How much is homeowners insurance in Indiana?
The average cost of home insurance in Indiana is $1,150, which is lower than the national average of $1,312 based on $250,000 in dwelling coverage. Sandwiched in between Illinois and Ohio, Indiana is also in the middle for average homeowners insurance cost. In Illinois, the average rate is $1,322 but Ohio’s rate for the same coverage is slightly lower than Indiana’s at $1,111 per year.
The lower-than-average cost of homeowners insurance in Indiana is likely due to its lower number of natural disasters. However, rates may increase as the likelihood of natural disasters spurring flooding and tornadoes continues to increase in the Hoosier state. Though flooding is not covered by homeowners insurance, most insurers should cover tornado damage in Indiana.
Home insurance considerations in Indiana
Statewide, Indiana has to deal with both flooding and tornadoes which have been caused by severe weather events that are happening more frequently. Consider the damage caused by natural disasters when determining the types of homeowners insurance to purchase for your Indiana home.
Indiana common causes of insurance loss
It’s not uncommon to file a claim as a homeowner—insurers expect it with their policyholders. Here are a few of the usual reasons that would cause someone to file a claim:
- Fire, smoke, windstorm, hail and lightning damage
- Freezing, rupturing or accidental overflow of plumbing, heating and air-conditioning
- Identity and credit card theft
- Trees and other falling objects
Between 2018 and 2026, 74 counties in Indiana were eligible for disaster relief. In 2016, there were 111 claims filed in Indiana for the National Flood Insurance Program, and 6 out of the 10 costliest U.S. catastrophes involving tornadoes impacted Indiana homeowners. Home damage caused by wind, hail, fire and lightning is also a common loss occurrence for Indiana homeowners.
Common insurance coverage options in Indiana
The exact coverage options that are available in a policy differs from company to company, but here are a few of the common coverages included in most standard Indiana home insurance policies.
- Dwelling: This covers damage to the house and attached structures, such as a garage or porch. Dwelling coverage also pays for permanent fixtures like plumbing and electrical wiring.
- Other structures: This covers damage to freestanding structures like fences, tool sheds and other structures that are not attached to the main house. Consider the cost to replace all detached structures if a tornado were to damage the entire property to determine how much other structures coverage you may need.
- Personal property: This covers the value of personal possessions like electronics, furniture and jewelry. Most home insurance policies include a percentage of personal property based on the dwelling coverage amount and may allow you to increase this coverage if needed.
- Loss of use: This covers additional living expenses while the insured home is under repair for a covered loss and deemed uninhabitable. Without this optional coverage, you will have to pay for your own temporary living expenses until you can move back to your home.
Tornados are a peril that is commonly covered by home insurance, but check the policy to make sure before signing up.
Flood insurance is generally offered separately from standard home policies. Some companies, like Erie, offer insurance for flooding, but many homeowners choose a policy from the National Flood Insurance Program.