Indianapolis, IN Homeowners Insurance
A typical homeowners policy costs $125 per month in Indianapolis. Are you paying too much?
A typical homeowners policy costs $125 per month in Indianapolis. Are you paying too much?
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.
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:
| Company | Average Annual Rate |
| Hastings Mutual | $1,228 |
| Allstate | $1,261 |
| Farmers | $1,275 |
| Liberty | $1,349 |
| State Farm | $1,400 |
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.
| Coverage Level | Average Annual Rate |
| $100K Dwelling | $773 |
| $200K Dwelling | $1,211 |
| $250K Dwelling | $1,322 |
| $400K Dwelling | $1,871 |
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.
| 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.
| ZIP Code | Average Annual Home Insurance Rate |
| 46201 | $1,596 |
| 46218 | $1,591 |
| 46222 | $1,571 |
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.
| Deductible Level | Average Annual Home Insurance Rate |
| $500 | $1,405 |
| $1,000 | $1,322 |
| $1,500 | $1,220 |
| $2,000 | $1,163 |
| $5,000 | $941 |
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%.
| Company | Avg. 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.
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.
The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.
The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.
