In Fishers, Indiana, Home Insurance Rates Differ by up to $650
By: Ramu Garuda October. 23, 2018
Gavop’s recent study of home insurance prices in Fishers, Indiana, shows that a typical home in the city is valued at $209,500, the median insurance cost is $920, and the savings between the 25th and 75th percentiles of insurance premiums is $650.
Fishers is a city in Hamilton County in the US state of Indiana. Its population has grown rapidly over the last three decades. It currently has a population of 91,832 (according to 2017 data from the US Census Board). A study of home insurance premiums in the city and nearby areas would offer a unique insight into the current home insurance market.
Gavop studied typical home values, median insurance rates, and the home insurance savings between the 25th and 75th percentiles of premiums in Fishers, Hamilton County, Indiana and 9 places located within a 50-mile radius of the city. Typical home values in this area range between $63,900 and $214,400.
Of the 9 places, Hensley shows the highest savings of $560, with a typical home value of $168,000 and a median home insurance premium of $790. Floyd, with potential savings of $460, is at second place. Here a typical home is valued at $124,800 and the median insurance value is $640. In Stilesville, residents can save $410 by choosing the 25th percentile premium instead of the 75th percentile one. A typical home in the area costs $110,100, and a median home insurance premium costs $630. In Rushville, residents can save about $330. The typical home value here is $92,300, and the median insurance is $440. In Grant County, the savings are about $290, a typical home is valued at $81,300, and the median home insurance is $400.
The following graph compares the median as well as the 25th and 75th percentiles of home insurance premiums for the above-mentioned locations.
The following table lists the typical home values, median home insurance prices, 25th and 75th percentiles of insurance premiums, and the potential savings between the two percentiles for 10 locations within a 50-mile radius of Fishers. In addition, it lists the
values for the county and state for the same categories.
| Place | Typical Home Value | Median Home Insurance Costs | 25th Percentile | 75th Percentile | Potential Savings & Difference between the 25th & 75th Percentiles |
|---|---|---|---|---|---|
| Indiana | $123,400 | $700 | $480 | $1,000 | $520 |
| Hamilton County, IN | $214,400 | $1,090 | $780 | $1,500 | $720 |
| Fishers, IN | $209,500 | $920 | $650 | $1,300 | $650 |
| Hensley, IN | $168,000 | $790 | $540 | $1,100 | $560 |
| Floyd, IN | $124,800 | $640 | $450 | $910 | $460 |
| Stilesville, IN | $110,100 | $630 | $450 | $860 | $410 |
| Rushville, IN | $92,300 | $440 | $300 | $630 | $330 |
| Grant County, IN | $81,300 | $400 | $280 | $570 | $290 |
| Wildcat, IN | $79,300 | $360 | $240 | $510 | $270 |
| Hartford City, IN | $64,700 | $310 | $210 | $430 | $220 |
| Anderson, IN | $77,400 | $310 | $220 | $420 | $200 |
| Mooreland, IN | $63,900 | $290 | $210 | $400 | $190 |
ABOUT THE AUTHOR
Ramu Garuda
Ramu is a research analyst with over 9 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.
