How Much Does Renters Insurance Cost in Indiana?
The average renters insurance premium in Indiana is $15 per month. This is the same as the national monthly average, meaning most Hoosiers’ renters insurance costs are not especially high. Basic renters insurance policies start at around $11 a month and increase in price based on the amount of coverage you choose.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners, 2019|
Your coverage limit is the maximum amount of money your insurance company would pay out after you experience an unexpected loss such as a break-in or fire. Minimum-coverage renters insurance policies are often very cheap. If you need more coverage, you can likely increase your limit significantly for just a few extra dollars a month.
In Indiana, you could secure $14,000 of coverage for just $14 a month. However, you may be able to triple that coverage to $44,000 for the additional cost of only $2 per month! This low cost is often worth the peace of mind that comes with being fully prepared for unexpected loss or damage to your furniture, instruments, clothing and other belongings.
Almost two thirds of Indiana tenants are uninsured. This may be because people aren’t aware of the value of renters insurance, or they assume renters insurance is expensive. That’s a lot of rental homes left unprotected from potential disasters.
63% of Indiana renters don't have renters insurance.
Be part of the 37% of Hoosiers who are smart enough to get renters insurance!
Indiana renters insurance companies
Hoosiers can choose from a variety of national companies, as well as local insurers like the Indiana Farm Bureau. While it’s important to find a good deal, the cheapest plan may not actually be the best financial choice in the long term.
To get the most value from your plan, we recommend looking into customer service ratings. If you have to file a claim, you want to be sure that your insurance company is on your team when it comes to replacing your belongings or dealing with other issues.
QuoteWizard evaluates customer service using two different metrics. The J.D. Power overall satisfaction score summarizes consumer surveys on a thousand-point scale, while the NAIC Complaint Index measures the number of complaints compared to the national average of 1.0 (meaning a lower score indicates fewer complaints). Here’s how Indiana’s best renters insurance companies compare:
|Company||2019 J.D. Power overall satisfaction (out of 1,000)||2019 NAIC Complaint Index (lower is better)|
|Indiana Farm Bureau||—||0.88|
|Indiana Farmers Mutual||—||0.40|
According to our study, USAA provides the best customer experience. However, since USAA is only available to military members, veterans and their eligible relatives, you may need to look elsewhere for a plan that suits your situation. Shopping around and comparing renters insurance quotes is key to finding the right package for you at a good price.
Some other factors you may consider when looking for your best policy include:
Deductibles: A deductible is the amount you have to pay in the event of a covered loss before the insurance company pays you. While a higher-deductible policy may be cheaper, keep in mind that you’ll likely be on the hook for that chunk of money before the benefits of insurance kick in.
Actual cash value versus replacement cost: After a covered loss, your insurer can either cover the cost of replacing your item with a new one at retail value or they can calculate the value of your item after taking depreciation into account. Replacement cost is often considered better because you get new stuff, but it’s usually more expensive as a result.
Bundling: If you already have insurance for your car or boat, you may be able to get a reduced rate if you bundle your renters insurance through the same company. However, this doesn’t always guarantee the lowest rate, so it’s still good to get quotes from several companies.
Compare quotes from the best renters insurance companies in Indiana.
What does renters insurance cover?
Renters insurance safeguards more than just your stuff. It’s actually a package of protections that could also cover your assets and guard you from liability in other scenarios, such as injury or other disasters.
Most renters insurance policies include four coverage areas:
- Personal property coverage protects your belongings in case of loss or damage. Some policies have coverage caps or deductibles for big-ticket items like fine art, electronics, jewelry and furs. If you need to personalize your coverage, contact your insurance company for an adjustment or consider adding a rider. It’s not uncommon for renters to have between $20,000 and $30,000 worth of belongings in total. When in doubt, it’s wise to err on the side of being slightly over-insured.
- Personal liability protection can help you in case you are found liable for another person’s injury or property damage. Renters liability insurance typically starts around $100,000, but may go as high as $500,000.
- Similar to personal liability protection, medical payments to others covers injuries to guests that occur in your home. Regardless of fault, it may cover the costs of medical treatment, typically up to around $3,000 or $5,000.
- Loss of use is designed to cover additional living expenses if your rental is unlivable after a covered incident. For example, if your house catches on fire, the cost of a short-term hotel stay may be covered under some policies.
Renters insurance laws in Indiana
Like many states, Indiana regulates insurance companies though a body called the Indiana Department of Insurance. Indiana has no law mandating that renters purchase insurance, giving you some flexibility when it comes to customizing your coverage options.
While state law does require your landlord to have their own insurance, landlord insurance covers only the physical structure of the home. In addition, many landlords may require renters insurance as part of your lease. To get the best legal and financial protection possible, you’ll likely want to have your own renters insurance policy.
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