Indiana Home Insurance

Historically Indiana hasn’t been known for its high crime rate, but it was ranked as being one of the top tornado-prone states in 2012. It also experiences harsh winters. Thus, homeowners who want to protect their property from weather-related damages as well as vandalism or robbery know how important obtaining homeowner’s insurance is. To help you decide which homeowner’s insurance policy is right for you, The Simple Dollar has compiled a list of statistics and facts to take into consideration when shopping around.

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Stats in Your State

Curious to know how Indiana stacks up in the real estate market compared to bordering midwestern states and the rest of the nation? Below are some graphs that can help compare and contrast the number of homes built and sold, average insurance premiums, and other areas of interest that can help you select a better homeowner’s insurance policy in your state.

Homeowner Insurance Premiums

Homeowner’s insurance premiums for Indiana residents has increased 76% since 1991, according to the latest data available. Homeowner’s paid approximately $658 in 2008, $133 less than the national average. Other midwestern states had similar homeowner’s insurance premiums for the same year.

Renter Insurance Premiums

Indiana renters paid $169 premiums in 2008, according to the latest figures available. Although premiums in the state saw an 18% increase, Indiana renters still pay less than the national average, which is $176. Other midwestern states have similar renter’s premiums to Indiana’s premiums.

Existing Home Sales

Indiana sold 97,700 homes in 2010, according to the latest figures. It’s the lowest number of homes sold since 2001, most likely thanks to the unstable housing market that occurred during the final years of the decade. Most bordering midwestern states made slightly higher sales during the same year.

Flood Insurance in Region

Reports show that Indiana residents filed 715 flood insurance claims in the 2011-12 fiscal year. These claims accounted for more than $10 million in damages. Surrounding midwestern states with similar climate and weather also filed similar amounts of claims for the same fiscal year. It’s important to note that most insurance providers do not cover flood damage in a homeowner’s policy. Consumers who live in areas that are more prone to flooding should look into acquiring additional protection through the federal government's National Flood Insurance Program.

Homes Built

The number of new homes built in Indiana has significantly dropped since 2005, data shows. Although older homes in particular warrant a thorough inspection before purchasing a home, it’s always recommended to have newer homes inspected as well since even new homes can have faults.

Rules in Your State

State laws and legislations for both homeowners and renters vary across the nation. To learn what Indiana expects from its insurance providers as well as landlords, tenants, and homeowners, continue reading below.

Homeowner’s Insurance Coverage

A quality homeowner’s insurance policy should protect a resident’s property from any of the following:
  • Smoke, fire, or lightning.
  • Windstorm, hail, ice, snow, or sleet.
  • Theft and/ or vandalism.
  • Falling objects.
  • Freezing of a plumbing, heating, air conditioning or automatic fire-sprinkler system.

Tenant and Landlord Laws

Source: U.S. Department of Housing and Urban Development

Indiana offers few legal protections for renters. In fact, only minor amendments have been made to the tenant-landlord law since it was enacted in 1881. Any units rented prior to 2002 are exempt from new legislation. Liability renter’s insurance can help protect damaged or stolen property or injury to a person, but below is a list of obligations both landlords and tenants must fulfill:

  • Landlords must deliver property to tenants in compliance with rental agreement.
  • Landlords must also deliver property in a safe, clean, and habitable condition which includes providing the following items at all times: working and safe electrical systems, plumbing systems, sanitary systems, ventilating systems, and elevator systems if provided.
  • Tenants must comply with health and housing codes.
  • Tenants must not deface, damage, or remove any part of the rental property.
  • Tenants must use the following systems in a reasonable manner: electrical, plumbing, ventilating, and elevators if provided.

Representatives & Resources in Your State

Fully understanding what your renter’s insurance or homeowner’s insurance does and does not cover can be tricky. If you have any additional questions or would like to file a complaint regarding your insurance provider, use some of the following resources:

Indiana Department of Insurance
311 West Washington Street, Suite 300,
Indianapolis, IN, 46204
Get Directions
File a Complaint

National Association of Insurance Commissioners
1100 Walnut Street, Suite 1500
Kansas City, MO
(816) 842-3600
Get Directions

U.S. Department of Housing and Urban Development
451 7th Street S.W.
Washington, DC 20410
Get Directions
(202) 708-1112