Having a renters insurance policy is crucial in case you fall victim to fire, theft, or someone is injured on your property. Renters insurance will help you replace your belongings or cover medical costs in most cases. Policies are essential for virtually all renters, and average costs are extremely low across states.
Our guide below is designed to answer questions you might have about Illinois renters insurance, and why you need it. You can get answers to your questions and get quotes to compare your options.
What Is The Average Renters Insurance Cost in Indiana?
Think about how much it would cost to replace your belongings if they were stolen or damaged by thieves, fire, or weather. From electronics to items such as furniture and jewelry, the expense could quickly add up to thousands of dollars.
Now, consider that the average renters insurance premium in Indiana is just $182 per year. That’s a fraction of the cost of replacing your things and 3% less than the national average. Based on a minimum wage salary, you’d have to work only 25 hours to pay for your annual premium.
That’s not all you’re getting out of renters policies. Renters coverage also covers standard liability for certain accidents and sometimes your security deposit. Renters insurance also covers additional living expenses if you are temporarily unable to live in your apartment due to a covered claim. With all this covered for $182 a year, the cost of renters insurance is one of the best values in insurance.
Why Is Renters Insurance So Cheap?
In Indiana, 47,612 burglaries were reported to authorities in 2012. That’s unsettling, as well as costly to those affected. The average loss per burglary in the U.S. is about $2,200. Fortunately, the typical renters insurance policy in Indiana costs much less, and it can help cover the cost of replacing your belonging if they are stolen.
In addition to theft, renters insurance also protects your things should they be damaged or destroyed by a storm, fire, or other covered event. It can even help pay for medical bills if someone is hurt while visiting you.
While this seems like a lot, it’s very cheap compared to homeowners policies for one simple reason. Renters policies don’t cover the dwelling and the cost of repairing or rebuilding under a covered claim. It is only meant to be for personal property coverage and other coverages associated with the person, not the dwelling.
How Can Discounts Lower The Average Cost of Renters Insurance?
There are a couple factors that influence the cost of your premium, such as: where your home is located, value of belongings, and history of claims. While renters insurance only costs a couple hundred dollars a year on average, there are also opportunities to save more money with Indiana renters insurance discounts.
- Multi-Policy: Bundle auto or another insurance plan with renters insurance and save.
- No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
- Safety Devices: Smoke detectors, sprinklers, anti-theft systems, and home monitoring systems can save you money.
- Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.
Indiana Renters Insurance Facts
In Indiana, 30% of residents rent. While they spend about $744 per month for a two-bedroom rental, they only pay about $182 a year for renters insurance. The numbers make it clear renters insurance offers excellent protection at a great price.
Where Can You Get Indiana Renters Insurance?
Before making any final decisions on your insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest! Once you see the different prices and coverages of each insurance company, you can decide which plan makes the most sense for you.
Don’t wait another second for something bad to happen if you’re not covered. Call [mapi-phone /] to get affordable rental insurance quotes in Indiana.