State Farm and Nationwide offer the best affordable renters insurance in Indiana. State Farm ranks top for low rates, while Nationwide provides extensive coverage options.
Cheap Renters Insurance in Indiana
Updated: April 25, 2025
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Key Takeaways
State Farm is Indiana's best overall renters insurance company, offering the cheapest policy at $215 annually.
Renters insurance costs around $22 per month in Indiana, but prices range from $18 to $46.
To get the best and most affordable renters insurance, decide your coverage needs beforehand, research costs and compare multiple quotes.
Indiana Renters Insurance Quote Estimates
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Rates updated:
Apr 25, 2025
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Best Cheap Renters Insurance Companies in Indiana
| State Farm | 91 | $18 | $215 |
| Nationwide | 90 | $22 | $268 |
| Farmers | 84 | $23 | $274 |
| American Family | 80 | $46 | $553 |
| Allstate | 79 | $30 | $356 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in Indiana
While the above list covers most renters, it may not reflect the best options for your needs. Below is a filterable table tailored to your profile to help you find the best choice in Indiana.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 91 | $13 | $155 |
| Nationwide | 90 | $15 | $181 |
| American Family | 84 | $21 | $249 |
| Farmers | 83 | $16 | $188 |
| Allstate | 77 | $20 | $236 |
Best Indiana Renters Insurance Reviews
Below, we provide more details about our top picks for affordability, customer service and coverage options for Indiana renters insurance.
State Farm: Most Affordable Plans
pros
Most affordable rates
Large discount offering selection
High financial stability ratings
cons
Below-average claims satisfaction
COMPANY HIGHLIGHTS
State Farm offers Indiana's most affordable renters insurance, at an average of $18 per month. According to J.D. Power, it ranks seventh in customer satisfaction. The company's unique options include scheduled personal property and identity restoration coverages.
Nationwide: Best for Coverage Options
pros
Affordable rates for higher coverage
Most extensive add-on coverage selection
High claims satisfaction ratings
cons
Lower-than-average overall customer satisfaction ratings
Less affordable for lower property damage coverage levels
COMPANY HIGHLIGHTS
Nationwide ranks second overall for Indiana renters insurance with balanced affordability, coverage and customer service ratings. J.D. Power places Nationwide 12th out of 15 for customer satisfaction and sixth out of 18 for claims satisfaction. The company's unique coverage options include credit card protection and add-ons to replace selected personal property up to its actual cash value.
Average Cost of Renters Insurance in Indiana
Renters insurance in Indiana costs an average of $22 per month, slightly above the national average of $20. These rates are based on a policy with $50K in personal property coverage, $100K in liability coverage and a $1,000 deductible.
Your rate may vary depending on your profile. The table below provides average rates for your situation based on major factors affecting insurance costs.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $22 | $267 |
Average Indiana Renters Insurance Cost by City
Renters insurance costs vary by city. The average annual premium in Indianapolis is $268; in Fort Wayne, it's $216 for a policy with $50K in personal property coverage and $100K in liability coverage. Check the table below for the average cost in your city.
| Evansville | $218 |
| Fort Wayne | $216 |
| Indianapolis | $268 |
| South Bend | $229 |
*This table shows rates for a renter with good credit and no claims history. Policies include $50K property damage coverage, $100K liability coverage, a $1,000 deductible and guaranteed replacement.
Indiana Renters Insurance: Buyer's Guide
Finding the best renters insurance in Indiana can be challenging, with so many choices. Below is a guide to help you find the perfect coverage for your needs.
How to Find the Best Cheap Renters Insurance in Indiana
Follow this guide to find the ideal coverage at the best price:
- 1
Determine the right coverage level
Identify the belongings you want to insure and their value. Consider risks like weather damage, crime and potential pet-related liabilities.
- 2
Research costs and discounts
Check average costs for similar coverage to establish a benchmark for quotes. Look for discounts that insurance providers offer for additional savings.
- 3
Compare providers
Research companies based on reputation, costs and coverage options. This helps narrow down potential providers for quotes.
- 4
Consider bundling
Check if your auto insurer offers bundling discounts. These savings sometimes cover the entire cost of renters insurance.
- 5
Get multiple quotes through different channels
Collect at least five quotes with identical coverage. Use comparison sites, provider websites, brokers and phone calls for a comprehensive view.
- 6
Compare rates annually
Insurance prices change regularly. Review rates yearly to ensure you maintain the best deal.
How Much Renters Insurance Do I Need in Indiana?
Renters insurance isn't required by Indiana law, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. Consider how much property coverage you need, local weather risks, area crime rates and pet ownership when selecting a policy.
Use our calculator to determine your ideal personal property coverage limits and how much renters insurance you need.
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.
Indiana Renter Risk Considerations
Below are the risks specific to Indiana and considerations for renters seeking additional coverage:
- Weather risks: Snowstorms are Indiana's most common natural disaster. The state also faces a high risk of earthquake, tornado and flooding damage in certain locations. Standard coverage may not protect against these threats in high-risk areas, requiring a separate purchase of additional coverage.
- Crime risks: Indiana ranks 14th nationwide for property crime and 27th for identity theft and fraud. For better property damage protection, consider adding supplemental coverage or add-ons to your renters policy.
- Pet ownership: Depending on your pet, consider pet liability coverage. Check how different providers handle pet coverage and whether it's included in standard policies.
- Property types: Standard policies may not fully cover special tools, valuables, electronics or structures like pools on your rental property. Look for companies offering specific add-ons for additional protection.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use of your rental home. Adding optional coverages can make your policy more comprehensive. Here are the main types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items up to your policy limit. Basic coverage reimburses the depreciated value, while replacement cost coverage pays for new equivalent items. | |
Standard | Covers medical and legal costs if someone gets hurt in your rental. Many landlords require this protection. | |
Additional living expenses | Standard | Helps pay for temporary housing, meals and transportation when your rental becomes uninhabitable. Limits vary by insurer. |
Natural disasters | Add-on | Provides coverage for earthquake or flood damage. Available through select insurers as separate policies. |
Parts/Equipment | Add-on | Covers tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures valuable items up to specific limits |
Identity theft | Add-on | Covers financial losses and legal expenses from identity theft. Some policies include monitoring services. |
Pet liability | Add-on | Protects against injuries caused by your pet, though standard policies may include this |
Modifications | Add-on | Covers custom additions you've made to your rental |
Food loss | Add-on | Reimburses food lost during covered incidents |
Best Renters Insurance in Indiana: Bottom Line
State Farm and Nationwide are Indiana's best and cheapest overall renters insurance companies. While we recommend these options, research and compare multiple companies and quotes to get the best deal.
Renters Insurance in Indiana: FAQ
Below are our experts' answers to frequently asked questions:
What is the cheapest renters insurance company in Indiana?
State Farm offers the cheapest renters insurance in Indiana, with an average annual premium of $215 or $18 per month.
What is the best renters insurance company in Indiana?
State Farm is the best renters insurance company in Indiana, with a MoneyGeek score of 91 out of 100, standing out for affordability, customer satisfaction and coverage options.
How much does renters insurance cost in Indiana?
The average cost of renters insurance in Indiana is $267 per year or $22 per month, around 10% higher than the national average. Annual premiums range from $215 to $553.
Is renters insurance required in Indiana?
Indiana doesn't legally require renters insurance, but your landlord may. Consider your situation to decide if a policy makes sense for you. Key reasons to get coverage include protecting your belongings from common hazards and covering liability costs if someone gets hurt in your rental.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in Indiana, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
This profile determined our affordability score (60% of the total score). The remaining factors included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- Indiana University. "Stay Safe in a Natural Disaster." Accessed April 24, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed April 24, 2025.
- U.S. News. "Low Property Crime Rate." Accessed April 24, 2025.