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CheapRenters InsuranceIndianaThe Best and Cheapest Renters Insurance Companies in Indiana for 2024: Rankings, Reviews and Rates
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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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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.
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.
2
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.
3
Nationwide
Score:92
4
Allstate
Score:91
5
American Family Insurance
Score:87
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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% |
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
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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: $0
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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.
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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.
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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.
Nationwide or State Farm are the cheapest widely available renters insurance companies in Indiana, with an average cost of $10 per month. For tenants with a military background, USAA is the cheapest option at $7 per month.
The best renters insurance company for most people in Indiana is State Farm, since it offers the best balance of affordability and quality coverage. However, if you have a military background, USAA is the best option.
The average cost of renters insurance in Indiana is $153 per year or $13 per month. Rates can vary depending on factors such as the value of personal property to be covered in your policy.
Renters insurance is not a mandatory requirement in Indiana. However, some landlords may require it. Regardless, renters insurance offers you valuable protection in case of theft or damage to your property, which is why it’s often recommended.
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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.