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CheapRenters InsuranceIndianaThe Best and Cheapest Renters Insurance Companies in Indiana for 2023: Rankings, Reviews and Rates
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MoneyGeek ranked the best renters insurance companies in Indiana using a comprehensive scoring system that incorporates J.D. Power customer satisfaction ratings, AM Best financial stability scores and quotes for affordability.
CheapRenters InsuranceIndianaThe Cheapest Renters Insurance in Indiana
Cheap Renters Insurance Companies in Indiana
Cost can be the most important factor when choosing renters insurance. On average, the best cheap renters insurance in Indiana is provided by USAA, Nationwide and State Farm.
A policy with USAA costs an average of $84 per year or $7 per month for a typical renter. However, USAA policies are only offered to military members, veterans and their eligible family members.
If you don’t meet USAA’s eligibility requirements, renters insurance policies in Indiana with Nationwide and State Farm cost an average of $119 annually or about $10 per month.
The average premiums for renters insurance are determined by quotes from different ZIP codes for a policy that includes $20,000 worth of personal property coverage, liability coverage worth $100,000 and a $500 deductible.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Indiana by City
Nationwide and State Farm offer the cheapest renters insurance in the Indiana cities included in this study. However, USAA may be the cheapest option if you have a military background to qualify for a policy.
Companies With the Cheapest Renters Insurance in Indiana by City
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- CityCheapest CompanyAverage Annual Premium
- Nationwide$113
- State Farm$122
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Best Renters Insurance Companies in Indiana
The best renters insurance companies in Indiana are USAA and State Farm. USAA received a perfect MoneyGeek score of 100 but is only available to tenants with a military background and their eligible families. State Farm is the best widely available renters insurance company in Indiana, with a MoneyGeek score of 94 out of 100.
MoneyGeek’s ranking system is based on affordability, J.D. Power customer satisfaction ratings and AM Best financial stability scores. The best companies aren’t necessarily the cheapest but offer the optimal balance of quality and affordability. Quality indicates a positive user experience when filing a claim, so it’s critical not to overlook it when choosing a renters insurance provider.
1
USAA
Score:100
USAA is the best renters insurance company in Indiana, with perfect scores in all categories. Although it is available in all states, only tenants with a military background and their eligible family members can qualify for USAA policies. This provider offers policyholders affordable and comprehensive coverage, including unique coverages like identity theft.
More About USAA
USAA offers four discounts and seven add-on coverages, including identity theft coverage if your identity is stolen online and fraudulently used. You can also get coverage to compensate you if your personal property is damaged or lost while being moved or stored.
USAA has a convenient and easy-to-use online platform where you can get a personalized quote or manage your account. As a policyholder, you can also access your account on-the-go with the USAA mobile app.
Read MoneyGeek's USAA renters Insurance Review2
State Farm
Score:94
State Farm is the best insurer for most tenants looking for renters insurance in Indiana. State Farm received a perfect score on stability in addition to providing a satisfactory customer experience. Personal injury liability is this company’s most unique add-on coverage for renters insurance.
More About State Farm
State Farm is available in all 50 states and Washington, D.C., and offers policyholders three different optional coverages to customize their renters insurance. Personal injury coverage protects you from libel or slander, whereas identity theft coverage will help if you’re a victim of identity fraud. State Farm also sells business property coverage as a separate policy that can be bundled with your renters insurance to protect your business.
State Farm has convenient online account management tools and a mobile app that make it easy to request personalized quotes, file claims and make payments.
Read MoneyGeek's State Farm renters Insurance Review3
Nationwide
Score:92
Nationwide tied State Farm in affordability and ranked third in customer satisfaction among insurers in Indiana, earning a MoneyGeek score of 92 out of 100. Nationwide beats the national coverage average of seven, offering up to 11 included and optional coverages to ensure comprehensive protection.
More About Nationwide
Including Indiana, Nationwide renters insurance is available in 43 states. Nationwide renters insurance comes with unique coverage add-ons, including theft extension coverage for personal property stored in your vehicle or watercraft. You can also opt for scheduled personal property coverage if you have high-value items like jewelry and antiques that you want your renters insurance to protect.
Nationwide has four discount options to make your policy even more affordable. For instance, you may qualify for protective device discounts if you have safety devices installed in your home. Nationwide also has a mobile app where policyholders can file claims, manage their accounts and make payments online, and an online portal where interested individuals can request a personalized quote.
Read MoneyGeek's Nationwide renters Insurance Review4
Allstate
Score:91
Allstate ranked third in Indiana with a MoneyGeek score of 91. It also received high financial stability, affordability and customer satisfaction scores. Allstate’s renters insurance is available in all 50 states and the District of Columbia. and includes unique optional coverages such as personal injury liability.
More About Allstate
Allstate offers four coverage add-ons, fewer than the national average of seven. For example, you can get protection against large liability claims by opting for personal injury coverage. If you have antiques or jewelry, Allstate offers scheduled personal property coverage for appraised high-value items. Renters can also get flood insurance if they want protection from losses or damage to personal property caused by flooding.
Allstate has five different discount options, including retiree discounts for policyholders aged 55 years or older. You can also get a discount for setting up automatic payments. It's easy to get a personalized quote through Allstate’s website, or to conveniently manage your account online or with its mobile application.
Read MoneyGeek's Allstate renters Insurance Review5
American Family
Score:87
American Family scores high in customer satisfaction and financial stability. Indiana is one of the 19 states where American Family offers renters insurance. You can customize your renters insurance coverage with optional add-ons like pet damage liability coverage.
More About American Family
If you have a pet, pet damage liability coverage will protect you if your pet injures someone on your property. American Family also offers scheduled property coverage for high-value items like jewelry or antiques. To make policies even more affordable, American Family offers seven discount opportunities, including generational discounts if American Family covers your parents. There are also loyalty and autopay discounts. You can easily file claims, make payments and manage your account using American Family’s mobile app or website.
Read MoneyGeek's American Family renters Insurance ReviewMONEYGEEK EXPERT TIP
Cost shouldn’t be the only factor when looking for the best renters insurance in Indiana. Policies with more comprehensive coverage may cost more but they offer better protection, saving you money if your personal property gets lost or damaged. Cheaper policies may expose you to more risks since they may not provide sufficient coverage.
Largest Renters Insurance Companies in Indiana
It pays to look at the insurer’s market share when choosing the best company for renters insurance. Companies with a larger market share will typically have more financial stability, meaning they’re more likely to promptly and fairly handle your claims.
Company | Market Share | |
|---|---|---|
1. | State Farm | 24.1% |
2. | Allstate | 8.5% |
3. | United Farm Bureau of IN Group | 8.2% |
4. | Liberty Mutual | 7.8% |
5. | American Family | 6.8% |
Average Cost of Renters Insurance in Indiana
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renters insurance is equal to the average.
The average cost of renters insurance in Indiana is $153 per year, very close to the national average cost of renters insurance.
One of the factors that will impact the cost of renters insurance is the value of your personal property. You can use MoneyGeek’s insurance calculator below to calculate how much insurance you need relative to what you own.
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Total:
MONEYGEEK EXPERT TIP
If you’re looking for affordable policies, you can save money by comparing renters insurance quotes from different providers in Indiana. For example, you could save up to $168 per year by choosing USAA, the cheapest option, over the most expensive company, Travelers. If you don’t qualify for a USAA policy, choosing Nationwide or State Farm could save you $133 per year on average.
What Factors Impact Renters Insurance Cost in Indiana
Several factors, including the coverage level you want and where you live, can impact how much you pay for renters insurance. When shopping for renters insurance in Indiana, keep the following criteria in mind.
Location
Typically, the ZIP code you live in can influence your renters insurance costs. Crime rates and weather patterns may play a significant part in risk assessment for insurance providers. If you live in a neighborhood that is known to be vulnerable to weather events or property crimes, you will likely have to pay higher premiums.
Coverage Amount
Your premium will increase based on the amount of coverage you want to purchase. It is a good idea to perform a home inventory to understand how much it might cost to replace your property after an accident before getting a quote.
Deductible
When your insurance company accepts a claim to replace your items, you’ll pay a deductible before they start reimbursing you. A plan with a lower deductible has a higher monthly premium since the provider incurs more expenses replacing your items. Plans with higher deductibles cost less since you have to pay more out of pocket.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
After an accident, insurance companies provide reimbursement by actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies take into account the depreciation of value over time and pay less for older items. RCV policies pay for a new item of similar kind and quality. ACV policies can help customers save on monthly costs but provide less reimbursement after a claim. RCV policies are costlier but provide more reimbursement.
Credit Score
Insurance companies can use your credit score to assess risk and predict the likelihood you’ll file a claim. According to insurance company projections, customers with lower credit scores are more likely to file claims. This means that you might get a better rate on your renters insurance premium if you have a good credit score.
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Renters Insurance in Indiana: What You Need to Know
Renters insurance provides you with a way to protect your assets after a disaster or unexpected event. It can come in handy when dealing with theft, fire or severe weather conditions.
In Indiana, 27.6% of the population are renters. The average monthly rent price of $840. For a standard renters insurance policy that includes $20,000 in personal property coverage, $100,000 liability coverage and a $500 deductible, the average monthly premium is $13. This is roughly 1.52% of the price of rent.
What Renters Insurance Typically Covers in Indiana
Before purchasing renters insurance in Indiana, you should research what is covered and what is not. Most plans provide coverage for personal property, liability insurance, medical payments and additional living expenses. Some options may offer additional coverage like identity theft protection.
Personal property coverage in Indiana usually protects against theft and damages caused by natural events like tornadoes and wildfires.
What Renters Insurance Typically Does Not Cover in Indiana
All policies are different, so you should read the fine print to understand your plan. Talk to your agent and ask the right questions if you need clarification. Doing this can be the difference between a claim getting denied or approved.
While most emergencies are covered if you have renters insurance in Indiana, certain situations may not qualify for protection. Here are a few issues not typically covered by your renters insurance.
- EventDescription
Flooding
While renters insurance does cover water damage caused by a faulty water main or broken pipes, damage from natural flooding is usually excluded. Since precipitation and flooding can occur in Indiana, you might want to consider supplementing your policy with flood insurance from the National Flood Insurance Program (NFIP).
Earthquake Damage
Earthquakes are fairly rare in Indiana, but damage caused by earthquakes and seismic events are usually not covered by renters insurance.
Structural Damage
Renters insurance provides coverage for your property but not the structure of your rental home. That is your landlord’s responsibility.
Roommate Property
Your renters insurance will only cover your property. If your roommate needs coverage, they need to purchase their own policy.
Expensive Items
High-end items like computers or jewelry are usually excluded from renters insurance. You should consider purchasing additional coverage if you want to protect your valuables.
MONEYGEEK EXPERT TIP
The Indiana Department of Insurance has useful resources when you need more information about renters insurance in Indiana. You can contact them with general inquiries, questions or complaints about your renters insurance using any of these channels:
- Online Complaint Form
- Call: 1- 800-457-8283
- Mail: IDOI; Attn: Consumer Services Division, 311 W. Washington St., Suite 300, Indianapolis, IN 46204-2787
- Fax: 1-317-234-2103
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FAQs About Renters Insurance in Indiana
You can find more information about renters insurance costs and best providers in Indiana in the answers to these commonly asked questions.
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Renters Insurance in Indiana Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in Indiana that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Indiana. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Indiana Department of Insurance. "Submit a Complaint Online." Accessed March 31, 2022.
- Indiana Department of Insurance. "Indiana Department of Insurance." Accessed May 6, 2022.