Best and Cheapest Renters Insurance in Ohio (Aug 2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $89 and a MoneyGeek score of 91 out of 100, the best for you will depend on your needs. Travelers is the best for those who value service, and USAA is best for veterans. Each company offers unique benefits tailored to different priorities.

State Farm is the best renters insurance provider in Ohio, with a MoneyGeek score of 91 out of 100 and an annual premium of $89 for $20K in personal property coverage. The two best renters insurance providers in Ohio for the same policy are:

• State Farm: MoneyGeek score of 91 out of 100 ($89 per year)
• Nationwide: MoneyGeek score of 87 out of 100 ($119 per year)

State Farm has perfectly balanced customer satisfaction and affordability. However, the best provider for you will still depend on your needs.

State Farm offers the cheapest renters insurance in Ohio with an annual premium of $89 for $20K in personal property coverage with a $1,000 deductible. The two cheapest providers are:

• State Farm: $89 per year
• Auto-Owners: $99 per year

Personal property coverage protects your belongings, like furniture and electronics, against damages or theft. Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits can lead to higher monthly costs but provide better protection for numerous personal belongings.

For homeowners in Ohio wanting renters insurance with $20K in personal property coverage and a $2,000 deductible, State Farm offers the cheapest policy at an annual premium of $85. The two cheapest providers are:

• State Farm: $85 per year
• Auto-Owners: $93 per year

A deductible is the amount you pay out-of-pocket before your insurance coverage kicks in. A deductible affects your costs because higher deductibles generally result in lower premiums. Take a look at how rates change using the table below.

Travelers offers the best renters insurance for service quality in Ohio for $20K in personal property coverage with an annual premium of $298. The two best providers are:

• Travelers: MoneyGeek score of 85 out of 100 ($298 per year)
• Nationwide: MoneyGeek score of 84 out of 100 ($119 per year)

Great customer service in a renters insurance provider means ensuring responsiveness, empathy and efficient claims processing to meet your needs. It’s essential for renters because it ensures support and peace of mind during emergencies. When you file a claim, efficient service means you get your life back on track quickly without unnecessary stress.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Ohio, with an annual premium of $208. The two best providers are:

• State Farm: MoneyGeek score of 91 out of 100 ($208 per year)
• Nationwide: MoneyGeek score of 88 out of 100 ($273 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage helps you replace your belongings if they are lost, stolen or damaged. It often comes at a higher cost, making it essential to find a provider that balances cost and great service. This balance ensures you get valuable coverage without overspending while protecting your possessions.

USAA is the best renters insurance company for homeowners with military backgrounds in Ohio, offering an annual premium of $93 for $20K in personal property coverage. The two best providers are:

• USAA: MoneyGeek score of 100 out of 100 ($93 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($89 per year)

USAA offers a range of products tailored for those with a military background, with discounts and coverages that suit the military lifestyle. While State Farm ranks first in affordability, you might find USAA worth considering given its comprehensive offerings for military members.

Nationwide is the best renters insurance company for people with poor credit in Ohio, with an annual premium of $186. The two best providers for people with poor credit are:

• Nationwide: MoneyGeek score of 92 out of 100 ($186 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($184 per year)

Rates for people with poor credit are often higher. Insurance companies view them as higher-risk because poor credit history may indicate financial instability, leading to a higher likelihood of filing claims. To lower rates, people with poor credit can take steps to improve their credit and take advantage of discounts where possible.

The average cost of renters insurance in Ohio is $261 per year or $22 per month. This is approximately $116 more than the national average of $145 per year. These rates are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

Be aware that the cost of renters insurance in Ohio can vary significantly based on the amount of personal property coverage you choose. Use the tool below to get an estimate tailored to your needs.

The average cost for renters insurance not only varies by state, but also varies by city. For instance, the average annual premium in Akron is $152, while in Cincinnati, it's $140. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score. See the average cost in your city using the table below.

Multiple factors impact the cost of renters insurance in Ohio, including location, coverage amount, and credit score. Understanding these factors is important for renters to make informed decisions and potentially lower their premiums.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of items you own, along with their estimated values. Follow these steps to create your inventory and ensure you have adequate coverage:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

The best renters insurance provider for you ultimately depends on your needs. In the following FAQs, we have answered common questions to help you make an informed decision.