Cheap Renters Insurance Indiana 2021

Last modified: September 10, 2021

Are you scouring the internet for cheap renters insurance in Indiana? With so many options available, it’s quite understandable why you feel like you’re stuck in a rut. 

Renters’ insurance is a must-have if you’re planning on renting a home. However, most of us are too dazed by all the technical lingo to summon the courage to sign a contract. You see renters’ insurance isn’t just a requirement in your landlord’s contract, but it can help protect your belongings from theft, fire, or other damages.

On average, renters’ insurance in Indiana costs around $14 per month, and the average premium may total up to $174, which is pretty close to the national average. Still, you shouldn’t decide solely based on price, which is why we’ve tailored this post around numerous other factors that can help shortlist insurance companies.

Here we listed cheap yet good insurance companies based on their: 

  • Coverage options
  • Ratings 
  • Customer support and
  • Value for money

In addition to these, you can also scroll further down to find a holistic buyer’s guide and FAQ section to help you find the best renters’ policy and most affordable renters’ insurance in Indianapolis. If you are renting a property outside of Indiana, make sure to check out our list of best renters insurance providers

How to Choose the Best or Cheap Renters’ Insurance in Indiana

Are you wondering what factors are used to determine the average cost of renters’ insurance in Indiana? 

Quite like the average consumer, most renters and homeowners value affordability, but would you be willing to trade great value for a great price? If not, then the chances are that you will find cheap renters’ insurance in Indianapolis, but you might risk losing quality coverage options and customer service.

Commonly, renters’ insurance companies generate quotes for clients based on several factors,  including:

  • Personal property coverage
  • Liability coverage
  • Additional living expenses coverage 
  • Medical payment coverage
  • Deductible and loss of use

What you need to do is see through the technicalities in each renters’ policy and look for factors that, for instance, protect your guests, your belongings, your loved ones from bodily injury, and whatever else you value most in your home. 

Besides your personal preferences, it is also advisable to consider additional coverage options. In doing so, you will be able to evaluate your insurer’s premium or charge per month based on their services, how they handle claims, user testimonials, and reviewer ratings. This will help you see through the average cost of renters’ insurance in Indiana and find the best renters’ policy for your needs.

Once we’ve reviewed some platforms for cheap renters’ insurance in Indianapolis, you may use the following as an example of how you can calculate quotes for better perspective:

  • Personal property coverage – $20000
  • Liability Coverage – $100,000
  • Medical Payment Coverage -$1000
  • Deductible – $500
  • Loss of Use – 0

Best and Cheapest Companies for Renters’ Insurance in Indiana

Progressive

  • Coverage Details

    • Personal property coverage: $15,000 to $150,000
    • Liability Coverage: $100,000: $300,000, or $500,000
    • Medical Payment Coverage: $1000, $3000, or $5000
    • Deductible: $250, $500, $1000, or $2500
    • Loss of Use: 40% of personal property

Optional Coverages

  • Water backup
  • Personal injury
  • Earthquakes
  • Computers
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 0.79
    • JD Power Rating: 835/1000
    • A.M Best Rating: A+
    • BBB Rating: A+
  • Cost Per Month

Progressive’s starting price for renters’ insurance for apartments in Indiana is $17/month. On their website, their insurance policies for renters are listed for $13 and $25 per month based on different coverage options and other factors.

Pros

  • Cheapest renters’ insurance in Indiana
  • App streamlines bill payment and filing claims
  • Offers discounts by bundling multiple insurance products

 Cons

  • Discounts and coverages are only available in some states

 

State Farm

  • Coverage Details

    • Personal property coverage: 0
    • Liability Coverage: $100,000 to $1,000,000
    • Medical Payment Coverage: $1000 to $5000
    • Deductible: $500 to $2000
    • Loss of Use: 0

Optional Coverages

  • Computers
  • Jewelry
  • Waterbed
  • Earthquake damage
  • Identity restoration
  • Incidental business liability
  • Additional business property
  • Additional liability coverage
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 0.35
    • JD Power Rating: 836/1000
    • A.M Best Rating: A++
    • BBB Rating: A+
  • Cost Per Month

State Farm monthly cost for renters’ insurance can be as low as $7.58, and their deductibles stand at $1000.

Pros

  • No limit on personal property coverage
  • Offers multiple optional coverages
  • Cheapest renters’ insurance coverage with respect to the national average for premiums

 Cons

  • Doesn’t offer customer service round-the-clock

Safeco

  • Coverage Details

    • Personal property coverage – $20000
    • Liability Coverage – $100,000
    • Medical Payment Coverage -$1000
    • Deductible – $500
    • Loss of Use – 0
  • Cost Per Month

Safeco’s renters’ insurance policies are offered at $19.58. However, you can save some money with their bundling discounts.

Pros

  • File claims are handled round-the-clock
  • Bundling discounts up to 15%
  • Timely payments can help renters save money

 Cons

  • Safeco doesn’t update their website or agent contact information

Travelers

  • Coverage Details

    • Personal property coverage: Up to 10% of property coverage
    • Liability Coverage: $100,000 to $1,000,000
    • Medical Payment Coverage: $1000 
    • Deductible: $500 to $2000
    • Loss of Use: Not specified

Optional Coverages

  • Replacement cost of personal belongings
  • Umbrella coverage
  • Flood coverage
  • Coverage of valuable items (computers, jewelry, fine art, etc.)
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 0.46
    • JD Power Rating: 796/1000
    • A.M Best Rating: A++
    • BBB Rating: A+
  • Cost Per Month

Since you’re looking for cheap renters’ insurance in Indiana, you’ll be glad to know that their cost per month is as low as $11.08. 

Pros

  • Discounts available for renters who buy multiple policies
  • User-friendly digital platform
  • Easy to create an account

 Cons

  • Travelers may charge extra to replace personal belongings

Hastings Mutual

  • Coverage Details

    • Personal property coverage: Entire value of property
    • Liability Coverage: Not specified
    • Medical Payment Coverage: Not specified 
    • Deductible: Not specified
    • Loss of Use: Not specified

Optional Coverages

  • Coverage on anti-theft devices
  • Personal umbrella coverage
  • Greenhouse coverage
  • Business owners coverage
  • Personal auto coverage
  • Identity recovery coverage
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 0.76
    • JD Power Rating: Not Rated
    • A.M Best Rating: A+
    • BBB Rating: A+
  • Cost Per Month

Pros

  • Flexible and affordable rates
  • Discounts on multiple policies
  • Established 130 years ago

 Cons

  • Doesn’t offer digital services, and you will have to call an agent for quotes

Lemonade

  • Coverage Details

    • Personal property coverage: No limit
    • Liability Coverage: No limit
    • Medical Payment Coverage: No limit
    • Deductible: Not specified
    • Loss of Use: 0

Optional Coverages

  • Valuables coverage
  • Extra reconstruction costs
  • Earthquake coverage
  • Water backup
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 0.81
    • JD Power Rating: 866/1000
    • A.M Best Rating: Not Rated
    • BBB Rating: Not Rated
  • Cost Per Month

 

Pros

  • Truly the cheapest renters’ insurance in Indiana
  • Transparent sign-up process and easy claims processing 
  • A percentage of Lemonade’s revenue is donated to charitable organizations

 Cons

  • Lemonade’s services aren’t available in all states

Allstate

  • Coverage Details

    • Personal property coverage: $25,000 to $150,000
    • Liability Coverage: $100,000 to $500,000
    • Medical Payment Coverage: $1000 to $5000
    • Deductible: $250 to $1000
    • Loss of Use: 0

Optional Coverages

  • Flood insurance
  • Umbrella coverage
  • Scheduled coverage
  • Additional coverage for business properties
  • Identity theft coverage
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 0.81 (2017)
    • JD Power Rating: 835/1000
    • A.M Best Rating: A+
    • BBB Rating: A+
  • Cost Per Month

This insurance provider may not be the cheapest with a $23 per month starting cost, but they certainly qualify for the best renters’ insurance Indiana has to offer due to the value you get for that price tag.

Pros

  • Retired or older renters can avail of up to 25% on premiums
  • 15% discount for installations of safety equipment
  • Plenty of optional coverage options

 Cons

  • Rated poor in terms of customer service

Farmers

  • Coverage Details

    • Personal property coverage: 0
    • Liability Coverage: $100,000 to $500,000
    • Medical Payment Coverage: 20% of personal property
    • Deductible: Not specified
    • Loss of Use: 20% of personal property

Optional Coverages

  • Identity recovery
  • Replacement cost
  • Personal article floaters
  • Financial Strength and Customer Support Ratings

    • NAIC Ratio: 1.54
    • JD Power Rating: 839/1000
    • A.M Best Rating: A
    • BBB Rating: A+
  • Cost Per Month

Farmers’ offers policies starting from $21.46 per month for renters’ insurance for apartments in Indiana. 

Pros

  • Offers customizable coverage options
  • Premiums can be customized by varying deductibles
  • No paperwork required

 Cons

  • Farmers’ services aren’t available in every state.

 

City Average
Indianapolis $23
Fort Wayne $18
Evansville $18
South Bend $23
Carmel $18

Buyers Guide

How Renters Insurance Works In Indiana

New Indiana law affects renters insurance in many ways. For instance, it is the renter’s obligation to handover their rental unit back to the landlord in the condition they received it before signing the lease. Similarly, tenants have a right to legal action against their landlord if they experience a breach of privacy or less-than-average living conditions. In either case, cheap renters’ insurance in Indiana is a safety net for all against property damage claims or damage to your personal property.

If you split Indiana homeowners into two, one half of the state will be made up of renters and college students looking for a home. Be that as it may, it can be quite challenging to find decent rental apartments or housing in Indiana, and most professional landlords here require their renters to have an insurance policy before they can sign a lease. 

Moreover, renters commonly ask whether their insurance policy moves with them, but that’s not how it works. Personal property coverage may cover the cost of replacing your property. However, the policy doesn’t cover the costs of moving elsewhere while repairs are still in progress.

Types of Renters Insurance in Indiana

The average renters’ insurance in Indiana is covered by two basic policies – Broad and Comprehensive. Both of these policies provide coverage for ‘Named Perils,’ which simply means coverage of certain losses except those excluded by the insurance provider. What sets Comprehensive policies apart is that they provide coverage for ‘All Perils,’ which is pretty much exactly what it sounds like (again, except named exclusions).

What Does and Doesn’t Renter’s Insurance Cover In Indiana

Renters’ Insurance Coverage

Both the best and cheap renters’ insurance in Indiana provide coverage for all of the following:

  • Personal Property Coverage: covers all your belongings
  • Loss Of Use Coverage: a.k.a additional living expenses, provide coverage when you suffer losses to your property. This may be due to:
    • Floods
    • Tornadoes
    • Theft
    • Extreme weather
    • Other forms of damage to your personal property
  • Personal Liability Coverage: covers losses you may cause to others, including, but not limited to, what you may cause in your defense. 

Optional Coverages

Optional coverages can be thought of as add-ons to your original insurance policy and are typically tailored to meet your basic needs. These coverages may include:

  • Personal injury: provides coverage for expensive lawsuits
  • Water back-up: provides coverage for water damages caused by backed-up sewers or sump pumps
  • Valuable coverage: insures more valuable belongings such as antiques, jewelry, etc.

 

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

What Factors Impact Renters Insurance Premium?

Your renters’ insurance premium may be affected by the following factors:

  • The number of personal belongings to be insured
  • The cost of liability coverage
  • Additional living expenses or the loss of use coverage
  • Deductibles
  • Actual value of the property versus its replacement cost
  • Pets
  • Location of property
  • Type of residence

How Much Is Renters Insurance in Indiana?

The average renters’ insurance premium in Indiana can cost around $174. However, this cost may vary based on the number of factors listed above.

What Are the Renter Insurance Laws in Indiana?

While there may be no federal law requiring renters to buy renters’ insurance, the laws that bind both tenants and landlords make insurance all the more important. What’s more, most professional landlords require tenants to have renters’ insurance.

Is Flood Damage and Wind Damage Covered Under Renters Insurance In Indiana?

While most insurance providers don’t cover flood damages, it is quite possible to find those that do. Similarly, if you clearly read the fine text, you’ll find that some insurance providers do cover wind damages, whereas others only list ‘tornado policies,’ which doesn’t include the former.

Does Indiana Renters Insurance Cover Liability Outside the House?

Yes, renters’ insurance in Indiana covers theft, which includes theft outside their homes. Similarly, liability coverage also covers damages renters may cause outside their home, to say, their neighbors’ home.