Homeowners Insurance in Indiana

Posted June 27th, 2019 by Amy Danise

If you own a home in Indiana, you’ll want to know if standard homeowners insurance is enough or if you need additional insurance.

Indiana home insurance is important for any homeowner, but will generally not cover flooding. The Indiana Geological & Water Survey at Indiana University notes that 24% of the state was historically covered by wetlands. The state’s many rivers and tributaries contribute to flooding, but so can rapid snowmelt and frozen ground in the winter that doesn’t absorb water.

To protect yourself from the financial costs of flood damage you’ll need flood insurance.

Indiana home insurance

What does Indiana homeowners insurance cover?

A typical policy in Indiana will have these six main types of coverage:

  • Dwelling: If a house is damaged or destroyed.
  • Other structures: For buildings and structures not attached to the house, such as garages, storage sheds and fences.
  • Personal property: For belongings that are damaged, stolen or destroyed.
  • Loss of use coverage: Pays for additional living expenses if your home is uninhabitable due to a problem covered by the insurance policy, such as fire damage.
  • Personal liability: In case you’re legally responsible for someone else’s injury or property damage.
  • Medical payments to others: Pays if people are hurt on your property.

How do I get Indiana flood insurance?

You can buy flood insurance through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance may also be available. For example, Palomar Specialty offers “Flood Guard” as an alternative to the NFIP.

In addition, companies such as Wright Flood sell “excess” flood insurance, which gives you additional coverage above an NFIP policy.

How much is home insurance in Indiana?

The average Illinois homeowners insurance premium is $1,003 a year for a typical policy, according to the National Association of Insurance Commissioners. That’s less than the nationwide average of $1,192.

20 largest Indiana homeowners insurance companies

Rank in Indiana Company Market share % in the state
1 State Farm 25.26
2 Liberty Mutual 8.07
3 Allstate Corp 8.05
4 Indiana Farm Bureau 8.04
5 American Family Insurance 6.43
6 Erie Insurance 5.59
7 Auto-Owners Insurance 4.22
8 USAA 3.14
9 Travelers 2.94
10 Farmers Insurance 2.61
11 Indiana Farmers Mutual Insurance Co. 2.57
12 Nationwide 2.44
13 The Cincinnati Insurance Cos. 1.56
14 Westfield Insurance 1.28
15 Progressive 1.24
16 The Hartford 0.9
17 MetLife 0.9
18 Grange Insurance 0.83
19 Pekin Insurance 0.82
20 The Hanover Insurance Group 0.77
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.