The Cheapest and Best Homeowners Insurance in Cincinnati
The Cheapest Home Insurance Companies in Cincinnati
When shopping for cheap homeowners insurance policies, cost is an important factor to consider as there are many companies that offer the same core coverages at different rates.
On average, the companies offering the cheapest homeowners insurance in Cincinnati with a baseline dwelling coverage of $100,000 include:
- Erie: $533 per year
- Travelers: $535 per year
The appropriate amount of dwelling coverage can vary based on the price of the home and can affect annual premiums. The more expensive the home, the more dwelling coverage is required. On average, the companies that offer the cheapest home insurance with $2 million in dwelling coverage include:
- American Family: $4,165 per year
- USAA: $4,768 per year (available only for current and former military members and their families)
Check out how annual premiums can change based on dwelling coverage limits in the table below.
The Cheapest Home Insurance in Cincinnati, Ranked
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All policies include $100,000 in liability coverage and varying personal property coverage limits that are based on the dwelling coverage. Policies with a baseline dwelling coverage of $100,000 come with personal property limits of $40,000. Prices with $2 million in dwelling coverage limits have $800,000 in personal property coverage.
For individuals who live elsewhere in the state, MoneyGeek also examined companies that offer the cheapest homeowners insurance in Ohio.
The Average Cost of Homeowners Insurance in Cincinnati for 2021
The average cost of home insurance in Cincinnati is $934 per year, which is $4 less than the state average of $938. This is still significantly less than the rest of the nation, as the national average is $2,103 per year.
Calculate the Cost of Home Insurance in Cincinnati
There are many factors that go into determining the cost of home insurance. Location, dwelling coverage, personal property coverage, credit score and other factors are considered. When looking for home insurance quotes, Cincinnati residents can use MoneyGeek’s calculator to find a policy that best suits their budget and needs.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Cincinnati
Finding the best homeowners insurance in Cincinnati requires looking beyond cost and examining the financial stability of a company and user satisfaction. This is because claims are often made during stressful times, which is why it’s important that the company deals with claims efficiently and fairly.
- Best Overall: USAA (available only for current and military members and their families)
- Runner-up: Erie
These companies were chosen based on a unique scoring system that looked at affordability, user satisfaction and financial stability.
USAA has many unique coverages for their policyholders. Homeowners that rent out their home can enjoy USAA’s home-sharing coverage to cover any costs that come with being a landlord. Policyholders can also enjoy discounts if they have security systems installed in their homes and remain claims-free.
MoneyGeek’s top pick is USAA as it scores well across categories and has perfect marks in user satisfaction. Note that this insurer is only available for current and former military members and their family members.Read MoneyGeek's USAA home Insurance Review
Homeowners with Erie policies can add identity recovery coverage to protect themselves against the cost of identity theft or fraud. They can also add water backup and sump overflow protection along with service line protection, which are coverages that aren’t often covered in standard home insurance policies.
Erie comes in as MoneyGeek’s runner-up as they also score well across categories and ranks well in affordability. Their policies include guaranteed replacement cost for your home, as insurers will not consider depreciation cost.Read MoneyGeek's Erie home Insurance Review
Cheapest Home Insurance Companies in Cincinnati for Newly Constructed Homes
Newer homes are cheaper to insure for a myriad of reasons. For one, insurers expect fewer claims as modern materials are more resistant to damage. Even if there was damage, newer materials are easier to replace.
Newly constructed homes cost an average of $687 per year to insure, $247 less than the average of $934 to insure a home built in 2000. Companies that offer the cheapest homeowners insurance for newly built homes, on average, include:
- Erie: $356 per year
- Travelers: $372 per year
The Cheapest Home Insurance in Cincinnati for New Homes, Ranked
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Cheapest Home Insurance Companies in Cincinnati if You Have a Lot of Personal Property
All homeowners insurance policies come with personal property coverage, which protects and helps replace personal items in the event that loss or damage occurs. The higher the personal property limits, the more a policyholder will have to pay annually.
In Cincinnati, it costs an average of $1,018 to get $250,000 in personal property coverage, compared to $934 to get $100,000 of coverage.
On average, the cheapest insurers for homeowners looking for high personal property limits are:
- Travelers: $571 per year
- Erie: $695 per year
Cheap Companies in Cincinnati for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Cincinnati for High Deductibles
All policies come with a deductible, which is the “cost” that policyholders need to pay out-of-pocket before an insurer covers a claim. A higher deductible means less to pay annually.
Policies with a $2,000 deductible cost $847 on average, $96 less than the average of $934 for a $1,000 deductible.
On average, insurers that offer cheap homeowners insurance in Cincinnati with $2,000 in deductibles are:
- Erie: $486 per year
- Travelers: $493 per year
The Cheapest Companies in Cincinnati for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Cincinnati if You Have Poor Credit
One factor that insurers consider before determining a homeowner’s premium is their credit score. The poorer the credit score, the higher the annual premium and vice versa.
In Cincinnati, those with bad credit have to pay an average of $1,907 per year in Cincinnati, while those with a decent credit standing pay an average of $943 a year.
Fortunately, there are still companies that offer cheap homeowners insurance in Cincinnati for those with poor credit, which include:
- American Family: $1,134 per year on average
- Erie: $1,152 per year on average
The Cheapest Companies in Cincinnati for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Cincinnati
Homeowners looking to get home insurance quotes online must come prepared with certain information about themselves and their home. This includes, but is not limited to, the following:
- The replacement cost of your home: This is the replacement cost of the home, not the market value. Construction professionals should be able to help with getting an estimate for older homes.
- The value of your personal property: As personal property coverage is part of homeowners insurance, having the value of your personal property in hand can help determine the appropriate personal property limits.
- Personal information: This includes the address of the home, information on the tenants residing in the home, insurance history and other details.
- Information about your house: This includes general details about the home, such as how big it is, when it was built, if there are any safety systems in place and more.
Homeowners Insurance in Cincinnati Analysis: Methodology
MoneyGeek gathered data using a sample homeowner from nine companies in Cincinnati. This sample homeowner had a home built in 2000 with 2,500 square feet along with $100,000 in dwelling coverage, $40,000 in personal property coverage, $100,000 in liability limits and a $1,000 deductible. Quotes were also collected for a home with varying coverage levels to calculate affordability scores.
Quotes were collected for homeowners with varying circumstances. This includes homeowners with newly constructed homes, more dwelling or personal property coverage, higher deductibles and poor credit scores.
MoneyGeek also collected data in partnership with Quadrant, while J.D. power surveys provided data on customer satisfaction ratings.
About Mark Fitzpatrick