The right renters insurance policy can protect your personal property and defend you from the potentially bankrupting cost of a medical expenses liability lawsuit. But with so many Indiana renters insurance options, which Indiana company is the best for your home?

The Guides Home Team has reviewed dozens of the best renters insurance coverage options throughout Indiana to recommend the most reputable coverage options. Read on to learn more about what renters insurance coverage is, how it works and how you can get covered now.

The cheapest option for renters insurance in Indiana is USAA, which averages $94 annually. This is 46% cheaper than the state average of $174.

Lemonade Renters Insurance

• AM Best rating: Not Rated

If you’re a college student, you probably want the most affordable renters insurance policy possible — and you might not have as much personal property to protect. Lemonade offers lower levels of coverage starting at $5 a month in many areas. While we received this estimated rate at rock-bottom pricing, you can adjust your property and liability coverage rates to fit your risk and lower your renters insurance quote.

In addition to low prices, Lemonade offers an intuitive buying process — ideal if you’ve waited until the last minute to get coverage. You can also add insurance options and personalization perks, like including coverage for a roommate or damage to your landlord’s property. With rates lower than the national average and fast applications, Lemonade can be an ideal choice for collegiate renters.

Lemonade offers simple, straightforward and low-cost coverage suitable for college students and other renters with basic needs.

Pros and Cons of Lemonade Renters Insurance

Costs and Coverage Options

To get an idea of how much you could pay for renters insurance in Indiana, we requested a basic insurance policy for a two-bedroom rental property located in Indianapolis. With Lemonade, we were quoted $19.32 per month.

Discounts: Pay-in-full, protection equipment, multi-policy enrollment and enrollment before your current policy ends

Endorsements: Water backup, earthquake coverage and equipment breakdown (household appliances); riders for expensive items up to $1,500 in value only

To learn more: Lemonade renters insurance review

State Farm Renters Insurance

The average cost of renters insurance in Indiana is $174 per year, or $14.50 per month. If you’re looking for the most affordable rates possible and you need enhanced coverage choices, consider State Farm. When we requested a quote for a two-bedroom home in Indianapolis, we received estimated renters insurance rates between $11 and $16. This is more affordable than other providers, more so when combined with additional insurance discounts.

State Farm combines affordability with a number of added discounts and riders that make up a more sophisticated coverage option.

Pros and Cons of State Farm Renters Insurance

Costs and Coverage Options

The estimated cost of coverage for a two-bedroom home in Indianapolis through State Farm is $11 to $16 per month. Note that coverage is not finalized until you submit your Social Security number through State Farm’s online quote tool, making the process a bit more inconvenient than other insurers.

Discounts: Policy bundles, alarms, smoke detectors, etc.

Endorsements: Identity restoration, earthquake damage, pet medical insurance, personal liability

To learn more: State Farm renters insurance review

American Family Renters Insurance

American Family was the second-highest rated insurer in J.D. Power’s customer satisfaction survey for the home insurance category. This indicates higher-than-average rates of positive reviews. AmFam also maintains an “A” financial strength rating from AM Best, indicating that the insurer is well-equipped to pay out customer claims.

While American Family’s policies are more expensive than some competitors, the company backs up the extra expense with a five-star customer care team.

Pros and Cons of American Family Insurance

Costs and Coverage Options

When we requested a quote for a two-bedroom rental property in Indianapolis, we received quotes between $32 and $64 per month. This makes American Family the most expensive option for renters insurance coverage in our review.

Discounts: Multi-product discount, smart home discount, discounts for auto-pay and paperless billing, generational discount (if your parents are American Family customers, you’ll save on your policy, too

Endorsements: Diminishing deductible, electrical appliance coverage, identity fraud coverage and riders for individual items valued up to $5,000

Farmers Renters Insurance

If you’re a renter looking for the most customizable coverage possible, Farmers is a choice to consider. It offers a range of coverage limits, including policies with up to 24 months’ worth of loss of use coverage and up to 100% coverage for medical payments if you’re ordered to pay following a liability lawsuit. If the coverage combination that you select doesn’t fit your budget, simply adjust coverage levels and click a button to see your new price. This can make Farmers an ideal choice for anyone who isn’t sure how much renters insurance coverage they need — or how much they can afford.

While Farmers insurance policies offer limited add-on choices, most renters will find flexible and affordable policies.

Pros and Cons of Farmers Renters Insurance

Costs and Coverage Options

When we requested a quote for a two-bedroom rental home in Indianapolis, we received an average rate of $9.67 to $18.50 per month, depending on the policy coverage.

Discounts: Multi-policy discount, discounts for burglary and fire safety devices, welcome discount (applied to your first month of coverage), claims-free discount

Endorsements: Mold damage, identity theft coverage

USAA Renters Insurance

• AM Best rating: A++
• J.D. Power score: 886

USAA offers policies specifically to men and women of the U.S. military, past and present. Only those who served and their select family members qualify for a USAA policy. However, qualifiers will find some of the most affordable insurance rates in Indiana and a team of insurance professionals standing by to provide customized solutions.

One of the benefits of working with USAA insurance agents is their ability to customize your policy to fit the unique needs of the military lifestyle. For example, you can purchase a transferable renters insurance policy to cover you if you are assigned a permanent station while buying coverage. With affordability and customization, USAA will likely be an ideal choice for those who qualify for coverage.

While not everyone can purchase a renters insurance policy through USAA, those who can are likely to find affordable policies.

Pros and Cons of USAA Renters Insurance

Costs and Coverage Options

The average annual cost of USAA insurance in Indiana is about $94 a year, one of the most affordable policies we’ve seen in the state.

Discounts: Multi-policy discount, discounts for burglary and fire safety devices, claims-free discount

Endorsements: Electronics coverage, extended personal property

Renters insurance is not required for renters in Indiana. However, no law prevents landlords from requiring tenants to carry at least some level of renters insurance coverage as a qualifying part of signing a new lease.

Even if you don’t need to buy personal property and liability protections to move into your new space, renters insurance usually provides exceptionally low rates on policies. This means that it’s possible to get thousands in coverage for your belongings for less than $20 a month in most parts of Indiana.

The following are some of the most common factors that influence the price of your renters insurance in Indiana:

• Coverage amount: When pricing your policy, insurance providers consider what they would need to pay out in the event of a total loss of all your scheduled personal property and valuables. This means that your upper coverage limit plays a significant role in pricing. The higher your coverage amount, the more you’ll pay for insurance.
• Deductible: An insurance deductible is the amount you must pay out-of-pocket before your insurance begins covering the cost of your replacement and liability expenses. The higher your deductible, the lower your premium.
• Type of dwelling: The type of dwelling you live in, such as an apartment or a house, can affect your rates. As a general rule, the larger your space, the more risk of a liability claim being filed and the more you’ll pay for coverage.

Understanding the common causes of renters insurance claims in Indiana can help you figure out if you’re buying coverage with the protections you need. Some of the most prevalent incidents that insurance providers protect themselves against in Indiana include the following:

Theft and Vandalism

As with all other states, most renters insurance claims in Indiana are for theft of personal property and vandalism. Renters insurance policies include coverage for theft of your things, meaning if someone breaks into your home and steals your belongings, renters insurance will help pay for a replacement. If you live in an area where theft and property crimes are higher, expect to pay more for coverage.

Flooding

Indiana is one of the most common states for flooding, which may be surprising considering it’s a landlocked state. But the state’s high annual snowfall rates, combined with the flat surfaces that cover most parts of the state, make spring flooding a regular occurrence.

While most renters insurance policies offer water damage coverage that originates from inside of the property (for example, from a broken pipe) plans don’t usually cover flood damage. Look for a policy that offers additional coverage for flooding if you live in an area prone to heavy snowfalls.

Key Takeaway: Property theft and vandalism are the most common renters insurance claims in Indiana. However, flooding and water runoff also present significant risks to residents of the Hoosier State.

Is renters insurance worth the cost? While some renters insurance companies are cheaper than others, this kind of policy will fit into most peoples’ budgets easily. We recommend getting a quote from each one of our top providers listed above before choosing where to buy coverage to be sure that you’re getting the best rate possible.

Get instant renters insurance quotes by entering your ZIP code in the form.

Through in-depth research of the industry, we determined the following factors and weights to rate each company by:

• Overall cost: 15%
• Add-ons and discount options: 20%
• Standard coverage: 17.5%
• State availability: 5%
• Support availability: 20%
• Connectivity: 12.5%
• Authority: 10%

We used these rating factors to determine the best renters insurance companies to help with your decision when looking at policies. We routinely monitor and update data on a regular basis to ensure the reviews reflect the most up-to-date information and advice.

How We Gather Cost Data

Sarah Horvath is one of the home service industry’s most accomplished writers. Her specialties include writing about home warranties, insurance, home improvement and household finances. You can find her writing published through distributors like HouseMethod, Architectural Digest, Good Housekeeping and more. When not writing, she enjoys spending time in her home in Orlando with her fiance and parrot.

AM Best Disclaimer