The Hoosier State of Indiana offers its residents great homeowners insurance companies among which Erie Insurance stands out for its exceptional customer service, below average premiums, and add-on policy options for increased protection, financial strength, discounts and online tools and resources.
Indianans have many home insurance options available to them. After evaluating 15 biggest insurance providers in the state by their market share, we identified the top four best options for homeowners.
The Four Best Homeowners Insurance Companies in Indiana
- Erie Insurance
- Cincinnati Insurance
|Erie Insurance||Allstate||Nationwide||Cincinnati Insurance|
|Our review||Our review||Our review||Our review|
|A.M. Best Financial Strength Rating||A+||A+||A+||A+|
|J.D. Power Overall Customer Satisfaction Score||5/5||3/5||2/5||N/A|
|Online Quote Tool||X||✓||✓||X|
|Compare rates||Compare rates||Compare rates||Compare rates|
Average Cost of Homeowners Insurance in Indiana
The average annual cost of home insurance in Indiana is $1,000. In the United States, the national average is $1,211, however, home insurance premiums are highly individualized. Indiana homeowners might pay more or less than $1,000 depending on a number of personal factors.
When calculating your premium, the insurance company looks at your age, your credit score, your claims history, the city you live in, the condition of your home and more. Your premium can also be lowered by taking advantage of discounts.
Home Insurance add-ons that will further protect you-
Due to threats of flooding and tornadoes in Indiana it is recommended to purchase add-on insurance policies for extra protection. Residents can buy a flood insurance policy through the National Flood Insurance Program. If your basic homeowners policy includes windstorm damage, that will cover your home and your personal belongings in the event of a tornado. If not, you can add windstorm coverage to your policy for an added fee.
Helpful Resources for Indiana Homeowners
The Indiana Department of Insurance offers resources for residents trying to choose the best insurance coverage for homeowners. You can find information about choosing the right policy, selecting a deductible, getting flood insurance and more.
To get a policy, you’ll need to start by getting a quote online or through a representative from the companies you’re evaluating. You’ll be asked to provide some personal information, like your age, gender and marital status. You will also be asked to provide information about your home, including the city, the age of the home, when you bought it, recent renovations and so on. You can purchase homeowners insurance at any point during the year.
To find the best homeowners insurance companies in Indiana, we started by looking at the biggest providers in the state based on their market share. From there, we evaluated each one based on their average price, policy options, endorsements, financial strength and customer service ratings.
Best Indiana Homeowners Insurance Companies
- Customer service
- Customizable coverage
- No online quote tool
Erie Insurance stands out for its exceptional customer service. In J.D. Power’s 2019 Homeowners Insurance study, Erie received a perfect 5-star rating in customer service, which is considered ‘among the best.’ They also scored 5 out of 5 stars for overall satisfaction.
Another reason why Erie is a popular homeowners insurance provider is because they offer extensive coverages that allow customers to customize their policy. For example, you can add water backup, identity theft recovery, guaranteed replacement cost, and service line coverage to your policy for added protection.
The biggest downside of Erie Insurance is that you have to work with an agent for everything. There is no option to get a quote, manage your policy or file a claim online.
- Affordable premiums
- Online tools
- Average customer service
Allstate offers affordable rates on their homeowners insurance premiums. Among their benefits however are the various discounts available to customers by doing simple actions such as bundling their policies, setting up automatic payments, insuring a newer home, and filing a new policy before their old one expires.
Allstate offers a number of helpful online tools and resources to help new homeowners determine what type of coverage they need and what their policy covers. They can also use the Allstate mobile app to manage their policy, make a payment and file a claim.
While Allstate offers good policies at a low rate, their customer service isn’t considered best garnering a 3 out of 5 stars in J.D. Power’s study which is about average.
- Add-on coverage options
- Mobile app
Average customer service
Nationwide is very similar to Allstate,however stands out for its add-on policy options, which allows Customers to purchase additional coverage for identity theft, valuables, replacement cost coverage, water backup, earthquake and flood damage.
We also like that Nationwide offers discounts that most customers can take advantage of. These include: insuring a newer home, bundling policies, living in a gated community, having a newer roof, recently renovating the home and more. Through the Nationwide mobile app, customers can access a virtual ID card, make a payment, file a claim and check the status of claims on-the-go.
Like Allstate, the biggest issue Nationwide displayed is their customer service. In J.D. Power’s study, Nationwide received 3 out of 5 stars for customer service, which is about average, and pales in comparison to other providers on our list.
- Affordable premiums
- Customizable options
- No online quote tool
Cincinnati Insurance offers affordable homeowners insurance premiums to Indiana residents. An average annual premium from Cincinnati Insurance is $509, about half the cost of the state-wide average. They also offer earthquake insurance for qualifying policies.
The company offers home insurance in three tiers—Executive, Executive Capstone and Executive Classic,the latter two designed for high-value homes.
The biggest downside to Cincinnati Insurance is that they don’t offer an online quote generator. They also don’t offer many online resources or tools.
The Cheapest Homeowner Insurance Companies In Indiana
|Homeowner Insurance Companies||Average Annual Premium|
|Buckeye State Mutual Insurance||$428|
|Indiana Farmers Mutual Insurance||$573|
|Grange Property & Casualty Insurance||$701|
|American Select Insurance||$834|
|Hastings Mutual Insurance||$946|
|Garrison Property and Casualty Insurance||$999|
|American Family Insurance||$1,004|
|United Farm Family Mutual Insurance||$1,221|
|Property Owners Insurance||$1,272|
|Average Premium Across Companies||$1,073|
Average Annual Premium by Home Age
|Homeowner Insurance by Age of Home||Average Annual Premium|
|Average Annual Premium Across Ages||$1,283|
Quadrant home insurance rate data as of 12/01/2019.
Top 3 Cheapest Homeowner Insurance Companies in Indiana
• Buckeye State Mutual – $428
• Cincinnati Insurance – $509
• Indiana Farmers Mutual – $579
Top 3 Most Expensive Homeowner Insurance Companies in Indiana
• State Farm – $1,398
• Property Owners Insurance – $1,272
• United Farm Family Mutual Insurance – $1,221
The cheapest home insurance in Indiana is from Buckeye State Mutual, Cincinnati Insurance and Indiana Farmers Mutual. The most expensive providers are State Farm, Property Owners Insurance and United Farm Family Mutual Insurance. These rates are based on general profiles. To get a personalized quote from these providers, speak with a representative from the insurance company or use their online quote tool if they have one.
Homeowners Insurance FAQ
Is homeowners insurance required in Indiana?
Although not required by law In Indiana, mortgage lenders might request you have homeowners insurance.The lending company will let you know if you need to have home insurance before they can approve your loan.
What is the cheapest homeowners insurance in Indiana?
According to our price research, at $428 per year, Buckeye State Mutual offers the cheapest homeowners insurance in Indiana. Cincinnati Insurance and Indiana Farmers Mutual also offer below-average premiums at $509 and $579 respectively.