7 Best Renters Insurance Companies in Indiana of 2023
Renters insurance is not required by law in the state of Indiana, but that doesn’t mean you should go without a renters policy.
Indiana residents across the state and in Evansville or Franklin should know damage to personal property can be devastating if you don’t have a way to recover the loss of items like your clothing, furniture, and even your electronics after a storm or fire.
It doesn’t matter if you live in a Northern Indiana town like Goshen or the RV Captial of the World, Elkhart, a renters insurance policy is a benefit in a catastrophic event.
For many, a loss of personal property in a fire, for example, is more than just a physical loss of property but an emotional event.
So, even tenants living in the largest city of Indianapolis purchase renters insurance to have peace of mind if a loss occurs, they can recover financially.
Personal liability is included in renters insurance policies with various limit options.
General or personal liability can pay for damages incurred by others that you become legally obligated to pay.
The national average cost of renters insurance is approximately $175 annually, and Indiana residents enjoy similar pricing on average.
Remember there are plenty of factors that influence what you pay for renters insurance.
Our experts have given you a head start with the reviews on this page.
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 traveling across England and your bike, backpack, and mobile device are stolen, Lemonade is an insurance partner with Worldwide coverage to assist.
Don’t worry though, your laptop, TV, and other important personal property are covered at your residence too.
Read a full Lemonade renters insurance review.
| J.D. Power (out of 1,000) | 853 |
|---|---|
| BBB | B+ |
| NAIC Complaint Index | 1.94 |
Allstate: Best for Renters Bundle Premiums
Allstate offers renters insurance as low as $4 per month if you bundle your car insurance with them.
Retirees or seniors benefit from a special discount for anyone 55 and older that is retired.
A simple, user-friendly website lets customers in any part of the state 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.
Read a full Allstate renters insurance review.
| J.D. Power (out of 1,000) | 837 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | 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.
Read a full Liberty Mutual renters insurance review.
| J.D. Power (out of 1,000) | 834 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A+ |
| NAIC Complaint Index | 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 choose 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 just like them in Indiana.
Read a full State Farm renters insurance review.
| J.D. Power (out of 1,000) | 836 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 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 are right for residents in Indiana.
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 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.
| J.D. Power (out of 1,000) | 801 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A |
| NAIC Complaint Index | 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 a smoker.
In addition to the discount, there are plenty of coverage options to choose from 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.
| 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.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Allstate | 5.0 | 837 | A+ | A- |
| USAA | 5.0 | 886 | A++ | A+ |
| Lemonade | 4.5 | 853 | Not Rated | B+ |
| American Family | 4.5 | 836* | A | A |
| Erie Insurance | 4.5 | 851* | A+ | A+ |
| Farmers | 4.5 | 831 | A | A- |
| Liberty Mutual | 4.5 | 834 | A | A+ |
| State Farm | 4.5 | 836 | A++ | A+ |
| Hartford | 4.5 | 886* | A+ | A+ |
| MetLife | 4.5 | 904* | A+ | D- |
| Nationwide | 4.0 | 859 | A+ | A+ |
| Progressive | 4.0 | 819* | A+ | Not Rated |
| Amica | 4.0 | 854* | A+ | A+ |
| Travelers | 4.0 | 801 | 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 renters insurance in Indiana is typically between $15 per month.
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 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), 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 | Vitamix or NutriBullet blenders, electric mixers, ice makers, coffee machines. | Renters insurance covers personal appliances if they are damaged, stolen, or destroyed by a covered peril. |
| Prescription drugs | Will not cover stolen prescription drugs, but in most cases will cover prescription drug refills. | |
| 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 | 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.
Our 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.
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.
