Getting a Condo Insurance Quote in Indiana
Many residents in Indiana choose the ease of living in condos. Choosing the right condo insurance from Indiana can be confusing, so we're here to assist you by minding a couple of important factors that you have to keep in mind while negotiating the final price of your condo insurance so that you receive the ideal coverage for your needs at the ideal price. There are many factors that will influence how expensive or cheap your yearly condo insurance estimate will be, so we've made it our goal is to help make the condo insurance purchasing process a breeze.
Indiana Condo Insurance Statistics at a Glance
Given the numerous factors which impact the purchase price of condo insurance, also taking into consideration that property values are on the upswing, Indiana condo insurance policies can be more on the expensive side. Indiana is ranked the 33rd most expensive state in the nation for condo insurance. Indiana residents pay an average of $86 per month or two $1,035.00 annually at condo insurance premiums. Even though Indianians are paying more about condo insurance, the great news is that trends show that prices are becoming more affordable. Overall most cities at Indiana have comparable average monthly prices, but Goshen, IN was shown to be the lowest priced cities in $375.50 annually or two $31.29 per month. On the other hand, Gary, IN has the highest condo insurance rates in the state at $574.50 annually or two $47.88 per month. Different insurance companies have significant differences in rates, so it is necessary to shop around in the event that you're searching for condo insurance from Indiana.
$430
Average Annual Cost of Condo Insurance in Indiana
The average cost of condo insurance in Indiana on an annual basis is $430.
$36
Average Monthly Cost of Condo Insurance in Indiana
The cost of condo insurance in Indiana is roughly $36 per month.
21%
Percentage of Income on Ownership for Condos in Indiana
Residents of Indiana spend an average of 21% of their income on condo ownership.
29 years
Median Age of a Property Which Requires Indiana Condo Insurance
The average age of a property requiring condo insurance in Indiana is roughly 29 years.
What Affects the Costs of Your Condo Insurance in Indiana
There are a number of variables that cause condo insurance policies in Indiana to vary from price. Insurance companies use many variables to calculate your individual risk and coverage needs, as well as to get you a precise quote for your condo insurance coverage. However, there many factors out of your control that could influence the purchase price of your condo insurance from Indiana. Those factors could include things such as the location of your condo, the age of your condo in Indiana, and the construction quality of your condo. They may be able to see whether you are eligible for discounts. Some factors within your control that could help or harm the final pricing of your Indiana condo insurance prices could be variables such as your credit history, your claims history with other condo insurance suppliers, your driving record, the sum of personal belongings that you have on your condo, the people who live on your condo, and whether you rent or own the condo. In order to acquire the best possible quotation, we strongly advise that you have a lot of this information ready prior to obtaining a condo insurance quote for your Indiana property.
Average Cost of Condo Insurance in Indiana by City
The most common sort of condo insurance in Indiana is the HO6 insurance plan. Whether you're living in a bigger city like Indianapolis or Fort Wayne or own a condo at a bigger town like Wabash, you'll likely need H06 insurance to your condo in Indiana. To give you an idea of how much it will cost to insure your condo, we've supplied a complete collection of estimated condo insurance quotes to your Indiana city. The following averages are based on all insurance costs for your individual city or town in Indiana, so depending on where your condo is located on your area, your final price could differ radically than what's quoted below.
| City in Indiana | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Anderson, IN | $38 | $450 |
| Auburn, IN | $33 | $391 |
| Bedford, IN | $41 | $488 |
| Beech Grove, IN | $40 | $480 |
| Bloomington, IN | $36 | $431 |
| Bluffton, IN | $34 | $403 |
| Carmel, IN | $36 | $431 |
| Columbus, IN | $37 | $441 |
| Connersville, IN | $35 | $425 |
| Crawfordsville, IN | $37 | $447 |
| Crown Point, IN | $34 | $406 |
| East Chicago, IN | $43 | $516 |
| Elkhart, IN | $32 | $381 |
| Evansville, IN | $38 | $454 |
| Fishers, IN | $36 | $432 |
| Fort Wayne, IN | $32 | $390 |
| Frankfort, IN | $37 | $441 |
| Franklin, IN | $39 | $463 |
| Gary, IN | $48 | $575 |
| Goshen, IN | $31 | $376 |
| Greencastle, IN | $39 | $468 |
| Greenfield, IN | $38 | $456 |
| Greensburg, IN | $37 | $440 |
| Greenwood, IN | $38 | $458 |
| Hammond, IN | $40 | $478 |
| Hobart, IN | $36 | $435 |
| Huntington, IN | $33 | $396 |
| Indianapolis, IN | $41 | $487 |
| Jasper, IN | $37 | $439 |
| Jeffersonville, IN | $41 | $493 |
| Kokomo, IN | $35 | $415 |
| La Porte, IN | $35 | $416 |
| Lafayette, IN | $33 | $394 |
| Lake Station, IN | $40 | $478 |
| Lawrence, IN | $40 | $478 |
| Lebanon, IN | $36 | $427 |
| Logansport, IN | $34 | $412 |
| Madison, IN | $40 | $477 |
| Marion, IN | $37 | $444 |
| Martinsville, IN | $39 | $473 |
| Michigan City, IN | $35 | $423 |
| Mishawaka, IN | $33 | $399 |
| Muncie, IN | $36 | $434 |
| New Albany, IN | $40 | $486 |
| New Castle, IN | $38 | $458 |
| New Haven, IN | $33 | $393 |
| Noblesville, IN | $36 | $433 |
| Peru, IN | $34 | $406 |
| Portage, IN | $35 | $425 |
| Richmond, IN | $35 | $420 |
| Seymour, IN | $39 | $468 |
| Shelbyville, IN | $37 | $439 |
| South Bend, IN | $35 | $418 |
| Terre Haute, IN | $40 | $484 |
| Valparaiso, IN | $35 | $415 |
| Vincennes, IN | $40 | $477 |
| Wabash, IN | $35 | $421 |
| Warsaw, IN | $34 | $406 |
| Washington, IN | $40 | $479 |
| West Lafayette, IN | $32 | $389 |
| Westfield, IN | $36 | $430 |
Choosing the Best Condo Insurance Company in Indiana for Your Needs
Making sure that you put in time and effort to choose the ideal condo insurance company at Indiana for your needs will provide you peace of mind in the long term. You're insuring yourself , your space, and your possessions invest that extra time to hunt for the insurance that you can find. Don't short shift your Indiana condo as well as the possessions interior of it by settling for the most affordable one on the marketplace. The ideal thing to do would be to look around and compare several companies prior to making final decisions and choosing the ideal condo insurance company at Indiana for your needs. Keep in mind that you will not be forced by a company that is reliable in making a decision quickly or cover coverage that you don't need. Look for condo insurance companies that reward their long term customers with discounts, loyalty rewards or also provide package insurance discounts. Be sure that your chosen provider is licensed. Check the Indiana Department of Insurance website to learn the licensing status, financial stability and criticism history of your chosen insurer.
The Top Rated Condo Insurance Companies in Indiana Based off Consumer Ratings
The top spot is held by state Farm at being the condo insurance provider in the United States for more than 50 years. In Indiana, a study done by JD Power revealed that State Farm was scored a 4 out of a 5 (higher than the average) from the policy offerings, charging and payment, customer service and claims. In Indiana, State Farm also obtained a NAIC criticism ratio of 0.2. Like many condo insurance providers in Indiana, they offer premium discounts on condos that were renovated or made to better withstand any natural disasters that may occur from The Hoosier State. When looking at pure metrics of condo insurance companies in Indiana independently, Erie has the highest JD Power rating in the state at 5 while Nationwide has the cheapest at 2. The condo insurance provider in Indiana that has the cheapest NAIC criticism ratio in Indiana is Travelers in 0.09 while American Family has the highest NAIC criticism ratio in 0.69.
| Indiana Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Allstate Ratings for Condo Insurance in Indiana | 3/5 | 0.31 |
| American Family Ratings for Condo Insurance in Indiana | 3/5 | 0.69 |
| Auto-Owners Insurance Co. Ratings for Condo Insurance in Indiana | 4/5 | 0.36 |
| Cincinnati Insurance Ratings for Condo Insurance in Indiana | N/A | 0.18 |
| Erie Ratings for Condo Insurance in Indiana | 5/5 | 0.21 |
| Farmers Ratings for Condo Insurance in Indiana | 3/5 | 0.39 |
| Indiana Farmers Mutual Insurance Ratings for Condo Insurance in Indiana | N/A | 0.15 |
| Liberty Mutual Ratings for Condo Insurance in Indiana | 2/5 | 0.4 |
| Nationwide Ratings for Condo Insurance in Indiana | 2/5 | 0.24 |
| Progressive Ratings for Condo Insurance in Indiana | N/A | 0.51 |
| State Farm Ratings for Condo Insurance in Indiana | 4/5 | 0.2 |
| Travelers Ratings for Condo Insurance in Indiana | 2/5 | 0.09 |
| United Farm Bureau of Indiana Group Ratings for Condo Insurance in Indiana | N/A | 0.15 |
| USAA Ratings for Condo Insurance in Indiana | 5/5 | 0.15 |
| Westfield Ratings for Condo Insurance in Indiana | N/A | 0.12 |
Indiana Condo Insurance Requirements
Under the Condominium Act a condo unit owner in Indiana is permitted to obtain insurance for their own benefit, but isn't required to do so. The Act states, that if in the time of reduction the unit owner has an insurance policy that covers the danger as the institution 's policy, then the institutions ' policy offer the insurance that is primary and will take precedence. Indiana law demands condominium associations acquire insurance for your own condominium construction as a whole. But, condo unit owners may need to consider purchasing insurance policies to cover their liability, their possessions, any improvements that they install, or any reduction or event not covered by the institution 's policy.
What's Covered with Your Condo Insurance in Indiana
When browsing for the condo insurance coverage, what you'll notice is that most condo insurance providers in Indiana will offer standard coverage, which can consist of construction property coverage, personal property coverage, loss of use coverage and liability coverage. Building property coverage protects you financially from damage to the interior of your condo (walls, floors, tiles) and reduction of permanent fixtures caused by a covered event, such as fire. Personal property coverage protects your personal belongings, such as clothing, and furniture, electronics, that are lost because of a covered event. With liability coverage, if you are held accountable for injury or property damage then liability coverage offers financial protection for you. Usually a condo insurance policy from Indiana insures $100,000 in liability compensation. With loss of use coverage: If your condo in Indiana becomes uninhabitable and you need to reside out of your condo because of a covered event and are paying more than you'd live on your condo then this attribute will pay you for the increased living expenses.
| Average Costs of Condo Insurance in Indiana by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Marion County, IN | $40.33 | $481.67 |
| Hamilton County, IN | $36.00 | $431.50 |
| Allen County, IN | $32.50 | $391.50 |
| Lake County, IN | $40.17 | $481.33 |
| St. Joseph County, IN | $34.00 | $408.50 |
| Tippecanoe County, IN | $32.50 | $391.50 |
| Vanderburgh County, IN | $38.00 | $454.00 |
| Elkhart County, IN | $31.50 | $378.50 |
| Monroe County, IN | $36.00 | $431.00 |
| Johnson County, IN | $38.50 | $460.50 |
| Porter County, IN | $35.00 | $420.00 |
| Delaware County, IN | $36.00 | $434.00 |
| Vigo County, IN | $40.00 | $484.00 |
| Howard County, IN | $35.00 | $415.00 |
| Madison County, IN | $38.00 | $450.00 |
| LaPorte County, IN | $35.00 | $419.50 |
| Bartholomew County, IN | $37.00 | $441.00 |
| Clark County, IN | $41.00 | $493.00 |
| Floyd County, IN | $40.00 | $486.00 |
| Wayne County, IN | $35.00 | $420.00 |
| Grant County, IN | $37.00 | $444.00 |
| Hancock County, IN | $38.00 | $456.00 |
| Jackson County, IN | $39.00 | $468.00 |
| Shelby County, IN | $37.00 | $439.00 |
| Cass County, IN | $34.00 | $412.00 |
| Henry County, IN | $38.00 | $458.00 |
| Knox County, IN | $40.00 | $477.00 |
| Huntington County, IN | $33.00 | $396.00 |
| Boone County, IN | $36.00 | $427.00 |
| Montgomery County, IN | $37.00 | $447.00 |
| Clinton County, IN | $37.00 | $441.00 |
| Dubois County, IN | $37.00 | $439.00 |
| Kosciusko County, IN | $34.00 | $406.00 |
| DeKalb County, IN | $33.00 | $391.00 |
| Lawrence County, IN | $41.00 | $488.00 |
| Fayette County, IN | $35.00 | $425.00 |
| Daviess County, IN | $40.00 | $479.00 |
| Decatur County, IN | $37.00 | $440.00 |
| Jefferson County, IN | $40.00 | $477.00 |
| Morgan County, IN | $39.00 | $473.00 |
| Miami County, IN | $34.00 | $406.00 |
| Putnam County, IN | $39.00 | $468.00 |
| Wells County, IN | $34.00 | $403.00 |
| Wabash County, IN | $35.00 | $421.00 |
How to Get Indiana Condo Insurance Discounts
Each insurance company at Indiana has its own reduction or dedication program. So be sure that while you're shopping around for a condo insurance quotation that you inquire about any discounts that may be available for you personally or your family members. Usually, there are many discounts available on Indiana condo insurance policies. Couple for are new customer discounts multi-policy and bundled discounts, loyalty discounts and discounts that are paid-in-full.
| Condo Insurance Deductible | Average Indiana Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $107 |
| $1,000 | $101 |
| $1,500 | $94 |
| $2,000 | $89 |
| $5,000 | $73 |
Getting the Best Indiana Condo Insurance Rates
Shopping around is crucial to determining if sufficient savings are available for your Indiana condo insurance policy. All you will need to do is call us and determine if any insurance companies can defeat what you are currently paying. You could be amazed at the savings that are available. You might also ask a friend to consult with their present condo insurance provider which may produce a referral reduction. You can raise because the higher your deductible, the lower your cost of your insuranceplan. But be sure that your deductible is not high because in case of a loss you are responsible for paying any sum up to the deductible. See whether you can package multiple kinds of insurance policies as insurers offer discounts to customers package insurance policies together. By way of instance, check with the supplier of your car insurance and see if they can reduce your premium if you buy condo insurance from them as well. If you stay with the insurer for numerous years then they may offer discounts for long-time customers. Some of these discounts can save you around 10 percent on your premiums. Pay attention to your credit rating and keep it high as insurance providers take that into consideration when picking your condo insurance premium. Boost it keep it high to find a reduced insurance premium.