The Best and Cheapest Renters Insurance in Indiana for 2022: Rankings, Reviews and Rates
Renters insurance is a low-cost way to safeguard your personal property against theft and damage. According to MoneyGeek’s data, the cheapest renters insurance in Indiana costs an average of $7 per month, while the average price for the most expensive option is $21 monthly. This means that shopping around can help renters save about $14 per month.
To help you find the best renters insurance in Indiana, MoneyGeek ranked the top insurance providers. Companies were scored based on financial strength, affordability and customer service.
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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Best Renters Insurance Companies in Indiana
When shopping for renters insurance in Indiana, price is only one of the factors to evaluate. Knowing that your insurance company will provide effective and timely support during worst-case scenarios is important as well.
To find the best renters insurance companies in Indiana, MoneyGeek ranked providers based on affordability, financial stability ratings from AM Best and customer service scores from J.D. Power and Associates.
According to these ratings, USAA scored 100 points and is the best renters insurance provider in Indiana. Keep in mind that USAA is only available to members of the military, veterans and their eligible family members. State Farm and Nationwide tied for second place with 90 points out of 100.
1
USAA
Score:1
5/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
More About USAA
USAA offers policies in Indiana for military members, veterans and their eligible family members. A standard USAA renters policy includes earthquake coverage, identity theft and moving and storage.
Customers may be able to get discounts if they bundle their policies, are claims-free or have a security system.
2
State Farm
Score:90.2
4.6/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
More About State Farm
State Farm provides a good balance between coverage options and value, and getting a quote through their website is easy.
Its online quote tool makes it easy to increase coverage for items like jewelry, computers and silverware. You can also include identity theft protection and earthquake coverage.
3
Nationwide
Score:90.2
4.6/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
More About Nationwide
Nationwide offers many discount options. You can earn savings for bundling your policies, being claims-free and having burglar, fire and smoke alarms in your home.
4
Allstate
Score:88.4
4.5/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
More About Allstate
Allstate combines affordability, good customer service, strong financial stability and convenience. Customers can add identity theft protection and flood insurance to a standard policy.
Policyholders can get discounts if their home has qualifying security systems.
Getting a quote online is easy. Customers can also access a variety of helpful tools, including a list of typical belongings with average values for each and a Digital Locker that lets them create photo logs of their possessions.
5
American Family
Score:84.6
4.3/5
Affordability
4.2/5
User Satisfaction
4/5
Financial Stability
More About American Family
American Family scores high on customer satisfaction by using a large network of agents to lend a personal touch to their service. Customers can get a personalized quote over the phone.
While they do not offer the online features that most competing providers do, American Family is a good option for customers who prefer the personal touch of interacting directly with an agent.
Largest Renters Insurance Companies in Indiana
According to market share data, the top five largest insurance providers in Indiana include State Farm with 24% of the market share, Allstate (9%), Indiana Farm Bureau (8%), Liberty Mutual (8%) and American Family (7%). These companies make up more than half of all renters insurance policies in Indiana.
Larger insurance companies are usually more financially stable, which means you can buy your policy with added confidence that your legitimate claims will be paid.
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%
6.
Erie
5.7%
7.
Auto-Owners Insurance Co
4.4%
8.
USAA
3.4%
9.
Travelers
3.2%
10.
Indiana Farmers Mutual Ins
2.6%
Average Cost of Renters Insurance in Indiana
0
0
renters insurance is equal to the average.
The average cost of renters insurance in Indiana is $153 annually, which is $7 cheaper than the national average. These rates apply to a customer with personal property coverage of $20,000, liability coverage of $100,000 and a $500 deductible.
Customers in Indiana can save money by comparing renters insurance quotes from different providers. For example, our sample renter could save roughly $168 per year by choosing the cheapest provider, USAA, instead of the most expensive, Travelers. This comes out to a monthly savings of about $14. For renters who do not qualify for a policy with USAA, choosing Nationwide or State Farm could help them save $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.
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
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.
Structural Damage: Renters insurance provides coverage for your property but not the structure of your rental home. That is your landlord’s responsibility.
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.
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.
Roommate Property: Your renters insurance will only cover your property. If your roommate needs coverage, they need to purchase their own policy.
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.
FAQs About Renters Insurance in Indiana
There is no legal requirement for renters insurance in Indiana. However, landlords can make it a requirement for their renters.
Even though renters insurance is not legally required in the state of Indiana, having a renters insurance policy can help protect your property against theft or destruction. MoneyGeek recommends looking into coverage.
Yes, landlords can require their renters to purchase insurance as a condition of a leasing contract.
According to MoneyGeek’s data, the average cost of renters insurance in Indiana is $13 per month for a policy with $20,000 in personal property coverage and $100,000 in liability insurance.
USAA offers the cheapest renters insurance in Indiana. However, it is only available for current and former members of the military as well as eligible family members. For those without a military background, Nationwide and State Farm are the two most affordable options.
Renters Insurance in Indiana Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from 7 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.
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