Best Homeowners Insurance in Indiana: Top 5 Insurance Companies to Protect Your Investment

Whether it's a personal property or one that's meant for investment purposes, Indiana is a great option to metaphorically set up shop. Of course, while home ownership is a great milestone and it can be an asset to you, there are risk factors that you can't ignore.

For example, Indiana is a hub for wind and snow damage, which can leave you with mounting expenses if the problems are extensive enough. Thankfully, you have the option to protect yourself in the form of homeowners insurance policies.

Truthfully, you never know when some unexpected disaster will strike. It could be never or it could be closer than you think, and the last thing you want is to be in a position where you forego the protection that you probably needed.

Is homeowners insurance required in Indiana? No, it isn't, and that may lead you to believe that you should just forego it entirely, but if you were to do that, you would be making a potentially detrimental mistake.

Once you are ready to get your home insurance though, there's the question of where to get it from, and that's what we'll ultimately help you to answer today.

You'll get an idea of what the main consideration when looking for homeowners insurance in Indiana should be, as well as a brief look at five of the top companies you can choose from in the state.

Understanding Indiana Homeowners Insurance

Let's start simply by ensuring you understand the fundamentals of homeowners insurance, considering how critical we've stated it to be. As someone who owns a property, you'd be getting an invaluable form of coverage that would offer you some level of recourse if you should ever find yourself in a situation when unexpected problems such as flooding should destroy your home or its contents.

Of course, the extent to which you are protected would depend on the kind of coverage you opt for. Your insurance company will typically have a standard coverage option, which you can then add optional add-ons to for an additional sum.

Average Home Insurance Costs in Indiana

Before jumping into the actual averages, understand that your insurance costs may look nothing like these figures. Why? Well, there's quite a bit that goes into the final numbers. For example, your location determines the coverage options you may need.

If you're in Indiana, then you'll need coverage for snow damage, while in another state, such as Florida, for example, while you wouldn't necessarily need snow coverage, being covered for hurricanes would be an excellent idea.

You'll find that cities in Indiana will often come at an insurance rate of somewhere between $1,150 and $2,000 annually. Some of the elements that will influence this include:

• Location
• Crime rate
• Property value
• Property conditions
• Coverage options selected
• Security systems
• Green home implementations
• Age of the home
• Claims history

For example, if you haven't ever made an insurance claim, you'll find that you'll pay less than you would otherwise. In fact, there are usually specific discounts given by insurance companies that are based on not making any claims.

That being said, ensuring that you're getting the best value is key, so you do want to ensure that you're taking the time to learn about the companies that you're considering so you can be assured that you're making the best decision when the time does come to pull the proverbial trigger.

The different requirements and elements of coverage can be really cumbersome to understand, but you must ensure that you know the relevant specifics. The representatives you speak to are there to ensure that you have the right idea about what you're paying for, so don't be hesitant to ask whatever you may want to know.

Homeowners Insurance Vs. Landlord Insurance

Next, we want to help you be able to make a key distinction since not being able to do so could potentially mean getting the wrong kind of coverage, and no one wants you to be in that situation, especially at a time when you may be ready to file a claim.

On the homeowners insurance side of the fence, this is more geared towards ensuring that the home's physical structure, as well as the contents within are protected.

While this is typically fine for someone who bought a property and is living in it, you wouldn't get the kind of coverage that you would need if you're instead renting the property to tenants.

A big part of this is that tenants don't fall under the umbrella of the kinds of standard disasters and other occurrences that homeowners insurance in Indiana is meant to cover for someone who lives on their property.

Instead, you've decided to use the property for hire, established an agreement with one or more tenants, and the damages are a direct result of their living on the property.

When you opt for landlord insurance, it's going to protect the structural elements of your property just as homeowners insurance in Indiana would. However, you're also going to get protection assurance in the way of liabilities that may come from tenants, as well as the loss of rental income that you may have to deal with.

It's usually a good idea to get the guidance of the insurance company on the recommendation based on how you intend to use the property. There are some circumstances, for example, where homeowners insurance would be a much better option than going the landlord insurance route.

The transition period before you start renting the property is a good example. You may decide to live in it first, and so, there would be no lease agreement, nor would there be any tenants in the mix. At such a point, homeowners insurance would be a good idea, but you would want to switch to the landlord variation when you get to the point of actually renting the space.

Home sharing is another good one, but it highly depends on what the arrangement is. In a home-sharing scenario, you are living on the property as it's your primary residence. However, you have decided to rent a portion of it to another party.

In this case, there are often specific home-sharing insurance options that you can access. However, you may find that even this can be inadequate in a lot of cases. For example, it may not necessarily cover you if you're supposed to lose potential income from the agreement.

As stated before, your best bet is to reach out to the insurance company, indicate what the situation is honestly, and get a recommendation for the best policy to cover your needs.

Choosing from the Indiana Homeowners Insurance Companies Available

If you are sure that homeowners insurance in Indiana is the way you're going to be going, then the next step is to choose the company that you're going to be working with, and as you do that, here are the considerations that need to be at the top of your mind.

Specific Coverage Options in Indiana

As we zero in on Indiana, we're dealing with a state located near the Great Lakes in the Midwest, which means that the most likely hazards you'll be facing are those that have to deal with precipitation and winter storms.

Wind Damage

While not unique to Indiana, wind damage is a very real possibility that you need to make considerations for. Thankfully, you'll find that most insurance coverage policies for homeowners will protect you. Even the most basic of policies will cover it. However, for obvious reasons, you want to reduce your likelihood of needing to make a claim, so you can take the following proactive steps to prevent what could be a disaster:

1. Have your roof professionally inspected at regular intervals
2. Get storm shutters installed on your windows
3. If there's lawn furniture, ensure it's stored away, especially when there's a storm looming
4. Get rid of any branches that are hanging over your house.

Snow Damage

Indiana is one of the states that gets a fair amount of snow, and when that begins to pile up on your roof, you could have some serious trouble on your hands. In a standard homeowners policy in the state, you'll often find snow damage to be a named peril, which means that you would be covered.

However, insurance policies typically come with requirements that will guide how you are expected to use the property. One of the caveats here is that the damage can be the result of your own negligence. For example, you may not be taking reasonable measures to ensure that snow and ice dams are not a problem. If your home is simply at a higher level of risk than normal for ice or snow damage, you need to be extra careful.

Should negligence play a factor in the event of an actual disaster, then you may find that when the time comes to claim, it gets denied.

Flooding

Flood damage can be pretty common. Be that as it may, you'll often find that a standard homeowners policy has no coverage for it. In fact, you'll find it named as a specifically excluded element. However, you can get coverage for flooding as an add-on for an additional cost.

If the home you own is anywhere near the Ohio River or Lake Michigan, you may want to ensure that you are covered here for both the structure of your home and whatever property you may have in it.

Flood damage coverage usually comes in two flavors, which are proprietary programs from private insurance or from the National Flood Insurance Program (NFIP), which is a federally backed alternative. While you can go the NFIP route in a high-risk flood area, you should understand that the amount of coverage offered under the program tends to be quite a bit lower than the private alternatives.

Private policies will be more flexible and have more favorable waiting periods. The trade-off, however, is the fact that you may not be able to get this kind of liability coverage if you happen to be in a high-risk area.

Other Considerations When Choosing Indiana Home Insurance Companies

Apart from the issues that are unique to Indiana, we should also mention the most important general considerations you'll want to make as you choose an insurance company in Indiana:

1. Remember that costs can vary quite a bit from one company to the next, so take the time to get multiple quotes so you can compare what you'll pay at different places for the same coverage.
2. Look at the coverage options. The standard homeowners policy at a given insurance company may or may not cover everything you need. See if you will need additional coverage options to ensure you are fully protected.
3. The financial strength element is essential. This is a measure, typically from a rating body such as AM, which is meant to tell you the extent to which the company is likely to be able to meet its claim obligations.
4. Find out about the kinds of discounts offered. These may be for not claiming, having security systems, etc.
5. Get recommendations from known parties who are using insurance companies in the state.
6. Pay attention to the customer service element of things. Insurance can be a very sensitive thing and when claims time comes around, you need responsiveness and efficient action. Look into reviews from others who have used the insurance company to ensure that you can be guaranteed this.

Best Home Insurance Companies in Indiana

The last thing we need to do now to ensure that you have all the details you need is to briefly talk about the different insurance companies that stand at the top of the ladder for those who own homes in Indiana.

USAA

One of the biggest caveats about USAA is that policies are not available to everyone. You would need to be a USAA member such as active duty military members, vets, as well as spouses and children.

Members are allowed to broaden the scope of protection that the standard coverage offers by opting for relevant add-ons. Being available in every state means that Indiana homeowners meeting the established requirements will be able to get coverage.

Coverage Options and Features

The standard homeowner policy from USAA in Indiana will include:

• Loss of use
• Identity theft
• Guaranteed replacement cost coverage
• Dwelling coverage
• Personal liability coverage
• Personal property coverage
• Other structures coverage
• Military uniforms

While there may not be as many additional coverage options available as you would find with many other alternatives, home sharing, and earthquake insurance coverage are available options. Note, however, that not all additions are available in all states, so you will need to call in to verify.

Discounts

As far as discounts go, you can look forward to any of the following:

1. Protective device credit - Discounts on smart security systems, hardware, etc, and a rate lock on home monitoring for three years.
2. Claims-free discount - Depending on your being claims-free for the past five years, you can be extended a 10% discount.
3. Bundle and save - Getting both home and auto insurance will also see you access savings.

Amica

Amica is a standout insurance provider, offering an array of options, alongside great ways to ensure that you're saving money on your insurance policy. Again, you have a standard level of coverage here that you can always improve upon with add-ons in the mix.

Dividend and non-dividend plans are offered. While the latter is much like plans from other insurers, the former actually returns a percentage of the premium to the insured party. While not available in every state, Indiana homeowners can get access to the dividend plans. What about the coverage options?

Coverage Options and Features

First, there are two types of policies offered by Amica. The standard choice policies will include the following:

• Dwelling coverage
• Other structures
• Personal property coverage
• Liability coverage
• Loss of use

There is also a platinum choice policy option that will offer everything in the basic plan as well as:

• Valuable items extended coverage
• Business property coverage
• Water backup/sump overflow
• Medical payment coverage
• Special computer coverage
• Credit card coverage
• Loss assessment plan

Discounts

As far as discounts from Amica go, you can look forward to the following:

1. Claim free for the past three years
2. E-discount for those who sign up for electronic documents
3. New homes or recently remodeled home credit
4. Alarm system discount for homes with automatic sprinklers, fire alarms, or burglar alarms
5. Loyalty discount for customers staying with Amica for at least two years
6. Autopay for those using scheduled payments for their premiums
7. Multi-line, which is Amica's bundle discount

Allstate

Allstate is another pretty well-known name in the insurance space. That name does come with a premium price tag though, as the average insurance cost is the highest of the companies being reviewed here.

With that said, you have your standard coverage option, as well as additional coverage elements that you can opt for such as home sharing or Green Improvement Reimbursement that will cover additional costs meant to make the home more energy efficient.

Coverage Options and Features

The standard Allstate policy will include the following:

• Personal property coverage
• Guest medical protection
• Liability coverage
• Dwelling coverage

There is also a notably high number of potential additions including:

• Identity theft
• Flood insurance
• Water backup
• Business property
• Sports equipment
• Musical instruments
• Yard and garden

Discounts

On the discount side of things, you can expect the following:

1. Welcome and loyalty discount
2. Claim free discount
3. Multi-policy discount
4. Home buyer discount
5. Responsible payment discount
6. Protective device discount

State Farm

State Farm is another pretty well-known name in the insurance space and holds one of the highest AM rankings at the A++ level. One of the great things here is that the company features one of the lowest insurance rate levels. This is the home of "Jake from State Farm."

Coverage Options and Features

Your coverage options under a standard State Farm policy will include:

• Dwelling coverage
• Additional living expenses
• Personal property
• Personal liability protection
• Medical payments
• Other structures

Additional coverage is also offered in the form of:

• Ordinance or law
• Inflation guard
• Valuable possessions
• Identity restoration
• Cyber event, identity restoration, and fraud loss

Discounts

On the discount side of the fence, State Farm offers the following:

1. Home security
2. Roofing for impact-resistant roofs
3. Claims free
4. Multi-policy
5. Automatic sprinkler
6. Updated utilities.

Nationwide

Nationwide is the final option to be covered here and you'll remember it from the very catchy "Nationwide is on your side" jingle. The standard policy option is quite unique, featuring some of the things you would expect to see in such a policy, as well as a few interest options. Of course, there are also the add-ons that you can use to make the coverage more comprehensive and able to meet your unique needs.

Coverage Options and Features

The standard coverage options that Nationwide offers include:

• Dwelling
• Personal property
• Other structures
• Personal liability protection
• Guest medical payments
• Ordinance or Law Insurance coverage
• Loss of use
• Credit card insurance

You can also get additional coverage from Nationwide for the following:

1. Earthquake insurance
2. Valuables plus
3. Brand new belongings
4. Better roof replacement
5. Identity theft
6. Dwelling replacement
7. Flood insurance

Discounts

What about the discounts? Well, you have the following at your disposal:

• Multi-policyWhi
• Gated community
• Protective devices
• Claims free
• New home purchase
• Prior insurance with a prior insurer
• Smart home
• Home renovation

Conclusion

Indiana is an incredible place to own a property, but doing so means that you must take the initiative to ensure that your investment is well protected.

A big part of this boils down to choosing the right insurance company that offers a good mix of the coverage options you need with affordable pricing.

As a landlord or property manager, you will likely need more than the standard plans offer if you're trying to manage your risk profile as best as possible.

Remember all the considerations listed above and ensure that you're taking the time to ask all the relevant questions so you understand the level of coverage you're offered and can make the right eventual decision on which company to work with.