The Cheapest and Best Renters Insurance in Cincinnati
The Companies With the Cheapest Renters Insurance in Cincinnati
Most insurance companies offer similar core coverages, but premiums may vary greatly among insurers. This is why Cincinnati renters should make an effort to compare rates when choosing a policy. MoneyGeek advises you to compare renters insurance quotes from multiple providers to help you pick the cheapest renters insurance.
Based on MoneyGeek’s research, the most affordable renters insurance policies for the average consumer in Cincinnati are from:
- Lemonade: $60 per year
- USAA: $88 per year (only available to current and former military personnel and their family members)
Fortunately for USAA policyholders, they can get even better value for their money since all policies include coverage for flood and earthquake damage and provide reimbursements for items at replacement cost.
The costs included in our study are for policies with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible. Your actual premium may differ from these average rates depending on the value of your personal belongings. Use the table below to get an accurate estimate of your insurance cost and to see how rates change based on personal property coverage limits.
You can also compare renters insurance in Ohio if you live in another city within the state.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Cincinnati?
We ranked the best renters insurance in Cincinnati and found that the following companies stood out among their competitors:
- Best Overall: USAA (only available for current and former military personnel and their families)
- Runner-up: State Farm
MoneyGeek used its unique rating system that combines affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best to calculate these overall scores. Additionally, MoneyGeek found that these insurers provide unique coverages that aren’t available from most renters insurance companies.
USAA received excellent marks across all categories and a perfect score on customer satisfaction, making it the best renters insurance provider in Cincinnati. However, only military personnel and their families can purchase USAA policies.
USAA is consistently one of the cheapest options across the country, and it also offers unique coverages. Unlike most companies, its policies cover flood and earthquake damage. USAA also offers significant discounts to those currently serving in the military, which means it might be even cheaper if you’re an active military member.Read MoneyGeek's USAA renters Insurance Review
Based on its high ratings across all categories, MoneyGeek ranked State Farm as the best renters insurance provider in Cincinnati for those who aren’t qualified for USAA policies.
State Farm is among the most affordable companies across the country for renters insurance. This insurer provides the option for inflation coverage so policyholders can enjoy automatic increases in their personal property coverage limits over time. State Farm also allows policyholders to add identity restoration coverage to their policies for an additional cost of $25 per year.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Cincinnati for 2023
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In Cincinnati, the average cost of renters insurance for a standard policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500 is $128 per year or $11 per month. This annual premium rate is $31 cheaper than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Cincinnati?
While several factors influence your renters insurance rate, the following have the greatest impact on the overall cost.
- Personal property coverage amount. This is the most important factor that insurers consider when calculating your rates. Even if you’re on a tight budget, choose a coverage limit that provides adequate protection for your personal items.
- Location. The area where you live also has a modest impact on your renters insurance rates. For instance, if you live in a neighborhood with high crime rates and an increased risk of severe weather, your insurer may charge you higher insurance premiums.
- Deductible. This is the amount that you need to pay toward an insured loss before your policy starts paying for your claim. A policy with a higher deductible will generally have lower monthly premiums, but the downside is that you will have higher out-of-pocket expenses when you file a claim.
- ACV vs. RCV. Depending on your policy, you may get reimbursements based on either your personal property’s actual cash value (ACV) or replacement cost value (RCV). If you choose an ACV type of renters policy, your insurer will pay you based on the depreciated value of your personal items. On the other hand, if you have an RCV policy, your insurer will reimburse the cost of buying a new item that is of a similar kind and quality. RCV policies tend to be more expensive compared to ACV policies, but you’ll also get the benefit of receiving more money if you file a claim.
- Liability coverage amount. The liability coverage limit that you select will only have a slight effect on your rates. A standard policy has $100,000 in liability coverage, but you can add thousands of dollars of coverage for only a few extra dollars per year.
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Does My Cincinnati Neighborhood Impact Cost of Renters Insurance?
The exact neighborhood where you live in Cincinnati has a small effect on the cost of your renters insurance. According to MoneyGeek’s study, your ZIP code will only impact the cost of your renters insurance in Cincinnati by a couple of dollars per month.
Understanding Renters Insurance in Cincinnati
Renters insurance is not mandated by law in the state of Ohio. But, some landlords may require you to buy one before allowing you to rent their property in Cincinnati. MoneyGeek strongly encourages you to purchase renters insurance as an affordable way to protect your assets against any form of loss, theft or damage.
Your landlord’s insurance coverage does not extend to your personal property. For this reason, it’s best that you buy your own renters insurance to help you replace your lost or damaged personal belongings in the event of a fire, burglary, severe weather event or accident.
Fortunately, renters insurance in Cincinnati is very affordable and gives you the option to pay on a monthly basis.
What Does Renters Insurance Cover in Cincinnati?
Generally, the first thing you need to do when buying renters insurance is to make sure that you’re choosing the right coverage to meet your needs.
An insurance policy is an affordable way for renters to ensure that they are protected against undue expenses due to theft. This is especially important since the FBI reported that Cincinnati had a property crime rate of 3,857 per 100,000 people in 2019, which is 104% above the national average.
A renters policy also covers other risks, such as fires and water damage, which can happen to anyone at any time.
Your renters insurance policy in Cincinnati will generally include the following standard components:
- Personal property coverage: This shoulders the cost of replacing your lost or damaged personal items but only up to your coverage limit.
- Additional living expenses: Your policy will help you pay for your temporary housing if your rented unit becomes uninhabitable because of a covered peril.
- Liability insurance: Your personal liability coverage will pay for repairs that are made to another person’s property if you’re found responsible for the property damage. This also covers legal expenses if you’re sued over an incident that occurred in your rental unit.
- Medical payments coverage: Your liability coverage extends to other people’s medical bills. If you or a family member who lives with you accidentally injures another person, family liability protection will help cover their medical-related expenses.
What Is Not Covered by Renters Insurance in Cincinnati?
Your renters insurance in Cincinnati covers your personal property, but not the structure of the building. It’s your landlord’s responsibility to purchase insurance to protect the building’s structure.
Most standard renters policies cover certain types of water damage, but they typically exclude water damage due to flooding. Renters who think they might need added protection against flood damage should consider buying affordable incremental insurance through the National Flood Insurance Program (NFIP).
Standard renters insurance also does not cover your roommate’s possessions, earthquakes damages, car damages or damage to other high-value items, such as jewelry, which may exceed your policy limits.
Not all renters policies are the same, which is why it’s extremely important for you to read your policy carefully and make sure you understand all the terms before finalizing your purchase.
Frequently Asked Questions About Renters Insurance in Cincinnati
Here are MoneyGeek’s answers to the most commonly asked questions about renters insurance if you’re looking to buy the best renters insurance in Cincinnati.
Renters Insurance in Cincinnati Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Cincinnati to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- Allstate. "What does renters insurance cover?." Accessed June 10, 2022.
- Allstate. "What is renters liability insurance?." Accessed June 10, 2022.
- Allstate. "Does renters insurance cover medical bills?." Accessed June 10, 2022.
- FEMA. "Flood Insurance." Accessed June 10, 2022.
- Insurance Information Institute. "Understanding your insurance deductibles." Accessed June 9, 2022.
- Lemonade. "Actual Cash Value." Accessed June 9, 2022.
- Nationwide. "Ohio renters insurance." Accessed June 10, 2022.
- Risk Factor. "Flood Risk Overview: Does Cincinnati have risk?." Accessed June 9, 2022.
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 10, 2022.