The Cheapest and Best Homeowners Insurance in Cleveland
The Cheapest Home Insurance Companies in Cleveland
When evaluating Cleveland's home insurance providers, you will notice that the majority of them provide similar core coverages. As a result, while shopping for a home insurance policy, cost must be an important consideration.
Based on a policy offering $100,000 in basic dwelling coverage, the following are the cheapest companies for Cleveland homeowners, on average:
- Travelers: $472 per year
- Erie: $580 per year
The following are, on average, the cheapest homeowners insurance providers in Cleveland for luxury homes protected by a $2 million dwelling coverage:
- Farmers: $4,728 per year
- American Family: $5,087 per year
Remember that the level of coverage you choose affects the cost of your home insurance policy. You can use the table below to see how Cleveland's home insurance costs change for different dwelling coverages.
The Cheapest Home Insurance in Cleveland, Ranked
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MoneyGeek's sample home insurance plans offer $100,000 in base dwelling coverage and $40,000 in personal property limits. Personal property limits increase to $800,000 for a $2,000,000 home policy. Each policy provides $100,000 in liability protection.
You can compare home insurance rates in Ohio from several insurance providers even if you live in a different part of the state.
The Average Cost of Homeowners Insurance in Cleveland for 2021
The average annual homeowners insurance rate in Cleveland is around $884 per year or $74 per month. This is lower than Ohio's average annual homeowners insurance cost of $938 and much lower than the national average of $2,103 per year.
Calculate the Cost of Home Insurance in Cleveland
Your home's location in Cleveland affects the cost of your home insurance policy. Furthermore, your credit score, the amount of dwelling coverage and personal property coverage you buy will affect the cost. The MoneyGeek home insurance calculator will help you compare quotes from several insurers in your state.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Cleveland
When choosing a homeowners insurance policy in Cleveland, price is important, but you should also consider the customer service experience and financial stability of the companies you're comparing. Because you are more likely to file a claim during a difficult time, a financially secure insurer will be able to cover the claim fairly and quickly if it is valid.
For those looking for the best homeowners insurance in Cleveland, the following two companies are the top-rated options:
- Best Overall: USAA (only serving current and former military members and families)
- Runner-up: Travelers
To find the best homeowners insurance companies, MoneyGeek ranked them based on customer satisfaction, affordability and financial stability.
If you have a homeowners insurance policy from USAA, you are eligible for discounted rates just by installing protective security systems and being claim-free. USAA also provides home-sharing coverage to cover the costs of being a landlord for people who rent out a room or their entire house.
USAA is MoneyGeek’s top pick and scored high across multiple categories, including J.D. Power's customer satisfaction. However, the company only sells its policies to active and retired military personnel and their family members.Read MoneyGeek's USAA home Insurance Review
Travelers provides additional protection to cover the expenses of restoring homes using green materials. This is a perfect add-on coverage for eco-conscious homeowners. With Travelers, you may acquire additional replacement cost coverage. This means that even if the cost to restore your home to its original state is higher than your dwelling coverage, you'll be covered.
Travelers is rated Cleveland's second-best insurance company and ranked well in terms of affordability. The company provides identity fraud expense coverage for up to $25,000 in identity restoration charges.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Cleveland for Newly Constructed Homes
Newer homes in Cleveland are less expensive to insure than older ones. Because new homes are built with modern materials, they can be highly resistant to damage. This reduces the probability of new homeowners filing a claim. Insurers also find it simpler to replace new building materials and offer lower insurance rates to those owning newly built homes.
To insure a newly built home in Cleveland, you'll pay an average of $648 per year, compared to around $884 for a home built in 2000.
The two cheapest homeowners insurance companies in Cleveland that provide $100,000 in dwelling coverage for newly constructed homes are, on average:
- Travelers: $329 per year
- Erie: $383 per year
The Cheapest Home Insurance in Cleveland for New Homes, Ranked
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Cheapest Home Insurance Companies in Cleveland if You Have a Lot of Personal Property
In addition to your home structure, your homeowners insurance also covers the personal property you choose to insure. Your insurance cost increases as you choose to insure more personal property.
On average, a standard home insurance policy with personal property limits of $250,000 costs $964 per year in Cleveland, while a policy with a $100,000 personal property coverage limit costs around $884 per year.
The two cheapest home insurance providers in Cleveland for homes with a $100,000 dwelling coverage and high personal property limits are, on average:
- Travelers: $509 per year
- Farmers: $631 per year
Cheap Companies in Cleveland for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Cleveland for High Deductibles
Every homeowners insurance policy includes a deductible, which is the amount you must pay out of pocket when filing a claim. The deductible amount will be reduced from the claim amount your insurer pays you. If you choose a higher deductible, the insurance cost will be lower, and vice versa.
A home insurance policy with a $2,000 deductible costs $795 per year on average in Cleveland, while a policy with a $1,000 deductible costs about $884, which is a difference of $89.
On average, the following two companies provide the cheapest homeowners insurance in Cleveland for homes with a $2,000 deductible:
- Travelers: $433 per year
- Erie: $536 per year
The Cheapest Companies in Cleveland for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Cleveland if You Have Poor Credit
Insurance companies may request your credit score to give you a more precise quote while evaluating your homeowners insurance rate in Cleveland. A person with a low credit score is thought to be more likely to file a claim. As a result, insurance companies quote higher rates for Cleveland homeowners with poor credit scores.
For those with a bad credit score in Cleveland, a standard homeowners insurance policy will cost an average of $1,820 per year. Those with a good credit score will only pay about $884 per year for a similar insurance policy, which saves them around $936 per year.
On average, if you have a low credit score and need homeowners insurance in Cleveland, the following two companies have the most affordable rates:
- Erie: $1,143 per year
- Travelers: $1,211 per year
The Cheapest Companies in Cleveland for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Cleveland
For the insurance companies to offer you a more accurate insurance quote, you will have to provide them with a lot of information, including the following:
- Home replacement cost: This is the cost of restoring your home to its original condition after it has been damaged by a covered event. Your home's replacement cost is a factor in determining your home insurance dwelling coverage. A construction specialist, appraiser or building contractor can provide you with an estimate of this cost.
- Personal property value: Your home insurance policy's personal property coverage limit is decided by the estimated value of the personal property you want to protect.
- Personal information: To get a more precise quote, you must submit personal information, such as your home address, insurance claim history, credit score and the number of people living in your home.
- Details about your home: Additional information about your home, such as its age, size and any built-in security systems, will fall under this category.
Homeowners Insurance in Cleveland Analysis: Methodology
MoneyGeek used the data from Quadrant to conduct this research on nine insurance providers in Cleveland. For the affordability ratings, we used various coverage levels for the sample home. We also used J.D. Power surveys to determine each company's level of customer satisfaction.
This study's baseline profile is that of an average homeowner with a 2,500 square-foot house constructed in 2000. The policy covers $100,000 in dwelling coverage, $40,000 in personal property coverage and $100,000 in liability coverage. Regardless, all of the plans under consideration include a $1,000 deductible.
Homeowner profiles with newly built homes, increased dwelling or personal property coverage, higher deductibles and poor credit score were also considered for the study.
About Mark Fitzpatrick