Getting Home Insurance in Indianapolis
Most standard homeowners insurance policies in Indianapolis provide coverage for damage to the structure of your home, loss of personal belongings, injury liability, and reimbursement for living expenses if you are ever displaced from your home for a period of time. This includes losses due to fire or storm damage, burglary, or medical claims for injuries to another individual while on your property.
Indiana has a relatively low level of threat from most natural disasters, with tornadoes, hail, and wind posing the greatest risk. The National Oceanic and Atmospheric Administration (NOAA) reported a total of 56 tornadoes in the state in 2011, a number of which were in and around the Indianapolis area. Homeowners should note that while wind and hail damage are typically included in standard homeowners’ insurance policies, flood insurance generally needs to be purchased separately. Indiana boasts lower home insurance rates than the national average at an average premium of $717 in 2009. This is approximately 18.5% lower than the national average of $880 that same year. However, keep in mind that individuals living in higher population areas, such as Indianapolis, can often expect their monthly cost of home insurance to be higher than the rest of the state.
Factors of Home Insurance Rates in Indianapolis
When insurance companies calculate a rate for your policy they consider factors such as the size and value of your house, the risk and durability of certain building materials, the amount of coverage you have requested for your personal belongings, your credit history, and any previous claims you have made. Additional factors that can also increase your rate for home insurance in Indianapolis include whether or not you own a dog considered a high-risk breed, or if you have a pool, or other home features, that could present a higher risk for injury to visitors.
Crime statistics in your community also influence the rates insurance companies may quote you. As the state’s largest city, Indianapolis does unfortunately have higher than average crime rates, with nearly 14,000 burglaries reported in 2010 according to the Indianapolis Metropolitan Police Department.
However, the extent to which statistics such as these will influence your monthly cost also depends on your specific neighborhood and whether or not you have a home security system installed. Other community influences companies will consider are how close your house is to the nearest fire station and if there is convenient access to fire hydrants in your neighborhood. According to statistics published by the state’s Department of Public Safety, the average response time for first responders in Indianapolis was just over four minutes in 2008.