Table of Contents
- How much does renters insurance cost in Indiana?
- Average price of renters insurance in Indiana
- The cheapest renters insurance in Indiana: State Farm
- The best renters insurance in Indiana: State Farm (again)
- Other Indiana renters insurance providers you should consider
- What else do you need to know about renters insurance in Indiana?
- How we gathered our data on Indiana renters insurance prices
How much does renters insurance cost in Indiana?
On average, the price of renters insurance in Indiana is $19.09 per month, which is very close to the national average of about $20 per month. However, there’s a significant amount of variation between Indiana’s cities.
For instance, Liberty Mutual’s renters insurance in Gary averages a whopping $37.08 per month, the highest price we found in the state. At the other extreme, Lemonade’s monthly rate in Lafayette costs just $9.25 per month.
Renters insurance is generally pricier in Indiana’s large cities, including Indianapolis and South Bend, due to their higher crime rates. Because renters insurance covers theft, it tends to be pricier in areas with a lot of crime. This is why Gary has the highest average rates — although once prosperous, it’s now known for vacant houses, crumbling infrastructure, and rising unemployment.
On the whole, Indiana’s cities aren’t particularly dangerous for their size. It’s also important to keep in mind that Indiana’s city averages don’t show the range of prices in different neighborhoods.
Other factors that affect the cost of Indiana renters insurance
- Weather: Areas of the country that experience a lot of natural disasters tend to have higher renters insurance prices. Parts of Indiana are prone to tornadoes, which raises the prices somewhat.
- Your coverage and deductible: If you buy more coverage, you’ll have to pay more in return. Likewise, if your policy has a low renters insurance deductible (the amount that you have to pay out of pocket when filing a claim), it will be more expensive to compensate for your increased protection.
- Your financial history: As in most states, insurance companies in Indiana are allowed to run your credit before selling you a renters insurance policy. If your credit score is low, you may end up paying more.
We’ve collected data on the average price of renters insurance in Indiana, which you can see in the tables below. If you want to know more about how we collected this data, scroll to the bottom of the article.
Average price of renters insurance in Indiana
The following table shows the average monthly and yearly prices of renters insurance in Indiana’s major cities:
|City||Average price (monthly)||Average price (yearly)|
This second table compares the prices of Indiana’s leading renters insurance companies and shows whether they’re above or below the state’s average.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Indiana: State Farm
The cheapest renters insurance provider in Indiana, State Farm, sells policies for just $12.17 on average. This is less than half the cost of the most expensive option, Liberty Mutual, and more than $30 cheaper annually than the second most affordable option, Lemonade.
Sometimes statewide averages hide massive price differences on the city-by-city level. Lemonade, for example, is notorious for offering dirt cheap prices in some places and surprisingly expensive ones in others.
However, State Farm’s prices in Indiana are remarkably consistent. Their rate was $10.17 in every city we looked at except for Indianapolis, Hammond, and Gary. They were also the cheapest option in all but four cities.
Should you get State Farm renters insurance in Indiana?
The cheapest renters insurance option isn’t always the best. In many states, we recommend not opting for the cheapest policy — it’s often worth spending a bit more to get insurance you can have confidence in.
However, in Indiana’s case, we found that in addition to being the cheapest provider overall, State Farm was also the best. To learn why, keep reading.
The best renters insurance in Indiana: State Farm (again)
It’s hard to beat State Farm’s combination of reliable service and low prices in Indiana. State Farm has a good reputation among both customers and independent agencies. They have a century-long track record and are financially stable, which means they won’t be overwhelmed if there’s ever a large disaster that causes a lot of people to file expensive claims.
Below are some more advantages and disadvantages of choosing State Farm.
Benefits of State Farm renters insurance in Indiana
- Large network of Agents: State Farm is the largest provider of homeowners and renters insurance in the country, and they have a very large network of insurance agents. If you prefer dealing with an agent (as opposed to handling everything online), State Farm is a great choice.
- Dog-friendly: State Farm is our go-to recommendation for many dog owners. Other companies are hesitant to cover pit bulls, German Shepherds, Huskies, and other breeds that are sometimes considered dangerous. However, you don’t have to worry about blacklists with State Farm, which never asks about your dog’s breed when you buy a policy.
- Cybercrime and business property coverage: Unlike many of their competitors, State Farm’s standard policies cover work-related property. They also offer cybercrime coverage, which you can get by purchasing a renters insurance rider. This is a great option if, like many Indiana residents, you own your own business or sometimes work from home.
Disadvantages of State Farm renters insurance in Indiana
- Poor website design: State Farm’s website is prone to crashing, and although the user interface is fairly clean, it can also be difficult to find important information. Fortunately, their mobile app is much better, and received Webby Awards for design two years in a row.
Overall, despite selling the cheapest policies in Indiana, State Farm provides solid renters insurance policies with very few downsides. Unless you’re from a military family or you have auto insurance with another provider (more on that below), they’re our pick for the top renters insurance provider in Indiana.
Other Indiana renters insurance providers you should consider
The best renters insurance provider for you depends on your circumstances. Below, we cover the best renters insurance for:
- Military families
- Car owners
- Small business owners
Best Indiana renters insurance for military families: USAA
USAA regularly scores top marks for customer satisfaction, coming it at number one in J.D. Power’s 2020 survey. They cover a broader range of disasters than most providers, including earthquakes and floods, and their policies offer replacement cost coverage. To top it off, USAA’s renters insurance is generally cheaper than average, and filing claims is quick and easy.
The catch: you have to be in the military, a veteran, or the spouse or child of another USAA member. There are no exceptions. If you fall into one of these categories, though, we wholeheartedly recommend USAA.
Best Indiana renters insurance for car owners: your current insurer
Indiana has a definite car culture (it is home to the Indy 500, after all), and most of its cities are built for driving, not walking. If you have a car, you should consider bundling your renters insurance with auto insurance. (Bundling just means buying your policies together.)
Most insurers offer significant discounts for doing so, and all other things being equal, this is almost always the cheapest and most convenient way to get renters insurance.
Best Indiana renters insurance for business owners: State Farm
CNBC ranked Indiana as one of the ten cheapest states to do business in. If you’re an entrepreneur or a small business owner in the Hoosier State, we once again have to recommend State Farm’s renters insurance to you. In this case, their primary draw isn’t price, but coverage.
State Farm’s basic policy protects some business equipment — which isn’t the norm with renters insurance. However, you can purchase even more protection with optional add-ons. Some notable offerings include incidental business liability coverage (which will reimburse you for work-related court fees) and loss-of-income coverage (which will cover your lost income if your business shuts down due to a covered peril).
What else do you need to know about renters insurance in Indiana?
Renters insurance policies are very similar in every state, but there are still a few things you should know about renters insurance in Indiana before you buy a policy:
Does renters insurance cover tornadoes in Indiana?
Yes, renters insurance covers tornadoes, which is good news in Indiana. Even though it isn’t usually considered part of Tornado Alley, over 1300 tornadoes have been recorded in the state since 1950, making it one of the highest risk states for wind damage.
Although renters insurance covers windstorms and tornadoes, some providers have a reputation for fighting their customers when they file large claims. Make sure to choose a company with good customer reviews so you aren’t left hanging after a catastrophe.
Can landlords require renters insurance in Indiana?
Yes, your landlord can require you to purchase renters insurance in Indiana. Many leases include clauses like that (except in Oklahoma, where the practice is illegal).
You aren’t legally obligated to purchase renters insurance. However your landlord can decline to rent to you (or evict you) if they require renters insurance and you fail to get it.
Is a credit check required for renters insurance in Indiana?
Yes, in Indiana, companies can check your credit score to assess your risk profile, and will factor this information into the price of renters insurance. Only a few states have outlawed this practice, and Indiana isn’t one of them.
How we gathered our data on Indiana renters insurance prices
We solicited quotes from Indiana’s major renters insurance companies. We made the following assumptions, all of which affected the prices we received:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
- Deductible: $500
Unless you fit this profile, your renters insurance prices won’t exactly match our own. However, the prices we listed are close approximations of the ones you’ll get.
Renters insurance prices in Indiana by city and insurer
This table displays the complete data set we collected on renters insurance prices in Indiana. Scroll to see the rest.
|City||Allstate||Geico||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Farmers|