Indiana Renters Insurance

Your Guide to Buying Renters Insurance in Indiana

Independent agents make it easy to find the best and most affordable policy.

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Whether you are renting an apartment in an Indianapolis high-rise or leasing a house out in the country, if you rent your home, you can benefit from having renters insurance. Unfortunately, too many tenants in Indiana discover the importance of having this coverage only after it is too late.

Local independent insurance agents are available to help you find a great policy. These agents do not work for a particular insurance company so they are free to shop around to find the coverage you want at a price you can afford. Contact an independent insurance agent near you to learn more.

Indiana Rental Statistics

  • Indiana residents pay an average of $826 per month in rent.
  • Around 30.9% of all homes in Indiana are occupied by renters.
  • An estimated 41.7% of renters in this state spend more than 30% of their income on rent and utilities.

How Much Does Renters Insurance Cost in Indiana?

The average renters insurance policy in Indiana costs just $174 a year, or less than $15 a month. This is a very small price to pay for the peace of mind you can have knowing your property is covered.

Here are some considerations that can make your actual cost higher or lower than this average rate.

  • The amount of property coverage you are purchasing
  • The crime rate and weather risks in your ZIP code
  • Your payment method (paying your premiums electronically can earn you a discount)
  • The size of your deductible

If you have other policies like car insurance or ATV insurance through the same insurance provider, you can “bundle” them together. Doing this can earn you discounts on all the policies in the bundle.

You can make sure that you are getting your renters coverage at the best available price by contacting a few insurance companies and requesting customized quotes. Be sure to ask about available discounts when doing so.

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What Does Indiana Renters Insurance Cover?

Your renters insurance can protect you in a few different ways. It can shield you from large financial losses if your property is lost or damaged, if you are displaced from your home due to safety concerns, or if you find yourself on the wrong end of a liability lawsuit.

A typical renters insurance policy will provide the following.

  • Contents insurance: This can cover repair or replacement costs if your personal belongings are lost or damaged due to the following covered hazards.
    • Property crimes
    • Fires
    • Severe weather events, including:
      • Thunderstorms and lightning
      • Snowstorms and ice accumulation
      • Windstorms
      • Tornadoes
      • Hail
  • Loss of use insurance:  This can cover your temporary living expenses if damage caused by a covered event like a fire or tornado makes it unsafe for you to stay in your home, and you must seek alternate accommodations while your landlord makes repairs.
  • Renters liability insurance: This can cover your financial responsibilities if you unintentionally cause injuries, property damage, or financial harm to others. It can also cover the cost of any needed legal representation.

When purchasing renters insurance, you will want to be sure that the contents portion of your policy provides sufficient coverage for all of your personal property. That way, if you lose everything in a disaster, you will have the funds necessary to return to your standard of living quickly.

What about Coverage against Floods in Indiana?

It is important to be aware that renters insurance will not cover property damage if it is caused by floods.

If you rent an apartment that is above the first floor, chances are good your property will be okay. But if you are renting a house, mobile home, or ground-level apartment, you may need to invest in flood insurance.

The National Flood Insurance Program (NFIP) was created to ensure that all Americans have access to affordable flood insurance for their homes. As a renter, you can purchase a contents-only flood insurance policy through the NFIP at a very reasonable price.

Why Hoosiers Like Working with Independent Insurance Agents

When you are ready to buy a renters insurance policy, local independent agents can help. These agents can answer all of your insurance-related questions and can shop around to find you a good policy at a great price.

Best of all, it won’t cost you a penny to get information from an independent agent. Arm yourself with the information you need today. With more than 500 independent insurance agencies in Indiana, it should be easy find an insurance agent near you.

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https://www.census.gov/quickfacts/fact/table/IN/PST045219
https://www.statista.com/statistics/802897/average-premiums-for-renters-insurance-usa-by-state/
https://www.iii.org/fact-statistic/facts-statistics-renters-insurance