Best & Cheapest Renters Insurance In Indiana 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:

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.

Find Renters Insurance In Other U.S. States