Best & Cheapest Homeowners Insurance in Indianapolis, IN April, 2024

People who own homes in Indianapolis can discover the cheapest home insurance choice with Allstate, which provides an average yearly estimate of $868.

min read
Published:
Written by
Bob Phillips
On this page Open

After thoroughly evaluating home insurance providers in Indianapolis, Indiana, Allstate emerges as the most cost-effective option, with an average yearly rate of $868. However, it’s essential to recognize that the optimal insurer may vary based on your specific situation and requirements.

For instance, if you own a newly constructed home, USAA offers the most affordable solution at $649 annually. Conversely, for older homes, USAA still maintains competitive rates, averaging $1,443 per year while offering comprehensive coverage.

On the other hand, if your credit score has suffered, Allstate presents the most economical choice with an average annual premium of $1,478. For individuals with a claims history, State Farm provides a reasonable and accommodating option at $1,815 per year.

Moreover, if you possess valuable personal belongings requiring protection, Nationwide proves to be a leading choice, providing extensive coverage at a reasonable rate of $904 annually.

Our comprehensive analysis at Insuranceopedia aims to assist you in finding the ideal fit for your home insurance requirements. Through comparisons of customer ratings, evaluations of personal experiences, and presentation of comparison charts, we endeavor to furnish you with all the necessary information to make a well-informed decision.

How much is homeowners insurance in Indianapolis, IN?

In Indianapolis, Indiana, Allstate provides the lowest-priced homeowners insurance, coming in at $868 annually.

As shown below, homeowners insurance rates in Indianapolis are below the national average but slightly higher than the average rate for the state of Indiana.

Area Average Monthly Rate
National $1,820
Indiana $972
Indianapolis $1,044

It’s crucial to understand that insurance rates aren’t consistent; they can vary significantly based on several factors.

For example, your personal driving record is vital; having a history of traffic violations or accidents typically results in higher premiums compared to maintaining a clean record. The make and model of your vehicle also influence costs, as high-performance or luxury cars often incur higher insurance expenses.

Furthermore, your location can impact rates, with densely populated urban areas generally having higher premiums due to heightened risks such as theft or accidents. Additionally, variables like age and marital status can affect your car insurance premiums.

Cheapest Homeowners Insurance in Indianapolis, IN

Our Methodology

To pinpoint the most budget-friendly home insurance rates in Indianapolis, we undertook an analysis utilizing data from several home insurance review platforms. Some of these platforms assessed rates gathered from public filings obtained by Quadrant Information Services. We computed an average of these rates for this review. Nevertheless, it's essential to recognize that the rates provided by each company can fluctuate regularly and may differ based on your individual circumstances. Furthermore, our thorough assessment considers my subjective viewpoint, drawing from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest Homeowners Insurance in Indianapolis, IN

Allstate stands out as the most cost-effective choice for homeowners insurance in Indianapolis, Indiana, offering an average annual rate of $868.

Company Annual Premium
Allstate $868
Travelers $960
USAA $1,005
State Farm $1,089
Auto-Owners $1,621

Your insurance policy’s price is influenced by multiple factors including your location, home value, and claims history. Allstate provides a balanced mix of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have an Older Home

For older homes, USAA offers the most economical rates, averaging $1,443 per year.

Insurance Company Average Annual Premium
USAA $1,443
Farmers $1,887
State Farm $1,962
Nationwide $2,006
Auto-Owners $2,580

Older homes often come with specific risks and maintenance challenges that may result in higher insurance costs. However, USAA provides competitive rates and comprehensive coverage tailored to address the unique requirements of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

USAA provides the most affordable option for newly constructed homes, with an average annual rate of $649.

Insurance Company Average Annual Premium
USAA $649
Allstate $656
Travelers $682
State Farm $827
Farmers $862

Newly constructed homes often demand different coverage compared to older ones, and USAA is recognized for providing affordable policies tailored to these specific needs.

Cheapest Homeowners Insurance If You Have Poor Credit

If you have a low credit score, Allstate presents the most economical solution, with an average annual rate of $1,478.

Insurance Company Average Annual Premium
Allstate $1,478
USAA $2,399
Nationwide $2,447
State Farm $3,358
Auto-Owners $4,860

Your credit score can greatly influence your insurance rates, as insurers utilize it to evaluate risk. Allstate recognizes the importance of offering equitable coverage to everyone, regardless of their financial background.

Cheapest Home Insurance for a History of Claims

For homeowners with a track record of claims, State Farm offers a budget-friendly solution, with an average annual rate of $1,815.

Insurance Company Average Annual Premium
State Farm $1,815
Farmers $2,434
Erie $2,563
Auto-Owners $2,738
Nationwide $3,790

A history of claims typically indicates higher risk for insurers, often resulting in higher premiums. However, State Farm believes in providing individuals with past claims a second chance and offers reasonable rates to accommodate them.

Cheapest Home Insurance Rates for Lots of Personal Property

If you own a substantial amount of personal property, Nationwide provides the most affordable rates, averaging $904 annually.

Insurance Company Average Annual Premium
Nationwide $904
Travelers $997
Farmers $1,064
State Farm $1,014
Erie $1,299

As the value of your personal property increases, your coverage needs may also escalate, potentially resulting in higher premiums. Nonetheless, Nationwide provides comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.

Best Homeowners Insurance Companies in Indianapolis, IN

Selecting the right homeowners insurance isn’t merely important; it’s a strategic decision. Given Indianapolis’s rich history, its homes are as diverse as its residents. Therefore, identifying an insurance provider that offers comprehensive coverage at competitive rates is essential.

To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Indianapolis, Indiana. These companies have been evaluated based on criteria such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below to discover the ideal match for your home insurance requirements.

Company Annual Premium
1. Allstate $868
2. Travelers $960
3. USAA $1,005
4. State Farm $1,089
5. Erie $997
6. Auto-Owners $1,621
7. Farmers  $1,030
8. America Family $1,005

Average Home Insurance Rates by Zip Codes

Home insurance costs in Indianapolis, IN can differ significantly based on the zip code. Below are tables displaying the rates for various zip codes in Indianapolis, including the least and most expensive ones for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
46224 $1,867
46226 $1,892
46219 $1,876
46237 $1,805
46203 $1,910
46254 $1,899

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
46259 $1,773
46216 $1,780
46280 $1,717
46234 $1,785
46220 $1,753

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
46218 $1,920
46254 $1,899
46203 $1,910
46222 $1,903
46235  $1,889

Average Home Insurance Rates in Indianapolis, IN by Deductible Amount

The deductible amount you choose for your homeowners insurance policy can significantly impact premium rates in Indianapolis, IN. Here’s how average home insurance rates fluctuate based on different deductible amounts:

Deductible Amount Average Annual Premium
$500 $2,060
$1,000 $1,846
$1,500 $1,498
$2,000 $1,167

Average Home Insurance Rates in Indianapolis, IN By Coverage Amount

One crucial factor that affects your premium is the dwelling coverage amount. This figure represents the maximum amount your insurance provider will pay to rebuild or repair your home in case of damage or destruction.

Below is a comparison chart showing the average annual premiums for homeowners insurance based on different dwelling coverage amounts:

Dwelling Coverage Amount Average Annual Premium
$200,000 $1,398
$250,000 $1,547
$300,000 $1,836
$350,000 $2,099
$400,000 $2,278

Average Home Insurance Rates in Indianapolis, IN by Company

Here is a comparison of annual premiums from leading insurance providers in Indianapolis.

Company Annual Premium
Chubb $920
Travelers $940
National General $1,070
State Farm $1,147
Allstate $1,233
USAA $1,258
Progressive $1,203
Metlife $1,406

How Much is Homeowners Insurance for Other Cities in Indiana?

Here is a comprehensive comparison chart displaying the most affordable annual premiums across different areas in Indiana.

City Annual Premium
Fort Wayne $1,305
Carmel $1,403
Bloomington $1,420
Finly $1,809

Getting Online Homeowners Insurance Quotes in Indiana

With informative platforms like Insuranceopedia, discovering the perfect coverage for your particular needs is just a few clicks away. By offering fast online quotes from multiple top-rated insurers, Insuranceopedia allows you to effortlessly compare rates.

Just input your details, and we’ll take care of the rest by presenting you with a range of options customized to your needs. This empowers you to confidently choose a policy that offers the best value, balancing cost and comprehensive coverage.

 

FAQs

Who has the cheapest home insurance in Indianapolis, IN?

In Indianapolis, Indiana, Allstate offers the most budget-friendly home insurance option, with an annual premium of $868.

What is the average cost of home insurance in Indianapolis, IN?

On average, homeowners insurance in Indianapolis, Indiana, generally costs around $1,044 annually.

Go back to top