does not require homeowners insurance, but some lenders might require it before closing on a home. It is always a good idea to protect yourself and your home against theft, vandalism, fire, and natural disasters, so shop around to find the best deals on home insurance for extra savings (and extra peace of mind).

Your home is precious to you. It’s where you feel safe, where your family is protected from the weather, and where you grow and pursue your dreams. Not only that, your house is likely your largest financial investment.

Insurance can protect your home and your family, and the good news is you can find great deals on policies in Indiana! You can shop for the lowest rates on

home

and

car insurance

using the smart-comparison app,

Jerry

RECOMMENDED

Compare auto insurance policies

No spam or unwanted phone calls · No long forms

ZIP Code

Find insurance savings

What is homeowners insurance?

Homeowners insurance is an added layer of protection for you, your property, and your belongings.

And the good news is, it’s not that expensive! The average cost of home insurance in the U.S. is $1,387 per year or $115 per month, and it provides financial protection from personal liability, property damage, or the loss of your residence.

Basic components of homeowners insurance

While every home insurance policy is unique, most carry common coverages, including:

Coverage A (Dwelling): Provides financial support for repairs or replacement of the structure of the house itself (think walls, roof, and foundation).

Coverage B (Additional structures): Covers repairs or replacement of other structures on the property (e.g., fences, detached garages, sheds, etc.).

Coverage C

(Personal property): Provides financial support to replace your personal property (e.g., electronics, furniture, jewelry, etc.), even if it’s stolen outside of your home.

Coverage D (Additional expenses): AKA: loss of use. Provides temporary financial support for living expenses if your residence is deemed uninhabitable. This covers hotel or rental costs, as well as food delivery.

Coverage E

(Personal liability): Provides financial support against litigation if someone sustains injuries on your property or if you damage their property.

Policies will offer either actual cash value (ACV) or replacement cost.

ACV covers the cost of your property at the time of loss. Replacement cost covers the amount it would cost to replace the property, regardless of actual value.

Keep in mind that most companies require homeowners to purchase a policy that covers at least 80% of the replacement cost.

MORE:

Home insurance terms you need to know

Named perils

While we might think that a homeowners insurance policy will cover everything, it won’t. Home policies only cover

named perils

, which are specific circumstances outlined in the policy. Covered named perils generally include:

Fire

Lightning

Wind

Hail

Hurricanes

Damage caused by vehicles

Theft

Vandalism

Riots

Falling objects

Explosions

Only the listed perils will be covered by your policy. You can usually add a special policy for perils not covered in a basic policy, such as flood, hail, or freezing.

Is homeowners insurance required in Indiana?

While the state of Indiana does not require home insurance, it’s common practice for individual lenders to require owners to carry insurance throughout the life of their home loan. A lot of homeowners can’t finish closing on their homes until they present

proof of insurance

to their lender.

Even if your lender doesn’t require insurance, it’s a good idea to have extra protection. You never know when a potential crisis will hit, and events like fire, theft, or natural disasters can cost you thousands, if not hundreds of thousands. It’s better to pay a little for that protection now and save you thousands down the line.

How to get homeowners insurance

Shopping for insurance might seem daunting, especially when it’s just another thing added to your to-do list before moving. But don’t worry;

Jerry

makes comparing home insurance easy so you can find the lowest rates.

You can also call your current car insurance company, as they often offer discounts for

bundling your home and auto policies

together. Bundling saves, on average, between 5% to 15% or more, so it’s worth checking out!

Recommended home insurance coverage in Indiana

Indiana is prone to storms, so homeowners need to pay particular attention to policies that offer coverage for wind and hail damage, fire and smoke, earthquakes, flooding, and freezing, as well as identity and credit card theft.

While most insurance companies will provide policyholders with protection against theft, vandalism, and natural disasters, including tornadoes, flood insurance typically requires a separate policy.

Flood insurance typically comes in three parts:

An HO-5, or open perils policy, covers any peril unless it’s specifically listed as an exclusion in your policy.

Water backup coverage will likely cover water removal and repairs following a burst or backed-up pipe.

Flood insurance

protects your home from flooding from a source outside of your home. You can get it through FEMA’s

National Flood Insurance Program (FLIP)

or a referral.

MORE:

How to choose the right kind of home insurance for you

Why is homeowners insurance in Indiana so expensive?

Home insurance is an extra expense, but the good news is that the average Indiana homeowner pays less than the national average on home insurance!

As a homeowner in Indiana, you can expect to pay, on average, about $1,217 a year (or about $101 a month) for home insurance.

Home insurance rates are calculated based on several factors, such as the area you live in, the value of your home, your marital status, and your credit score. That said, there are some losses common to Indiana that affect the price of your home insurance premiums.

Earthquakes

Indiana is on two fault lines: the Wabash Valley Seismic Zone and the New Madrid Seismic Zone. Even though earthquakes aren’t common, fault lines pose a significant risk for property damage. Therefore, most standard home insurance policies won’t include coverage for damage sustained as a result of an earthquake.

That said, you can purchase an additional policy for earthquake coverage.

Hail

Because Indiana is located in the middle of the U.S., it is frequented by strong storms with high winds and, potentially, hail. Though hail varies from the size of a quarter up to a softball, it can cause significant damage to your home and property.

Wind

Because of the risk of frequent storms, wind damage, especially damage caused by falling objects, is a coverage to look for in your homeowners policy.

Insurance companies may raise premiums to help them cover the cost of these fairly frequent claims.

Homeowners insurance discounts in Indiana

Even though Indiana homeowners pay less than the national average for insurance, it’s still a good idea to look for ways to save money! Most insurance companies offer common discounts.

Discount	How to get it
Bundling	Bundling home and auto insurance could earn you a steep discount on both policies.
First-time homeowner	Most companies will offer you a discounted policy if it’s your first time purchasing a home.
Claims-free	If you maintain a certain period (typically a few years) without any claims on your policy, you may be eligible for a discounted rate.
Storm proofing	Installing various hurricane safety measures, such as an upgraded roof or storm shutters, could earn you a discount on your homeowners policy.
Security system	If you’ve got a security system to prevent theft, your insurance company might discount your homeowners insurance rate.
Upgraded fire alarm	Set up your fire alarm to contact the fire department directly—your insurance company may give you a discount for a shorter fire response time.

How to save on home and auto insurance

Looking for the perfect

home insurance

policy starts with courting a lot of companies. If that seems daunting, don’t worry; the top-rated insurance comparison app,

Jerry

, can make that easier. Jerry compares rates from the nation’s top providers and delivers the best deals to your phone in minutes for free.

All you need is your smartphone and 45 seconds. Jerry browses quotes from over 50 top providers and delivers the best results right to your phone. Just tell Jerry which one you like best, and you’ll even be able to register in the app!

"I cannot express enough how amazing
Jerry
is. I dreaded searching for new insurance with a better rate, but these guys took all the work out of it, and they got the exact coverage I wanted. Amazing amazing amazing."–Pierre N.

Let Jerry find your price in only 45 seconds

No spam · No long forms · No fees

Find insurance savings

FAQs

Is tornado insurance required in Indiana?

Damage from tornadoes is typically covered under your home insurance policy (think wind and hail damage).

However, if the tornado brings an onslaught of rain and your house or property suffers from flooding damage, you will need a separate policy for flood coverage.

What is the average cost of homeowners insurance in Indiana?

Home insurance rates in Indiana vary based on geographic region, the value of your house, and personal demographics. You can expect to pay between $954 and $1,587 a year for home insurance in Indiana.

Save an average of 18% by bundling your home and auto insurance

Bundle your home and auto insurance with Jerry and save!

Try Jerry