Renters should ideally get insurance for their valuable property, and they can do so at an affordable cost. To help you find suitable options at a great price, MoneyGeek ranked the leading renters insurance providers in Ohio on the criteria of financial strength, customer service and affordability.
The Best and Cheapest Renters Insurance in Ohio for 2022: Rankings, Reviews and Rates
Cheap Renters Insurance Companies in Ohio
Renters should consider the cost of a policy before making their purchase. In Ohio, the most affordable carrier on average is USAA, but it offers its services only to veterans, current military members and their families. The cheapest option for most renters in Ohio is Lemonade, with average premiums of $101 per year.
MoneyGeek calculated the average annual and monthly premiums for each renters insurance company in Ohio for a package with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500. These prices are based on quotes across several ZIP codes in the state.
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Best Renters Insurance Companies in Ohio
You should consider the provider’s financial stability rating before buying their policy. The company should give you the confidence that it is capable of processing your claim quickly and fairly.
MoneyGeek determined the best renters insurance carriers in Ohio by scoring providers on three parameters: pricing data, J.D. Power’s customer support ratings and AM Best’s financial stability ratings. The data shows that State Farm is the best insurance company for most Ohioans, with a score of 89 out of 100. For those who are eligible, USAA received a perfect score.
USAA stands out for its standard coverage, which includes earthquake and flood coverage. In addition, it offers replacement cost coverage, which means it will provide money to replace your stolen or damaged items with brand-new items of similar quality. USAA offers discounts for policy bundling and home security systems.
Apart from basic coverage, State Farm presents add-on options, including incidental business liability, additional business property, additional liability coverage, identity restoration, waterbeds, computers, jewelry and earthquake damage. State Farm's standard coverage excludes damage from landslides, earthquakes and water damage caused by underground water or flooding, along with property damage to your siding, roof or building.
Allstate stands out for its good financial strength ratings and 24/7 claims service by phone or online. You can get attractive discounts for safety features and multiple policies. Other pros are customizable deductibles, personalized coverage options and multiple coverage lines. You can get a convenient online quote on the Allstate website.
Notable features of Lemonade's services are affordable rates, easy and fast registration, claims processing via their app and a giveback program that donates leftover premiums to charity. Lemonade's add-on coverage includes compensation for damage or loss of expensive items like cameras, musical instruments and jewelry. These items do not have any deductibles.
Nationwide's notable features are coverage for unauthorized credit card charges, compensation for personal injury, loss of refrigerated food coverage and a 24/7 claims center. Additional coverage options include additional insureds, personal liability umbrella coverage, flood insurance, scheduled personal property, earthquake, refrigerated property, increased building additions and alterations, limited water backup and personal injury.
Largest Renters Insurance Companies in Ohio
Considering market share, the five leading insurance firms in Ohio are State Farm (20%), Allstate (11%), Liberty Mutual (9%), Nationwide (7%) and Grange (6%). In total, these five companies account for about 52% of the renters insurance policies issued in the state. Consumers should ideally buy their insurance from a large provider, as it is more likely to be financially stable and reimburse your claim without difficulty.
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Average Cost of Renters Insurance in Ohio
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The average rate of renters insurance in Ohio is $142 annually, $17 less than the U.S. average of $159. A typical Ohio tenant pays about $12 per month for a renters insurance policy that includes personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
You can compare renters insurance quotes from multiple providers to find the most affordable coverage. In Ohio, you can save an average of $105 per year by buying a policy from the cheapest carrier, Lemonade, rather than the costliest company, which is Farmers.
What Factors Impact Renters Insurance Cost in Ohio
The following factors can have a significant impact on your renters insurance cost:
- Location: If you live in an area with high crime rates or frequent severe weather events, you will likely need to pay more for your renters insurance.
- Coverage amount: Perform a home inventory to learn how much coverage you should get for your possessions so that you don’t pay extra for coverage you don’t need.
- Deductible: Your provider charges a deductible to process your claim. Policies with higher deductibles have lower premiums because your out-of-pocket payment will be higher if you make a claim. Plans with lower deductibles have higher premiums because the insurance firm needs to pay more to compensate for your damaged items.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Providers assess the RCV or ACV of your items while processing your claim. ACV plans consider the fact that your belongings typically lose value over time, so they’ll pay depreciated prices for your used goods. RCV packages will reimburse you for new items of similar quality.
- Credit Score: It’s good to maintain a high credit score, as it will make you eligible for discounts. Providers charge a higher premium for people with poor credit scores, as they think these customers are more likely to file a claim.
Renters Insurance in Ohio: What You Need to Know
It’s wise to invest in renters insurance in Ohio because it provides compensation for your assets if they are damaged or lost due to emergencies. The best part is that premiums are quite affordable for the average consumer.
In Ohio, about 30.7% of the population are renters, and the average monthly rental rate is $813. The typical monthly premium for a renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible is $12, or 1.46% of the monthly rent price.
What Renters Insurance Typically Covers in Ohio
You should inform yourself about what your renters insurance policy in Ohio covers and excludes. Standard coverage includes personal property, additional living expenses, liability insurance and medical payments. Optional coverages cost extra.
In Ohio, personal property insurance will compensate for damages caused by major natural disasters like tornadoes, thunderstorms and others.
What Renters Insurance Typically Does Not Cover in Ohio
Standard coverage generally excludes the following events and emergencies:
- Flooding: Renters insurance excludes flooding caused by natural catastrophes. As Ohio can sometimes experience floods in adverse weather conditions, you might want to consider additional insurance through the National Flood Insurance Program (NFIP).
- Earthquake Damage: Earthquakes and natural ground movements are usually not included in renters insurance and require add-on coverage.
- Structural Damage: Your landlord should get coverage for their property’s frame and structure. Your renters insurance does not cover the building itself.
- Roommate Property: Your renters coverage does not protect your roommate’s possessions, and they need to get their own renters insurance policy.
- Expensive Items: To safeguard any valuables that exceed policy limits, you need to buy an additional rider.
Read the fine print of your policy to know what it covers and excludes. This information can help you purchase the right renters insurance policy and file a successful claim.
FAQs About Renters Insurance in Ohio
Renters Insurance in Ohio Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in Ohio provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Ohio. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
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