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CheapRenters InsuranceOhioThe Best and Cheapest Renters Insurance Companies in Ohio for 2023: Rankings, Reviews and Rates
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MoneyGeek ranked the top renters insurance companies in Ohio to help you find the best renters insurance at the lowest rate. Our scoring system considers affordability, financial strength and customer service in companies across Ohio so you can find the best company for your needs.
CheapRenters InsuranceOhioThe Cheapest Renters Insurance in Ohio
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.
Personal Property Coverage:
$20,000
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Cheapest Renters Insurance Companies in Ohio by City
For most people, Lemonade provides the best cheap renters insurance in Ohio. Your actual rate will vary depending on the city where you live. For example, Lemonade renters insurance can cost as little as $60 per year for those living in Cincinnati. However, if you or your family have a military background and live in Cleveland, USAA may be the cheapest option, with an annual rate of $64. It costs anywhere from $60 to $250 per year to get renters insurance in Ohio, depending on your city and the company you choose.
Companies With the Cheapest Renters Insurance in Ohio by City
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- CityCheapest CompanyAverage Annual Premium
- Lemonade$60
- State Farm$116
- Lemonade$70
- Allstate$131
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Best Renters Insurance Companies in Ohio
USAA is Ohio's best renters insurance company, with a perfect score of 100 in our ranking system. However, it is only available to people who have served in the military. State Farm, with a score of 93 out of 100, is the second-best renters insurer in the state for those who don't have a military background. This result was obtained by using our grading methodology which took into account affordability, J.D. Power's customer service evaluations and AM Best's financial stability assessments.
The best renters insurance companies aren't always the cheapest; rather, they're the ones that have a winning blend of excellent service and low prices. Customers must have confidence in their chosen insurance company's ability to provide fast, professional service at a reasonable cost.
1
USAA
Score:100
USAA is the best renters insurance company in Ohio, with flawless rankings in customer happiness, pricing and financial stability. However, it is limited to military personnel and their qualifying family members. The regular insurance from USAA includes unique safeguards such as identity theft coverage.
More About USAA
Although USAA is available in all 50 states and Washington, D.C. and offers the most comprehensive insurance coverage. Its policies are exclusively available to service personnel and their families. Flood, earthquake and identity theft coverage are all included in the standard USAA renters insurance policy. USAA offers seven endorsements and four discounts, both the same as the national average. Individuals who want a quote may do so through their website, which contains insurance, savings and debt management calculators. They may manage their insurance, banking, investing and other services via their smartphone app while on the go.
Read MoneyGeek's USAA renters Insurance Review2
State Farm
Score:93
State Farm takes second place, making it one of the providers of best renters insurance in Ohio with its solid financial stability rating and excellent scores in affordability and customer satisfaction. State Farm offers additional personal liability coverage, which protects against personal claims such as defamation of character, libel, or slander.
More About State Farm
State Farm renters insurance is available in all 50 states and Washington, D.C. It has five add-on coverages and two discount opportunities, which are lower than the industry average of seven and five, respectively. However, it offers unique coverage such as coverage for business owners that protects against the unexpected risks of doing business. They have an app where you can handle your insurance and banking accounts and an online claims procedure that lets you file claims through their site.
Read MoneyGeek's State Farm renters Insurance Review3
Lemonade
Score:90
Due to its strong customer happiness and pricing rankings, Lemonade ranks as one of the top renters insurance businesses in the state. Policyholders can choose to add landlord property damage coverage to their policy, which protects a landlord's property from damage caused by dogs or water.
More About Lemonade
Lemonade plans are available in 32 states and include six unique add-ons such as flood, landlord property damage and equipment failure insurance. Their firm only provides three discount chances, compared to the national average of five. However, for potential and current policyholders, they have a useful website. Individuals interested in Lemonade's services may get a quote online and manage their accounts using the company's website or mobile app. Users may use their app to see their policy, process claims and pay payments while on the move.
Read MoneyGeek's Lemonade renters Insurance Review4
Allstate
Score:88
Allstate ranks fourth among the finest renters insurance carriers in the state for financial stability and pricing. Allstate also offers flood insurance, which may help you repair items that have been destroyed by floodwater.
More About Allstate
Allstate renters insurance is available in all 50 states and Washington, D.C. It meets the industry's average by offering five discounts, including a unique discount opportunity for retired policyholders who are at least 55 years old. However, it falls short in terms of extra coverages, with just four options available, which is below the industry average. It also lacks unique coverage. Policyholders can manage their accounts online, set up regular payments or make claims, pay bills and get roadside assistance using the Allstate app.
Read MoneyGeek's Allstate renters Insurance Review5
Nationwide
Score:83
We gave Nationwide excellent scores in financial stability and customer satisfaction. Our data, however, indicates that in terms of affordability, this insurance provider does not score as well. The upside is that it exceeds the industry average in terms of optional coverage offerings and offers a good amount of discount opportunities.
More About Nationwide
Nationwide is available in 44 states, including Ohio. It offers 11 additional coverage options, including five unique policies like theft extension, loss assessment and credit card coverage. It also offers four discount opportunities like multi-policy discounts and a unique discount for current or retired Nationwide associates. Nationwide offers plenty of online and mobile services like an online price quote, financial advice, payment and claims.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
More often than not, paying more to get the best renters insurance plan will yield in bigger savings in the future. An in-depth comparison of different policies is important in getting the most out of your investment.
Largest Renters Insurance Companies in Ohio
It may be preferable to purchase renters insurance from a big and reputable company. They are, in general, more financially stable, which implies they will be more likely to reimburse you if you submit a claim. They also have greater resources to devote to customer care and the user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 20.3% |
2. | Allstate | 11.0% |
3. | Liberty Mutual | 8.5% |
4. | Nationwide | 6.8% |
5. | Grange Mutual | 5.8% |
Average Cost of Renters Insurance in Ohio
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renters insurance is equal to the average.
The average cost 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 widely available carrier, Lemonade, rather than the costliest company, Farmers. If you are eligible for USAA renters insurance, you could save up to $129 per year.
The value of your personal property plays a major role in determining the cost of renters insurance you'll get. You can use our calculator tool below to help you learn how much insurance you'll need based on the factors mentioned earlier.
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Total:
MONEYGEEK EXPERT TIP
Comparing renters insurance quotes in Ohio may provide you with useful information and potentially save you a lot of money. For example, instead of obtaining a plan from Farmers, which is the most expensive, you might save over $105 per year by going with Lemonade.
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.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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
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.
Standard coverage generally excludes the following events and emergencies:
- EventDescription
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.
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You can contact the Ohio Department of Insurance if you have any concerns or need explanations about renters insurance in your state. It protects consumers via education and regulation while also encouraging insurance businesses to operate in a stable and competitive environment.
If you wish to visit them, they are located at 50 W. Town St., #300, Columbus, OH 43215. You may also contact their customer support at +1 614-644-2658. They are open from 8 a.m. on weekdays until 5 p.m. CT.
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FAQs About Renters Insurance in Ohio
For new tenants, renters insurance may be difficult to navigate. MoneyGeek provides answers to some of the most frequently asked questions about renters insurance in Ohio.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
About Mark Fitzpatrick
