Who Has the Cheapest Renters Insurance Quotes in Indiana?

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Indiana, with its diverse economy and cultural offerings, it can be an amazing place to live. Yet whether you live in Indianapolis or one of the more rural regions of Indiana, there are risks such as crime or natural disasters that could set you as a renter back years, and you deserve to have a net to save you from circumstances beyond your control. Renters insurance can be exactly what you need, and we recommend it for just about any renter. We know it can be expensive, but we looked for the least expensive options for you for just that reason.

Here are the five cheapest renters insurance providers operating in Indiana:

The Five Cheapest Quotes:

Every renter is different, so the quote and experience you get from each of these providers might be slightly different from what you read here. As such, we encourage you to do your own research on top of this and consider your needs as someone looking for renters insurance.

The number listed next to each provider is the average annual rate for a standard policy.

1) State Farm: $133

By far the cheapest provider on this list and likely your best option if the rate is your primary concern, State Farm will be able to give you a policy that covers the bases while not charging you for extra coverage you might not need (albeit there are a few customization options). You also will be able to get additional discounts and bundles if you’re looking for auto insurance or qualify in another way.

If you live near the water, however, you might want to be careful about working with them, as their water damage coverage can often be lacking, especially when compared to other providers. Additionally, their agents aren’t as consistently good as they could be, so you might need to try several to find one you like.

You can expect the following working with State Farm:

  • Plenty of information and support available to you.
  • A fantastic loss-of-use policy that will ensure that you will have all the time you need to wait for repairs or find a new place to live.
  • Relatively strong expensive items coverage, especially for the price.

2) Farmers: $236 

A company that provides not only excellent plans but also excellent customer service to Indiana residents as well, Farmers is a price jump from the incredibly cheap State Farm insurance yet still very affordable, especially for the benefits you get. On top of the aforementioned customer service, you will have a long list of optional coverages and customization options available to you so you can create an optimal policy.

This might be necessary, as some coverages (such as jewelry) might be lacking at the start. Unfortunately, you may also have to deal with quite a bit of runaround.

You can expect the following working with Farmers:

  • Optional pet damage coverage, identity theft coverage, personal article floaters, and other options.
  • A deductible that is customizable, which lets you have more control over your rate.
  • A reliable and available customer service team.

3) Nationwide: $261

A company that is well-known for not only its widespread dominance of the market throughout the country but also for its excellent coverage, Nationwide is almost a steal for this average price, considering the service and options that are available to customers. Working with them, you will be able to set the rate of coverage for item types.

A common concern is that the coverage might be a bit too expensive for some and based on the customization options you consider this might be the case. You also might find some of the default options lacking if you go with their basic plan. Our main point of advice with them is to read everything and take your time before making a decision.

You can expect the following working with Nationwide:

  • Easily available bundling options to provide you with discount opportunities.
  • Customer service professionals and specialists that are experts when it comes to solving your insurance problems.
  • An annual assessment (if you want one) to help you determine if you’re getting the best possible deal on your insurance rate.

4) Liberty Mutual: $280

A company that is above all else consistent in its ability to provide excellent service, Liberty Mutual is a mainstay in the industry and perhaps your best option if you want to work with a great company and then not think too much about getting the perfect deal. You will also benefit from an excellent online set of tools and quoting system.

You can bundle with them, but we don’t necessarily recommend doing so, as their auto insurance options are often maligned by customers. You will also want to get a definitive quote before signing the dotted line as well, as people in some at-risk areas can experience a rate spike.

You can expect the following working with Liberty Mutual:

  • Many discount opportunities that are rooted in their wide network of organizational partners.
  • A company that has few weaknesses in the services it provides.
  • A modern and useful online presence for their customers.

5) Allstate: $291

The most expensive option still on this list, Allstate has a lot to offer in terms of simplicity of service and simplicity of design. If you don’t want to think about your coverage and aren’t interested in Liberty Mutual, Allstate is a great choice. Easy to use, Allstate is an option that many people across the country use, and the masses can’t be wrong.

The main concern you might have is that the coverage isn’t customizable enough, which is an acceptable tradeoff for those interested. You may also run into poor customer service.

You can expect the following working with Allstate:

  • Your claims will be handled in a timely manner.
  • A policy that is easy to understand.
  • An excellent water damage plan, should you be interested.

Conclusion

Indiana is a large state with people from all walks of life, and the renters insurance even your neighbor needs might not be what is best for you. For this reason, we ask you to look further into each company you’re interested in, get an accurate quote, and make an educated decision as to which policy to get. While we might not be sure as to your final choice, we are certain that you will have a better quality of life knowing that should the worst happen, you’ll bounce back quickly. We wish you well on your search and hope you find exactly what you’re looking for.

 

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