The Best Cheap Homeowners Insurance in Toledo, Ohio for 2022: Quotes and Reviews
In Toledo, Ohio, home insurance costs an average of $975 per year or approximately $81 per month, but rates will vary depending on the insurance carrier. The cheapest option is Travelers with an average annual rate of $480. The most expensive — Auto-Owners Insurance Co — costs an average of $2,648. That means you can save up to $2,169 by shopping around. MoneyGeek found the best homeowners insurance in Toledo based on affordability and quality service.
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The Cheapest and Best Homeowners Insurance in Toledo
The Cheapest Home Insurance Companies in Toledo
The cost of homeowners insurance can be an essential consideration when purchasing a policy in Toledo. That is because most insurers offer the same core coverages.
For Toledo residents looking for cheap homeowners insurance, the most affordable options for a policy with dwelling coverage limits of $100,000 are:
- Travelers: $480 per year
- Erie: $654 per year
For homeowners looking for a policy with dwelling coverage limits of $2,000,000, the cheapest options are:
- USAA: $4,757 per year (Only available to current and former military members and their families)
- Farmers: $5,424 per year
Use the table below to see how prices change when you adjust the dwelling coverage limits.
The Cheapest Home Insurance in Toledo, Ranked
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For the sample policies with the initial dwelling coverage, the personal property coverage is $40,000. Policies with dwelling coverage of $2,000,000 have personal property limits of $800,000. The liability coverage for all policies is $100,000.
If you live elsewhere in the state, you can also look up home insurance in Ohio.
The Average Cost of Homeowners Insurance in Toledo for 2021
Homeowners in Toledo pay an average of $975 per year for insurance. That is $37 more expensive than the state average of $938 per year. However, this rate is $1,128 cheaper than the average cost of home insurance in the country.
Calculate the Cost of Home Insurance in Toledo
Location affects homeowners’ insurance rates. But companies use various factors to calculate home insurance quotes in Toledo. These include dwelling coverage limits, the amount of personal property coverage you buy, your credit score and other individualized factors. You can start comparing quotes in your state with MoneyGeek’s home insurance calculator.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Toledo
Affordability is one of the most important considerations for many homeowners when choosing the best homeowners insurance in Toledo. But you should also consider customer service and financial stability. In addition, your insurer should be able to process and pay claims quickly and fairly.
MoneyGeek found that the best homeowners insurance providers in Toledo are:
- Best Overall: USAA (only available for current and former military members)
- Runner-up: Travelers
MoneyGeek ranked home insurance companies in Toledo using a unique rating system that considers affordability, user satisfaction and financial stability.
USAA is an excellent option for active service members as it offers coverage for the loss of uniforms without applying deductible. The company also rewards homeowners who value safety with its discount offerings for protective security systems and policyholders that remain claims-free. In addition, USAA’s optional home-sharing coverage for homeowners renting out a room or house will cover costs associated with being a landlord.
The high ratings USAA got across all categories, especially its perfect score in user satisfaction, made it MoneyGeek’s top pick in Toledo. However, only military members, veterans and their families are qualified to get USAA policies.Read MoneyGeek's USAA home Insurance Review
Travelers’ policyholders can get identity fraud expense coverage up to $25,000. It covers all related expenses in restoring one’s identity. You can also opt to get additional replacement cost, which covers the cost to replace your home even if it exceeds the dwelling coverage limits of your policy. Travelers also provides extra protection to cover repair costs for homes with green materials.
Travelers got a perfect score in affordability, making it the second-best company in Toledo. For homeowners not qualified for USAA, Travelers is the best option.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Toledo for Newly Constructed Homes
The age of your house also plays a role in determining home insurance quotes in Toledo. Generally, insurance for newly constructed homes is cheaper than older houses because modern materials are more resistant to damage and easier for insurers to replace. The average rate for Toledo homes built in 2000 is $975 per year. Homeowners with newly constructed homes pay an average of $718, which is $257 cheaper.
The most affordable options for newly built homes in Toledo are:
- Travelers: $334 per year
- Erie: $449 per year
The Cheapest Home Insurance in Toledo for New Homes, Ranked
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Cheapest Home Insurance Companies in Toledo if You Have a Lot of Personal Property
Personal belongings that you keep in the insured house are covered by home insurance under the personal property coverage. You can choose to increase your personal property coverage limits based on your needs, but you will be paying higher annual premiums. On average, a standard policy with personal property limits of $40,000 costs $975 per year. A similar policy with personal property limits of $100,000 costs $1,069 on average.
If you are looking for cheap homeowners insurance in Toledo with high personal property limits, your top options are:
- Travelers: $518 per year
- Farmers: $689 per year
Cheap Companies in Toledo for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Toledo for High Deductibles
Deductibles refer to the amount a policyholder pays out-of-pocket when they make a claim. It can have a sizable effect on home insurance quotes in Toledo. If you choose lower deductibles, your home insurance premium will be more expensive. For example, a standard policy with a $1,000 deductible costs an average of $975 per year in Toledo. Those with a $2,000 deductible pay an average of $875 per year for a standard policy.
Based on MoneyGeek’s study, the cheapest insurance companies in Toledo for homeowners with policies with $2,000 deductibles are:
- Travelers: $443 per year
- Erie: $594 per year
The Cheapest Companies in Toledo for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Toledo if You Have Poor Credit
Your credit score is also an important factor that insurers consider when calculating home insurance rates in Toledo. Homeowners with poor credit scores pay more than those with good credit. The average cost of home insurance for homeowners with good credit in Toledo is $975 per year. Those with poor credit pay an average of $2,109 per year.
The companies with the least expensive rates for Toledo homeowners with poor credit scores are:
- Travelers: $1,274 per year
- Erie: $1,491 per year
The Cheapest Companies in Toledo for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Toledo
Insurance carriers in Toledo usually allow homeowners to get quotes online. However, to get an accurate quote, you will have to disclose certain information.
- Home replacement cost – This refers to the cost to replace your home in case of a covered peril. This will determine your dwelling coverage limits. You should hire a building contractor or construction professional to get an accurate estimate.
- Personal property value – Homeowners insurance covers damages to personal belongings you keep at home. So, you will need to provide the personal property value of covered items.
- Personal information – You will have to provide your address, the number of people living in the home you want to insure, your insurance history, credit score and other relevant details.
- Details about your house – Insurers will ask when your home was built, its size and if there is a security system in place.
Homeowners Insurance in Toledo Analysis: Methodology
For this study, MoneyGeek used a base profile. It is a policy for a 2,500-square-foot house built in 2000 with dwelling coverage limits of $100,000, personal property coverage limits of $40,000 and liability coverage limits of $100,000. These policies had a $1,000 deductible.
Average rates from nine companies offering home insurance in Toledo were analyzed. Data was provided in partnership with Quadrant. In calculating affordability scores, MoneyGeek collected and compared quotes across coverage levels. In addition, J.D. Power surveys were used as a reference for user satisfaction ratings. MoneyGeek also analyzed rates for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
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