Best homeowners insurance in Indianapolis, IN (2024)

We looked at average costs, customer service ratings, and policy options from multiple top insurers to find the best and cheapest home insurance companies in Indianapolis.

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By

Rachael BrennanSenior Editor & Licensed Auto Insurance ExpertRachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Edited by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.
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Reviewed by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

Updated|3 min read

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The average cost of homeowners insurance in Indianapolis is $1,831 per year or $153 a month. This is around 10% higher than the statewide average of $1,668 per year, and about 4% higher than the national average of $1,754. 

Compare home insurance rates in Indianapolis

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Compare the best cheap homeowners insurance companies in Indianapolis

To find the best cheap homeowners insurance in Indianapolis, Policygenius rated over a dozen of the largest insurance companies in Indiana across several categories, such as average policy cost, financial strength ratings with AM Best, customer and claims satisfaction scores with J.D. Power, available policy options, and more.

Company

Average monthly cost

Policygenius rating

Auto-Owners Insurance

$227

5.0 out of 5

State Farm

$164

4.8 out of 5

American Family

$116

4.5 out of 5

Erie

$113

4.5 out of 5

Farmers

$161

4.5 out of 5

award icon

2024 Policygenius award winner

Auto-Owners Insurance

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

Offers flood insurance

Why we chose itchevron icon

Auto-Owners Insurance is one of the best homeowners insurance company in Indiana thanks to its extensive policy and coverage options, its high marks for financial strength, and its customer experience ratings.

Pros and conschevron icon

Pros

  • Offers a slew of extra coverage add-ons

  • Lots of discounts available

  • Flood insurance available through the NFIP

Cons

  • Not able to get quotes or file claims online

More detailschevron icon

Why Auto-Owners Insurance is our pick for best overall company

Auto-Owners Insurance is our pick for the best overall home insurance company in Indiana. Auto-Owners scored at least a 4 out of 5 for customer experience, coverage options, and financial strength, which earned it a perfect 5 out of 5 Policygenius rating.

With endorsements like guaranteed replacement cost coverage, water backup protection, inland flood coverage, and a comprehensive Homeowners Plus endorsement package, Auto-Owners offers excellent value for the coverage you're getting.

Finally, although Auto-Owners' rates are more expensive than average in Indianapolis, the company offers a range of discounts that can help lower your insurance rates.

How much does Auto-Owners home insurance cost in Indianapolis?

The average cost of Auto-Owners home insurance in Indianapolis is $2,725 per year, according to sample quotes provided to us by Quadrant Information Services. This makes Auto-Owners Insurance about 49% more expensive than the city average

award icon

2024 Policygenius award winner

State Farm

State Farm logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Bundle home & auto

Offers extended replacement cost

Offers flood insurance

Offers earthquake insurance

Wind/hail deductible

Offers wildfire insurance

Why we chose itchevron icon

State Farm is one of the best home insurance companies in Indianapolis thanks to its large selection of policy options, high customer service marks, and industry-best financial stability ratings.

Pros and conschevron icon

Pros

  • Save up to $1,127 per year when you bundle your home and auto insurance

  • Excellent line-up of policy add-ons, including extended replacement cost coverage

Cons

  • No longer sells home insurance policies in California

  • 20% more complaints filed with the NAIC than other companies of its size

More detailschevron icon

Why we chose State Farm

State Farm is one of the best home insurance companies in Indiana. One of the reasons why we picked State Farm is because of its coverage options. State Farm lets homeowners get extended replacement cost coverage for their homes, replacement cost coverage for their personal property, water backup protection, and much more.

State Farm's customer service is top-rated, too. The company has received high ratings from policyholders according to J.D. Power’s 2022 customer satisfaction, claims, and digital experience surveys. It has also received the highest rating possible from A.M. Best for financial strength and stability.

The company doesn't offer as many discounts as other insurers in the state, but if you're planning to bundle home and auto insurance with State Farm, you may receive a large discount.

How do State Farm home insurance rates compare to the Indianapolis average?

The average cost of home insurance from State Farm in Indianapolis is $1,963 per year, which is more expensive than the statewide average.

How to get a quote

Online through State Farm or by contacting your local State Farm agent.

American Family

American Family home insurance

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Offers flood insurance

Bundle home & auto

Why we chose itchevron icon

American Family is one of the best home insurance companies in Indianapolis. It also has industry-best coverage options and high customer service ratings.

Pros and conschevron icon

Pros

  • Affordable rates and 11 available discounts

  • Ranked #2 in J.D. Power’s 2022 U.S. Home Insurance Study

  • Diminishing deductible feature to lower out-of-pocket claim costs

Cons

  • Offers online quotes, but requires talking to an agent to complete the process

More detailschevron icon

Why we chose American Family

AmFam's wide range of coverage options provides discounts (many of which may be easy to qualify for) can make your premiums even cheaper.

American Family offers lots of additional coverage options that you can choose to add to your home insurance policy, too. You can customize your policy with up to 15 additional coverage options — including inland flood, equipment breakdown, and service line coverage.

How do American Family home insurance rates compare to the Indianapolis average?

The average annual cost of American Family home insurance in Indianapolis is $1,395 per year, which is less expensive than the statewide average.

How to get a quote

Online with American Family or by contacting a local agent

award icon

2024 Policygenius award winner

Erie

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Mobile app

Bundle home & auto

Why we chose itchevron icon

Erie's wide range of coverage options, industry-best customer service ratings, and affordable rates make it one of the best home insurance options in the country.

Pros and conschevron icon

Pros

  • Cheap rates

  • Guaranteed replacement cost comes standard on Erie policies

  • Excellent customer service and claims satisfaction ratings

Cons

  • Only available in 12 states

  • Just three available discounts

  • Can’t get quotes or file claims online

More detailschevron icon

Why we chose Erie

Home insurance policies from Erie come standard with guaranteed replacement cost coverage — which you often have to pay extra for at other companies. A basic policy also covers lost and misplaced items, jewelry, and gift cards to closed businesses.

Erie also offers a range of add-ons that you can purchase, like short-term rental coverage, equipment breakdown coverage, water backup protection, underground service line coverage, and more.

How do Erie home insurance rates compare to the average in Indianapolis?

The average cost of Erie home insurance in Indianapolis is $1,358 per year, which is cheaper than the average annual premium in Indianapolis of $1,831 per year.

How to get a quote

Online through Erie

award icon

2024 Policygenius award winner

Farmers

Farmers Insurance logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.5

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

Offers extended replacement cost

Bundle home & auto

Smart home discounts

Why we chose itchevron icon

Farmers is one of the best home insurance companies in Indianapolis for combining high claims satisfaction scores with a range of coverage add-ons and discounts.

Pros and conschevron icon

Pros

  • High claims satisfaction score

  • Receives few complaints from policyholders

  • Optional extended or guaranteed replacement cost dwelling coverage

Cons

  • Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys

More detailschevron icon

Why we chose Farmers

Farmers earned a high score in J.D. Power’s 2022 claims satisfaction study (though it was below-average on J.D. Power’s overall customer satisfaction and digital experience surveys). Farmers also receives fewer complaints than average, according to the National Association of Insurance Commissioners.

You can add some impressive coverages to a basic Farmers home insurance policy, like guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.

Depending on where you live, you could save up to 45% on your auto insurance and up to 34% on your home insurance when you bundle policies with Farmers, according to the company website.

Even more, Farmers has up to 16 additional discounts and money-saving policy perks. For context, Farmers competitors offer an average of around seven discounts total.

How do Farmers home insurance rates compare to the average in Indianapolis?

The average cost of Farmers home insurance in Indianapolis is $1,932 per year, which is more expensive than the average annual premium of $1,831 per year.

How to get a quote

Online through Farmers

Methodology & why you can trust our rates

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.

Compare home insurance rates in Indianapolis

We don't sell your information to third parties.

How much is homeowners insurance in Indianapolis?

The average cost of home insurance in Indianapolis is $1,831 per year, or $153 a month, for a policy with $300,000 in dwelling coverage. This is around 10% higher than the average annual cost of $1,754 for homeowners insurance in Indiana and about 4% higher than the national average. 

Indianapolis home insurance rates by ZIP code

Home insurance rates can vary substantially depending on which ZIP code your home is located in, as homes in certain Indianapolis neighborhoods may be more prone to extreme weather damage or property crime than others.

To help you find out how much home insurance costs where you live, we calculated average home insurance rates by ZIP code in Indianapolis.

ZIP code

Average annual cost

Difference from state average (%)

46227

$1,858

11%

46226

$1,890

13%

46237

$1,804

8%

46254

$1,898

14%

46224

$1,866

12%

46217

$1,805

8%

46203

$1,906

14%

46219

$1,870

12%

46222

$1,901

14%

46220

$1,753

5%

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Cheapest ZIP codes for home insurance in Indianapolis

With an average home insurance rate of $1,704 per year, the 46256 ZIP code is the most affordable area for home insurance in Indianapolis.

Here are the average rates for the cheapest ZIP codes in Indianapolis.

ZIP code

Average annual cost

Difference from state average (%)

46256

$1,704

2%

46280

$1,716

3%

46290

$1,718

3%

46250

$1,742

4%

46220

$1,753

5%

46240

$1,753

5%

46260

$1,756

5%

46259

$1,772

6%

46216

$1,779

7%

46234

$1,782

7%

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Most expensive areas for homeowners insurance in Indianapolis

With an average annual premium of $1,939, the 46201 ZIP code is the most expensive ZIP code in Indianapolis for home insurance. If you live one of these ZIP codes, your rates might be among the highest in the city.

ZIP code

Average annual cost

Difference from state average (%)

46201

$1,939

16%

46218

$1,910

15%

46203

$1,906

14%

46222

$1,901

14%

46208

$1,898

14%

46254

$1,898

14%

46225

$1,895

14%

46226

$1,890

13%

46221

$1,886

13%

46235

$1,885

13%

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Learn more >> Home insurance rates by ZIP code

Indianapolis home insurance costs by coverage amount

Along with your home's location, your homeowners insurance premiums are primarily based on how much dwelling coverage is in your policy. This is the centerpiece of your home insurance coverage, covering the cost to repair or rebuild your home after a covered disaster. Here are the average rates for homeowners insurance by coverage amount.

Dwelling coverage limit

Average annual cost

$100,000

$955

$200,000

$1,388

$300,000

$1,831

$400,000

$2,277

$500,000

$2,754

Indianapolis home insurance costs by deductible amount

Your home insurance deductible is the amount you’re responsible for paying on each claim before insurance kicks in to help cover the cost of repairing or replacing your property. A higher deductible means lower insurance premiums, but it also means you're responsible for paying more out of pocket when you file a claim. Here are the average rates for homeowners insurance by deductible amount.

Deductible

Average annual cost

$500

$2,051

$1,000

$1,836

$2,000

$1,156

Cheapest homeowners insurance companies in Indianapolis

Based on our analysis, Allstate, Westfield Insurance, and Indiana Farmers Insurance are the three cheapest home insurance companies in Indianapolis, with average premiums citywide ranging from $992 to $1,128 per year.

Company

Average annual cost

Allstate

$992

Westfield Insurance

$1,075

Indiana Farmers Insurance

$1,128

Erie

$1,358

Cincinnati Insurance

$1,376

American Family

$1,395

USAA

$1,422

Grange Insurance

$1,706

Nationwide

$1,903

Farmers

$1,932

State Farm

$1,963

Progressive

$2,429

Auto-Owners Insurance

$2,725

Farm Bureau Insurance

$4,223

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Cheapest home insurance in Indianapolis if you have poor credit

bad credit score does more than just cost you a few dollars in late payment fees — it can also make your auto and home insurance rates thousands of dollars higher. Here are the average insurance rates for homeowners with poor credit.

Company

Average annual cost

Allstate

$1,466

Cincinnati Insurance

$1,710

Westfield Insurance

$1,727

Indiana Farmers Insurance

$1,963

American Family

$2,238

Grange Insurance

$2,328

USAA

$2,394

Nationwide

$2,441

Erie

$2,503

Farmers

$2,857

State Farm

$3,368

Auto-Owners Insurance

$4,875

Farm Bureau Insurance

$6,281

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Cheapest home insurance in Indianapolis if you have an older home

Insurance carriers consider older homes to have a higher risk of damage or loss compared to newer homes since they're constructed with older and more difficult to replace materials. Additionally, certain structural components in older homes, like the roof or plumbing systems, may not be up to code. Here are the average insurance rates for homeowners with older homes.

Company

Average annual cost

Allstate

$960

Indiana Farmers Insurance

$1,191

Cincinnati Insurance

$1,314

Erie

$1,413

American Family

$1,423

USAA

$1,468

Westfield Insurance

$1,544

Grange Insurance

$1,704

Farmers

$1,888

State Farm

$1,957

Nationwide

$2,003

Auto-Owners Insurance

$2,575

Farm Bureau Insurance

$4,038

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Cheapest homeowners insurance in Indianapolis if you have a history of claims

Claims history is one of the biggest factors that insurance companies use when calculating your home insurance premiums. If you have multiple claims on your record, your insurer will likely view you as a risk for filing future claims and may charge you higher rates as a result. Here are the average insurance rates for homeowners with multiple claims.

Company

Average annual cost

Allstate

$1,507

USAA

$1,645

Westfield Insurance

$1,813

Indiana Farmers Insurance

$1,913

Grange Insurance

$2,052

State Farm

$2,233

Farmers

$2,430

American Family

$2,456

Erie

$2,552

Auto-Owners Insurance

$2,729

Cincinnati Insurance

$2,888

Nationwide

$3,790

Farm Bureau Insurance

$6,140

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How to get homeowners insurance quotes in Indianapolis

Buying homeowners insurance comes down to finding the coverage you need for a price you can afford. If you live in Indianapolis, you should have enough coverage in case a tornado or severe storm causes massive damage to your home. 

Here are some additional tips to help you shop for insurance:

  1. Reach out to a licensed Policygenius agent. If you have questions about anything from coverage limits to comparing quotes, a Policygenius agent is available at no cost to you.

  2. Ask about the Indiana FAIR plan. If you’ve been rejected by other insurance companies, the Indiana FAIR plan offers last resort home insurance coverage.

  3. Consider purchasing flood insurance. Floods can cause expensive damages to your house and are typically not covered by homeowners insurance.

  4. Compare quotes from a Policygenius agent. If you need help determining which quote is best for you, a Policygenius agent can help.

  5. Choose your policy, sign it, and pay your first premium. When you’ve found the right coverage for the best price, a Policygenius agent can complete the paperwork and cancel your old policy. All you have to do is make your first payment.

Compare home insurance rates in Indianapolis

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Frequently asked questions

How long does a home insurance claim take in Indiana?

There is no set amount of time that insurance companies are required to process your claim in Indiana, so it can take from a few days up to several months to receive your payment.

How much is home insurance per month in Indiana?

The average cost of homeowners insurance in Indianapolis is $179 a month, which is about $2,146 per year.

How can a homeowner reduce the cost of homeowners insurance?

You can reduce costs by making sure your coverage limits are correct, having a higher deductible, looking for eligible discounts, and by shopping around and comparing quotes.

Does home insurance go down if I pay off my house?

In some cases, yes, home insurance companies will offer discounts to customers who have paid off the entirety of their mortgage balance.

Author

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Editor

Pat Howard is a licensed insurance expert and managing editor at Policygenius. Pat has written extensively about the home insurance industry and his insights as a subject matter expert have appeared in several top tier publications, including The New York Times, The Wall Street Journal, CNBC, and Reuters. Pat has a bachelor's degree in journalism from Michigan State University.

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