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Most homeowners want to cut costs, but finding affordable home insurance should not require sacrificing quality coverage. According to the U.S. Census Bureau, 62% of Fort Wayne homes are owner occupied, with a median home price of $115,100. Fort Wayne residents pay an average annual homeowners insurance premium of $1,023, for $250,000 in dwelling coverage.
To find the best cheap home insurance in Fort Wayne, we looked for companies that excel in customer service, can meet their claims obligations and offer the coverages Indianans need, at an affordable price. We found five great Fort Wayne insurance providers. And all our top carriers offer average annual homeowners insurance rates below the city average.
Best cheap home insurance companies Fort Wayne
Annual premiums are important, but to find the best homeowners insurance companies in Fort Wayne, we also looked for insurers that provide excellent customer support, have sound financial stability, provide excellent standard and optional coverages and extend money-saving discounts.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power score|
Among our top five Fort Wayne home insurance companies, Travelers offers the lowest average annual premiums. The provider offers a handful of potential homeowners discounts, including up to a 5% discount for LEED certified green homes, up to a 12% multi-policy discount and further savings for homes equipped with safety and security devices, such as burglar alarm systems and smoke detectors.
While Travelers’ standard home insurance policies pay actual cash value for covered personal property, the carrier offers optional replacement cost coverage. With this valuable coverage, following a covered loss, you can replace items such as furniture and kitchen appliances at current market prices. Travelers also offers optional scheduled personal property coverage, which provides extra protection for expensive possessions such as coin collections, jewelry and silverware.
Erie Insurance’s standard homeowners policies include guaranteed dwelling replacement cost coverage, a feature some insurers only offer as an option. The guarantee applies to repairs over $5,000, with limited ordinance or law coverage. The provider’s standard policies also include up to $500 in animal, bird and fish coverage to protect the family pet.
Erie also offers optional water backup and sump overflow coverage and service line protection, which covers underground utility lines that connect your house to infrastructure such as a sewer or electrical grid. Customers who purchase more than one Erie insurance policy may qualify for a 16% to 25% multi-policy discount.
American Family pulls ahead of the pack with an impressive selection of optional coverages. Equipment breakdown coverage, which many providers do not offer, covers critical home systems, such as electrical and mechanical systems that keep your home running. Following a covered loss, American Family’s matching siding protection replaces damaged siding and pays up to $20,000 to replace undamaged siding to match the new sections. Through a partnership with CyberScout, American Family also offers optional credit theft protection and monitoring coverage, which alerts you if someone fraudulently opens a credit account in your name.
When you bundle an American Family home insurance policy with car insurance, you could earn up to a 20% discount on your homeowners policy and up to a 29% savings on auto coverage. The carrier also extends a smart home discount to houses equipped with smart home security systems and safety devices such as water monitors. Through a partnership with Frontpoint Home Security Systems, American Family offers its policyholders security systems and 24/7 monitoring service.
In J.D. Power’s 2020 U.S. Home Insurance Study, USAA blew away the competition, earning an overall customer satisfaction index score of 889 out of 1,000. But, USAA does not qualify for ranking in the survey, because it only offers home insurance to members of the U.S. military, veterans, pre-commissioned officers and their kids and spouses.
USAA’s standard home insurance policies include all basic coverages, plus earthquake coverage, which most providers only offer as an add-on. Standard policies also include home sharing coverage, which protects your home if you rent it while on deployment or rent a room to a regular lodger. The insurer’s standard policies also include personal property replacement cost coverage at no additional cost.
Nationwide stands out in the crowd with a notable selection of discounts. The carrier extends a discount to new customers who have continuously insured their home with another provider and an additional savings for homes purchased in the last 12 months. You can also earn a discount if you purchase multiple policies and if your home resides in a gated community or is equipped with safety and security devices. The insurer offers a discount when you renovate your home’s electrical, cooling, heating or plumbing system and when you remain claims free for a specified period.
Nationwide’s standard home insurance policies include ordinance or law coverage, which, following a covered loss, pays to repair your house to current building codes. Standard policies also include credit card coverage, which covers losses caused by forged checks and fraudulent ATM card or credit card transactions, up to a specified limit.
Fort Wayne home insurance considerations
Homeowners insurance is not required by law in Fort Wayne. However, if you carry a mortgage, the lender will require you to buy a home insurance policy. Typically, standard home insurance policies include dwelling, other structures, loss of use, personal liability and medical payments coverages. But Fort Wayne homeowners may want to consider adding a few optional coverages.
- Earthquake insurance: Most homeowners insurance policies do not cover damages caused by earthquakes. Indiana lies near the New Madrid Seismic Zone (NMSZ). According to the Missouri Department of Public Safety, the NMSZ experiences around 200 tremors per year, with magnitude 4.0 or greater quakes occurring about every 18 months. Fort Wayne homeowners can protect their homes and personal belongings with earthquake insurance, which many major insurers offer as an endorsement to home insurance policies.
- Flood insurance: Standard home insurance policies do not cover flood damage. Fort Wayne regularly experiences flood events. The city has endeavored to mitigate flooding by building levees, but in some areas, it has supported home buyout programs for severely threatened dwellings. Houses that lie in certain flood hazard areas, which were purchased with a federally insured loan, require flood insurance. You can buy flood insurance through the National Flood Insurance Program (NFIP). Some major Fort Wayne home insurance providers sell NFIP flood insurance.
- Scheduled property coverage: Insurance companies set limits on the amount they will pay to repair or replace certain types of personal property. But you can purchase scheduled property coverage for added protection for expensive items such as antiques, jewelry, musical instruments and sports equipment. Scheduled property coverage can save the day if your home suffers weather or fire damage, or when burglars strike.
Home insurance discounts in Fort Wayne
When shopping for a new home insurance company, and when renewing an old policy, always try to take advantage of discounts. Some insurers offer a wide variety of homeowners insurance discounts, while others only extend one or two. Common discounts offered to Fort Wayne policyholders include:
- Multi-policy and bundle discounts: Oftentimes, you may be able to earn a discount if you buy more than one policy from the same provider. For example, Erie Insurance extends up to a 25% multi-policy discount, while American Family offers up to a 20% discount when bundling auto and home insurance policies.
- New and renovated home discounts: Some providers award policyholders with a discount when they purchase a new home. Others extend discounts when homeowners renovate major systems such as electrical and plumbing infrastructure.
- Protective device discounts: Devices such as burglar alarms and smoke detectors can save your home from major losses. And many home insurance companies offer potential discounts for homes suitably equipped with protective devices.
Frequently asked questions
What is the best home insurance company?
The best home insurance company depends on your own personal needs and rating factors. When shopping for homeowners insurance, look for a provider that offers great rates, financial stability, customer service and discounts.
How much does home insurance in Fort Wayne cost?
According to Quadrant Information Services, Fort Wayne homeowners pay an average annual homeowners premium of $1,023, for $250,000 dwelling coverage. The price you will pay for home insurance will depend on several factors, including your home’s age, construction type and proximity to a fire station, as well as the amount of coverage you buy and your policy’s deductible.
How much home insurance do I need in Fort Wayne?
Insurance experts recommend carrying enough dwelling coverage to completely rebuild your home. Typically, you can choose the level of personal property coverage you need. But keep in mind that most standard policies only pay actual cash value for personal property. Besides standard coverages, you may also want to consider adding personal property replacement cost coverage, earthquake and flood insurance and scheduled property coverage for expensive possessions.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.