Protect What You Own with Indiana Renter's Insurance

Indiana Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Indiana. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a standard renters insurance policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Indiana and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

No, renters insurance coverage is not required by federal or state laws. However, some landlords may require their tenants to purchase insurance as a stipulation of the lease agreement. Regardless of whether your landlord requires it, purchasing renter’s insurance is a good idea. It’s the only way to gain financial security for your belongings as well as liability protection. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Indiana Renters Insurance :

Renters insurance in Indiana protects you and your belongings from a range of perils. Indiana sees fewer natural disasters than other states, but damage due to storms and extreme weather is still possible. If your personal property is damaged in a break-in or severe weather event, your renters insurance can reimburse you for either the cash or replacement cost value, up to your limits and minus your deductible. Renter’s insurance also applies to legal or medical expenses you may incur if you are responsible for an injury in your home. 

How Much Does Renters Insurance in Indiana Cost? 

Many renters in Indiana worry about what renters insurance costs. Fortunately, renters insurance in Indiana is highly affordable. According to NerdWallet, the average monthly premium for Indiana renters insurance in 2024 is $149, or about $12 per month. Indiana’s renters insurance rates are the same as the national average for renters’ insurance, and very accessible for almost all renters.  

Remember that the exact cost of your policy will vary depending on your policy specifics. The cheapest renters insurance companies and policies tend to have higher deductibles, while more expensive premiums will have lower deductibles. Renters insurance discounts may also be available if you bundle your renters insurance with an existing policy, like auto insurance. 

What Are the Most Common Claims in Indiana?

Although Indiana does not commonly experience damaging natural disasters like hurricanes or tornadoes, renter’s insurance claims in the state are often related to severe winter weather, storms, or theft. Indiana experienced about 324 burglaries per 100,000 people in 2021. Maintaining a renters insurance policy in Illinois can protect you from financial losses in case of property theft. 

What Additional Policies Do I Need in Indiana? 

Although Indiana does not commonly experience damaging natural disasters like hurricanes or tornadoes, renter’s insurance claims in the state are often related to severe winter weather, storms, or theft. Indiana experienced about 324 burglaries per 100,000 people in 2021. Maintaining a renters insurance policy in Illinois can protect you from financial losses in case of property theft. 

How to Get Renter’s Insurance in Indiana 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.