2022 Best Cheap Home Insurance in Indiana
Indiana Home Insurance Overview
The best homeowners insurance in Indiana is a combination of comprehensive coverage and low rates. Before shopping for home insurance, it’s good to know what to look for.
Types of homeowner coverage
There are six types of policies designed to cover traditional (non-mobile) homes in Indiana. Policies range from basic coverage to coverage with all the extras. The best home insurance companies offer them all.
The level of coverage an owner chooses to wear is a matter of personal preference. Someone may pay for a minimum policy and then wish to have more comprehensive coverage in the event of peril. Or, they could pay for all the bells and whistles and never make a claim. Because there’s no way to know if homeowners coverage will be needed, the best thing a homeowner can do is assess the level of risk they’re willing to take on. The lower the risk they are comfortable with, the more comprehensive the policy should be.
When a claim is made, the owner usually owes a deductible. Let’s say a roof is damaged and it will cost $12,000 to repair. If the owner has a deductible of $1,000, he pays the contractor his share and the insurance company pays the other $11,000. It is up to the owner who is looking for coverage to choose the deductible he prefers. The lower the deductible, the higher the annual premium they can expect to pay.
Almost all insurance companies offer discounts on home insurance. These discounts are one of the best ways to get cheap home insurance in Indiana. To fairly compare one font to another, it is important to know how much each font costs after discounts are taken into account. Discounts range from having an alarm system in the home to allowing a homeowner to bundle their auto and home insurance with one company.
What are the most common home insurance claims in Indiana?
Knowing the most common types of claims is one way to determine the appropriate level of coverage to purchase.
Water damage and frost
As a Midwestern state, Indiana gets its fair share of rain and snow every year. From roofs damaged by ice dams to rotting wood caused by rain, water damage and freezing temperatures are two of the main reasons why Hoosiers make claims.
fire and lightning
It is impossible to find a place in the United States that does not experience fire and lightning. In fact, according to the Insurance Information Institute, 25% of all home insurance claims are due to fire and lightning damage. It’s not the #1 claim in the state, but replacing roofs damaged by lightning or rebuilding burned-out homes are some of the costliest claims insurers process.
The wind in Indiana can be the result of a simple summer storm or something as severe as a tornado. Either way, the resulting damage can be serious and is one of the main reasons for getting a good home insurance policy.
Home Insurance Coverage Options and Discounts in Indiana
As mentioned, policy discounts are one of the best ways to save money on home insurance. Some discounts can save the owner a lot. For example:
An alarm system gets a discount
Indiana’s best homeowners insurance rewards homeowners who protect their property by installing an alarm system. The average saving is around 7%. Let’s say the annual premium is $1,000. An alarm system can reduce that $70 amount, while reducing the risk of a break-in.
Roof upgrades reduce bounties
Many claims involve the replacement or repair of the roof. Upgrading a roof can get an Indiana homeowner a huge discount on home insurance. Because there’s less chance that the roof will need to be replaced or repaired soon, the average discount for homeowners upgrading a roof is 24%.
Advance purchase leads to more discounts
Something as simple as paying the annual premium up front can save the average homeowner in Indiana 10%.
5 Cheapest Cities in Indiana for Home Insurance
Insurance companies consider many factors when determining premiums. They include things like:
- A city’s crime rate
- The value of other homes in the area
- Cost of rebuilding in a particular area
- How far is a house from a fire station
That said, here are the five cheapest cities in Indiana for home insurance: