Home Insurance Indianapolis IN

Indianapolis Indiana House
Home Insurance - Indianapolis, IN

The homeownership rate in Indianapolis is 69.8%, which is higher than the national average of 65.1%. Indianapolis homeowners know finding affordable home insurance is really important. We built this helpful guide for all those homeowners looking to review or buy home insurance:

  1. Average cost of home insurance in Indianapolis, IN
  2. Common home insurance claims in Indianapolis, IN
  3. Coverage details of your home insurance policy
  4. Insurance carriers offering coverage in Indianapolis, IN
  5. Calculator for home insurance quotes in Indianapolis, IN


1. Average cost of home insurance in Indianapolis, IN

Even though it is easy to find cheap home insurance in Indianapolis, we still recommend checking out our list of home insurance discounts available to see if you can find any savings.

We search for all discounts for our customers for free. Most customers that use Young Alfred in Indianapolis pay between $911 and $1,741 per year for their home insurance coverage.
Indianapolis IN homeowners pay between $911 and $1741 for home insurance
The average home insurance in Indianapolis is $1,334.31. This annual premium will change as the cost to rebuild your home increases. As your home goes up in value, you need more insurance coverage, which will cost more. Be happy if you can find coverage below $911/year in Indianapolis and expect to pay an extra $382/year for every $100,000 increase in your home's value.

Home Insurance Rates in Indianapolis, IN vs. Home Rebuild Cost
home insurance rates in Indianapolis IN
Home insurance rates data generated from the following zip codes: 46205    46206    46207    46208    46214    46216    46220    46221    46201    46202    46203    46204    46209    46211    46217    46218    46219    46222    46223    46224    46227    46228    46229    46230    46231    46234    46225    46226    46235    46236    46237    46241    46247    46249    46254    46255    46262    46274    46275    46277    46239    46240    46242    46244    46250    46251    46253    46256    46259    46260    46266    46268    46278    46280    46290    46291    46298    46282    46283    46285    46295    46296

2. Common home insurance claims in Indianapolis, IN

Indianapolis has high theft and tornado risk, as well as medium risk of freezing, wind, and hail. The flood risk is also surprising, but it does happen in Indiana. Did you know 20% of all flood claims come from low to mid-risk flood zones? It is never too late to evaluate an NFIP or private flood policy.

Indianapolis, IN Home Risk Report
home risk report for Indianapolis IN home
Source: Home Risk Report


3. Coverage details of your home insurance policy

Each homeowner should understand the six major coverage categories.

  1. Coverage A: Dwelling - covers your primary building structure.
  2. Coverage B: Other Structures - covers any structures on your property not attached to your primary home's structure.
  3. Coverage C: Personal Property - covers your personal belongings with special sub-limits for specific categories.
  4. Coverage D: Loss of Use - if you can't live in your home after a covered loss, this helps cover your cost of living somewhere else until repairs are completed
  5. Coverage E: Personal Liability - if someone sues you for something that happened on your property, this will kick in to defend the lawsuit and payout on damages charged in the case.
  6. Coverage F: Medical Liability - if a guest injures themselves on your property, this can cover the guest's medical expenses from that injury.

More importantly, homeowners in Indianapolis, IN should know the three specific coverage details of their home insurance policy:

  1. Water Damage
    Water damage represents a third of all homeowners claims. Insurance companies break up water damage into many different categories, only some of which are covered by your standard insurance policy.

    Flooding - not covered in your standard homeowners policy, but can be purchased as a separate policy from NFIP or Private Flood Companies.

    Water Damage from a Burst Pipe - usually covered in your standard homeowners policy. You are not covered if they are leaking slowly over time. 

    Water Backup Coverage - not covered in your default home insurance policy, but can be purchased as an additional add-on. 

    Storm-Related Water Damage - covered by your standard homeowners policy if the water enters from above the ground level.

    Water Seepage/Groundwater - not covered in your standard homeowners policy, can sometimes be purchased as an add-on coverage.
     
  2. Freezing Pipes and Ice Dams
    Check your policy to see if it covers freezing pipes and ice damming. Usually, bursting pipes are covered by default on your home insurance policy, but ice dams may not be covered. What is an ice dam? Exactly what it sounds like:

    Ice Dam Example Graphic

    Often times, ice dams are not covered by your home insurance. Make sure to keep your gutters clean!
  3. Roof Coverage: Replacement Cost or Actual Cash Value
    An asphalt shingle roof should be replaced once every 20 years. If you have an older roof, your home insurance policy may only cover the roof at Actual Cash Value (ACV). This means you aren't getting a full reimbursement on your roof in a claims scenario.

    Example: Your roof is 19 years old, and you have a hail storm that damages the roof beyond the point of repair - you now need a new roof. The insurance company is not going to cut you a check for a brand new roof if it is covered at ACV, because you were going to have to replace the roof in the next 5 years even without the storm. They will give you a check that represents the remaining useful life of your roof. If the roof is 19 years old, has a 25-year useful life, costs $15,000 to replace, and you have a $1,000 deductible, you are only going to get a check for (25-19)/25*15,000 - $1,000 = $2,600. If your roof is covered at Replacement Cost, you are getting a check for $15,000 - $1,000 = $14,000. In this common example, the Replacement Cost Coverage on your roof was worth an extra $11,400. 

4. Insurance carriers offering coverage in Indianapolis, IN

Many carriers are competing for your business in Indianapolis, IN. Home insurance carriers rate on many different risk factors, so it is best to check multiple carriers to see which carrier is the best match for you. Regardless of what carrier you choose, you should at least consider the following:

  • Financial Stability Rating - AM Best or Demotech
  • Experience in the local market - how long have they been insuring Indianapolis homes?
  • Online Reviews on claims and customer service experience

Top home insurance carriers in Indianapolis, IN:

Insurance Company Financial Stability Experience Online Reviews
Progressive AM Best A+ Experienced 4 stars
Hippo AM Best A- New 5 stars
Travelers AM Best A+ Experienced 5 stars
USAA AM Best A++ Experienced 5 stars
Stillwater AM Best A- Experienced 5 stars
State Auto AM Best A- Experienced 4 stars
Safeco (Liberty Mutual) AM Best A Experienced 4 stars
Encompass (Allstate) AM Best A+ Experienced 5 stars
Universal P&C Demotech A New 3 stars
Foremost (Farmers) AM Best A Experienced 3 stars

5. Calculator for home insurance quotes in Indianapolis, IN

A home insurance calculator requires many inputs as insurance carriers rate on hundreds of factors. Most of these rating factors usually fall into three main rating categories:

  1. Property features (location, age, heating, etc.)
  2. You and your family (credit history, claims history, pets, etc.)
  3. Coverage limits and endorsements (deductibles, water backup, replacement cost, etc.)

To get accurate quotes: fill out my custom online home insurance application. Young Alfred does not call or sell your information. We have built an advanced quoting engine that generates the top home insurance quotes in your area, customized for you:

Get Home Insurance Quotes in Indianapolis IN

Hope that helps!

At your service,
Young Alfred