Best & Cheapest Renters Insurance In Indiana For 2025

Approximately 27% of all households in Indiana rent. For those, the average cost of renters insurance in Indiana is approximately $324 per year, or about $27 per month, influenced by tornado and winter storm risk, as well as crime risks. This makes it an affordable way to protect your personal belongings and liability.

Having had over 15 years of experience as a licensed property and casualty agent, I’ve helped many clients find the right renters insurance to suit their needs and budget. This deep industry knowledge allows me to provide insights that save you time and money while making sure you have the right coverage.

Cheapest Renters Insurance Companies In Indiana

State Farm and Lemonade are the cheapest renters insurance companies in Indiana. State Farm costs an average of $13 per month, while Lemonade costs around $16.

Best Renters Insurance Companies In Indiana 2025

Nationwide is the best renters insurance company in Indiana, with average monthly premiums of $22.

Use the table below to view the best renters insurance companies in Indiana, and their average rates.

How Much Is Renters Insurance In Indiana?

The average cost of renters insurance in Indiana is typically around $27 per month, or about $324 annually. However, the exact cost can vary significantly depending on several factors. These include the location of the rental property, the value of your personal belongings, the coverage limits, and any additional coverage options you may choose.

Average Indiana Renters Insurance Costs – By City

Where you live in Indiana can have a significant impact on the cost of renters insurance.

Here’s a table showing the average cost of renters insurance in 10 major cities in Indiana:

What Factors Affect The Price Of Renters Insurance In Indiana?

Several factors influence the cost of renters insurance in Indiana. Understanding these can help you manage your premium:

• Location: Bigger cities like Gary and Columbus have significantly higher monthly costs for renters insurance in large part because of the risk of natural disasters and high crime.
• Home Type: A substantial portion of homes in Indiana are mobile homes and apartment units as well as detached single-family homes. Mobile homes and older homes can cost more if they don’t meet modern building codes and therefore have an increased risk of fire, structural problems, and other hazards.
• Value of Personal Belongings: The more valuable your possessions, the higher your coverage limits and premiums.
• Deductible: A higher deductible can lower your monthly premium but increase out-of-pocket costs.
• Claim History: A history of claims may increase your rates.
• Rental Property Type: Apartments may cost less to insure than houses.
• Safety Features: Certain areas of Indiana have reportedly higher levels of theft and vandalism including Anderson, Bloomington, and Clarksville. Renters in this area can reduce the cost of their renters insurance by installing safety features like smoke detectors, security systems, and deadbolts to help lower premiums.

Is Renters Insurance Required In Indiana?

In Indiana, renters insurance is not legally required by the state, but many landlords or property management companies may require tenants to have a policy in place. While the law does not mandate renters insurance, landlords often include this requirement in the lease agreement as a way to protect both the tenant and the property owner.

For tenants, having renters insurance is a wise decision, even if it’s not required by law. It helps safeguard personal property, which may be costly to replace out-of-pocket. Furthermore, renters insurance may provide coverage for temporary living expenses if the rental unit becomes uninhabitable due to a covered event.

While not mandatory, renters insurance can provide peace of mind and financial protection. It’s important to review the lease agreement and check with the landlord to see if it’s a requirement, as failure to comply could result in penalties or lease termination.

Common Renters Insurance Discounts In Indiana

Renters insurance providers in Indiana offer various discounts that can reduce your premiums:

• Bundling Policies: Combining auto and renters insurance with the same company can lead to savings.
• Security Features: Installing security systems or smoke alarms can result in discounts.
• Claim-Free Discounts: If you haven’t filed claims in several years, you may qualify for lower rates.
• Property Age: Newer, well-maintained homes may qualify for discounts.
• Loyalty Discounts: Long-term customers may receive reduced rates over time.

Common Renters Insurance Claims In Indiana

In cities like Indianapolis, Fort Wayne, Evansville, and South Bend, the most common renters insurance claims are for theft and vandalism. However, throughout Indiana, claims include damage from natural disasters, such as windstorms, tornadoes, and floods.

Water damage, often caused by burst pipes or appliance malfunctions, is also a common claim as is damage from winter storms.

Does Renters Insurance In Indiana Cover Winter Storms?

Indiana experiences severe winter storms including ice storms and blizzards. Thankfully most rental insurance policies will cover winter storm damage to any personal belongings caused by covered events or covered perils including:

• Wind
• Hail
• Falling objects
• The weight of ice or snow

This includes possible coverage for living expenses and temporary housing if your rental unit becomes uninhabitable. However, it is important to note that damage caused by floods resulting from winter storms is not covered.

Does Renters Insurance In Indiana Cover Flooding?

According to the National Weather Service, Indiana is highly vulnerable to floods because of the high levels of wetlands, tributaries, and rivers that run through the state. In fact, over 40% of all properties in Indiana are at a high risk of flooding according to the FEMA flood maps.

Unfortunately, renters insurance in Indiana does not cover flooding caused by heavy rains, storm surges, or rising water. Flooding is considered a separate peril, and standard renters policies exclude this type of damage. To protect against flooding, renters in Indiana must purchase separate flood insurance through the National Flood Insurance Program (NFIP) or private insurers.

Flood insurance will cover damage to personal property and the structure of the rental unit caused by rising water, ensuring comprehensive coverage in flood-prone areas.

Does Renters Insurance In Indiana Cover Fire?

Yes, renters insurance in Indiana covers fire damage to personal property and the rental unit itself. If a fire destroys belongings or causes damage to the apartment or house you’re renting, your renters insurance policy will typically cover the cost of repairs or replacement. This includes damage from smoke, heat, and soot.

Renters insurance also provides liability coverage if the fire spreads and causes damage to neighboring units. It’s important to keep an updated inventory of belongings to ensure adequate coverage.

Does Renters Insurance In Indiana Cover Tornadoes?

Indiana has a substantial history of tornadoes, with over 1,500 verified tornadoes touching down across the state since 1950.

Renters should ensure that they have proper coverage for personal belongings.

That said, renters insurance generally covers tornado damage in Indiana. Tornadoes are typically considered wind-related incidents, and most renters insurance policies include coverage for damage caused by windstorms. If a tornado damages personal property or the rental unit itself, renters insurance will typically cover repair or replacement costs.

However, it’s important to review your policy to ensure that the specific coverage for wind and tornado damage is included. Additional coverage may be needed for high-value items, depending on the policy.

Does Renters Insurance In Indiana Cover Wind Damage?

Yes, renters insurance in Indiana generally covers wind damage caused by events such as windstorms, tornadoes, and hail. Wind-related damage to personal belongings, such as furniture, electronics, and clothing, is usually covered under a standard renters policy.

However, damage caused by hurricanes may require additional windstorm coverage or a rider, as hurricanes are considered a separate risk. It’s important to review your policy to confirm that wind damage is included and to consider additional coverage if necessary for extreme weather events.

What Does Renters Insurance Cover In Indiana?

Renters insurance provides essential protection for your belongings and liability, offering financial security in the event of unexpected incidents. Understanding what is covered under a renters insurance policy helps you make informed decisions about your coverage needs. Below, we break down the key components of renters insurance coverage.

Personal Property Coverage

Renters insurance typically covers personal belongings, such as furniture, clothing, electronics, and appliances, in the event of theft, fire, vandalism, or other covered disasters. It helps you replace or repair your possessions up to the policy’s coverage limit.

Liability Coverage

Liability protection is an essential part of renters insurance. It covers legal expenses and medical costs if someone is injured while on your property. For example, if a guest slips and falls in your home, liability coverage can help pay for their medical bills and any legal fees if you are sued.

Additional Living Expenses

If your rental becomes uninhabitable due to a covered incident, such as a fire or storm, renters insurance can cover additional living expenses. This includes the cost of temporary housing, meals, and other expenses while your home is being repaired or replaced.

Medical Payments To Others

This coverage provides small, no-fault medical payments if someone is injured on your property, regardless of who is at fault. It helps cover minor medical expenses without the need for a lawsuit or liability claim.

Loss Of Use Coverage

If you cannot use your rental due to a covered event, loss of use coverage can help with extra costs such as hotel stays and transportation.

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