The Cheapest and Best Homeowners Insurance in Columbus
The Cheapest Home Insurance Companies in Columbus
There are plenty of companies that offer the same core coverages at different price points, which is why it’s important to scrutinize costs when looking for cheap homeowners insurance.
On average, the companies offering cheap homeowners insurance in Columbus with a baseline dwelling coverage of $100,000 are:
- Travelers: $475 per year
- Erie: $685 per year
The appropriate dwelling coverage depends on the home. In other words, pricier homes will require more coverage. MoneyGeek found that the companies offering cheap home insurance with $2 million in dwelling coverage, on average, are:
- American Family: $4,069 per year
- USAA: $4,393 per year (only available for former and current military members and their families)
The table below shows how annual premiums can change based on varying dwelling coverage limits.
The Cheapest Home Insurance in Columbus, Ranked
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Prices for policies with the initial baseline dwelling coverage have $40,000 in personal property limits, while those with $2 million in dwelling coverage have $800,000 in personal property limits. All policies included $100,000 in liability coverage.
Homeowners located elsewhere within the state can also take a look at MoneyGeek’s analysis on the cheapest homeowners insurance in Ohio.
The Average Cost of Homeowners Insurance in Columbus for 2021
The average cost of homeowners insurance differs from state to state and city to city. In Columbus, the average stands at $960 per year. This is $22 higher than the state average of $938. Compared to the rest of the nation, however, Columbus residents pay less, with the nation’s average being $2,103 per year.
Calculate the Cost of Home Insurance in Columbus
There is no one-size-fits-all price for home insurance, as it depends on a number of factors such as location, dwelling and personal property coverage, deductible amounts, credit score and more. To compare home insurance quotes, Columbus residents can use MoneyGeek’s home insurance calculator, which shows low-end to high-end prices based on your desired coverages.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Columbus
The best homeowners insurance balances both quality and cost. Homeowners will want to ensure that they choose insurance companies that can handle their claims fairly and efficiently, as they are often made during stressful times.
MoneyGeek’s study found that the companies offering the best homeowners insurance in Columbus are:
- Best Overall: USAA (only available for current and former military members and their families)
- Runner-up: Travelers
These companies were examined based on three factors, including affordability, user satisfaction and financial stability.
USAA policyholders with security systems installed in their homes and who are claims-free can get additional discounts on their premiums, helping them save more money annually. Landlords can also get USAA’s home-sharing coverage to protect themselves against any damages or losses that may occur.
USAA scores well across MoneyGeek’s unique scoring system and ranks particularly well in user satisfaction. However, it is only available for current and former military members and their families.Read MoneyGeek's USAA home Insurance Review
Travelers offers eco-conscious policyholders the opportunity to get extra protection that can help cover the cost of repairing homes with earth-friendly materials. Their policies also allow homeowners to get additional replacement costs, which means if the cost to replace or rebuild a home is higher than the dwelling coverage, homeowners will be covered anyway.
Travelers is MoneyGeek’s runner-up as they also score well across categories and earn perfect marks in affordability. Homeowners can even add identity fraud expense coverage to their policies.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Columbus for Newly Constructed Homes
Newer homes are much cheaper to insure as the modern materials used are more resistant to damage and easier for insurers to replace. Homeowners are also less likely to make a claim due to the newness of the home.
In Columbus, newer homes cost an average of $709 per year to insure, compared to the average of $960 for homes built in 2000.
On average, companies that offer cheap homeowners insurance in Columbus for newly-built homes are:
- Travelers: $335 per year
- Erie: $452 per year
The Cheapest Home Insurance in Columbus for New Homes, Ranked
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Cheapest Home Insurance Companies in Columbus if You Have a Lot of Personal Property
Homeowners insurance comes with personal property coverage, which helps protect the resident’s personal items. Those with high-value items or who want to cover more property can expect to pay more annually.
In Columbus, getting personal property limits of $250,000 costs $1,048 on average, while limits of $100,000 costs $960 per year.
On average, the cheapest insurers in Columbus with personal property limits of $250,000 include:
- Travelers: $512 per year
- Erie: $891 per year
Cheap Companies in Columbus for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Columbus for High Deductibles
Before making a claim, policyholders need to pay a deductible. This is money out-of-pocket required before an insurer can cover a claim. The higher the deductible, the lower the annual premiums and vice versa.
For instance, in Columbus, a policy with a $2,000 deductible costs an average of $866 per year, $94 less than the average rate of $960 for a $1,000 deductible.
On average, MoneyGeek’s study found that these companies offer the cheapest policies with a higher deductible of $2,000:
- Travelers: $435 per year
- Erie: $636 per year
The Cheapest Companies in Columbus for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Columbus if You Have Poor Credit
In the state of Ohio, insurers factor in a homeowner’s credit score when determining their annual premiums.
Poor credit holders are likely to pay more, as it costs an average of $1,946 per year for those with bad credit. This is $986 more than the average of $960 for those with a decent credit standing.
Regardless, there are still companies that offer cheap homeowners insurance in Columbus for those with bad credit. On average, the cheapest insurers are:
- Travelers: $1,152 per year
- American Family: $1,171 per year
The Cheapest Companies in Columbus for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Columbus
Columbus residents who want to buy homeowners insurance need to prepare a list of information before getting home insurance quotes online. This includes, but is not limited to:
- The replacement cost of your home: Insurers will want to know how much it will cost to rebuild your home. For those with older homes, construction professionals can help provide an estimate.
- The value of your personal property: Since personal property coverage is part of homeowners insurance, stating the value of your personal property can help determine the appropriate limits.
- Personal information: This involves information on the house, such as the address and the people who live in it, along with personal information such as insurance history, credit score and other details.
- Information about your house: This includes more technical information on the house such as when it was built, its size, the security systems in place and more.
Homeowners Insurance in Columbus Analysis: Methodology
Nine insurers in Columbus, Ohio, were analyzed by MoneyGeek using a sample homeowners profile. This homeowner had a home built in 2000 with 2,500 square feet. The sample profile also looked for $100,000 in dwelling coverage, $40,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.
To get more information for homeowners of varying circumstances, MoneyGeek also got prices for homeowners with newly constructed homes, higher dwelling or personal property limits, higher deductibles and bad credit scores.
MoneyGeek collected data in partnership with Quadrant, while customer satisfaction information was taken from J.D. Power user surveys. Quotes were also collected for homes with varying coverage levels in mind to calculate for affordability scores.
About Mark Fitzpatrick