Indianapolis, IN Homeowners Insurance Quotes (2023)

The simplest and least comprehensive type of homeowners insurance

Provides coverage for a handful of potential problems, including

• Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
• explosions,
• theft,
• damage from vehicles,
• or civil commotion.

Broad form homeowners insurance policies include all basic form coverage, plus protection from:

• falling objects,
• damage from the weight of ice, snow, or sleet,
• freezing of household systems including HVAC and pipes,
• sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
• accidental discharge or overflow of water or steam,
• sudden and accidental damage.

HO-2 policies typically cover both dwelling protection and personal property.

In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.

The most common form of homeowners insurance is known as a “special form” policy.

While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.

HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.

Tenant’s form policies typically cover all the same dangers as HO-2 policies.

These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.

Some HO-4 policies may also include loss of use coverage for the tenants.

Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.

The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.

An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).

HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.

Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.

They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.

These policies also include personal property and liability coverage and may include loss of use coverage.

If you own a mobile home or manufactured home, you likely have an HO-7 policy.

Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.

Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.

HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.

Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.

HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.

Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

According to recent crime index statistics, Indianapolis has a 38 percent property crime index, meaning your chance of being a victim of property crimes such as vandalism is 1 in 26. Vandalism damage can take many forms, but some of the most common types of vandalism damage are lawn/tree damage, broken windows, graffiti/spray painting, tire slashing, arson, and sign removal. You can’t always prevent vandalism, but you can protect your home and property through homeowners insurance. Homeowners insurance covers damage from vandalism with the exception of vacant homes. If your home is vacant, you’ll need to talk with your agent about coverage options. In some cases, you can purchase a separate policy to cover a vacant home.

When you purchase homeowners insurance, you go into it thinking everything you own is covered. The truth is that in some cases, you may not have enough coverage. Very expensive personal items, such as jewelry, electronics, art, and coin collections, are only covered up to a specific dollar amount by a standard homeowners insurance policy. Your limit for personal property coverage will be stated on your policy’s declarations page. In most cases, it is somewhere between 20 to 50 percent of the policy limit for the structure of your home. Individual items such as jewelry may be covered for as little as $1,000. Luckily, you can add coverage for these expensive personal items through a scheduled personal property endorsement. This will protect your items from losses you may suffer, such as a fire or theft.