Renters insurance isn't expensive, but it can help protect you if your apartment is damaged or broken into. We collected renters insurance quotes for cities across Indiana to find the best option in the state.
Compare cheap renters insurance options in Indiana
The cheapest rate we found is $11 per month, but you shouldn't buy based on price alone. Quality of service and coverage options are just as important.
Best renters insurance for most people: State Farm
- Very low prices
- Well-rated customer service
- Good coverage options
- Coverage may not be available everywhere
State Farm is our renters insurance recommendation for most people in Indiana. At just $11 per month, it had the most affordable rates by far of any company we looked at — that's 43% cheaper than the average across all insurers.
We're also fans of State Farm's well-rated customer service. It has a Complaint Index of just 0.38 from the National Association of Insurance Commissioners (NAIC), meaning it's received only 38% as many complaints as a typical company of its size. That suggests customers tend to be happy with State Farm's service. And J.D. Power gave it a rating of 850 — the second-best rating J.D. Power issued across the whole country.
Renters with State Farm can also protect themselves with a range of optional coverages, including extended liability, identity theft and valuable-items coverage.
The only drawback to State Farm renters insurance is that it may not offer quotes everywhere. It was the only insurer to deny us a quote in East Chicago, for example.
Best coverage options: Travelers
- The best coverage options we found in Indiana
- Good customer service
- Must be purchased in annual installments
For renters with specialized insurance needs, we recommend Travelers, as it has the best range of coverage options among all the companies we looked at. It also has good customer service, and its rates are on the affordable side.
Travelers is unmatched when it comes to coverage options. For example, it offers water backup protection, which is a fairly rare add-on for renters insurance. It also offers identity theft coverage, optional replacement-cost coverage and equipment breakdown protection.
While it isn't as affordable as our top pick, Travelers was still among the more affordable options we found in Indiana. Its average price was $16 per month, which is 20% less than the average statewide.
Travelers received a 0.13 NAIC Complaint Index. That means it received only 13% as many complaints as a typical insurer of the same size, and suggests that customers were happy with their insurer most of the time. It's worth noting that J.D. Power didn't rate Travelers as highly. It gave Travelers a score of 796, which is below the national average.
The biggest drawback to Travelers insurance is that you must pay for your policy in annual installments — every other insurer allows you to pay on a per-month basis. For our sample renter, that means cutting a check for $192 once a year. While you can get your money refunded if you decide to cancel midyear, it's still a pain to do so. Coming up with that lump sum may be a burden for some renters.
Best for young renters: Farmers Insurance
- Coverage limits as low as $4,000
- Good (not great) customer service
- Few coverage options
- Not as affordable as our top pick for equivalent coverage
Renters who don't need a lot of property coverage, such as college students or young people, should consider Farmers Insurance.
Farmers has the lowest level of property coverage available among the insurers we looked at — just $4,000. Reducing your coverage levels can bring down the price of your renters insurance, which can be helpful if you don't have a lot of items to cover.
However, we generally found that Farmers Insurance rates aren't as cheap as our top picks for equivalent coverage, so we recommend starting with those first.
We weren't impressed with the coverage options from Farmers. They offered basic add-ons like identity theft and replacement-cost coverage, but not much else. Renters who need a lot of customization should look elsewhere.
Farmers has good (but not great) customer service. It received a Complaint Index of 0.37 from the NAIC, meaning it has received about 37% as many complaints as a typical insurer of its size. J.D. Power rated Farmers 808/1,000, taking into consideration things like customer interaction and claims. That's lower than our top pick, State Farm.
How we chose the best renters insurance companies in Indiana
When evaluating the best renters insurance companies, we consider three main components: affordability, coverage options and customer service.
- Affordability: How much does the insurer charge per month for coverage?
- Coverage options: Does the insurer have a wide variety of coverage options available?
- Customer service: Are customers generally satisfied with the interactions they have with this company, especially during the process of making a claim?
Affordability: Finding cheap renters insurance in Indiana
At an average of $20 per month in Indiana, renters insurance tends to be on the cheaper side, but some insurers are cheaper than others. We found that State Farm was the most affordable option in Indiana by far, with a typical price of just $11 per month. Compared to the most expensive option, that would save a typical renter $207 per year for the same level of coverage.
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Our selected levels of coverage were:
- Personal property coverage: $30,000
- Liability coverage: $100,000
- Medical payments coverage: $1,000
- Deductible: $500
- Loss of use: $0
Discounts: Minimal impact on renters insurance, with one exception
In general, discounts on renters insurance tend to be small. When a typical bill is less than $25 per month, a 5% or 10% discount leads to a minimal price difference. And as with all kinds of insurance, the "percent discount" matters less than the net price you pay.
The only exception to this is a bundle discount, which can save you money on multiple types of insurance. If an insurer (like our top pick, State Farm) offers multiple types of insurance, it may give you a discount for buying multiple types of insurance. This discount is commonly offered for bundling renters and car insurance, but it may be available for other types, too, such as renters and boat insurance.
Coverage options: Comparing renters insurance policies and benefits
Every renter's coverage needs are different. If you often host people at your apartment, you might benefit from extended-liability coverage; if you own a lot of jewelry or electronics, valuable-items coverage will help protect them.
- Extended-liability coverage: Extends the regular liability coverage in your policy to higher limits. This can be useful if you often have guests at your apartment.
- Replacement-cost coverage: If one of your items is damaged or stolen, this coverage pays for you to purchase a new version of the item, without factoring in depreciation.
- Valuable-items coverage: Extends coverage for expensive items that may not be fully covered by a regular policy. It includes items such as jewelry, high-end electronics and musical instruments.
There are also basic renters coverages that every insurer should offer, if not include by default. All of the insurers we looked at offered these protections; if you find an insurer without all of these, consider another provider instead.
- Personal property coverage: Pays to repair or replace property that has been damaged or stolen, so long as it was caused by a covered peril.
- Additional living expenses: Covers the cost of a hotel or other temporary living arrangement if your apartment is uninhabitable.
- Liability coverage: Pays for injuries to others you're responsible for, such as if a guest is injured on your property.
- Medical-payments coverage: Pays for medical expenses that someone incurs while on your property without determining blame. Pays out before liability coverage goes into effect.
Customer service: Evaluating insurer quality in service and claims
Customer service makes the difference between having a great relationship with your insurer and a miserable one. It can make the difference between getting your claim paid out a few minutes or hours after you've filed it, or waiting weeks for the cash to hit your bank account.
To evaluate customer service among renters insurance companies in Indiana, we look at three key metrics: the NAIC Complaint Index, J.D. Power's U.S. Home Insurance Study - Renters Insurance and A.M. Best's Financial Strength Rating (FSR).
|Insurer||NAIC Complaint Index||J.D. Power rating||A.M. Best FSR|
- NAIC Complaint Index: This score compares the number of complaints a company has received to its size. A smaller number indicates fewer complaints, and it suggests customers tend to be happier with the insurer's service. The national average score is 1.00.
- J.D. Power ratings: This rating is based on a national survey that asks renters how they feel about their renters insurance companies. The survey is out of 1,000 points, and the national average is 835 (higher is better).
- A.M. Best FSR: This letter grade (ranging from A++ to D) assesses an insurer's overall financial strength. A better grade indicates the insurer is more likely to be able to pay out claims even in times of high demand (such as after a natural disaster) or negative economic climate.
Indiana renters insurance: Costs by city
One factor that can influence how much you pay for renters insurance is where you live. People whose homes are at higher risk of damage (such as due to wind damage from Lake Michigan) or theft may pay more for renters insurance. We calculated the average cost of insurance in 25 major Indiana cities to see how much you can expect to pay based on where you live.
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|City||Average||% difference vs. average|
Renters insurance costs vary across the country. To see how the cost of renters insurance in Indiana compares to other states, take a look at our national study of renters insurance costs.
We collected renters insurance quotes for 25 of the largest cities in Indiana from five top renters insurance companies: Allstate, Farmers, Liberty Mutual, State Farm and Travelers. All our quotes were for a 30-year-old man living by himself with good credit and no recent insurance claims.
He's protected himself with $30,000 of personal property coverage with a $500 deductible, plus $500,000 of liability protection.