Best and Cheapest Renters Insurance in Indiana (2024)

While Nationwide is the best for $20K in personal property coverage with an annual premium of $101 and a MoneyGeek score of 91 out of 100, the best for you will depend on your needs. If service quality is essential to you, consider Travelers, or if you're a veteran, USAA might be the ideal choice. Each offers different benefits tailored to various needs.

Nationwide is the best renters insurance provider in Indiana, with a MoneyGeek score of 91 out of 100 and an annual premium of $101 for $20,000 in personal property coverage. The best provider typically balances both cost and customer service. The following providers are the two best renters insurance companies in Indiana for the same policy:

• Nationwide: MoneyGeek score of 91 out of 100 ($101 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($97 per year)

While Nationwide is not the cheapest option, it still has a good balance between customer satisfaction and affordability. However, the best for you will still depend on your needs.

State Farm offers the cheapest renters insurance in Indiana with an annual premium of $97 for $20K in personal property coverage. Personal property coverage protects your belongings, such as furniture and electronics, in case they are damaged, stolen, or destroyed. The following providers are the top two cheapest providers in Indiana for $20K in personal property coverage and a $1,000 deductible:

• State Farm: $97 per year
• Nationwide: $101 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher personal property coverage limits can increase costs, but they provide better protection for your belongings.

A high deductible can help you lower costs. For homeowners wanting renters insurance with $20K in personal property coverage and a $2,000 deductible in Indiana, State Farm offers the cheapest option at an annual premium of $90. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest:

• State Farm: $90 per year
• Nationwide: $90 per year

A deductible is what you pay out of pocket before insurance kicks in. It significantly affects your premium costs. Check how different deductibles impact your rates using the table we'll provide below.

Travelers is the best renters insurance company for service quality in Indiana for $20K in personal property coverage, with an annual premium of $268. Great customer service in a renters insurance provider means you can count on responsive, helpful support when you need it most, especially during claims. The following providers are the best in Indiana for those who value excellent customer service and $20K in personal property coverage:

• Travelers: MoneyGeek score of 85 out of 100 ($268 per year)
• Nationwide: MoneyGeek score of 84 out of 100 ($101 per year)

Great customer service is crucial for renters looking for insurance because it ensures prompt assistance and support during stressful times, like making a claim. For instance, when you file a claim, good customer service means you get fast, clear communication and enough support throughout the process.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Indiana, with an annual premium of $203. For $100K in personal property coverage, the top two best providers in Indiana are:

• State Farm: MoneyGeek score of 91 out of 100 ($203 per year)
• Nationwide: MoneyGeek score of 90 out of 100 ($236 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage helps protect your belongings from certain risks like theft or fire. Higher personal property coverage often comes at a higher cost.

USAA is the top-ranked renters insurance company in Indiana for homeowners with military backgrounds, offering an annual premium of $68 for $20K in personal property coverage. Note that USAA is exclusively available for military personnel and their families. The following providers are the top two best providers in Indiana for military members who need $20K in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($68 per year)
• Nationwide: MoneyGeek score of 91 out of 100 ($101 per year)

USAA offers a range of products tailored specifically for those with a military background, including discounts and coverages suited to the military lifestyle. While there are cheaper options available, USAA provides excellent value given how it tailors its offerings for those within the military community.

Nationwide is the best renters insurance company for those with poor credit in Indiana with an annual premium of $155. The following providers are the top two best providers in Indiana for those with poor credit:

• Nationwide: MoneyGeek score of 92 out of 100 ($155 per year)
• State Farm: MoneyGeek score of 89 out of 100 ($183 per year)

Rates for those with poor credit are often higher because they pose a greater risk to providers. Insurers view individuals with poor credit as more likely to file claims. To lower your rates, you can take steps to improve your credit score and take advantage of discounts where possible.

The average cost of renters insurance in Indiana is $146 annually, which is $12 monthly. This is the same as the average cost of renters insurance nationally. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Indiana may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, fire, or other covered events. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state but also by city. For example, the annual premium in Evansville, IN, is $138, while in Fort Wayne, IN, it is $137, compared to the state average of $146. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Indiana, including the location of the rental property, the coverage amount, and the deductible chosen. Understanding what influences these costs is important because it helps renters make informed decisions and potentially save money. Below are the key factors that affect renters insurance costs:

• Location: The rental property's location affects costs due to varying crime rates and risk of natural disasters.
• Coverage Amount: Higher coverage amounts lead to higher premiums.
• Deductible: Choosing a higher deductible can lower your premium but increases out-of-pocket costs when filing a claim.
• Claims History: A history of frequent claims can result in higher premiums.
• Credit Score: A lower credit score can lead to higher insurance costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of your possessions and their values. Follow these steps to create one and ensure you have adequate coverage:

1. List all items: Go room by room and write down every item you own.
2. Take photos or videos: Document your belongings visually for proof.
3. Note the value: Record the purchase price or current value of each item.
4. Store receipts: Keep receipts or appraisals for high-value items.
5. Update regularly: Periodically review and update your inventory to reflect new purchases or disposals.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Finding the best renters insurance provider for you can be easy. We've answered some common questions to help you make an informed decision.