The Best Indiana Homeowners Insurance Companies
Thanks to its central location, Indiana is relatively hazard-free. Homeowners here don’t file the same number of costly claims as they would in a storm-prone coastal state or frequent flood zone — which means insurance providers are able to keep prices down. In fact, the state’s average homeowners premium is about $200 less than the national average.
That said, the exact price will depend on where in Indiana you live and the value of your house, among other factors. And choosing the right coverage for your home and belongings is equally as important as finding the best price. For this reason, it’s a good idea to compare policies and cost from multiple providers before purchasing. We’ve evaluated cost and coverage from Indiana’s top five homeowners insurance providers to help get you started.
How We Found the Best Homeowners Insurance in Indiana
We compared Indiana’s five biggest homeowners insurance providers by market share, using the same criteria we established in our national review of the Best Homeowners Insurance. To start, each one had to earn top scores from the independent agency A.M. Best, which rates insurers for financial strength (read: ability to pay out on claims). We also checked customer ratings from Consumer Reports and J.D. Power, looking for providers with a reputation for great service and smooth claims handling. Finally, we dug into policy fine print for a better understanding of each company’s coverage, endorsements, and discount opportunities.
The 5 Best Homeowners Insurance Companies in Indiana
Indiana Homeowners Insurance Reviews
When we requested sample quotes for a $350,000 home near Indianapolis, Allstate came back with the lowest prices of any provider on our list. In our experience, this company is consistently affordable thanks to along list of discounts: Homeowners can save on their policy by installing a security system, insuring a new home, remaining claim-free, and more.
We also appreciate the thoroughness of Allstate’s quote process. Along with a customizable policy tool (letting you select the amount coverage you’ll actually purchase), its website scans public records for any past claims filed on you property. This creates a highly accurate online quote; almost identical to the one our agent gave us over the phone. By comparison, State Farm and Liberty Mutual’s online quotes don’t delve as deeply — which meant up to $220 difference between the quotes we were given online and in person. It’s good to know that Allstate won’t surprise you with a price hike when you’re ready to buy.
Quotes aside, Allstate offers some nice resources that put it a notch above the competition. We love the company’s Common and Costly Claims tool, which turns up the most common claims filed in your neighborhood so that you can be sure get coverage in those areas. Allstate also offers a handy home inventory tool, making it easy to catalog your belongings and recoup losses in the event that your property is damaged.
Allstate was rated three out of five (“about average”) by J.D. Power, while Consumer Reports dubbed the company “very good” in terms of responsive customer service and smooth, timely claims processing. Customers can rest assured that Allstate will be able to pay out on filed claims; the company earned an “A+” financial strength rating from A.M. Best, which is the highest score among top providers in Indiana.Read our full Allstate review.
State Farm really stands out for its customer service. This company pulls consistently high customer ratings, taking home four out of five stars from J.D. Power (the highest satisfaction score of any company on our list) and a “very good” from Consumer Reports (scoring just above Allstate). If excellent service is your first priority, then we recommend starting with State Farm. It’s your best bet for helpful agents, smooth claims, and reliable support channels.
We experienced State Farm’s first-class service in real time when we called the company’s Indianapolis office. The agent who picked up was helpful and friendly, offering straightforward information about policy options and discounts. Unfortunately, shopping on its website wasn’t an equally great experience. Unlike Allstate, State Farm uses a sparse online quote system, so prices may be slightly off the mark. It didn’t apply every qualified discount to our sample quote, either. This could be good news (since actual cost may be lower than expected), but still, it’s much easier to comparison shop when you receive accurate quotes online.
State Farm does offer one resource that the competition doesn’t: its 360Value tool. Part of the online shopping process, 360Value asks detailed questions to help assess the replacement value of your home. This is an important bit of information, as replacement value — rather than what you paid for the house — is what it would cost to rebuild after inflation and the cost of building materials. You’ll want to insure your home for its replacement value in order to be fully protected against a disaster.Read our full State Farm review.
Like Allstate, Liberty Mutual keeps premiums low through generous discount opportunities. Customers can cut costs by bundling home and auto insurance, insuring their home for its replacement value (rather than its selling value), installing smoke, fire, and burglar alarms, and so on.
In addition to fair pricing, Liberty Mutual maintains respectable customer ratings. Though J.D. Power respondents call the company “about average” — which is on par with Allstate and American Family — Liberty Mutual did earn the highest score on this list from Consumer Reports. It garners high marks for having responsive, helpful customer support reps and reliable claims payouts. Should you ever need to file a claim, it’s reassuring to know that Liberty Mutual will hold up its end and not make the process harder than necessary.
Smooth claims process aside, part of Liberty Mutual’s strong reputation comes from the unique resources it provides. Customers have access to 24/7 repair services, as well as a “catastrophe response unit” that can help you secure safe lodging and settle your claim quickly if a disaster happens. The company’s mobile app is also well-designed and easy to use — making policy management, filing claims, and contacting an agent truly convenient.
The only place Liberty Mutual fell a little behind the competition was over the phone. It took longer to go through the company’s central system and reach an actual agent than we would have liked. By comparison, with State Farm we were able to call the local office in Indianapolis directly, and an agent picked up right away.Read our full Liberty Mutual review.
Indiana Farm Bureau
Indiana Farm Bureau is a smaller, local company, and as such comes with a few perks that the other providers on our list don’t. Most importantly: It offers comprehensive, specialized farm insurance. If you live on or operate a farm, you’ll want to work with an insurance company that deeply understands the local industry and what needs protecting. A state provider like Indiana Farm Bureau is the best bet in that situation.
Smaller insurers also have a reputation for providing strong in-person customer service. Though Indiana Farm Bureau wasn’t included in J.D. Power or Consumer Reports’ studies, it earns consistently positive reviews from customers online. We had a good experience, too. This company’s agents were singularly friendly and responsive over the phone, offering straightforward answers to our questions about coverage, and following up with a personalized quote after just a few hours.
That said, Indiana Farm Bureau lacks certain resources compared to big-name national providers. For example, it doesn’t offer an online quote tool — meaning you’ll have to take the time to call and speak with an agent while comparison shopping. The company’s site is also sparse on policy information. It lists a few available discounts, but doesn’t go into any detail about coverage limits or endorsements.
In short, Indiana Farm Bureau is the best option if you own a farm, and a great choice for anyone who prefers working with a locally-based provider. However, it’s not likely to be your cheapest or most convenient option when compared to the other providers on our list.
American Family Insurance — can you hear the jingle in your head? — is another solid option for Indiana homeowners. This company falls right in line with Allstate and Liberty Mutual for ratings, scoring an 80 (“very good”) from Consumer Reports, and a three out of five (“about average”) from J.D. Power. It did pull slightly higher for financial strength, earning an “A+” from A.M. Best and tying with Allstate for the highest rating.
To be totally honest, American Family didn’t stand out to us in any particular way. Its website is about on par with Indiana Farm Bureau’s, offering basic information but prompting you to call an agent if you want to request a quote. It does have some nice resources, like a home insurance calculator, that could be helpful in the shopping process. But other than that, American Family is pretty boilerplate.
Still: Because insurance quotes are so personal, American Family may end up being the best company for you. It all depends on where you live, what type of coverage you choose, and how the company evaluates your application. We recommend requesting a quote from American Family — along with the other top providers in Indiana — to see which one can offer you the best deal.
Guide to Homeowners Insurance in Indiana
Be sure your policy includes tornado coverage
Indiana ranks seventh in the nation for tornado frequency, meaning that all homeowners in the state should make sure they’re adequately protected against tornado damage. The nice part: Tornado coverage isn’t sold separately (like hurricane insurance is in many coastal states). But if you’re purchasing a “named peril” policy, you’ll want to make sure that tornadoes are included as a covered event.
Farm owners, ask about policy options and discounts
Indiana is home to more than 14 million acres of farmland: a specialized type of property that requires unique insurance. If you live on a farm — even a small, family-run operation — your policy will look different than one for a single-family home. Along with coverage for your house, farm insurance covers the value of crops and livestock, farm-specific buildings, and equipment such as grain combines. It even accounts for possible damage from hail storms (which often costs extra on homeowners insurance policies).
What does that mean when you’re shopping for insurance? Farm owners should be sure to ask each company about policies tailored to their needs, as well as unique discount opportunities. We recommend starting with Indiana Farm Bureau. This local company is the state’s largest provider of farm insurance, and it understands the unique requirements for farm insurance in the state.
Compare quotes before you buy
There are many factors that play into homeowners insurance pricing. The first three: location, location, location. But cost also depends on the age of your home, the policy you select, your credit score and more. Each company weighs these factors a little differently, so the only way to find your best price is by comparing personalized quotes. We’d suggest getting prices from all five providers listed here to see who can offer the best price on the coverage you need.
Indiana Homeowners Insurance FAQ
How much is homeowners insurance in Indiana?
Indiana’s annual premiums for homeowners insurance are on the lower side, averaging $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. We recommend comparing quotes from all five of Indiana’s top providers before you buy, to make sure you’re getting the most competitive price on your policy.
What are Indiana’s homeowner insurance cancellation laws?
As a homeowner in Indiana, you may cancel your homeowners insurance at any time — though experts recommend keeping coverage intact until your new policy’s start date. There are also rare situations where an insurer may cancel or refuse to renew a current policy, usually due to an increase in risk for the company; for example, if underwriters inspecting the property discover an unacceptable hazard like exposed wires or faulty construction. In these situations, your insurer is required to give advance notice of cancellation (usually 45 days), giving you time to find a new policy before your current one lapses.