Indiana Renters Insurance

Your Indiana renters insurance will cover personal property, loss of use, liability, and medical protection, but you’ll want to purchase flood and earthquake insurance.
Written by Talullah Blanco
Reviewed by Melanie Reiff
Renters insurance costs between $153 and $240 on average per year in
. For that price, your policy will cover personal property, loss of use, liability protection, and medical payments if anyone is injured in your rental home. 
Renters insurance is the easiest and most affordable way to protect you and your personal belongings in the event of an accident or disaster. Whether you are renting an apartment in Indianapolis or a single-family home in Carmel, you’ll want to build a renters insurance policy that provides coverage customized to your location and lifestyle. 
The price comparison and
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broker app
has found everything you need to know about renters insurance in the Hoosier State. This guide will explain what
renters insurance
is, what it covers, how to build a policy, and how to save money by bundling with an auto policy. 
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What is renters insurance?

A renters insurance policy provides financial protection to you and your belongings after a covered loss. It will even cover additional living expenses, medical expenses if someone is injured in your home, and the cost of legal fees in the event you are sued.
Here are the coverages a standard renters insurance policy will include:
  • Personal property (Coverage C): This covers the cost of replacement or actual cash value of your personal belongings if they’re damaged or lost by a covered peril.
  • Loss of use (Coverage D): If your rental home becomes unlivable due to covered perils, this part of your insurance can help you pay for temporary living expenses. Think about basic expenses like hotel rooms, takeout food, and laundry. 
  • Liability protection (Coverage E): This coverage pays for any legal fees if someone is injured or their property is damaged in your home. 
  • Medical protection (Coverage F): If someone is injured on your rental property and requires medical attention, this part of your insurance will cover the cost of medical expenses. 
Key Takeaway: Renters insurance offers financial assistance and legal protection.

What does renters insurance cover?

Your renters’ insurance will only cover the perils detailed in your policy. Here are the perils typically included in your base renters insurance policy:
  • Fire or lightning
  • Windstorm or hail
  • Smoke
  • Explosion
  • Falling objects
  • Volcanic eruption
  • Weight of ice, snow, or sleet
  • Freezing
  • Vandalism
  • Theft
  • Riots
  • Aircraft
  • Vehicles
  • Accidental discharge or overflow of water steam
  • Sudden and accidental tearing, cracking, burning, or bulging
Covered perils can vary depending on where you live and your renters’ insurance provider so read your policy carefully to understand what is and isn’t covered. There could be perils excluded from your policy that cause damage in your state. 
Floods are one of Indiana’s most common natural disasters and causes of property damage, but they are not covered by standard renters insurance. With 230 flood and heavy rain events in 2019, you should have flood insurance if you're renting in Indiana. 

What does renters insurance not cover?

These are the items and events your standard renters’ insurance policy does not cover:
  • Natural disasters. While renters insurance covers many acts of God, it does not cover floods, earthquakes, or landslides. 
  • Your roommate’s stuff. Unless you and your roommate are related by blood, marriage, or their name is on the policy, their personal property isn’t covered under your policy. 
  • Property damage. Your landlord’s property insurance will cover damage to the building, roof, and siding. 
Key Takeaway: Your renters’ insurance will cover your personal belongings inside of your rental home if they are stolen or damaged by a named peril. 

Is renters insurance required in Indiana?

Indiana does not legally require renters insurance, but your landlord might require you to purchase renters insurance as a condition of your lease. Even if your landlord doesn’t require it, renters insurance is the most affordable way to protect you and your belongings from unforeseen disasters. 
Indiana renters can expect to pay between $13 and $20 per month for a renters insurance policy that could save you thousands of dollars in damages. Your monthly premium will vary depending on how you build your policy. 

How to build an Indiana renters insurance policy

It’s easy to build a renters insurance policy that is customized to where you live and your lifestyle. Here’s how you can build a renters insurance policy with the coverage you need.
Take inventory. Start by taking an inventory of everything you own in your home. While going through each room in your home and assessing your belongings it’s a good idea to photograph or digitally document the following information
  • Quantity
  • Purchase date
  • Purchase price
  • Brand number
  • Serial number
Set coverage and personal liability limits. Your coverage limits should be reflective of the actual cash value of your belongings. Liability limits will likely be set by your landlord at $300,000 to $500,000.  
Add flood insurance. The Indiana Department of Homeland Security encourages all renters to purchase flood insurance protection. While flood insurance is not required, it's the only way to protect your personal property from flood damage. 
Key Takeaway: Your coverage amount should be based on the value of your personal belongings.

Actual cash value vs. replacement cost

There are two policy coverages you can choose from when you purchase renters insurance: the actual cash value and replacement cost
A policy that provides actual cash value protection will cover the current value of your personal property at the time of loss. Because this coverage accounts for marketplace depreciation, you’ll receive $100 for the laptop that cost $1,500 when you bought it ten years ago—if it was damaged by a named peril. 
If you choose a policy that provides replacement cost coverage, you’ll pay more but you can claim the full amount you paid for your belongings in the event of a covered loss.
Assess the potential risk in your area, from theft, vandalism, to common natural disasters, and choose the coverage that best meets your needs.  
Key Takeaway: Replacement cost offers more coverage but at a higher price point. 

How to find cheap renters and car insurance

The best way to save money on your
renters’ insurance
is by bundling it with your car insurance. Most insurance companies offer bundling discounts between 5% and 25% on both policies. 
If you aren’t happy with your quote from your current car insurance company, you can shop around, compare quotes, and
switch companies
for cheap renters and car insurance. 
Jerry is the easiest and most effective way to find renters and a
car insurance
policy that is customized for you.
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Yes, renters insurance is worth it. Renters insurance is the cheapest insurance you can purchase and save you from paying thousands of dollars in damages.
Renters in Indiana can expect to pay between $153 and $240 per year for renters insurance. Your policy premium will vary depending on your location and the coverage you choose.
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