. Its financial stability means that it’s a safe choice, but it doesn’t have any of the extra features that make it stand out, nor does it have the potential benefits of local expertise you’d get from our fourth choice.
Annual Premium Comparison in Indiana Vary by Insurer
We requested an online quote and a quote over the phone from our five providers for a single-family suburban home in the Indianapolis area, with newer construction and extra security features like an alarm system, but no special cases like a pool. Our sample home was valued at about $350,000 and has three bedrooms and an attached garage. Results varied by as much as $580 per year, showing just how important it is to shop around.
|5 top providers in Indiana||Annual yearly premiums|
|Indiana Farmers Bureau||$1944|
Insurance companies also provide discounts for a range of factors, so a home’s particular qualities can affect the price you’re quoted. For example, the presence of burglar alarms and various fire protections can reduce your premium by up to 20% even at the same location. In a state with an lower-than-average premium like Indiana, these discounts can make a significant difference. For instance, if you’re paying around $75/month for your premium, a 20% discount will make that just $60/month. Certain insurers offer speciality discounts that may affect you, as well, such as the LEED-certification discount for “green” homes from Liberty Mutual. All providers of homeowners insurance we reviewed also offer a discount if you bundle other types of insurance with them such as auto.
It’s important to remember that online quotes are not set in stone, and speaking to an agent could get different results. We found that to be the case when we made calls to individual representatives, who often asked more specific questions about the home’s history and construction than we found in the online quote form. You’ll want to be sure to follow up after receiving quotes you like to determine the exact nature of the coverage and discounts for your particular property location and type. Be sure to ask detailed questions about discounts, because these can vary by provider.
Tornado Coverage is a real concern in Indiana.
Indiana ranks 7th in the nation for tornado frequency, making it a real concern for homeowners in the state. While separate tornado coverage isn’t needed, as is the case for hurricane coverage in other states, do be sure to bring up this issue during the quote process. If you have a “named peril” policy, you’ll want to specify that tornadoes are included as a covered event.
If you’re a farm owner, ask about farm policies and discounts.
Indiana is a largely rural state with a big agricultural sector; over 14 million acres of land in the state are dedicated to farm operations, in fact. If your property is a farm, even a small, family-run operation, your insurance is going to be different than it is for a single-family home. Farm insurance covers the value of your crop and livestock, as well as farm-specific buildings and equipment such as grain combines. It even accounts for possible damage from hail storms.
What does this mean for you in the research phase? Find out about a company’s farm insurance policies and discounts, just as you would for a homeowners policy, and compare rates across companies. You’ll find local companies that specialize in farm policies, which could be appealing thanks to its expertise in the field. Indiana Farmers Bureau is the state’s largest provider of farm insurance and would be a good starting place if you’re in the market for this type of property insurance.