Best Renters Insurance in Indiana
- Best Renters Insurance in Indiana
You can’t control everything in your life. Renters insurance is there for you when those uncontrollable events interfere with your life by causing property damage.
For roughly the cost of a monthly TV subscription, renters insurance can cover hundreds of thousands for you that would otherwise come out of your own pocket.
Before you bind a policy, read this informational guide for help with finding the best renters insurance in Indiana.
How Much Is Renters Insurance in Indiana?
The average cost of renters insurance in Indiana is about $17 per month, which adds to $200 yearly. Rates from select companies ranged from $12 to $32 per month. The exact cost of renters insurance for you will fluctuate depending on several factors.
Insurance companies determine their premiums through a process called underwriting. Underwriting for renters insurance involves examining characteristics of the policyholder, the rental property, the neighborhood overall, and more that we’ll break down later. Underwriting for homeowners or landlord insurance will have different variables that produce different premiums.
To get a good picture of what you might expect to pay for renters insurance in Indiana, look below at this breakdown of rental insurance rates in Indiana by company.
Indiana Renters Insurance Rates by Company
Avg. Annual Rate
Avg. Monthly Rate
Companies With Cheap Renters Insurance in Indiana
Of the companies we examined, State Farm offered the cheapest renters insurance in Indiana. Farmers and Nationwide were also affordable options.
Although the difference of a few dollars a month may not seem like much, it adds up over time. Yearly rental insurance rates in Indiana from the carriers we analyzed varied by up to $236 annually. If you don’t shop around for coverage, you could pay more than you need for protection.
Travelers was the most expensive option on our list, but that doesn’t mean you can’t find cheap renters insurance in Indiana from them. They may be more affordable in some areas than others. You might also save money with them by bundling or qualifying for other discounts based on age, military status, home construction, and more. Always ask about discounts for which you can qualify.
What Does Renters Insurance in Indiana Cover?
Renters insurance covers your personal property from sources of damage called perils. Policies typically cover over a dozen perils, but theft, fire damage, and water damage are some of the most common ones. Your plan also covers other things that could cost you money out of pocket.
Here are brief explanations of all coverages in an Indiana renters insurance policy:
Personal Property Coverage
Personal property coverage financially protects your belongings from several possible sources of damage. Covered items typically include clothes, electronics, furniture, tools, jewelry, art, and more.
Loss of Use Coverage
Loss of use coverage helps cover expenses you incur if you must move out of your rental after it suffers property damage that makes it uninhabitable. Your insurance company can cover lodging, gas, food, and more through loss of use coverage while you’re displaced.
Liability coverage financially limits your liability by covering medical expenses and legal fees if a guest gets hurt while visiting you and pursues you in court for the damages.
Medical Payments Coverage
Medical payments to others also covers injuries guests or visitors can suffer. But, it’s designated for minor injuries only, and no legal liability is required.
How to Get the Best Renters Insurance in Indiana
The best renters insurance in Indiana will sufficiently cover your personal property and liability at an affordable cost. To get the best coverage at the best price, you need to compare quotes from multiple companies, keeping your coverage needs in mind.
You can adjust some aspects of your policy to either save money or enhance your coverage. When getting quotes for renters insurance, providers ask you how much coverage you want. The higher coverage limits you choose, the more your premiums increase. You need to find the right balance.
Create a home inventory that lists all your personal property and what you paid for every item. The total you get is the amount of personal property coverage you need to be completely covered in a worst-case scenario. You should get at least this amount of personal property coverage to be safe.
Insurers usually require at least $100,000 of coverage, but often recommend limits of between $300,000 and $500,000 just to be safe.
Consider opting for higher liability limits if you have a high net worth. For instance, if you have $1 million in assets but only $100,00 of liability coverage, you’re well short of what you own, and you may need to draw from personal savings to cover someone’s serious injuries. Also, consider higher limits if you have a dog, as claims from dog incidents can be very costly.
Getting Renters Insurance in Indianapolis
Renting in Indianapolis, Indiana’s largest city, is common for many residents regardless of age or occupation. All renters should have renters insurance in Indianapolis to protect them from theft, possible displacement, and more.
Some parts of Indianapolis are prone to theft. Additionally, the city is subject to seasonal weather that can damage property, such as severe snowfall and hail. To protect yourself and your family from these events and other incidents out of your control, you should invest in the right renters insurance.
Renters insurance in the nicest parts of Indianapolis may have higher rates because renters here may have more valuable belongings. Students in Indy, who are usually renters, may have lower rates because they don’t often don’t have too many items. Plus, many insurers offer discounts to students.
What Affects the Average Cost of Renters Insurance in Indiana?
Renters insurance in Indiana costs about $200 annually or $17 per month, but this is influenced by many factors. Location, property age, property features, and more can affect the average cost of renters insurance in Indiana.
As we touched on earlier, some places in the state are more prone to certain insurance claims than others. Homes more prone to theft, flooding, tornadoes, or other property damage may have higher premiums.
You may experience higher rates if you live in an older rental property. Homes or apartment buildings with old roofs, old pipes, or other outdated construction methods are more prone to issues that can lead to claims, such as burst pipes or water backup. Insurers will be wary of this before giving you a policy.
Additionally, having certain features at your property can raise your premiums. Having a furnace or wood stove as your primary heat source makes your property more of a fire risk, which insurers are wary of. Having a trampoline, pool, or playground equipment at your property raises your odds of a liability claim, which can also translate to higher premiums.
Alternatively, having a home security system, smart home features, or other safety features can lower your premiums as they make your property safer.
Is Renters Insurance Mandatory in Indiana?
Renters insurance isn’t mandated by law in Indiana, but some landlords require tenants to get renters insurance as a stipulation in lease agreements.
Landlords or property management companies requiring renters insurance are becoming more common, especially in larger apartment complexes. If every tenant has renters insurance, there is less of a liability burden on the complex owner and other residents.
Don’t be surprised if a landlord asks you to get renters insurance before allowing you to move in. Sometimes, they may even ask to be an additional interest in your policy.
Having additional interest status means your insurer will notify your landlord if you change or cancel your policy. This is a way for your landlord to verify that you keep your policy for your whole lease.
How to Get Renters Insurance Quotes in Indiana
You should compare quotes from several companies when getting renters insurance quotes in Indiana. You should look for the best deal, but also find a company with good, friendly customer service. At Clovered, we can help you find this perfect match.
With our proprietary quoting engine, we can compare quotes from some of the top insurers in Indiana at once in minutes. Or, if you’d rather speak to one of our licensed, in-house agents for help with your quote, call us at 833-255-4117. We’re an independent insurance agency specializing in all your property needs.
Feel free to email us with any questions also at firstname.lastname@example.org. We were founded in 2018 to help simplify the insurance process for consumers, and we’d be happy to help you find the cheapest renters insurance in Indiana in any way we can.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.