7 Best Renters Insurance Companies in Indiana of 2023
Although renters insurance is not mandatory in Indiana, it is highly recommended that residents throughout the state, including those in Evansville or Franklin, obtain a policy to protect their personal property.
In a catastrophic occurrence, such as a fire or storm, damage to personal belongings like clothing, furniture, and electronics can be devastating without a means of recovery.
This is true for those living in Northern Indiana towns like Goshen or Elkhart, known as the RV Capital of the World. Even tenants in the state's largest city, Indianapolis, opt for renters insurance to provide peace of mind and financial security in the event of a loss.
Renters insurance policies typically offer personal liability coverage with different limit options, which can cover damages that you may be legally obligated to pay for others.
According to PropertyNest research, the national average cost of basic renters insurance in Indiana is $20.13 monthly.
Remember that plenty of factors influence what you pay for renters insurance.
Our experts have given you a head start with the reviews on this page.
Compare Renters Insurance in IN
The Best Renters Insurance Companies in Indiana
- Lemonade – Best Insurance for Affordability
- Allstate – Best for Renters Bundle Premiums
- Liberty Mutual – Best for Discounts
- State Farm – Best for Overall Customer Service
- Travelers – Best for Multiple Customer Service Support Channels
- Farmers Insurance – Best for Non-Smokers
- Progressive – Best for Overall UpFront Discounts
Lemonade: Best Insurance for Affordability
Personal property coverage is important no matter where that property is at the time of a loss.
If you travel across England and your bike, backpack, and mobile device are stolen, Lemonade is an insurance partner with Worldwide coverage to assist.
Don’t worry; your laptop, TV, and other important personal property are covered at your residence, too.
Lemonade Renters Insurance Discounts
- Multiline: Buy a second policy.
- Security: Smoke alarms and deadbolt locks.
Read a full Lemonade renters insurance review.
| PropertyNest Rating | 4.5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 853 |
| BBB Rating | B+ |
| NAIC Complaint Index Score | 1.94 |
Allstate: Best for Renters Bundle Premiums
Allstate offers renters insurance as low as $4 per month if you bundle your car insurance.
Retirees or seniors benefit from a special discount for anyone 55 and older who is retired.
A simple, user-friendly website lets customers in any part of Indiana, like Hammond or Angola, access policy information, pay a bill, or report a claim on the mobile app.
The Allstate mobile app has privacy and security features for personal information safety.
Allstate’s financial strength and longevity keep them on the list of best insurance companies in Indiana.
Allstate Renters Insurance Discounts
- Multi-Policy Discount: Bundling car insurance could keep your renters premiums as low as $4 per month.
- 55 & Retired Discount: Seniors truly retired and not seeking any employment are eligible for up to a 25% discount.
- Easy Pay Plan: Make your insurance premiums electronically with a bank or credit card.
Read a full Allstate renters insurance review.
| PropertyNest Rating | 5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 837 |
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index Score | 2.05 |
| BBB Rating | A- |
Liberty Mutual: Best for Discounts
Indiana residents enjoy a variety of policy discounts that let tenants in northern or southern Indiana lower their insurance premiums.
Discounts can include options like early shopping, claim-free, and a bank draft feature to pay.
Buying car insurance with a renters policy at Liberty Mutual means bundling, and that saves money under the multi-policy discount.
Buyers can customize coverage options and limits without sacrificing the discounts they are eligible for when buying renters insurance in Indianapolis or Goshen.
We choose Liberty Mutual for the best discounts as they have 5 in this category, including a unique discount for buying online.
Liberty Mutual Renters Insurance Discounts
- Early Shopper: The farther out you get a quote before you need coverage, the better the discount will be up to approximately 30 days before purchase.
- Claims-free: No claims in the past, add a discount.
- Online purchase: Quote and buy online to receive an additional discount.
- Multi-Policy: Insure your car or add another policy for a bundle.
- Preferred Payment: Use an automatic monthly bank draft for savings.
Read a full Liberty Mutual renters insurance review.
| PropertyNest Rating | 4.5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 834 |
| A.M. Best - Financial Strength Rating | A |
| BBB Rating | A+ |
| NAIC Complaint Index Score | 2.37 |
State Farm: Best for Overall Customer Service
State Farm is a top insurance company with the longevity that many consumers expect when thinking about excellence in customer service.
Even smaller rural communities like Jasper will find a local State Farm agent to assist in buying and servicing your renters policy.
State Farm makes it easy to change agents or seamlessly transfer coverage from one residence to another.
Agent assistance and online tools can help you evaluate a rare collection of items or unique personal property, like a vintage pair of sneakers for special coverages.
We chose State Farm for overall customer service as the number of local agents and service centers to outpace the competition, giving State Farm the local community appeal in Greenfield, Nashville, and other small towns like them in Indiana.
State Farm Renters Insurance Discounts
- Renters & Car Insurance Bundling: This policy combo offers a discount.
- Home Alert Protection Discount: Smoke detector, fire or burglar alarm equipment that alerts the renter immediately of an issue.
- Deductible Choices: Deductible choices are a leading factor in determining the final premium.
Read a full State Farm renters insurance review.
| PropertyNest Rating | 5 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 836 |
| A.M. Best - Financial Strength Rating | A++ |
| BBB Rating | A+ |
| NAIC Complaint Index Score | 1.77 |
Travelers: Best for Multiple Customer Service Support Channels
Travelers have been a staple in the insurance industry since 1853 and have the financial strength to support policyholders in Indiana.
Customer service support, easy access to file a claim, and a company that continuously updates technology tools make it easy for residents in Rising Sun or Greencastle to manage their renters’ policies.
You can review videos on YouTube about coverage options and learn what limits suit Indiana residents.
It’s easy to secure coverage with an online quote and buy option and then request a local agent.
An app can submit claims or by reaching out to your local agent.
Travelers Company is best in this category because they offer multiple support channels for sales and service of all lines of insurance in every part of Indiana.
Travelers Renters Insurance Discounts
- Loss-Free: Have your claims-free history verified for a discount.
- Protective Devices: Smoke detectors and other theft-related security devices are eligible.
- Multi-policy: Buying car insurance can reduce your renters’ premium.
- Deductible Choice: Choosing a higher deductible isn’t a discount; however, with Travelers, it can positively impact your premium.
| PropertyNest Rating | 4 out of 5 |
|---|---|
| J.D. Power (out of 1,000) Score | 801 |
| A.M. Best - Financial Strength Rating | A++ |
| BBB Rating | A |
| NAIC Complaint Index Score | 3.88 |
Farmers Insurance: Best for Non-Smokers
Every insurance company has discounts and unique feature that draws consumers to their product.
Farmers Insurance offers a non-smoking discount for renters who purchase an insurance policy.
Service and affordability are not far behind the discounts, so tenants in Muncie or Kokomo can benefit even if they are smokers.
In addition to the discount, there are plenty of coverage options in the Farmers Insurance renters policy.
Consumers can purchase a policy online, receive their documents via email, and request a local agent for ongoing service and claims support.
Farmers Insurance Renters Discounts
- Non-Smoker: Consumers who have not smoked for two consecutive years receive a special discount for a smoke-free home.
- Multiple policies: Add your car insurance or any other Farmers' insurance policy.
- Security System or Fire Alarm: An approved electronic or fire alarm offers additional discounts.
| J.D. Power (out of 1,000) | 831 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A- |
| NAIC Complaint Index | 0.56 |
Progressive: Best for Overall UpFront Discounts
If you’re into discounts and paying less premium to the insurance company, consider a quote with Progressive.
Choosing to quote your insurance before expiration or in advance of moving into a new rental residence may give Indiana residents in small communities like Hobart and larger cities like Terra Haute a substantial discount.
Progressive offers an option to save by signing your paperwork and accessing your policy via email with your login and self-service tools.
Progressive offers a pay-in-full discount for those organized accounts.
We choose Progressive for all the new customer discounts that you receive with your renters policy for being organized and proactive in your insurance buying.
Progressive Renters Insurance Discounts
- Multi-Policy: Buy car insurance with Progressive, and you’ll receive a substantial discount on renters insurance.
- Quote in Advance: Quote insurance for the best rate with Progressive at least 30 days before expiration.
- Policy documents sent by email: Choose to have all your documents delivered by email.
- Pay in Full: You are rewarded if you can budget annually for renters insurance.
- Secured or Gated Community: A security discount that reduces premiums as theft is less likely to occur in a gated community.
- Single Deductible Benefit: One deductible is an option for multiple policies.
Read a full Progressive renters insurance review.
| PropertyNest Rating | 4 out of 5 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index Score | 1.66 |
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Lemonade | 5.0 | 853 | Not Rated | B+ |
| Allstate | 5.0 | 837 | A+ | A- |
| Liberty Mutual | 4.5 | 834 | A | A+ |
| State Farm | 4.5 | 836 | A++ | A+ |
| USAA | 4.5 | 886 | A++ | A+ |
| Erie Insurance | 4.5 | 851* | A+ | A+ |
| Travelers | 4.0 | 801 | A++ | A |
| Amica | 4.0 | 854* | A+ | A+ |
| Nationwide | 4.0 | 859 | A+ | A+ |
| Jetty | 4.0 | Not Rated | A | A+ |
Is Renters Insurance Mandatory to Rent an Apartment in Indiana?
Renters Insurance is not mandatory by state law to rent an apartment in Indiana.
However, it is highly recommended, as it will protect you financially in the event of any damage or loss to your property.
What is the Average Cost of Renters Insurance in Indiana?
The average cost of basic renters insurance in Indiana is $20.13 per month or 241.61 a year.
It is important to remember that the actual cost can vary depending on factors such as the size of your rental unit, your credit score, the amount of coverage you need, and any additional riders or endorsements you might choose to add.
In some cases a landlord may require the tenant to carry renters insurance in order to protect the landlord from potential liability.
It is important to check with your landlord what their policy is regarding renters insurance before signing a lease agreement.
If you are required to purchase renters insurance, make sure that you shop around and compare rates to get the best possible deal.
Can You Lower Rental Insurance Premiums?
You can lower your rental insurance premiums by increasing your deductible.
Increasing the amount of money you are willing to pay in case of a claim can considerably reduce your premium costs.
Another way to lower your premiums is to take steps to make sure that your rental home is more secure, such as installing security devices, deadbolts, and motion-sensing lights.
You may also be able to get a discount on your premium if you are willing to pay the entire policy in one lump sum rather than making monthly payments.
What Does Renters Insurance Cover in Indiana?
Personal Property
Personal property is defined by insurance as clothing, furniture, kitchen items, and other personal belongings, like a bike, laptop, and jewelry.
Be diligent in asking questions if you have high-end valuables or unique items, as renters insurance may not provide adequate coverage in a basic insurance policy.
| Type | Items | Coverage |
|---|---|---|
| Cash or Other Forms of Currency | Bank notes, bullions, gold or silver (non-jewelry), coins, medals, smart cards, stored value cards. | Most renters insurance policies will only cover up to $200 in stolen cash. |
| Electronic Equipment | Phones (iPhones, Androids, etc.), computers, laptops, iPads, earbuds, smart watches, TV sets, gaming systems, Alexa or Google home devices, etc. | Standard renters insurance policies cover the loss or damage of electronic devices. |
| Clothing | Designer purse/handbags, shoes, jewelry, designer watches | Standard renters policies cover your personal clothing or designer handbags etc. |
| Power Tools | Drills & drivers, saws. | Covered under the personal property coverage. |
| Kitchen appliances | Refrigerators, microwaves, blenders, electric mixers, ice makers, coffee machines, and other appliances. | Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril. |
| Prescription drugs | Will not cover stolen prescription drugs. | |
| Personal information | Bank accounts, identity information stolen from documents, or stolen personal equipment. | Most companies do not include identity theft as a covered peril in a standard renters insurance policy. |
| Firearms | Pistols, rifles | Legal firearms are covered under personal property coverage. |
Liability Coverage
Liability coverage protects you against another person who sues you for bodily injury or property damage they believe you or your family caused.
There are a variety of limits available, and we recommend choosing a high limit as the cost is relatively inexpensive to purchase, more than the minimum of $100,000 usually offered.
Medical Expenses
This expense category is meant to help if someone has an accident on your property and wants you to pay the hospital or bodily injury damages.
You don’t have to be found at fault in court to have this coverage paid to someone else for the accident.
Additional Living Expenses (Loss of Use)
This coverage is certainly beneficial as it provides additional expenses you incur when your home is uninhabitable for a period of time due to a covered loss. You and your family must live somewhere else while the repairs are made.
What is Actual Cash Value vs. Replacement Cost?
Most basic policies include actual cash value as the determination for payment of damaged personal belongings in a loss.
Always make sure you request the replacement cost option for your personal property.
Replacement cost means that if your 10-year-old couch is damaged in a fire, the insurance company will pay the cost to replace it with a new one, not a comparable 10-year-old one.
You may pay a few dollars more over the year for this coverage, but it is well worth the extra premium.
Conclusion
The PropertyNest team encourages all tenants to purchase renters insurance and protect their personal property belonging.
You can’t always avoid a catastrophic event, but you can have peace of mind that you chose an insurance company with integrity to navigate the loss and help you recover.
Consider getting several renters insurance quotes to compare pricing and coverage options. Remember, if you live in an area prone to flood, consider asking your insurance professional about flood insurance, too.
Methodology
We thoroughly researched the state's top renters’ insurance companies and narrowed the list down to those that operated in Indiana.
We rated them on criteria that included ease of use, ratings, financial strength, customer, and affordability. Read our full in-depth renters insurance methodology.
How We Selected the Best Renters Insurance Companies in Indiana
Experts in the insurance field spend hours reviewing companies in Indiana to find the top group for renters insurance.
We review websites and talk to other professionals and customers when gathering details for you.
We include factors like pricing, coverage options, discounts available, and the customer service experience before we choose our best insurance companies for renters.
Pricing
Indiana renters insurance is slightly higher than the national average. Hence, our choices for top companies offer affordable rates in all areas, including big cities like Evansville or smaller communities like Beach Grove.
Coverage options
Options are key to tenants in communities like Jeffersonville and towns like Crawfordsville, so we chose companies with the broadest coverage options available.
Discounts
Not all discounts are created equal, so we choose companies that offer various discounts at all policy levels.
Customer Service Support
Technology, people, and claims support are necessary to provide service for a renters policy, so we focused on companies that highlight all factors of excellent service.
