Who Has the Cheapest Renters Insurance Quotes in Indiana?
State Farm has the cheapest renters insurance in Indiana. Its rates are 45% cheaper than the state average.
Compare Renters Insurance Quotes in Indiana
Best Cheap Renters Insurance in Indiana
ValuePenguin editors found the best cheap renters insurance companies in Indiana by looking at rates, customer satisfaction, coverage options and discounts.
Our experts calculated average renters insurance rates by gathering quotes from eight top companies across 24 of Indiana's largest cities.
Cheapest renters insurance companies in Indiana
State Farm has the cheapest renters insurance in Indiana, at $13 per month for $30,000 of personal property coverage.
Lemonade is also very affordable at $15 per month.
Compare Cheap Renters Insurance Quotes in Indiana
Renters insurance in Indiana costs $24 per month for $30,000 of personal property coverage, on average. That's 6% more expensive than the national average of $23 per month.
The cost of renters insurance in Indiana is about average compared to neighboring states. Coverage is a little cheaper in Illinois and Kentucky, but more expensive in Ohio and Michigan.
Top renters insurance companies in Indiana
Company | Monthly cost | ||
|---|---|---|---|
| State Farm | $13 | |
| Lemonade | $15 | |
| Progressive | $21 | |
| Farmers | $21 | |
| Amica | $23 | |
Best renters insurance in Indiana for cheap rates: State Farm
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Cost$13/moThis analysis used renters insurance quotes for 24 of the largest cities in Indiana. Read our methodology.
Best online experience: Lemonade
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Cost$15/moThis analysis used renters insurance quotes for 24 of the largest cities in Indiana. Read our methodology.
Best for customer service: Amica
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Cost$23/moThis analysis used renters insurance quotes for 24 of the largest cities in Indiana. Read our methodology.
Indiana renters insurance: Costs by city
The city of Anderson has the lowest renters insurance rates of Indiana's largest cities, with an average rate of $22 per month.
The cities of Bloomington, Carmel, Elkhart, Fishers, Kokomo, Noblesville, Portage, West Lafayette and Westfield all have average rates a few cents higher than Anderson.
Gary has the highest rates in the state, with an average of $30 per month. That's 24% higher than the state average.
How much you pay for renters insurance will depend on where you live in Indiana. You'll likely pay more if you live in a city with high crime, or less if you live close to a firehouse.
City | Monthly rate | % from average |
|---|---|---|
| Anderson | $22 | -11% |
| Bloomington | $22 | -10% |
| Carmel | $22 | -10% |
| Columbus | $28 | 13% |
| Elkhart | $22 | -8% |
Tips for getting cheap renters insurance in Indiana
Compare prices, use discounts and understand your coverage needs to get the lowest price on your Indiana renters insurance policy.
Add up the cost of the items you own to find out how much coverage you need. Your renters insurance should include high enough limits on your personal property coverage. But buying more coverage than you need won't increase your payout if the worst happens.
You can save hundreds of dollars per year without sacrificing coverage by comparing prices from multiple companies. The most expensive renters insurance company in Indiana, American Family, costs $415 per year more than the cheapest company, State Farm, for the same level of coverage.
It's a good idea to compare quotes each year because rates can change over time. The cheapest company today might not have the best rates the next time you renew your policy.
Renters insurance companies offer discounts that reduce what you spend each month.
Some discounts, like being claim-free, you'll get automatically when you apply. But other discounts you'll need to qualify for. For example, some companies give you a cheaper price if you buy a policy more than a week or two before it starts.
Common renters insurance discounts in Indiana
- Renters-auto bundling
- Claim-free discount
- Automatic payments
- Pay in full
- Loyalty
- Home protection device
Common natural disasters in Indiana
Renters in Indiana should make sure they're protected from tornadoes, flooding and rapid changes in temperature.
Indiana windstorms
Wind damage is almost always covered by renters insurance.
Wind damage to your property is one of the events most commonly covered by renters and home insurance, regardless of the type of storm or cause of damage. Damage from a broken window from a tornado is covered, as is damage from a fallen tree branch.
One thing that's usually not covered is damage to your car. Instead, wind damage to your vehicle is covered by comprehensive coverage, part of your car insurance.
Snow, ice and cold temperatures
Damage from ice, snow and cold temperatures is usually covered by renters insurance, but not every type of damage is included.
For example, if a pipe bursts and soaks your stuff, renters insurance will pay to fix anything that got wet. You'll also be covered if a tree collapses under the weight of snow and damages your belongings.
Hail damage is covered by renters insurance, too.
But remember that renters insurance only covers your belongings. It doesn't protect the structure of your apartment or rental home. If your roof is damaged by an ice dam or weight of snow, that's your landlord's responsibility to cover.
Indiana renters insurance trends
Renters insurance prices have gone up 10.6% in Indiana over the last six years.
Indiana renters insurance rates went up between 0.2% and 65.3% during the last six years, depending on the company.
Renters insurance prices, on average, decreased 0.4% in 2021, but then saw a steady increase, with an uptick of 8.4% across 2023 and 2024.
Among the major IN insurers, the biggest increases have been at Liberty Mutual (65.3%) and Nationwide (38.0%).
Renters insurance rate change data was compiled using RateWatch from S&P Global, which uses information from the National Association of Insurance Commissioners (NAIC).
Frequently asked questions
How much is renters insurance per month in Indiana?
The average cost of renters insurance in Indiana is $24 per month. The cheapest quotes can be found at State Farm, where a policy costs $13 per month.
Is renters insurance required by law in Indiana?
Renters insurance isn't required in the state of Indiana. However, you often have to buy coverage if your landlord or property management company requires you to do so when you move in.
What does Indiana renters insurance cover?
Renters insurance in Indiana should always cover property damage, personal liability, medical payments for guests and additional living expenses like a hotel or apartment sublet. Most companies also give renters the option to expand their coverage with extra add-ons, like protection for valuable property.
How much is renters insurance in Indianapolis?
Renters insurance in Indianapolis, the largest city in Indiana, costs $29 per month, which is 20% more expensive than the statewide average. In comparison, renters in Fort Wayne, the state's second-largest city, pay an average of $24 per month.
Methodology
ValuePenguin collected more than 150 quotes from across Indiana's 24 largest cities for a single 30-year-old woman who has never filed a renters insurance claim. Coverage limits include:
- $30,000 of personal property coverage
- $9,000 for loss of use
- $500 deductible
- $100,000 of personal liability
- $1,000 of medical payments to guests
Customer service ratings were created using cost data, information from the National Association of Insurance Commissioners (NAIC) complaint index and J.D. Power's 2023 renters insurance customer satisfaction study rankings.
These rates should be used for comparative purposes only. Your quotes will likely differ.
Lead Writer
Matt Timmons is a Lead Writer on the insurance team at ValuePenguin, where he writes in-depth and timely pieces helping find the right coverage for them.
He's covered insurance at ValuePenguin since 2018, specializing in auto and home insurance, as well as life insurance. He's paid special attention to the EV insurance market, where prices are much higher than for gas cars.
Before he started writing about personal finance, Matt wrote about professional skills and online tools at an e-learning company.
How insurance helped Matt
During freshman orientation in college, Matt's iPod was stolen off his table while he was eating lunch. Luckily, he'd bought a college insurance plan the day before and he had money to buy a replacement before classes started.
Expertise
- Auto insurance
- Home insurance
- Insurance rate analysis
- Life insurance
Referenced by
- CNBC
- Miami Herald
- Yahoo! Finance
Education
- BA, Wesleyan University
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
