Indiana Homeowners Insurance Guide
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Indiana Homeowners Insurance
Explore Indiana Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Hoosier State is tucked right under the Great Lakes, in the Midwest of the United States. The state is essentially landlocked except for its northwestern most tip, which is bordered by Lake Michigan. Known for producing more professional basketball players per capita than any other state in the country, as well as the home of Larry Bird, Indiana provides those that call it home and visitors alike, with great entertainment. Whether you’re catching a basketball game at Indiana University, or enjoying the winding canal in Indianapolis, the Hoosier State has several activities that virtually everyone could enjoy.
Given its location and landlocked nature, Indiana doesn’t pose much natural disaster risk. In fact, the peril property owners and insurance carriers fear most is flooding. Due to its climate, Indiana is known to have severe storms that could cause periodic flooding. Other natural disasters that property owners often watch out for are tornadoes and blizzards. The Hoosier state experiences several tornadoes, however, they seldom cause catastrophic damage. The same holds true with blizzards. The wind and ice have the potential to damage property at great scale, however, it seldomly does in Indiana.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Due to the Hoosier State’s mild track record regarding natural disasters and catastrophic loss, property owners within the region enjoy modest homeowners and renters insurance rates. In fact, Indiana’s homeowners rates are slightly better than average, and renters’ is slightly worse, when compared to the rates of the rest of the country.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Indiana | $1,000 | $174 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
A standard homeowners or renters insurance policy provides adequate coverage for most property owners in Indiana. Damage from perils such as fire, vandalism, and wind (among several others) is more common than catastrophic ones such as flood. However, given there are certain regions within the Hoosier State that are prone to flooding, property owners should look to augment their standard homeowners policy with a flood policy from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market is highly concentrated in Indiana. The top insurance carrier controls nearly a quarter of the market. The next largest insurance carrier, measured by market share, controls close to sixteen percentage points less. That said, given homeowners and renters insurance rates are relatively modest in the Hoosier State, property owners should make sure they compare insurance carriers’ coverages and overall packages, before choosing who to partner with. Regional, as well as national insurance carriers should be included in the analysis, given the risk of experiencing financial turmoil due to a catastrophic natural disaster is relatively low in the region.
Top 5 Home Insurance Carriers in Indiana
| Company | Market Share |
| State Farm | 24.2% |
| Allstate Corp. | 8.5% |
| Indiana Farm Bureau Inc. | 8.1% |
| Liberty Mutual | 7.8% |
| American Family Insurance Group | 6.8% |
Source: Insurance Information Institute (2019)
Indiana is often considered the home to the great sport of basketball. Its mix of mild climate and flat topography leads to extremely fair homeowners and renters insurance rates. As such, property owners in the state should make sure they compare packages when searching for a homeowners insurance partner.
Indiana Regulating Agencies And References
