Insurance Indiana: A Guide to Auto & Home Coverage
Why You Can Trust EverQuote
EverQuote powers millions of shopper requests every month, teaming up with industry-leading insurance specialists to address real-world challenges faced by people every day. We partner with the largest insurance providers in the nation, and our content is carefully crafted by experts and reviewed by licensed insurance agents for accuracy and relevance.
Over 6.78 million people call the Hoosier State home. Indiana boasts a homeownership rate of 70.1% as of 2022, and most of those households own a minimum of two cars on average. The median property value in the state is $183,600, and the average cost of a used car is around $28,000.
Adding up those numbers, on average, most households in Indiana have assets valued at over $239,600 (one house and two cars). These are significant investments that require protection, and purchasing Indiana insurance is the way to do that.
Introduction to Insurance in Indiana
Like all states, Indiana is home to multiple insurance companies and providers. A legitimate insurance company must have a license and permits to operate in the state. The insurance policies they offer can cover almost anything, including boats and other valuable assets.
For an auto insurance company, the state requires offering policies that meet minimum demands. Understanding these requirements will help you navigate the numerous companies in the market to find one that meets your needs and budget.
Understanding Auto Insurance Requirements in Indiana
Car insurance in Indiana must meet minimum mandates for bodily injury liability and property damage. The state also recommends and strongly encourages vehicle owners to maintain uninsured and underinsured auto coverage options.
A minimum auto insurance policy must provide $25,000 per person and up to $50,000 per accident in bodily injury liability coverage. It must also cover up to $25,000 in property damage per accident.
While uninsured and underinsured motorist protections are optional, they automatically come with a policy unless rejected in writing. An uninsured motorist policy is also $25,000 per person and up to $50,000 per accident, with a limit of $25,000 for property damage. For an underinsured motorist, bodily injury limits are increased to $50,000 per person and per accident.
The above limits are only the mandatory minimums, so you can purchase more coverage. Increasing your coverage will increase your auto insurance cost, but it'll also mitigate greater financial risks. For example, going beyond liability coverage and investing in comprehensive coverage protects more of your interests, such as your property and body.
Review the insurance requirements of your state:
Home Insurance in Indiana: Preparing for Natural Disasters
Investing in homeowners insurance in Indiana is about protecting your investment and ensuring your family always has a home. Indiana is no stranger to devastating natural disasters, including severe storms, earthquakes, and flooding. The state experiences an average of 22 tornadoes per year.
Earthquakes are rare occurrences in the state, but when they happen, they can cause damage. The most recent earthquake occurred in 2023 on the Indian-Illinois border and was a magnitude 2.3. In 2021, Bloomingdale, Indiana, experienced a 3.8 magnitude quake.
Flooding has also caused extensive and devastating damage in the state throughout history. While most of the major flood events occurred over a decade ago, climate change may increase events in the future.
Homeowners insurance in Indiana is not just "right now" protection; it's primarily focused on future risks. Investing in a sound policy will protect your finances from repairs following structural damage or injuries caused by a covered event or peril.
Common Events Covered By Home Insurance Policies in Indiana
Homeowner's insurance companies in Indiana specify which events they cover and to what extent. As a homeowner, be well aware of your coverage before disaster strikes. The last thing you want is to file a claim and receive a coverage determination stating that the cause of damage is not covered.
Typical home insurance policies will not cover things like floods and earthquakes. You will need an insurance rider or add-on for those events. If they're available, your annual premium or monthly payments will increase.
Depending on where you live, you may not need to invest in riders. A standard policy should cover:
- Explosions
- Falling objects
- Fire
- Hail
- Lightning strikes
- Vandalism and theft
- Wind
Unless you live in high-risk areas, you can probably forgo earthquake and flood insurance. However, talk to a licensed insurance agent to learn more.
Factors Influencing Indiana Insurance Costs
The idea of cheap insurance in Indiana is appealing, but don't let the idea of lower insurance premiums distract you from the quality of the policy. For example, a car insurance policy may only just meet the mandatory minimums required by law. While these policies ensure compliance with state laws, they don't offer the most protection after an accident.
You can get needed coverage but still lower your insurance costs by focusing on several factors. First, improve your credit and claims history, as these significantly influence how insurers determine your risk level and premiums. Second, the higher your deductible, the lower your premium will be, but remember that increasing deductibles increases your financial risks. Finally, you can often lower premiums by reducing coverage limits. Again, lowering limits reduces insurer risk, but it can leave you liable for more.
Tips for Finding Affordable Insurance in Indiana
The easiest way to find cheap car insurance in Indiana is to compare several policy quotes. EverQuote has a comparison tool that allows you to break down several policies side by side.
Understanding Indiana's Insurance Regulations and Policies
Indiana mandates auto insurance, mainly liability coverage. Home insurance is your choice if you own your home outright. For more information, visit the Indiana Department of Insurance.
Protect Your Ride Today: Get the Best Car Insurance in Indiana
Monthly premiums for Indiana insurance vary based on multiple factors, from your credit to your claims history and the value of an asset. The state only requires residents to carry auto insurance for their vehicles, not houses. To ensure you get the best rates for your vehicle, compare your policy options and quotes using EverQuote.