Find the Best Homeowners Insurance in Indianapolis, IN

How to choose the best homeowners insurance in Indianapolis

When shopping for homeowners insurance, you’ll find that rates vary considerably based on the location, cost and condition of the property. As an Indianapolis resident, you can expect to pay about $1,300 a year for $200,000 in home insurance coverage. This is slightly above the national average of $1,083.

In addition to higher crime rates, other factors that contribute to higher homeowners insurance rates include risk for hurricanes, tornadoes, windstorms and hail. Indiana is prone to tornadoes, so homeowners here should expect to pay more than the national average.

Homeowners insurance in Indianapolis varies even within the same ZIP code. For example, homeowners in the Near Northside neighborhoods of Rocky Ripple and Warfleigh must pay thousands more in annual premiums for flood insurance because of their proximity to Central Canal.

Get an idea of what your neighbors may be paying for Indianapolis homeowners insurance in these areas:

Note: Rates above based on a deductible of $1,000 and liability of $100,000.

Unlike car insurance, home insurance is not required by Indiana law. However, if you have a mortgage, lenders will require you to purchase a policy to cover property damage caused by weather, flooding, vandalism and other potential threats. Even if you don’t have a mortgage, insurance coverage can be critical in protecting your home and its contents.

Determine the level of coverage you need. In most cases, you can choose between replacement cost or actual cash value when selecting home insurance. Actual cash value, which is less costly, includes repairs to the home and replacement of your damaged belongings after calculating depreciation. Replacement cost, on the other hand, represents how much it would cost to repair the home and purchase new belongings without accounting for depreciation.

Also, with temperatures regularly diving below zero during the winter, homeowners face the additional risk of frozen pipes. More than likely, the water damage caused by burst pipes will be covered by insurance, but not the actual plumbing. Be sure to get clarification from the provider you choose.

When reviewing Indianapolis homeowners insurance, always consider liability insurance. If you have a swimming pool, for example, ensure that you have liability coverage in the event of an accident. This is not included in standard policies. Also, with our winter weather, liability insurance protects you if someone falls on your icy steps or driveway.

Before selecting an Indianapolis home insurance company, ask providers about discounts that may be available if you:

• Take protective measures. Minimize risks and reduce rates by installing smoke detectors, fire extinguishers and a security system.
• Bundle your policies. Consider using your car insurance provider to cover your Indianapolis home insurance policy as well.
• Pay upfront. Many providers offer a discount if you pay your premium in full every six months or every year, instead of month-to-month.