Best Condo Insurance In Indiana 2024
Nationwide provides the top condo insurance policy available in Indiana.
We’ve saved shoppers an average of $450 per year on their home insurance.
This guide offers helpful tips on how to find the best condo insurance in Indiana. As a former licensed insurance professional, I cannot overstate the importance of having sufficient coverage—not only to protect your finances but also for peace of mind.
Instead of going without coverage, choose a detailed condo insurance policy that covers all possible losses, including theft and natural disasters. Keep reading to learn how to secure proper protection for both you and your condo.
Best Condo Insurance In Indiana, 2024
Compare The Best Condo Insurance In Indiana
| Best For | Overall Rating | A.M Best Rating | J.D Power Rating | Get A Quote | |
|---|---|---|---|---|---|
| Nationwide |
Overall |
|
A+ |
816 |
Instant Quote |
| Travelers |
Discounts |
|
A |
794 |
Instant Quote |
| Amica |
Runner-Up |
|
A+ |
849 |
Instant Quote |
| Chubb |
High-Value Condos |
|
A++ |
809 |
Instant Quote |
Best Condo Insurance Companies In Indiana 2024
Best Runner-Up
Key Statistics
Why We Like Them
⇅Recognized for excellent customer service and a wide range of coverage choices, Amica is a top condo insurance provider. They offer comprehensive coverage and the option to save up to 20% by bundling your auto and condo policies. The Platinum policy adds further protection with extra coverage options.
They provide competitive pricing, with rates lower than some top competitors, including Allstate. Additionally, their low complaint rate suggests a generally satisfying customer experience.
Benefits & Drawbacks
⇅- Exceptional financial strength
- Highly satisfied customers
- Wide range of coverage options ✓
- AM Best rating dropped in 2017
- Premiums are above the average
- Dividend policies unavailable in Indiana ✘
Best Overall
Key Statistics
Why We Like Them
⇅For Indiana condo owners searching for insurance, Nationwide should be a top consideration thanks to its wide-ranging coverage and useful add-ons, like protection for fixtures, additions, installations, and upgrades.
In addition to providing personalized coverage for your condo, your belongings, and your protection, Nationwide covers extra costs if you’re unable to live in your home because of damage.
The company also stands out for its quick and efficient claims process. With a dedicated customer service team, they provide timely and fair solutions, enhancing customer satisfaction.
Benefits & Drawbacks
⇅- Ideal for extended protection
- Cost-effective rates
- Minimal number of complaints ✓
- Possibility of higher premiums later
- Discounts may be short-lived
- Not suitable for lower-priced condos ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅For those focused on saving, Travelers Insurance is a top choice. It provides multiple discounts for condo owners, offering affordable rates without compromising the quality of coverage.
A key discount they offer is the multi-policy discount. You can save up to 15% on your condo insurance by bundling it with auto or other policies from Travelers, while also making it easier to manage your insurance.
You can also save on condo insurance with Travelers by installing safety devices in your home. The company appreciates proactive risk management and offers reduced premiums to customers who do so.
Benefits & Drawbacks
⇅- Competitively priced
- Financially stable
- Discounts available for bundling policies ✓
- Higher complaint rate than some major competitors
- Not widely available everywhere
- Potential for a banned dog breed list ✘
Best For High-Value Condos
Key Statistics
Why We Like Them
⇅For luxury condo insurance, Chubb’s Masterpiece policy is a great option, offering extended replacement cost for added coverage. You can further customize your policy by including extras like identity theft and cyber protection.
With these and other insurance options designed for the specific needs of affluent homeowners, Chubb is the right choice for high-value condo insurance in Indiana.
Benefits & Drawbacks
⇅- Top-notch customer service
- Low number of complaints
- Offers extended coverage ✓
- Pricy for lower-value homes
- More expensive than top competitors
- Lacks BBB accreditation ✘
How Much Condo Insurance Do I Need In Indiana?
How much condo insurance you need in Indiana depends on several factors, including the structure of your condo, the worth of your personal items, and the extent of coverage provided by your condo association’s master policy. You may also want to add loss assessment coverage to help cover damages to common areas in the condo complex.
How Much Condo Insurance Is Legally Required In Indiana?
While there is no legal requirement for condo owners in Indiana to carry insurance, it is frequently a stipulation set by mortgage lenders or condo associations. Typically, condo insurance policies provide liability coverage ranging from $100,000 to $500,000.
How Much Is Condo Insurance In Indiana?
Condo insurance varies for everyone, so to help you choose wisely, I’ve created the following comparison tables of condo insurance costs.
Average Cost Of Condo Insurance – By City
This next table outlines the average monthly and yearly condo insurance rates paid by residents in 10 of Indiana’s largest cities.
| City | Average Annual Rate | Average Monthly Rate |
| Indianapolis | $670 | $56 |
| Fort Wayne | $593 | $49 |
| Evansville | $496 | $42 |
| South Bend | $630 | $53 |
| Carmel | $612 | $51 |
| Fishers | $599 | $50 |
| Bloomington | $594 | $49 |
| Hammond | $624 | $52 |
| Noblesville | $592 | $49 |
| Lafayette | $570 | $47 |
Average Cost Of Condo Insurance – By Building Property Limits
The correct amount of condo insurance is based on the value of your condo and personal items. The first table presents a comparison of average annual rates for different building property limits in Indiana.
| Building Property Limit | Average Annual Rate |
| $40,000 | $530 |
| $60,000 | $598 |
| $80,000 | $660 |
| $100,000 | $720 |
Average Cost Of Condo Insurance – By Company
In this last table, we’ll examine the average yearly cost of condo insurance in Indiana, as provided by the leading insurance companies in the country.
| Insurance Company | Average Annual Rate |
| Nationwide | $672 |
| Farmers | $470 |
| State Farm | $285 |
| Allstate | $392 |
| Indiana Farmers | $298 |
| USAA | $661 |
| Travelers | $980 |
| Auto-Owners | $710 |
| American Family | $580 |
Remember that the figures in the tables above are estimates and may fluctuate due to various factors, including the amount of insurance you require, your condo’s location, and its architectural features.
When choosing a policy, don’t focus solely on price. It’s essential to find affordable insurance that offers comprehensive coverage, along with an insurer known for strong financial ratings and excellent customer service.
What Does Condo Insurance Cover In Indiana?
Condominium insurance, or HO6 insurance, in Indiana typically protects all aspects within the unit, including walls, floors, fixtures, cabinets, and personal items from damage and theft. Most policies also offer coverage for shared areas in the complex through loss assessment coverage, which usually begins at $1,000 but can often be raised.
How To Find The Best Condo Insurance Company For You
Given that your condo may be your most cherished asset, it’s vital to obtain quality coverage to shield it from financial loss. Finding the right policy tailored to your needs will require time and dedication. To assist you, here are five actions you can take to safeguard yourself, your family, and your possessions:
- Figure out the level of condo insurance that is necessary for you.
- Research condo insurance companies online and pick three that you find most reassuring.
- Ask each of the three selected companies for a quote.
- Evaluate the coverage, rates, financial ratings, customer reviews, and discount offers of each provider.
- Apply for condo insurance with the company that offers the best fit.
Factors That Impact The Cost Of Your Condo Insurance Policy
How much you pay for condo insurance in Indiana is determined by the following four key factors:
Physical Address
Condos in high-risk areas of Indiana, like those with high crime rates or exposure to severe weather, will generally have higher insurance premiums. Indiana’s frequent wildfires also drive up the cost of condo insurance.
Claims History
Prior insurance claims may label you as a high-risk customer to insurers, causing you to pay more for condo insurance. Conversely, having no claims can lower your premiums.
Age and Construction Type of Your Condo
If your condo is older, you’re likely to face higher premiums due to increased risk of damage from outdated electrical, plumbing, or HVAC systems. The materials used in construction also matter—those built with fire-resistant materials might enjoy lower premiums in Indiana.
Replacement Cost
The replacement cost is the estimated price to rebuild your condo unit in the event of damage. The higher this value, the more you’ll pay in insurance rates.
Our Methodology
In my search for the best condo insurance companies in Indiana, I used J.D. Power’s customer satisfaction scores, AM Best’s credit ratings, and feedback from consumer review sites, combined with my experience as a former licensed property and casualty agent in Indiana specializing in condo insurance.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
FAQs
How much is condo insurance in Indiana?
In Indiana, condo insurance typically costs $595 per year, or $49 monthly. However, actual rates can vary greatly based on location, coverage amount, and the policyholder’s claims history.
How does condo insurance work?
Condo insurance helps cover repair or replacement costs for your unit’s interior and personal belongings if they’re damaged or stolen. It also offers liability coverage and fills any gaps in the master policy, providing financial protection.
Sources
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