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.
Best and Cheapest Renters Insurance in Indiana (2024)
The best renters insurance company in Indiana for $20K in personal property coverage is Nationwide with a MoneyGeek score of 91 and an annual premium of $101.
Updated: November 18, 2024
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Nationwide is the best overall renters insurance provider, earning a MoneyGeek score of 91 out of 100, with an average annual premium of $101.
State Farm is the cheapest renters insurance provider in Indiana with an average annual premium of $97.
Travelers is the best renters insurance provider for service quality with a MoneyGeek score of 85 out of 100 and an average annual premium of $268.
State Farm is the best renters insurance provider for those needing extra personal property coverage of $100,000, with a MoneyGeek score of 91 out of 100 and an average annual premium of $203.
USAA is the best renters insurance provider for military members, with a MoneyGeek score of 100 out of 100 and an average annual premium of $68.
Nationwide is the best renters insurance provider for those with poor credit in Indiana, with a MoneyGeek score of 92 out of 100 and an average annual premium of $155.
Why Trust MoneyGeek? We used data from the Indiana Department of Insurance and Quadrant Information Services to determine the best renters insurance in Indiana.
Renters insurance rates in Indiana reflect the best quotes as of September 2024.
Overall Best Renters Insurance in Indiana
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.
In Indiana, aside from being the best overall renters insurance, Nationwide ranks first in coverages with an annual premium of $101.
Nationwide includes uncommon coverage like Credit Card Forgery. This protects renters against losses due to unauthorized use of their credit cards, providing financial security. Additionally, Nationwide offers reasonably common coverage such as Back-Up of Sewer or Drain, protecting renters from damages caused by sewage backups, which can save them from expensive repairs. These coverages enhance renters' overall protection and peace of mind.
- Offers theft from vehicles and credit card forgery coverages
- Ranks second in Indiana for affordability, with an average annual premium of $101
- Ranks first in Indiana for coverage
- Missing cyber event/ID theft coverage
- Ranks fourth in the state for customer satisfaction
To determine the best overall renters insurance in a state, MoneyGeek evaluated customer satisfaction and affordability. Secondary factors included coverages and financial stability in this scoring for the best overall insurance.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
Nationwide | 91 | $ 101 |
State Farm | 91 | $ 97 |
Farmers | 81 | $ 121 |
Allstate | 80 | $ 115 |
American Family | 78 | $ 164 |
Auto-Owners Insurance | 75 | $ 158 |
Travelers | 56 | $ 268 |
Cheapest Renters Insurance in Indiana
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.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
State Farm | $ 97 |
Nationwide | $ 101 |
Allstate | $ 115 |
Farmers | $ 121 |
Auto-Owners Insurance | $ 158 |
American Family | $ 164 |
Travelers | $ 268 |
Prioritize quality service when selecting renters insurance. Opt for the best renters insurance, even at a higher cost, for efficient claims processing. This choice often proves cost-effective in the long run.
Cheapest Renters Insurance by High Deductible in Indiana
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.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
- $ 500
- $ 1,000
- $ 1,500
- $ 2,000
Nationwide | $ 90 |
State Farm | $ 90 |
Farmers | $ 114 |
Allstate | $ 115 |
Auto-Owners Insurance | $ 146 |
American Family | $ 152 |
Travelers | $ 231 |
Best Renters Insurance for Customer Service in Indiana
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.
In Indiana, Travelers ranks first in customer satisfaction and coverage among renters insurance providers. This top-rated provider offers an annual premium of $268.
Travelers includes the reasonably common contents replacement cost and the uncommon scheduled personal property coverages. The contents replacement cost ensures that personal belongings are replaced at their full value without depreciation. Scheduled personal property coverage provides additional protection for valuable items like jewelry and electronics, covering their appraised value. These coverages offer renters comprehensive protection for their belongings.
- Contents replacement cost and scheduled personal property are offered by the company
- Claims free and protective device discounts could save you money
- The company ranks first for coverage, offering one of the best options in the state
To identify the optimal renters insurance for service quality in a specific state, MoneyGeek's scoring system emphasized customer service. The evaluation also factored in coverages and financial stability, focusing on renters who prioritize service quality.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
Travelers | 85 | $ 268 |
Nationwide | 84 | $ 101 |
American Family | 83 | $ 164 |
State Farm | 77 | $ 97 |
Auto-Owners Insurance | 72 | $ 158 |
Farmers | 68 | $ 121 |
Allstate | 63 | $ 115 |
Best Renters Insurance for Extra Personal Property in Indiana
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.
In Indiana, State Farm ranks first for affordability and boasts top customer satisfaction for renters needing extra personal property coverage. The annual premium is an economical $203.
State Farm excels with coverages such as cyber event/ID theft and earthquake, even though the latter is less relevant outside of California or Washington. Cyber event/ID theft coverage provides identity restoration in case of fraud, offering peace of mind. Earthquake coverage, while uncommon, can be crucial in protecting personal property against seismic activity.
- State Farm offers cyber event and ID theft coverage
- State Farm provides bundle and protective device discounts
- Ranks third in the state for coverage options compared to other insurers
- Ranks third in the state for customer satisfaction compared to other insurers
MoneyGeek's evaluation for the best renters insurance in the state for those needing higher personal property limits focused on customer satisfaction and affordability. Secondary factors like coverages and financial stability were also considered.
State Farm | 91 | $ 203 |
Nationwide | 90 | $ 236 |
American Family | 85 | $ 307 |
Farmers | 82 | $ 270 |
Allstate | 75 | $ 337 |
Auto-Owners Insurance | 75 | $ 416 |
Travelers | 56 | $ 778 |
Best Renters Insurance for Military Members in Indiana
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.
USAA is a renters insurance provider offering policies exclusively to those with military backgrounds. It ranks first in customer satisfaction, coverages, and affordability in Indiana, with an annual premium of $68.
USAA features contents replacement cost and worldwide personal property coverages. Contents replacement cost ensures you get replacements at current value, not depreciated value, for items lost or damaged. Worldwide personal property covers your belongings even if you are deployed or traveling, providing peace of mind no matter where you are.
- Exclusively serves those with military backgrounds
- Offers contents replacement cost and worldwide personal property coverages
- Provides claims-free and military base or academy residence discounts
- Ranks No. 1 in Indiana for customer satisfaction and coverage options
- Lacks cyber event/ID theft and scheduled personal property coverage
To identify the best renters insurance for military members in the state, MoneyGeek's scoring system prioritizes customer satisfaction and affordability. Additionally, coverages and financial stability are considered secondary factors to determine the best option for military members.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
USAA | 100 | $ 68 |
Nationwide | 91 | $ 101 |
State Farm | 91 | $ 97 |
Farmers | 81 | $ 121 |
Allstate | 80 | $ 115 |
American Family | 78 | $ 164 |
Auto-Owners Insurance | 75 | $ 158 |
Travelers | 56 | $ 268 |
Best Renters Insurance for Bad Credit in Indiana
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.
In Indiana, Nationwide ranks first in affordability and coverages, offering an annual premium of $155.
Nationwide provides two uncommon discounts beneficial for renters with poor credit. The protective device discount allows savings if your home includes smoke detectors, fire alarms, or other protective systems. The back-up of sewer or drain coverage, although not a discount, protects against backed-up water or sewage, ensuring renters’ peace of mind. These benefits enhance affordability and safety, crucial for those with poor credit.
- Tier 2 discounts: claims free, bundle
- Affordability score is 55 out of 55
- Ranks first in the state for coverage
MoneyGeek's best renters insurance for those with poor credit in Indiana focuses on customer satisfaction and affordability. Secondary factors include coverages and financial stability.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
- Below Fair
- Excellent
- Fair
- Good
- Poor
Nationwide | 92 | $ 155 |
State Farm | 89 | $ 183 |
American Family | 85 | $ 296 |
Farmers | 82 | $ 225 |
Allstate | 77 | $ 287 |
Auto-Owners Insurance | 70 | $ 491 |
Travelers | 56 | $ 837 |
Average Cost of Renters Insurance in Indiana
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.
Renters Insurance Calculator
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
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Rates updated:
Dec 05, 2024
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Average Cost of Renters Insurance by City in Indiana
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.
Evansville | $ 138 |
Fort Wayne | $ 137 |
Indianapolis | $ 165 |
South Bend | $ 145 |
Renters in Indiana can save money on renters insurance by comparing quotes among providers. For $20K in personal property and a $1,000 deductible, Nationwide offers the lowest annual premium at $101, while Travelers has the highest at $268. By shopping around, renters can save $167 annually or $14 monthly.
What Factors Impact Renters Insurance Costs in Indiana?
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.
How Much Personal Property Coverage Do You Need?
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:
- List all items: Go room by room and write down every item you own.
- Take photos or videos: Document your belongings visually for proof.
- Note the value: Record the purchase price or current value of each item.
- Store receipts: Keep receipts or appraisals for high-value items.
- Update regularly: Periodically review and update your inventory to reflect new purchases or disposals.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.
What Renters Insurance Typically Covers in Indiana
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
What Renters Insurance Typically Doesn't Cover
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.
FAQ: Renters Insurance in Indiana
Finding the best renters insurance provider for you can be easy. We've answered some common questions to help you make an informed decision.
What is the cheapest renters insurance company in Indiana?
The cheapest renters insurance company in Indiana is State Farm, with an annual premium of $97. This translates to approximately $8 per month.
What is the best renters insurance company in Indiana?
The best renters insurance company in Indiana is Nationwide, with an annual premium of $101. This translates to approximately $8 per month.
How much does renters insurance cost in Indiana?
The average cost of renters insurance in Indiana is $146 annually, which is about $12 per month. Premiums can range from $97 to $101 annually, depending on the provider.
Is renters insurance required in Indiana?
Getting renters insurance in Indiana is not required by law. However, your landlord may require you to purchase a policy. It may help to evaluate your needs and circumstances to determine whether buying a policy is right for you. Some reasons to get renters insurance include financial protection against common perils and liability costs of third-party injuries.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.