The Storm Prediction Center has almost all of Southern Indiana in a Slight Risk for severe weather for this evening into the overnight.
As it stands this morning models have storms firing up as early as 4pm CDT./5pm EDT. and as late as 7pm CDT./8pm EDT. It's looking like storms will end after 12am CDT. but some models are indicating storms could last through 2am CDT./3am EDT. primarily in Southwestern Southern Indiana.
Damaging winds and hail would be the main threats. Flash flooding is small with rain totals ranging about an inch maybe an isolated 2 inches where heavy downpours take place. So I'd say the flood risk would be pretty isolated mainly the areas that flood easily (e.g. low-lying land). As for the Tornado threat it's also low but certainly not zero in fact the Storm Prediction Center does have Southern Indiana in 5% risk for tornado's. Still low but something to watch out for.
Overall, with the good chance of seeing sunlight and warm temperatures today, that combined will destabilize the atmosphere giving fuel for the storms to work off of which would likely increase the chance for severe storms.
I'll have updates as necessary! Stay safe & weather aware!