Best Renters Insurance in Indiana (2024)
Learn more about coverage, costs, and benefits of an Indiana renters insurance policy.
As a renter, protecting your personal property is important. Unfortunately, your landlord’s insurance won’t cover damage or incidents that affect your belongings. Therefore, a renters insurance policy is a sensible option to protect your valuables. Quartz Advisor compared the best renters insurance companies in the United States. We narrowed our list down to the top providers in Indiana based on coverage, cost, endorsements, and available discounts.
6 Best Renters Insurance Companies in Indiana
Here are the top renters insurance providers in Indiana:
- Lemonade: Best for Easy Coverage
- Toggle: Best for Flexible Pricing
- State Farm: Best for Valuables Coverage
- Liberty Mutual: Best Value
- Allstate: Best for Unique Coverage
- Farmers: Best for Loss of Use Coverage
For this article’s coverage information, our team pulled quotes for a 1,392-square-foot, single-family home in Indianapolis. Your pricing, deductible, and available coverage may vary depending on your home’s size, type, location, applicable discounts, and your chosen plan and endorsements.
Lemonade
Best for Easy Coverage
Toggle
Best for Flexible Pricing
State Farm
Best for Valuables Coverage
Liberty Mutual
Best Value
Allstate
Best for Unique Coverage
Farmers
Best for Loss of Use Coverage
What Is the Average Cost of Renters Insurance in Indiana?
According to the Insurance Information Institute (III), renters insurance in Indiana costs around $164 annually or $13.67 monthly. The state ranks 25th in the nation for the most expensive renters insurance. Here is a list of factors that affect renters insurance rates:
- Coverage amount: The amount of coverage you need determines your monthly premium. The higher the limit for your personal property, liability, loss of use, and medical coverage, the more your policy will cost.
- Deductible choice: The deductible you choose affects your monthly premium. A higher deductible lowers your monthly premium. A lower deductible increases your monthly premium.
- Dog breeds: Some providers won’t grant coverage if you own a high-risk dog breed. Other providers do grant coverage but at a higher rate. Common dog breeds that renters insurance companies consider aggressive are Doberman pinschers, German shepherds, pit bulls, and Rottweilers.
- Location: Insurance policies are more costly in areas known for severe weather or high crime rates.
What Does Renters Insurance Cover?
Renters insurance covers more than just your valuables. Here is a list of the four types of renters insurance coverage:
- Liability coverage: Liability coverage protects you financially from incidents you cause. For instance, it covers legal fees if you are found responsible for damaging someone’s property.
- Loss of use coverage: Loss of use coverage covers additional living expenses when you can’t live in your home due to a covered loss. Common expenses include meals, laundry, and lodging fees.
- Medical payments to others coverage: Medical payments to others coverage covers most medical expenses due to someone injuring themselves in your home.
- Personal property coverage: Personal property coverage covers your belongings in your home. Some providers cover high-value items, such as art, within standard coverage, while others cover them via an endorsement.
What Risks Do Renters in Indiana Face the Most?
Indiana is a relatively low-risk state. Like all states, however, renters should be aware of its risks, including the following:
- Crime: Crime, such as theft or vandalism, can occur anywhere in the state. Renters insurance will pay out the value of your item minus your deductible if it is stolen or vandalized.
- Floods: Floods are another risk renters should consider. If you live near a river, purchase a renters insurance policy to safeguard your valuables.
Our Conclusion
Quartz Advisor recommends Lemonade for its easy sign-up process. We also like Lemonade’s coverage flexibility. For those who prefer having an insurance agent, State Farm is a solid choice. Liberty Mutual is another reputable provider worth considering if you need affordable coverage.
We recommend pulling quotes from at least three providers to compare costs, exclusions, and coverage types before deciding on a renters insurance provider.
FAQ About Renters Insurance in Indiana
What is a homeowners insurance policy?
A homeowners insurance policy is an insurance plan designed to protect your home. Homeowners insurance typically covers bodily injury to others, fire and water damage, property damage, and theft.
What doesn’t renters insurance cover?
Renters insurance doesn’t cover some natural disasters, such as earthquakes or floods, within standard plans. However, some providers offer coverage for these incidents as endorsements. Renters insurance also doesn’t typically cover damage to your car or your roommate’s property.
What is a deductible?
Generally, you file a renters insurance claim online or over the phone with an agent. Some companies provide a mobile app, which makes filing a claim more convenient.
What is blanket jewelry coverage?
A deductible is the dollar amount you pay when your provider reimburses a claim you filed. For example, if your deductible is $1,000 and your provider values your claim at $3,000, you will receive $2,000.
Our Rating Methodology
