Renters Insurance in Indiana

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Contributor, Benzinga
January 20, 2022

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Known as the Crossroads of America, Indiana is a midwest state known for its blend of scenic roads, state parks and entertainment opportunities. Indiana is also known for its rich job opportunities in a variety of industries, making the cities diverse and full of activity. But before you decide to make the move or renew your lease, let’s check out the best renters insurance in Indiana to make sure you’re safe and secure. 

Best Renters Insurance Providers in Indiana

When it comes to finding the right renters insurance provider for you, it’s important to consider what yearly premium works best for your budget and which insurer offers the most discounts that benefit you. You will also want to look into their overall coverage and what additional add-ons you may need. Here’s a look at some of the best in the bunch for Indiana residents. 

1. Lemonade

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Lemonade is an insurance company focused on technology-based tools that benefit their customers. While Lemonade’s coverage is quite basic compared to other insurers, Lemonade has won over customers with its easy-to-use app, which makes it easy to keep track of quotes and claims.

In fact, all quotes and claims are done exclusively through its app and website. This makes the usually confusing world of insurance a bit more straightforward and simple for new customers looking for basic coverage and low deductibles.

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

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2. Progressive

Low prices, comprehensive plans, easily accessible discounts — Progressive is an all-around great renters insurance to have. Customers can get quick online quotes and can explore a range of deductibles and additional add-ons, making it quite customizable. 

Progressive’s annual premiums start below $200, with deductibles from $250, $500, $1,000 and $2,500. Before discounts, this is about $14 per month. But customers can expect even lower rates if they get a quote in advance, choose to receive documents via email, live in a secured or gated community and opt to pay a single deductible per incident. 

Progressive is also trusted within the insurance community; it has provided 82 years of service within the industry. With financial ratings that exceed the industry standard, Progressive is known for successfully paying its claims — and quickly. 

3. State Farm

State Farm customers can expect to pay well below their city’s average renters insurance. Connersville is the least expensive city in Indiana when it comes to renters insurance. The average is $240 there, but State Farm is only $133. Jeffersonville is the most expensive Indiana city renters insurance, but State Farm is still only $148. The average premium is $359.

With such cheap rates per year, State Farm clients have the opportunity to take advantage of the insurer’s plentiful optional coverage options. This includes additional liability, identity restoration and earthquake damage. 

4. Allstate

With an average premium of $337 in Indiana, Allstate offers a very comprehensive coverage plan for tenants looking for the best possible coverage. Here’s what comes with Allstate’s basic renters insurance plan, not counting additional add-on options: 

  • Personal property protection: This covers your valuables, including furniture, electronics and clothing if they’re stolen or damaged. 
  • Additional living expenses: Allstate will help pay for increased living costs if your current unit becomes uninhabitable. This could be food or even a temporary place to stay. 
  • Liability protection: This feature protects Allstate customers against financial uncertainties that arise when someone sues you for damages after being injured on your property. 
  • Guest medical protection: If someone incurs medical expenses from an injury they suffered at your apartment, Allstate would provide protection. 
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5. Farmers Insurance

Farmers Insurance is good for more than that jingle (“We are farmers, bun-da-bun-bun-da-da-da.” You’ll be saying this all day; you’re welcome.) Farmers offers a lot of money-saving discounts, including: 

  • Purchasing multiple policies: If you purchase more than renters insurance from Farmers — including auto or life insurance — you can qualify for policy discounts through Farmers. 
  • Not smoking: If you have been living in a smoke-free household for at least 2 consecutive years, Farmers offers special incentives. 
  • Installing a security system: If you have a security system or fire alarm, you can qualify for even more discounts. 

But that’s not all. Farmers Insurance also offers money-saving discounts if you’re a doctor, nurse, engineer, dentist, teacher, police officer or firefighter. 

Renters Insurance in Indiana: An Overview

Homeownership in Indiana for young adults has slipped to 43.2% in recent years, meaning more than half of the young adult population in the state currently rents. Over 72% of middle-aged residents in Indiana also rent their current property. 

There are a lot of different rental properties to consider. Apartments are the most common rental options, usually 1- or 2-bedroom units within a larger complex. Condos and townhouses are other options. You can even rent an entire home if you aren’t ready to take on a mortgage and maintain a property just yet. Once you purchase a home, you’d want to check out our guide on homeowners insurance instead. 

With so many people renting in Indiana, knowing which renters insurance to go with is more important than ever. 

Average Annual Renters Insurance Premium in Indiana

The average annual renters insurance in Indiana is $170, a 37% price break on average statewide renters insurance costs. While renters insurance is already quite affordable, you can get even cheaper insurance by lowering your limits and increasing your deductible, or the part of the claim you are required to pay. 

Your insurance rate can also be lowered at some insurers if you improve your credit score. Each insurer also has a list of other discounts that can make your premium even lower, so it’s always important to compare each company’s discounts when making your choice. 

  • Anti-theft: If you have a security or alarm system installed, the cost of your insurance can go down. Protective devices like fire alarms can also lower your premium. 
  • Claims-free: Having no claims on your policy will qualify you for a better rate. 
  • Multi-policy: By combining your renters insurance with other insurance policies, like your automobile insurance, you can save even more money.  
  • Paperless billing: If you opt to have your bill emailed instead of mailed, some insurance companies will offer a small discount. Premiums at some insurance companies can also be lowered if you choose automatic payments taken each month or year. 
  • Non-smoking household: Smoking is not only bad for your health. Smoking can also cause a lot of damage to rental properties and even be considered a fire hazard. Families that don’t smoke can sometimes get a better deal on their renters insurance. 
  • Gated community: Living in a gated community or installing smart devices in your home can deem your house safer and therefore be another way to get cheaper renters insurance at some companies. 
  • Loyalty: Some insurers offer lower premiums to customers who opt to stick with the company when it comes time to renew their plan. 

Renters Insurance Coverage Explained

Renters insurance offers financial reimbursement to tenants who had their possessions lost or damaged. This can be a result of fire, theft, vandalism or anything else outside of your control. Renters insurance also provides compensation for emergency living arrangements if your current rental unit becomes uninhabitable due to a natural disaster or fire. 

Renters insurance also covers a tenant’s liability if a visitor is injured while hanging out at your space. This means the insurance company will cover costs related to the injury, like X-rays for a broken leg. The location of the incident along with who is at fault will decide if your insurer or the landlord’s insurance will be responsible for these costs. 

You can also opt to have additional coverage for an additional cost: 

  • Firearms: This would cover your collection of firearms in case they’re damaged in a fire or stolen. 
  • Home computers: A lot of times, valuable electronics are not included in basic renters insurance plans. If you own a lot of computers or gaming systems, you might want to consider this option. 
  • Jewelry: Expensive jewelry is another collection that is often not included in basic renters insurance plans. 
  • Personal injury: This addition adds coverage to anything other than bodily injury or property damage. This includes false arrest, slander, invasion of privacy and wrongful eviction. 
  • Identity protection services: If you have your identity stolen, this add-on will pay for costs of certified letters to credit bureaus, the notaries, and all other payments needed to ensure you get your identity back. 

Have Fun and be Safe in Indiana

Indiana isn’t only for popcorn lovers. It boasts of historic towns with nature centers and hundreds of acres of parks… museums and abstract galleries hidden among fine dining... food truck festivals and bookstores. Indiana has a city for everyone.

As Indiana continues to attract young adults, explorers and retirees alike, more and more people will be considering renting. It’s important to protect your things, your space and yourself with the right renters insurance for you. 

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.