Best and Cheapest Renters Insurance in Indiana for 2024

The importance of renters insurance is blurrier than the importance of car or homeowners insurance. Many renters assume their personal items will be covered under their landlord's insurance if they experience a peril in their apartment. But that's not true! While your landlord's insurance covers the structure of the building you're living in, you'll need renters insurance if you want coverage for the personal items you bring into the apartment your TV, furniture, etc. Plus, liability issues also aren't covered without renters insurance.

So if you want to ensure you're properly covered while renting, it's important to find one of the best Indiana renters insurance companies. But where do you start? In the table above, you can sort through all the renter's insurance companies ranked on Clearsurance. The rating next to each company the insurer's Clearsurance score is based exclusively on the thousands of ratings provided by customers.

Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Indiana renters insurance rankings.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renter's insurance coverage?" or, "Does my policy cover things such as water damage and bodily injury?" and, "What are my coverage options and my coverage limit?"

You may have also wondered what the difference is between homeowners and renters insurance. There are a few key variances, and reading about them may help you gain a better understanding of what comes included in your renters policy.

There are risks associated with not protecting your dwelling against property damage. Not only would you be responsible for any medical expenses accrued by someone becoming injured on your property, you would then have to pay for the damages or the replacement of your belongings out of pocket.

Just as you would with an auto insurance policy, reviewing what's on the market is a solid move if finances are a concern. If you need to compare companies, we offer a tool that can help you.

Interested in learning more about one of the companies on the list of the best renters insurance companies in Indiana? You can visit the company's profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• Indiana renters insurance rates
• Average cost of renting in Indianapolis
• Renters insurance for Indiana college students
• Indiana property crime statistics

Who offers the best Indiana renters insurance rates?

Out of the most popular renters insurance companies in Indiana, Safeco offers the cheapest Indiana rates.

As a renter in Indiana, you can look into coverage to protect your belongings from damage or theft. Some companies may offer coverage in Indiana for a cheaper rate than others. In the table below, you can see average Indiana rates from some of the largest companies in the state.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Indiana will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Indianapolis?

In Indianapolis, the average cost of rent for an apartment is $820 per month. The cost can vary based on your location within the city as well as the size of your apartment.

Indianapolis is the capital and most populous city in Indiana, and it's home to the largest one-day sporting event: the Indy 500. While the average cost of rent in the city is $820 per month, Indianapolis is made up of numerous different neighborhoods and some of those are pricier in terms of rent. For example, the areas of North Meridian and the Wholesale District, which both have an average monthly rent of $1,499. However, 88 percent of apartments in Indianapolis are less than $1,000 per month. Average monthly rent can even be as low as $575 per month in the areas of Brookside and Spades Park.

Another factor that determines the monthly cost of rent in Indianapolis is the type of apartment. On average, studio apartments cost $627 per month and one-bedroom apartments cost $737 per month. By comparison, three-bedroom apartments cost an average of $1,001 per month in Indianapolis. Another thing for apartment tenants in Indianapolis to consider is renters insurance. Tenants' personal belongings are not covered under the landlord's coverage but renters insurance is an affordable way to protect personal items.

Is there renters insurance for Indiana college students?

Indiana has a number of colleges and universities scattered across the state. Many of those college students rent apartments off-campus. There are a few things for college students renting housing in Indiana to consider in order to protect their personal belongings. The cost of renters insurance should be top of the list, especially for college students. For a student that has to monitor even the smallest expense, finding affordable renters insurance would be a major priority.

Typically, college students who live in dorms located on the college campus are covered by their parent's homeowners insurance policy. Indiana college students who rent apartments off-campus, though, should consider a renters policy because their items won't be covered under their parents' policy, and without a policy, they won't have any protection.

College students will most likely have roommates in the apartment they rent. It's not advised that students share renters' insurance policies with roommates. Rather, each student should have their own policy to protect their own belongings.

What are Indiana property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Indiana compare to other states around the country? The FBI published the following statistics on crime in Indiana for 2016:

• Property crime - 171,759
• Burglary - 34,097
• Larceny theft - 122,931

All three statistics for Indiana, when compared to the national average rate per 100,000 inhabitants, ranking slightly above the national average. It is important to make sure that you are always covered. Ask your local insurance agent if your renter's policy covers additional protection like a burglar alarm. This will not only help keep you safe but also help with peace of mind, knowing that you are protected.

How can you save money on your renters insurance in Indiana?

While this may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Indiana renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your policy:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

How does Clearsurance rate and rank the best renters insurance companies in Indiana?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings. We ensure that all of our content is accurate.

Do you need a renters insurance guide?

As we mentioned above, there are common misconceptions regarding what is and isn't covered by your policy. Before you purchase a policy from one of these best insurers in Indiana, it's important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property? Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

We want to make sure you’re equipped with a proper knowledge of your coverage, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information.

Don't forget about our comparison tool, which will help you to compare quotes from various companies.