Hoosier Best Bet For 2018 Indiana Renters Insurance? Effective Coverage
- Nearly half of Indiana residents rent their homes.
- Apartment construction in some areas hasn’t kept up with demand.
- You’ll need Indiana renters insurance before moving into most professionally managed apartments.
Nearly half of all Indiana residents rent their homes. This includes those who rent apartments in Indiana as well as those who live in Indiana single-family home rentals from Progress Residential and other management firms. A number of these renters are university students in cities across the state, but that doesn’t completely account for the increase. In 2000, only twenty-five percent of Hoosiers rented. The aftermath of the housing crisis means that in 2018, fewer people own their homes than before.
While new apartments are being built in Indiana, construction hasn’t necessarily kept pace with the increased demand. In some parts of the state, it can be a challenge to find good rental housing. Indianapolis and Bloomington have reasonable rental markets – it’s clear that IU students will always need housing so there’s an appropriate supply. That’s less true in places like Gary and Fort Wayne. Any professional landlord will require you to have an Indiana renters insurance policy before you move in.
From Indianapolis to Richmond, Muncie to Evansville, and from Gary to Valparaiso, and all the way down to Corydon and out west to Terre Haute, Effective Coverage offers renters the protection they deserve with Indiana renters insurance that is affordable, fast, and easy. In general, Indiana residents who insure with Effective Coverage save money on their renters insurance policy by an average of about 25%. We know that every penny of your budget counts, so we’ve worked to offer the most affordable policies.
Only forty-four percent of renters have renters insurance in Indiana. Some people assume it’s too expensive, but they’ve never actually looked into the cost. Others assume that their landlord’s insurance somehow protects them, even though there is a news story or a GoFundMe almost daily for a family who lost everything in a fire. The landlord’s insurance did nothing to help them, and it won’t help you either. Only renters insurance in Indiana can protect your property and cover your additional living expenses after a loss, and it’s more affordable than you think.
At Effective Coverage, we’ve made the process of getting covered easier than ever before. Our mission is providing solutions for those buying insurance, because insurance is our world, and we want you to get back to yours. We focus on innovation that makes it easy to get covered so that you can get the protection you need and then get back to living your life. Effective Coverage was born as an online insurance provider, but there’s always a friendly insurance expert available to answer your questions on the phone, as well. Just call (800)892-4308.
2018 Indiana Renters Insurance Guide Table Of Contents
- How Much Does Indiana Renters Cost Insurance In 2018?
- What Does Indiana Renters Insurance Cover?
- Why Is Renters Insurance Required By Indiana Landlords?
- Do I Need Indiana Renters Insurance?
- What Is An Additional Interest On Indiana Renters Insurance?
- Can I Get Indiana Renters Insurance For A Single-Family Home?
- Who Underwrites Effective Coverage Renters Insurance In Indiana?
- Indiana Renters Insurance Fast Facts
- Bonus Section: 2018 Guide To Renting In Indiana
How Much Does Indiana Renters Cost Insurance In 2018?
- Indiana renters insurance is affordable, averaging around $187.00 per year.
- Often easy payment plans are available so you don’t have to pay for the year all at once.
- Prices vary based on rating variables including age and construction of your home and a credit-based insurance score.
The average price of renters insurance in Indiana tracks with the national average of $187.00 per year. Often this can be broken up into easy monthly payments which works out to about fifteen dollars a month. Renters insurance has more rating variables than something like health insurance does so you’ll find prices can vary. The construction type and age of your home come into play, as do safety features such as smoke detectors.
Factors about you, the insured, can impact the price of renters insurance in Indiana as well. Credit-based insurance scores weigh into the process. Claims history is relevant as well. Because Effective Coverage can place your policy with multiple underwriters, you’ll get the best coverage and the best price, written by a company who cares about you and making you whole in the event of a loss.
What Does Indiana Renters Insurance Cover?
- Renters insurance has four main types of coverage.
- Personal Property covers your stuff.
- Liability coverage the costs of a loss you cause to others, including your defense.
- Additional living expenses pays for a hotel after a covered loss.
- Medical payments to others pays for small injuries to guests.
There are four main types of coverage that you’ll find on Indiana renters insurance. That’s what makes it a renters insurance policy. The coverage is substantially similar to a homeowners policy, except that you’re not insuring the dwelling or structure itself because you don’t own it. The landlord insures the building and his liability, while you insure your property and your own liability.
Personal property coverage is designed to replace items that suffer a loss as a result of one of the renters insurance perils listed in the policy. This is a long list, policies cover far more than the fire insurance policies of old. Fire is still covered, of course, but so are theft, vandalism, and a long list of other perils. Coverage is usually written at replacement cost, allowing you to buy new property to replace the old.
Liability coverage exists to help you to avoid being ruined by the mere claim of another that your negligence caused them to suffer bodily injury or property damage. Whether or not the claim has any merit, your policy will provide a defense against the claim. It will also settle the claim or pay it within the policy limits, should that become necessary. When you consider legal expenses as well as the cost of a bodily injury claim, the value of renters insurance in Indiana becomes clear.
Additional Living Expenses, or Loss of Use, helps you out when there’s a covered loss. While personal property coverage on Indiana renters insurance will replace your property, it doesn’t cover the cost of you staying somewhere else while repairs to your home are made. That’s what additional living expenses coverage is for. Staying in a hotel during the repairs from a covered loss gets expensive, but your policy has you covered.
Medical Payments To Others is designed to resolve minor injuries to guests that don’t involve fault or don’t rise to the level of a liability claim. If a guest suffers a minor injury in your home, this coverage can offer a payment when there is no fault to be found.
As you can see, renters insurance in Indiana offers broad coverage intended to protect you and your family from a wide variety of risks. These types of coverage are all standard parts of a policy, not add-ons that you need to pay extra for. Effective Coverage policies are designed to offer you strong coverage out of the box, so you can get covered and get back to living your life.
Why Is Renters Insurance Required By Indiana Landlords?
- Landlords worry about tenant-caused damage from fire, smoke or explosion.
- Your landlord doesn’t insure your property.
- Renters insurance loss of use coverage helps to maintain your lifestyle when the worst happens.
- Landlords want to know that residents can easily recover from crises.
Indiana landlords require renters insurance for several reasons. First, they want to know that damage from fire, smoke, or explosion caused by your negligence can be covered. Why should their premium go up if you caused the fire? Why should they have to pay their deductible if you cause the fire? The liability coverage on your policy should pay for it, since you’re at fault.
Landlords also require that you maintain renters insurance in Indiana because they are in no way responsible for your property. There are still a few people out there who believe otherwise, and requiring residents to have coverage is a way to ensure that everyone understands what they’re responsible for covering – and what the landlord is not responsible for.
There’s another good reason for the requirement. Landlords want long-term residents of their apartment communities. When you have Indiana renters insurance, you can easily recover if the worst happens, and simply move into another unit. The financial implications of an uninsured loss often drive people from their homes because they have so much else going on. The landlord wants you to be able to recover easily and remain a resident.
Do I Need Indiana Renters Insurance?
- Are you alive?
- Do you live in a home you don’t own?
- Do you earn money? Or plan to at some point in your life?
Well, that depends. Are you a living, breathing person who resides in Indiana? Do you live somewhere that you don’t own? If the answers are yes, then yes you need Indiana renters insurance. It’s that simple. Your policy is the simplest and most affordable way to protect your family, your future, and your assets. Life contains too much risk to go without the protection you deserve.
What Is An Additional Interest On Indiana Renters Insurance?
- Notifies landlord of policy status changes like cancellations.
- Does not extend coverage to the landlord.
- Helps the landlord make sure everyone has coverage.
Your landlord is likely to require an additional interest on your renters insurance in Indiana. It doesn’t give the landlord any coverage, there’s only one reason to require it. Additional interest gives notification to the landlord if there are changes in the policy status. That could be a renewal, a cancellation, a lapse, a non-renewal, or a reinstatement. The additional interest just ensures the landlord is aware of the policy status.
Can I Get Indiana Renters Insurance For A Single-Family Home?
- Renters insurance is available anywhere you don’t own.
- Renters insurance for a home is affordable.
Yes! Indiana renters insurance for a single-family home is easy. It’s the same policy as you’d use for an apartment. Often the cost is similar, since it’s based on how much coverage you have and factors specific to you. Most landlords with this type of portfolio will require renters insurance for single-family homes. For example, Progress Residential rents thousands of these residences in and around Indianapolis and they require that residents maintain coverage. Fortunately, they’ve partnered with Effective Coverage for those coverage needs, so you can get a policy in just sixty seconds with affordable monthly payments. Just click above or call (800)892-4308.
Who Underwrites Effective Coverage Renters Insurance In Indiana?
Effective Coverage policies are written on highly rated paper by writing companies that have been around for the long haul and will be there to protect you. Indiana renters insurance policies are most often placed with partners such as Travelers and Stillwater. Indiana auto policies most often are placed with Travelers or Progressive, though for both types of coverage we have additional options for difficult-to-place policies. Across the nation, every single policy we sell is underwritten by a company we’d trust for our own family’s coverage needs.
Indiana Renters Insurance Fast Facts
- The average price of Indiana renters insurance is just $187.00 a year. You can barely go to a Colts game for that, at least not if you want to eat while you’re there.
- The average apartment fire loss in Indiana is about $5,000 of actual cash value, or about $15,000 of replacement cost coverage.
- Statewide, the average hotel price is almost $100.00 per night. Could you afford that for weeks while repairs are being made to your apartment after a fire that your neighbor caused?
Bonus Section: 2018 Guide To Renting In Indiana
Renting In Indiana
While Indiana legislators are not in the habit of interfering with private business transactions, some tenant protections have crept into the law over the years. To begin with, you have the right to know who your landlord is. The landlord or their agent must give you a written disclosure of the name and address of a person living within Indiana who is authorized to manage the property and act as their agent. While this might seem like common sense, there are many absentee landlords in Indiana. This owes to low property values and more limited regulations on condition of the rental unit than in many other states.
Security Deposits In Indiana: How Much Can A Landlord Demand As A Deposit?
- Indiana state law doesn’t speak to the amount of security deposits.
- You can offer an additional deposit to make up for minor deficiencies in your application for an apartment.
- Your deposit must be returned within forty-five days of vacating the property.
Indiana law does not limit the amount of security deposits. Your local city or county might have a limit, but that’s specific to your municipality. In general, a landlord can charge anything they want for a security deposit in Indiana. On the upside, the security deposit can be adjusted based on the tenant. If your history is a little rough, you might be able to offer an extra month’s rent as security and get an apartment you wouldn’t otherwise qualify for. In many states, the landlord wouldn’t be able to accept the additional deposit because of state caps but there are no such concerns in Indiana.
When you move out, your security deposit is to be returned to you within 45 days after you’ve given the property back to the landlord. Your remedies to get your deposit back essentially amount to small claims court. While offering an extra month of deposit is sometimes a good idea, make sure that the total deposit will fall within the small claims limit in Indiana. If it exceeds that limit, you’ll have much more difficulty getting a deposit back if your landlord turns out to be difficult. Note that the state of Indiana does not require your landlord to offer an itemized list of deductions from the security deposit. There may be local regulations on the subject, but those are few and far between.
Domestic Violence Victim Tenant Protections In Indiana
- Landlords can’t reject apartment applications from victims on that basis alone.
- Crime victims in Indiana may have the right to break their lease, but specific rules apply.
- The statute is written to protect all victims regardless of gender or relationship status.
Victims of domestic violence are in a uniquely difficult position if they need to move. Their desire to move isn’t motivated by a job change or a whim, but by a fear for their safety. In order to avail yourself of these protections, you’ll need to prove your status as a victim. There often is a paper trail by the time you’re bringing the issue to the landlord, so that’s not quite as onerous as it sounds.
A landlord may not reject the application of a victim of domestic violence solely on that basis. Some landlords might be concerned about bringing confrontations into their building or community, but it’s not a criteria that can be applied. This applies to tenants, applicants, and members of the household. You also have the right to have your locks changed. Note that the law states that the landlord must change the locks within 48 hours, it does not give you the right to unilaterally change the locks. The law also holds the tenant responsible to reimburse the landlord for the costs of changing the locks. Fortunately, these costs are generally minimal. On the other hand, if the landlord fails to effect the lock change within the allowed time, you may change them yourself and the landlord must reimburse you, though you’re required to give a copy of the key to the landlord.
Indiana tenants who are victims of domestic violence and certain other crimes are entitled to break their lease, but there are conditions surrounding it. A 30 day notice period is still required. A copy of a safety plan provided by an accredited program must be provided to the landlord. The law specifically waives any early termination fees and lease buyout provisions, though the tenant is still responsible for any rent due through the termination date of the lease. Damages to the unit are addressed by the law as well, but the law does not simply allow you to walk away with a joint security deposit and leave the perpetrator on the hook for damages unrelated to a tenant’s status as a victim.
Another important point to note is that the law (which you can find at IC 32-31-9-1 et seq.) is written entirely without regard to gender. It’s crystal clear that the statute protects all victims of domestic violence and sexual assault, regardless of gender or the type of relationship in which the victimization occurred. We are unaware of any test case, but even the most conservative court would be unable to deny these protections to one party of a same-sex marriage, for example. In matters such as these, you’re entitled to the rights granted to you by law even if your landlord disagrees.
Finding An Apartment In Indiana
Renting in Indiana means finding an apartment, and this can be a challenge. Indianapolis and other large cities have well-defined neighborhoods, as well as suburbs that can be difficult to distinguish from the city. You’ll have to decide whether suburban, but less walkable, life appeals to you or if you want to be in the city. In Indianapolis, Fishers, Carmel, and Noblesville are good options if suburban is your preference. In the city itself, Fountain Square and Broad Ripple are both known as quickly rising neighborhoods with much to offer. Of course, that means the rents are rising quickly, as well, so there’s a tradeoff.
In smaller towns and cities across Indiana, you’ll have to search for an apartment differently. The local paper won’t be much help in 2018, of course. Craigslist gives variable results. The tradition of “For Rent” signs in front of available properties has survived in much of Indiana, so sometimes your best bet is simply to drive around and keep an eye out. If you already know people who live in the area you want to move to, asking them or their landlord about available units can offer some good leads.
Renting in Indiana generally requires having a car, or access to a car. While your neighborhood may be walkable, Indiana is not on the cutting edge of public transportation. If you work in a city, you’ll want to test your commute during rush hour before you commit to an apartment. It’s not difficult to find a good apartment, you’ll just need to do some legwork.
Once you’ve found the perfect home, make sure you have the perfect protection. Just call (800)892-4308 or click above to get the Indiana renters insurance you need with easy payments and coverage you can rely on. Effective Coverage insurance experts are happy to answer your questions and help you to understand what type and amount of coverage may best fit your personal situation.