Renters Insurance Indiana

The best, most comprehensive guide to finding the best renters insurance in Indiana.

Finding the Best Renters Insurance in Indiana

Looking to rent a property in Indiana? Then you need to consider getting a renters insurance plan. While paying several dollars a month may seem like a waste of money, I can guarantee that it is completely worth the while – though you may feel secure living in a property protected by your landlord’s insurance, it’s vital to realise the distinction between what landlord’s insurance and renters insurance covers. The main difference is that your landlord’s insurance covers the physical structure of the property and features such as its appliances and plumbing system. On the other hand, Renters insurance is centered around your personal belongings, protecting them from unpredictable and unfortunate scenarios such as fire, smoke, vandalism, and theft causing damage or losses to your property. In this article, I will walk you through how to find the best renters insurance in Indiana that will suit your needs and is in your price range so that you can be prepared in the event of a catastrophe and save thousands of dollars in losses that you would otherwise be held financially responsible for.

A Summary of Renters Insurance in Indiana

Those looking for renters insurance in Indiana will be glad to know that it is less expensive than the national average – the average cost for renters insurance in Indiana costs $170 annually, or – in other words - $14 per month, making it $14 less expensive than the average rate in America. However, on average, 51% of renters in Indiana spend 30% or more on rent and utilities. Renters insurance prices can vary dramatically between cities within states, owing to a wide range of factors such as crime rate and extreme weather susceptibility. In Indiana, you can see large fluctuations in the average annual cost for renters insurance. You can find the cheapest renters insurance prices in Noblesville, weighing in at only $160 annually (or around $13 monthly), making it a whole $48 cheaper than the average city in Indiana. In terms of renters insurance, the most expensive city in Indiana is Gary, where the average annual renter's insurance rate is a significant $336 ($28 monthly).

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Is Renters Insurance Required in Indiana

If you ask yourself renters insurance is required in Indiana, then the answer is no – Indiana does not require renters insurance by state law. However, it is possible that in your lease agreement, your landlord may require it, and so in this case, you will be required to own renters insurance. This is to ensure that, on top of the landlord being covered by their landlord’s insurance, you are also covered in the case of damage to the property that you are renting (aside from normal wear and tear). Having renters insurance is an all-around good idea anyway – it will ensure that your personal belongings and valuables are protected, as well as providing you with liability coverage in the event of property damage (as mentioned previously) or injury to another caused on your property; things that simply landlord’s insurance does not cover. This will save you thousands of dollars should you need it as, in Indiana, for example, the property can be damaged by strong winds from Lake Michigan. Paying a few dollars per month is far more preferable than being held financially responsible for losses, injuries or damages.

How Much is Renters Insurance in Indiana

Renters insurance rates in Indiana can vary significantly as a result of a number of factors. The first of these factors is location – in Indiana, the average annual and monthly cost of renters insurance varies significantly between cities due to several factors such as crime rate, susceptibility to natural disaster, and the number of claims filed locally. These variations can be observed in the table below. There are other factors that also contribute to how much renters insurance is in Indiana, one of which being personal factors – how much coverage you want, your credit rating, and your personal number of claims filed all play a role in your pricing renter's insurance. Apart from this, the number of tenants in your rental property, whether you own pets, the collective value of your personal belongings, and other factors affect renters insurance rates too.

What Does Renters Insurance Cover in Indiana

Renters insurance in Indiana covers you in several different aspects, and there are often four main types of coverage. The first type of coverage is personal property – this is the coverage we have talked about frequently, where your valuables and personal belongings are covered in the case of a number of perils, which include, but are not limited to fire, smoke, lightning, explosion, hail, theft and vandalism. These belongings include practically everything you own, such as your furniture, artwork, clothes, jewellery, and other such items. The second type of renters insurance coverage is liability coverage. This is where you are covered in the case of damage caused to the rental property by your negligence. This liability coverage also covers legal fees acquired to defend yourself in the case of someone sustaining bodily harm on your property (also as a result of your negligence) and consequently suing you. Similarly, the third type of coverage covers medical payments to others for small injuries sustained on your property. The final type of coverage is that of additional living expenses – this applies to cases where you cannot live in your property due to covered circumstances such as environmental damage (fire, storms, etc.). As such, you need to pay to live elsewhere. In this case, renters insurance will cover these expenses for a limited time.
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Best Renters Insurance Companies in Indiana Based on Consumer Ratings

Renters insurance companies can often embellish what they offer on promotional material in order to make themselves seem more attractive to potential customers. As such, it can often be difficult to navigate which company will give you the best renters insurance policy, especially when there are so many companies for you to pick from. In order to combat this, it is wise to check the most reliable resource for determining the best renters insurance companies in Indiana – customer ratings. There are two most trusted consumer rating systems for you to focus on – J.D. Power and NAIC. In Indiana, State Farm wins out in this category – with an NAIC Complaint Index of only 0.38 (meaning it only received 38% as many complaints as expected from a typical insurer of its size) and a J.D. customer satisfaction survey score of 850/1,000, which is higher than the national average, it’s safe to say that in Indiana, State Farm ranks very highly in customer satisfaction. Travelers is another renters insurance company in Indiana and holding an impressive NAIC Complaint Index of only 0.13; it shows that customers were very happy with this insurer. Its J.D. Power score of 796/1,000 was slightly less impressive, ranking slightly below the national average. The final pick for this article for renters insurance companies in Indiana is Farmers Insurance, and though it may rank lower than our other two picks with an NAIC score of 0.37 and J.D. Power score of 808/1,000, it still has a high customer satisfaction rate compared to many other insurance companies.

Compare Renters Insurance in Indiana for the Best Rates

To find the best renters insurance policy for you, it’s important to compare renters insurances between several different companies in Indiana. To do this, you must figure out exactly what you are looking for in a renters insurance plan to best suit your insurance needs. This can include what kind of price you are looking for (i.e. if you value an affordable renters insurance over other factors), the number of coverage options available to choose from, or the type of coverage you need. If you are looking for affordability, for instance, there are even further features you must look for a renters insurance company. As an example, choosing an insurance company that offers renters insurance bundled with auto insurance might be beneficial for you, as this is a great money-saving option to ensure more for what you pay. Loyalty discounts, amongst other discounts, can be something else to look out for in a renters insurance company. To find the best renters insurance in Indiana, you need only to follow the advice given in this article and keep this information in mind, and by searching for companies that offer plans that best suit what you want and need, you will find the best renters insurance in Indiana for you.