More than 650,000 of Indiana’s homes are occupied by renters. Perhaps you have recently purchased a new house and have decided to rent out your old one rather than sell it. Or maybe you have invested in a rental property for extra income. Either way, rental properties make wonderful investments that you’re smart to protect with a first-rate Indiana landlord insurance policy.
When shopping for a suitable policy, our independent insurance agents can assist you. Independent agents can explain your options and answer your questions so that you can make the most informed decision when purchasing a policy. Contact an agent today to receive a variety of obligation-free Indiana landlord insurance quotes.
- Approximately 107 million Americans are renters
- There are currently about 22 million landlords in the United States
- Almost 29% of Indiana’s residents live in rental properties
Indiana is home to many colleges, and college-towns such as South Bend, Bloomington, and West Lafayette tend to be filled with rental properties occupied by students, visiting professors and others with transient positions. The majority of Indiana’s rental properties are located in cities near college campuses.
Rent in Indiana According to the Census
- Less than $200: a total of 39,800 renters, making up 6.1%
- $200 to $299: a total of 27,819 renters, making up 5.8%
- $300 to $499: a total of 203,896 renters, making up 31.2%
- $500 to $749: a total of 251,210 renters, making up 38.4%
- $750 to $999: a total of 63,565 renters, making up 9.7%
- $1,000 to $1,499: a total of 17,161 renters, making up 2.6%
- $1,500 or more: a total of 5,124 renters, making up 0.8%
- No cash rent: a total of 35,551 renters, making up 5.4%
New landlords may be surprised to learn that most traditional homeowners insurance policies will not cover damages to their home if there are tenants living in it. Instead, a landlord insurance policy is necessary to cover loss, damage and liability expenses. Landlord insurance is typically more expensive than traditional homeowners insurance as there are more risks when tenants are involved. You also have a greater responsibility to cover injuries on the property, both to your tenants and to their guests.
Protection From Property Loss and Damage
Normal wear-and-tear is to be expected, but sometimes tenants can cause extensive damage to rental properties. The damage may be accidental, such as cooking fires or broken railings, or they may be malicious, such as those done by an angry tenant being evicted. You may own a vacation property or have a vacant home that you’re hoping to fill with tenants in the future. If this is the case, make sure you do some screening of potential renters before you allow them on your property. Drawing up a lease that sets clear boundaries and guidelines is a great way to make the contract between the landlord and the renter binding. Indiana landlord insurance will also help you prepare for damage from renters that you didn’t foresee and couldn’t prevent.
Indiana Property Crime Statistics
- One property crime occurs every 2.5 minutes
- One burglary occurs every 12.8 minutes
- More than 50,000 burglaries occur in this state each year
- Approximately 7.76 out of every 1,000 Hoosiers will be a victim of burglary
- This is over the national rate of 7.02 out of 1,000 victims of burglaries.
Burglaries and thefts may also result in property loss or damage. Your tenant’s personal belongings need to be covered by a renter’s insurance policy, but a burglary may also result in damage to your property such as a broken door or a busted window. If your personal property is taken, such as a microwave oven, your Indiana landlord insurance would cover their replacement costs. A comprehensive landlord insurance policy will protect your rental property, surrounding structures, sheds, and garages. It will also include coverage for any personal property you keep in the home, including carpets, furniture, appliances, and light fixtures.
Liability Protection with Indiana Landlord Insurance
If your tenant or one of your tenants’ guests is injured in a house you own due to negligence on your part, landlord insurance can save you a lot of out-of-pocket expense. Landlords aren’t always notified by tenants about problems in the rental unit but they can be held liable if that problem results in injury. Landlord insurance will cover your liability expenses, including court costs and legal fees, if you find yourself on the wrong end of a liability lawsuit.
Find the Best Indiana Landlord Insurance Quotes
Obtaining landlord insurance quotes, whether by telephone or online, can be time-consuming and frustrating. You will need to submit a lot of personal information to each insurance company in order to receive an accurate quote. Working with an independent agent in our network can save you time and aggravation, as you need only provide your details once and your agent will do the comparison shopping for you. Your local agent can do more than just help you find your landlord insurance policy. Agents can assist you with all your insurance-related questions and will advocate for you during the claims process.
Contact us today to find an agent in your neighborhood and to receive more information about an Indiana landlord insurance policy that’s right for you.