The Cheapest and Best Homeowners Insurance in Akron
The Cheapest Home Insurance Companies in Akron
The cost of homeowners insurance is an important factor for homeowners when picking a policy, as many companies offer the same core coverage at varying prices.
MoneyGeek gathered quotes to find the cheapest homeowners insurance companies in different states and cities. The cheapest insurance companies in Akron for home insurance with $250,000 in dwelling coverage are:
- Travelers: $487 per year
- Farmers: $583 per year
The value of your home and belongings will affect the cost of your yearly premium. Meaning, that the more you own, the more you’ll pay for home insurance. The cheapest homeowners insurance companies in Akron for $2 million worth of dwelling coverage are the following:
- American Family: $4,230 per year
- Farmers: $4,416 per year
USAA is actually the second cheapest home insurance company in Akron with the average policy costing $4,334 per year. However, it is not included in our rankings because of its limited availability.
The dwelling coverage you choose will affect the cost of your homeowners insurance. You can see how different dwelling coverage limits affect the price of your home insurance in the table below.
The Cheapest Home Insurance in Akron, Ranked
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Policies with initial baseline dwelling coverage of $100,000 have a personal property limit of $40,000, and policies with a dwelling coverage of $2 million have personal property limits of $800,000. All policies have $100,000 in liability coverage.
If you live in Ohio but not in Akron, you can also look up home insurance in OH to find the cheapest home insurance in your area.
The Average Cost of Homeowners Insurance in Akron for 2022
The average cost of home insurance in Akron is $720 per year or around $60 per month. This is cheaper than the state average of $938 per year and significantly less expensive than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Akron
Where you live is an important factor in determining the cost of home insurance. But other factors including your chosen dwelling and personal property coverage, as well as your credit score, will impact your home insurance cost.
You can compare homeowners insurance quotes in your state through MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Akron
When it comes to comparing homeowners insurance companies in Akron, affordability isn’t the only important consideration. The customer service and financial stability of an insurance company should also be taken into account. Consider how stressful it would be if you needed to file a claim. An insurance company with great customer service will be able to process your requests more swiftly and fairly, saving you time and distress.
Based on MoneyGeek’s study, the best homeowners insurance companies in Akron are:
- Best Overall: Travelers
- Runner Up: Auto-Owners Insurance Co
MoneyGeek ranked home insurance companies in Akron based on affordability, user satisfaction and financial stability.
Travelers received high rankings for affordability and financial stability, as well as fair rankings for customer service, making it the best homeowners insurance company in Akron. On average, a homeowners insurance policy from Travelers costs $487 per year. A coverage feature unique to this company is an optional energy-efficient upgrade, which covers the cost of replacing your appliances with energy-efficient alternatives.
Besides green home coverages from Travelers, which help cover the cost to repair or replace appliances with energy-efficient alternatives, the company also offers a protective device discount. This lowers your annual premium if you install or currently have smoke detectors, fire alarms and other home security systems. Customers may also be eligible for discounts if they have not submitted a claim within a specified time period.Read MoneyGeek's Travelers home Insurance Review
The second-best option for home insurance in Akron is Farmers, with policies costing on average $583 per year. The insurer offers a matching coverage option that covers the cost of replacing the damaged property with materials that match the existing, undamaged property.
Farmers’ matching coverage option covers up to $30,000 in cost to replace an undamaged property so it conforms with the repaired damaged property. If you own a home that is less than 14 years old, you may be eligible for Farmers’ New Home discount. You can also be eligible for another discount if you bundle your home insurance with Farmers’ auto insurance.Read MoneyGeek's Farmers home Insurance Review
Cheapest Home Insurance Companies in Akron for Newly Constructed Homes
Residents in Akron living in a newly constructed home may find that their homes are much cheaper to insure than older ones. Buildings made of modern materials are more resistant to damage and meet current building codes. As a result, homeowners are less likely to make a claim on their insurance. Insurers are also able to repair damages more easily if a home is constructed with new materials.
Newly constructed homes cost an average of $530 per year compared to an average of $720 per year for homes built in 2000.
The cheapest insurance companies in Akron for those with newly constructed homes with $100,000 in dwelling coverage are:
- Travelers: $340 per year
- Auto-Owners Insurance Co: $464 per year
The Cheapest Home Insurance in Akron for New Homes, Ranked
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Cheapest Home Insurance Companies in Akron if You Have a Lot of Personal Property
Home insurance also covers damage to personal property in your home. Those who want to cover more personal property will have to pay more for home insurance.
In Akron, it costs an average of $530 for a policy with a personal property limit of $100,000. In comparison, the average cost of a policy with $250,000 in personal property coverage limits is $786.
The following are the cheapest insurance companies in Akron for those with personal property coverage limits of $250,000:
- Travelers: $523 per year
- Farmers: $603 per year
Cheap Companies in Akron for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Akron for High Deductibles
The cost of homeowners insurance in Akron will vary depending on your chosen deductible. If you want to pay a lower annual premium, you can choose a higher deductible. However, you should know that a higher deductible means you will pay more out of pocket when you make a claim.
In Akron, it costs an average of $649 per year for a policy with a $2,000 deductible. Alternatively, a policy with a $1,000 deductible costs an average of $720 per year.
The cheapest insurance companies in Akron for those with policies with $2,000 deductibles are:
- Travelers: $448 per year
- Farmers: $554 per year
The Cheapest Companies in Akron for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Akron if You Have Poor Credit
One of the factors that insurance companies look at to determine your insurance rate is your credit score. Homeowners who have good credit scores may pay less than those with poor credit scores for home insurance.
In Akron, home insurance costs an average of $720 per year for homeowners with good credit, compared to $1,524 per year for those with bad credit. However, if you have poor credit, you can still find affordable options.
The cheapest homeowners insurance companies in Akron for those with poor credit are:
- Auto-Owners Insurance Co: $631 per year
- Travelers: $1,161 per year
The Cheapest Companies in Akron for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Akron
Getting a homeowners insurance quote online is easy if you have the right information. Make sure you have the following information on hand when you request your quote:
- The replacement cost of your home: This is the cost of rebuilding your home, not its market value. It will define the limitations of your dwelling coverage. To acquire an estimate of the cost of replacement, you may want to hire a building contractor or consult with a construction professional.
- The value of your personal property: The value of your belongings will determine the appropriate personal property coverage limits for your policy.
- Personal information: Providing your personal information such as your address and insurance history, who lives in your home and other details, are needed to get quotes.
- Information about your house: You will also need to provide information about your house including when it was built, how big it is and what security devices are currently installed in it.
Homeowners Insurance in Akron Analysis: Methodology
MoneyGeek analyzed home insurance premiums from nine companies in Akron for a home with varying coverage levels to calculate affordability scores. Quotes were also collected for homeowners with newly constructed homes, increased dwelling coverage or personal property coverage, higher deductibles and poor credit scores.
Data were provided in partnership with Quadrant, and customer satisfaction ratings were drawn from J.D. Power surveys.
The base profile for a homeowner was for a 2500-square-foot home built in the year 2000, with a dwelling coverage of $100,000, personal property coverage of $40,000 and liability coverage of $100,000. All policies had a $1,000 deductible.
About Mark Fitzpatrick