The Cheapest and Best Renters Insurance in Columbus
The Companies With the Cheapest Renters Insurance in Columbus
To find the best renters insurance in Columbus, cost is a key differentiating factor since most insurers offer similar coverage. It is important to compare renters insurance quotes to find the best value and quality for your needs.
On average, the cheapest renters insurance companies in Columbus for the average consumer are:
- Lemonade: $70 per year
- USAA: $77 per year (only available for current and former military members)
MoneyGeek based its study on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual costs may differ. You can use the table below to check the actual cost by adjusting the personal property coverage limits.
If you live in other parts of Ohio, outside Columbus, you can compare renters insurance rates for Ohio as a whole.
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What Are the Best Renters Insurance Companies in Columbus?
Based on MoneyGeek’s analysis, the best renters insurance companies in Columbus are:
- Best Overall: State Farm
- Runner-up: Allstate
USAA received the highest score in Columbus by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
These companies had the highest scores on MoneyGeek’s unique rating system. Our analysis incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. MoneyGeek also found that the best renters insurance companies offer unique coverages that set them apart from other renters insurance companies.
USAA is consistently one of the cheapest options across the country. Since it offers unique coverage benefits, this company offers the best combination of value and quality for renters in Columbus. USAA policies, unlike other companies, cover flood and earthquake damage. This policy also provides reimbursement at replacement cost meaning you can get the same quality of items that you lost.
USAA scores the highest across all MoneyGeek ranking categories. However, USAA is only available to current and former military members and their families.Read MoneyGeek's USAA renters Insurance Review
State Farm consistently provides the cheapest policies in the country while providing quality benefits. Its policy comes with unique coverage benefits, including the option to increase coverage limits for valuable items such as jewelry. State Farm also offers the option of purchasing inflation coverage to ensure that your coverage limits increase with time.
State Farm is the runner-up based on its high ratings in affordability and customer satisfaction.Read MoneyGeek's State Farm renters Insurance Review
The Average Cost of Renters Insurance in Columbus for 2023
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The average cost of renters insurance in Columbus is $141 per year. Compared to the national average, which is $159 per year, renters insurance in Columbus is cheaper by an average of $18. You can also compare the average costs of renters insurance across companies and states.
What Factors Impact Renters Insurance Costs in Columbus?
Your renters insurance cost is determined using a variety of factors. The most impactful factors that will affect the cost of renters insurance in Columbus include:
- Personal property coverage amount – The most important factor in the cost of renters insurance policy is the coverage amount. The coverage amount is dependent on the value of the property or items you want to insure. The higher the property value, the higher the cost of the renters insurance.
- Location – Your neighborhood may have an impact on the cost of your renters insurance. If you live in an area of Columbus with a high crime rate or severe weather, you are likely to pay slightly higher premiums. However, the impact of location on the cost of your renters insurance is mostly marginal.
- Deductible – What you pay out of pocket when filing a claim is referred to as the deductible. If you select a high deductible, the cost of your renters insurance will be low. However, if you choose a low deductible, your insurer has to pay more to replace your items. This makes the cost of your renters policy high.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV) – RCV policies pay more and therefore attract higher costs compared to ACV policies. An ACV policy factors in the depreciation of your property’s value over time and pays you less for lost items. Since an RCV policy does not factor in depreciation, it pays the exact value of the lost item, making it more costly.
- Liability coverage amount – Your liability coverage amount has a minimal effect on the cost of your renters insurance. You can purchase a higher liability coverage by paying a few extra dollars a year.
Calculate How Much Renters Insurance You Need
Does My Columbus Neighborhood Impact Cost of Renters Insurance?
MoneyGeek found that the neighborhood where you live in Columbus will only affect the renters insurance cost by a couple of dollars per month. Although location is one of the factors that affect the cost of renters insurance, its impact is not significant.
Understanding Renters Insurance in Columbus
When you rent a home, the assets within that home can get damaged or lost due to several factors. Renters insurance protects you from such losses by offering coverage for your property and assets. To select the best renters insurance in Columbus, consider the most comprehensive coverage for your particular needs.
In Columbus, the average cost of renters insurance is $141 per year, meaning you can protect your property for just $12 a month. While it is not required by law, MoneyGeek strongly recommends purchasing renters insurance for all renters since the benefits far outweigh the cost.
What Does Renters Insurance Cover in Columbus?
FBI statistics indicate that Columbus had a property crime rate of 2915 per 100,000 people in 2019, which is 54% above the national average. Residents of Columbus can cover themselves against theft with renters insurance.
Other common risks for apartment and home residents in Columbus, such as water damage and fire, are also covered by renters insurance.
Renters insurance in Columbus will cover the following:
- Personal property coverage – The property in your home is covered under your renters insurance policy. If you lose your property or it gets damaged, your insurer will reimburse you for the loss in covered situations.
- Additional living expenses – In the event your rental is uninhabitable due to a covered event, your renters insurance will take care of the additional expenses of finding alternative housing.
- Liability insurance – If gets hurt in your rental, they can sue you for damages. Renters insurance provides liability coverage to protect you against lawsuits.
- Medical payments coverage – In cases where someone sustains injuries on your property, your renters insurance policy will pay for the medical costs within coverage limits.
What Is Not Covered by Renters Insurance in Columbus?
Like other types of insurance, renters insurance policies come with certain exceptions. These exceptions may vary from insurer to insurer. Your renters insurance covers the contents within your home, but it does not cover the structure itself. Your landlord should have insurance in place for the structure.
Most renters insurance will not cover property damage due to flooding. Consider purchasing flood insurance from the National Flood Insurance Program (NFIP) if you want this type of coverage.
Your renters insurance does not cover damage to your car, jewelry or other valuables that exceed the policy limit. Natural disasters such as earthquakes are also not covered by renters insurance unless stated in the policy. Additionally, if you have a roommate, their property will not be covered under your policy.
Make sure that you read your policies carefully as exceptions may vary between providers. Taking the time to read policies thoroughly will ensure you get the coverage you need.
Frequently Asked Questions About Renters Insurance in Columbus
When shopping for renters insurance in Columbus, cost and quality of coverage are the most important factors. Some of the most commonly asked questions regarding renters insurance in Columbus include:
Renters Insurance in Columbus Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Columbus to help you find cheap renters insurance. The best renters insurance rankings were determined using data from JD Power, A.M. Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.