Find the Best Renters Insurance in Indianapolis, IN

How to choose rental insurance in Indianapolis

Renters insurance is similar to homeowners insurance, except it does not include dwelling coverage. It’s a smart idea to purchase a policy because a landlord’s insurance typically does not extend to your personal possessions (e.g., furniture, clothing, electronics) or your liability.

The most common renters insurance claims are for loss of personal property due to theft or fire or smoke damage. Renters insurance in Indianapolis also covers other perils, or risks. These usually include:

• Lightning strikes
• Windstorms or hail
• Vandalism
• Water leaks
• Weight of snow or ice
• Damage from an aircraft or vehicle
• Riots or explosions

When you sign up for renters insurance in Indianapolis, you’ll choose the coverage limit you want for personal property (the maximum total amount the insurance company will pay) and the exact type of coverage: actual cash value, which takes depreciation into account, or replacement cost, which gives you the money to buy the item new at current cost. Policies with replacement cost coverage are higher-priced.

Renter's insurance also provides liability coverage in case someone is injured at your residence or you damage someone else’s property. Additionally, it pays for living expenses above and beyond your normal monthly costs if your apartment or rental home becomes uninhabitable after a covered event.

How much is renters insurance in Indianapolis?

Whether you live in Fountain Square, Lockerbie Square, Broad Ripple or any other popular Indianapolis neighborhood, renters insurance is affordable. Most policies cost between $15 - $20 per month, right around the national average.

The price you pay depends on where you live, what coverage limits you select, the deductible you choose and your personal claims and credit history.

You can get discounts for:

• Multipolicy bundling
• Having safety devices like a security system or smoke detectors
• Signing up for automatic payment withdrawals
• Being claim-free

Before choosing a policy, read your lease or ask a property manager to find out if you are required to buy certain amounts of coverage or if you need to name the property as an additional insured on the policy.

Select your coverage limits based on the approximate value of your possessions and your assets. Keep in mind that a policy may limit how much it pays out for certain high-value items like jewelry, so you might need additional coverage known as scheduled personal property.