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How to find affordable homeowners insurance in Indianapolis

Homeowners insurance covers your dwelling against many perils, including wind damage, fire and vandalism. Given the relatively frequent occurrence of these incidents and the substantial cost of replacing a home, having a home insurance policy is a solid investment. A typical homeowners policy costs $125 per month in Indianapolis, Indiana. This is slightly above the average American's monthly home insurance payment.

What you pay for homeowners insurance depends on many factors. This can include the overall value of your house, the value of your personal belongings, and the materials that were used when building your home. The location of your home can also influence how much you pay for homeowners insurance. Some areas are more susceptible to perils like fire, hail, frozen pipes, volcanoes, or other hazards. These can make your insurance policy even more expensive.

Finding affordable home insurance in Indianapolis starts with shopping around and comparing policies. Check out the below summary of average home insurance premiums in Indianapolis to begin your homeowners insurance search with as much info as you can. One thing to note is that the yearly cost of homeowners coverage is determined based on your chosen coverage limits as well as a number of other rating factors.

 
Table of contents:
  1. Rates by insurer
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible amount
  5. Policy bundling savings

 

Indianapolis home insurance by company

The amount you pay for homeowners insurance in Indianapolis depends on the insurance company through which you purchase a policy. The most affordable home insurance in Indianapolis is Hastings Mutual, offering average annual rates at just $1,228 per year. This is considerably cheaper than the city’s average homeowners premium of $1,502.

Start your search for a home insurance policy by reviewing the cheapest homeowners insurance carriers in Indianapolis, Indiana, below. Then, see our list of which home insurance carriers ranked best for customer satisfaction

 
AFFORDABLE HOME INSURERS IN INDIANAPOLIS
Company Average Annual Rate
Hastings Mutual $1,228
Allstate $1,261
Farmers $1,275
Liberty Mutual $1,349
State Farm $1,400

 

Indianapolis homeowners insurance prices by coverage level

The amount of homeowners coverage you elect to carry has an impact on your insurance rates. Homeowners in Indianapolis who carry $200K in dwelling coverage pay an average of $1,211 per year, while those with coverage up to $400K pay around $1,871 per year.

 
POPULAR COVERAGE LIMITS IN INDIANAPOLIS
Coverage Level Average Annual Rate
$100K Dwelling $773
$200K Dwelling $1,211
$250K Dwelling $1,322
$400K Dwelling $1,871

 

Indianapolis home insurance rates by ZIP code

Depending on which part of Indianapolis you live in, you might see a dramatic difference in your home insurance costs. One of the factors that insurers use when pricing your coverage is the number of claims filed in your surrounding area. As such, your neighborhood's location can dramatically influence your home insurance premium.

If you're looking for the most affordable home insurance rates in Indianapolis, take a look at the 46280 ZIP. In this ZIP code, homeowners policies cost just $1,346 on average: $156 less than the overall average for Indianapolis. The below table shows the best places to live in Indianapolis if you’re looking for affordable insurance.

 
AFFORDABLE HOME INSURANCE AREAS IN INDIANAPOLIS
ZIP Code Average Annual Home Insurance Rate
46280 $1,346
46290 $1,349
46256 $1,419

 

Other parts of Indianapolis, however, suffer from costlier-than-average homeowners insurance rates. Such areas might face a higher danger of perils such as fires or severe weather events. Similarly, they may also have a higher amount of crimes such as burglary or vandalism. One of the costliest ZIP codes for homeowners coverage in Indianapolis is 46201, with an annual average rate of $1,596.

 
EXPENSIVE HOME INSURANCE AREAS IN INDIANAPOLIS
ZIP Code Average Annual Home Insurance Rate
46201 $1,596
46218 $1,591
46222 $1,571

 

Indianapolis homeowners insurance deductibles

Among the numerous choices homeowners face when shopping for homeowners insurance is how high or low to set the deductible. A homeowners deductible is the amount you are responsible for paying toward a covered loss. Choosing where to set your deductible impacts how much you pay for insurance.

In short, having a higher deductible means lower insurance costs. Therefore, it might make sense to set a higher deductible if you aim to secure lower insurance rates. It's worth noting that a homeowners deductible should only be as high as you can reasonably pay in the case of an actual loss.

Take a look at some of the average deductibles offered by home insurance companies and an estimate of average premiums.

 
HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN INDIANAPOLIS
Deductible Level Average Annual Homeowners Insurance Rate
$500 $1,405
$1,000 $1,322
$1,500 $1,220
$2,000 $1,163
$5,000 $941

 

Home and auto insurance bundling in Indianapolis

If saving money is your main concern, you might purchase insurance for your home and auto through the same insurance company. Bundling home and auto insurance can save you a substantial sum each month on your auto insurance bill. In fact, bundling policies in Indianapolis leads to average annual savings of 15%.

 
CHEAPEST CAR INSURANCE RATES WITH HOME BUNDLE IN INDIANAPOLIS
Company Avg. Annual Auto Insurance Rate (With Bundle)
Erie $692
GEICO $810
State Farm $812
American Family $927
Progressive $1,107

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Kristine Lee photo
Kristine LeeManager, Content and Data

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer. Before joining The Zebra, she was a freelance copywriter for over five years. 

She is an authority on all things insurance and covers the ins and outs of auto, home, life and renters insurance. Her specialty is in providing data-backed insights and information to help insurance shoppers make informed decisions.

Kristine's insurance expertise and research have been cited by publications such as CNBC, BadCredit.orgCar and Driver, Business Insider, Yahoo!, The Balance, Nationwide and Elephant.

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.