Indianapolis, IN Homeowners Insurance

A typical homeowners policy costs $125 per month in Indianapolis. Are you paying too much?

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Cheap home 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.

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.

 
Indianapolis, Indiana, homeowners insurance — table of contents:
  1. Rates by company
  2. Rates by coverage amount
  3. Rates by ZIP code
  4. Rates by deductible level
  5. Policy bundling discounts

 

Homeowners insurance in Indianapolis by insurance 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 companies in Indianapolis, Indiana:

 
AFFORDABLE HOME INSURANCE COMPANIES IN INDIANAPOLIS
CompanyAverage Annual Rate
Hastings Mutual$1,228
Allstate$1,261
Farmers$1,275
Liberty$1,349
State Farm$1,400

 

Average homeowners insurance costs in Indianapolis 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.

 
HOMEOWNERS INSURANCE RATES IN INDIANAPOLIS — POPULAR COVERAGE LIMITS
Coverage LevelAverage 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 ZIP CODES FOR HOMEOWNERS INSURANCE IN INDIANAPOLIS
ZIP CodeAverage 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 AREAS FOR HOMEOWNERS INSURANCE IN INDIANAPOLIS
ZIP CodeAverage Annual Home Insurance Rate
46201$1,596
46218$1,591
46222$1,571

 

Home insurance deductibles in Indianapolis

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.

 
HOMEOWNERS INSURANCE RATES BY DEDUCTIBLE TIER IN INDIANAPOLIS
Deductible LevelAverage Annual Home Insurance Rate
$500$1,405
$1,000$1,322
$1,500$1,220
$2,000$1,163
$5,000$941

 

Save money on your home and auto insurance by bundling

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 AUTO INSURANCE PREMIUMS WITH A POLICY BUNDLE IN INDIANAPOLIS
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
Erie$692
GEICO$810
State Farm$812
American Family$927
Progressive$1,107
 

Bundling your homeowners and auto policies is a great way to save money on insurance.

Compare rates and save.

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Kristine Lee LinkedIn

Kristine is a licensed insurance agent and one of The Zebra’s in-house content strategists. With a background in copywriting, she covers the ins and outs of the home and car insurance industries. She has contributed to numerous publications focused on the nuances of insurance, including Automoblog, USInsuranceAgents.com, and BestCompany.com.