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Old 12-13-2018, 11:26 AM
 
Location: South Austin, 78745
2,756 posts, read 1,907,657 times
Reputation: 4691

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Quote:
Originally Posted by masters1 View Post
There are a lot of options for insurance in Indiana as it's a desirable state for insurance companies. I would go to an independent agent once you get here and have them run some quote comparisons for you. I've been with Travelers for several years and like them. Every family's situation is different due to all of the different factors that determine rates.
Why is Indiana so desireable for insurance companies? I never thought an insurance company would prefer one state more desireable than another state. Isn't auto insurance a necessary evil in every state?
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Old 12-13-2018, 06:22 PM
 
Location: Carmel
140 posts, read 111,219 times
Reputation: 127
Less litigious, less insurance fraud (unlike CA), no coastal exposure, conservative courts (try writing business in Louisiana where they just give away money), less population-more rural driving, less exposure to large disasters. That's why rates in general are lower compared to many states. It's easier for the companies to make money in IN.
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Old 12-13-2018, 06:57 PM
 
Location: Not the end of the Earth, but I can see it from here
3,276 posts, read 3,422,924 times
Reputation: 3159
Quote:
Originally Posted by masters1 View Post
Less litigious, less insurance fraud (unlike CA), no coastal exposure, conservative courts (try writing business in Louisiana where they just give away money), less population-more rural driving, less exposure to large disasters. That's why rates in general are lower compared to many states. It's easier for the companies to make money in IN.
My car insurance in Indiana for the identical drivers and vehicles is 3X the Indiana rates in Florida. Our state is a no-fault state, meaning that everyone pays pretty much the same for coverage from a no-fault standpoint. The insurance companies like it because it saves them money and avoids litigation and the back-and-forth between companies relative to claims.

The worst part is what's known as "PIP", which is mandatory personal injury coverage that pays out $10,000 per person per incident for medical care, no matter what. And you can imagine the fraud that has developed over PIP over the years. They're trying to find a way to reign it in, but the cow is out of the barn and they're not getting it back in....

When I moved back to Indiana in 2008 I bought a house that had a market value of about $500k and was around 4,000 square feet in size. When my State Farm agent gave me the quote for our homeowner's policy (about $1,100/year) I started laughing. They couldn't figure out what I thought was so funny until I told them what I would pay for the same house and coverage in Florida....

RM
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Old 12-13-2018, 09:53 PM
 
Location: SoCal, but itching to relocate
250 posts, read 159,638 times
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Quote:
Originally Posted by MortonR View Post
When I moved back to Indiana in 2008 I bought a house that had a market value of about $500k and was around 4,000 square feet in size. When my State Farm agent gave me the quote for our homeowner's policy (about $1,100/year) I started laughing.
Oh, my! I sure hope that same $1,100/year premium for homeowner's would stand today. While doing my on-line shopping for potential homes we'd be interested in, I've run some quotes on my insurance carrier's site for homes of similar size and more like $425K in market value, and I'm getting much higher quotes than that (more like $2,150/year). I will definitely be shopping around!
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Old 12-14-2018, 09:36 AM
 
1,048 posts, read 441,365 times
Reputation: 2751
Quote:
Originally Posted by ImmerLernen View Post
Oh, my! I sure hope that same $1,100/year premium for homeowner's would stand today. While doing my on-line shopping for potential homes we'd be interested in, I've run some quotes on my insurance carrier's site for homes of similar size and more like $425K in market value, and I'm getting much higher quotes than that (more like $2,150/year). I will definitely be shopping around!
Just to give you a point of reference, our HO insurance is ~$1000/year for 2400 sq feet. And not a half million dollar home, either. The numbers you are finding seem more in line with what I would expect.
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Old 12-14-2018, 09:59 AM
 
Location: Tennessee
22,022 posts, read 16,239,468 times
Reputation: 25396
State Farm for home and auto. Their rates were the best I've ever had when I lived in Carmel.
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Old 12-14-2018, 11:16 AM
 
Location: Bloomington IN
6,179 posts, read 7,388,401 times
Reputation: 14948
Don't know how accurate this is, but I found it an interesting comparison: https://www.valuepenguin.com/best-ch...urance-indiana
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Old 12-16-2018, 07:52 AM
 
Location: Central Indiana/Indy metro area
1,453 posts, read 2,234,383 times
Reputation: 1339
Quote:
Originally Posted by ImmerLernen View Post
Oh, my! I sure hope that same $1,100/year premium for homeowner's would stand today. While doing my on-line shopping for potential homes we'd be interested in, I've run some quotes on my insurance carrier's site for homes of similar size and more like $425K in market value, and I'm getting much higher quotes than that (more like $2,150/year). I will definitely be shopping around!

I have a fairly new home valued at $310Kish in a rural area so don't get the fire discount (fire station is close, just not municipal water out this way so no hydrants nearby). I also pay a slight premium for some additional theft protection (like up to $5,000 for jewelry), earthquake, and water leak (not flood, but more like if a pipe or connection leaks and causes damage). I have what I believe are the highest limits of liability because we also have an umbrella policy for both home and auto, so we had to max out certain levels on those policies. We pay right at $1,200/year, maybe a bit more. That is for a value of $310Kish but with all those extras I mentioned.


Also, my agent said our costs will go up as the years go on because they give a newer house discount. The first year the policy was only about $900. He said they knew that home builders usually give a year or so warranty and that any issues that arise (ie: Leaking roof) would likely be death with by the builder and not though an insurance claim.
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