The Cheapest and Best Renters Insurance in Toledo
The Companies With the Cheapest Renters Insurance in Toledo
Cost is the most important factor that Toledo renters should consider when purchasing insurance, given that most carriers offer similar core coverages. To find the best and cheapest renters insurance, MoneyGeek suggests that you compare renters insurance quotes from multiple providers.
Based on our research, the cheapest options in Toledo for the average consumer are from:
- USAA: $85 per year (only available to current and former military personnel and their families)
- Allstate: $131 per year
If you’re eligible to purchase a policy from USAA, we highly recommend that you explore this option. A USAA policy provides good value for your money since it automatically includes coverages for flood and earthquake damage as well as replacement cost.
Our study is based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. But, your actual costs may differ from average rates. Check the table below to see how different personal property coverage limits can affect prices.
If you live in another city within the state, you can compare renters insurance in Ohio as a whole.
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What Are the Best Renters Insurance Companies in Toledo?
MoneyGeek rated the best renters insurance companies in Toledo and found that the top renters insurance companies in the city are:
- Best Overall: USAA (only available to eligible military personnel and their families)
- Runner-up: Allstate
MoneyGeek calculated these overall scores using its unique rating system that combines affordability and customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. In addition to being the top-scoring companies, these providers also offer unique coverages that are not available from other renters insurance carriers.
USAA is MoneyGeek’s top pick in Toledo for its perfect scores across all categories. However, only military personnel and their families are eligible to purchase its policies.
Consistently one of the cheapest companies providing renters insurance across the country, USAA also offers unique coverages and discounts. Policyholders who are active members of the military are eligible for additional discounts that will make their policies even cheaper. When you file a claim, all USAA policies reimburse you at replacement cost, helping you buy another item of similar type and quality.Read MoneyGeek's USAA renters Insurance Review
Earning high ratings across all categories, Allstate is MoneyGeek’s runner-up in Toledo and is the next-best option if you aren’t eligible for USAA policies.
Allstate offers several unique coverages that policyholders could purchase as add-ons. For example, most renters insurance doesn’t typically cover flood damage, but you have the option to purchase a flood policy directly from Allstate. Renters should consider this option especially since Toledo has a high risk of flooding. If you’re on a tight budget, you can waive your off-premises theft coverage.Read MoneyGeek's Allstate renters Insurance Review
The Average Cost of Renters Insurance in Toledo for 2023
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The average cost of renters insurance in Toledo is $168 per year or $14 per month. This means that renters insurance in Toledo is $9 more than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Toledo?
While several factors help determine your renters insurance cost, the following will have the greatest impact on the amount you will spend.
- Personal property coverage amount. Your personal property coverage limit should be your top consideration when purchasing renters insurance in Toledo. How much property you choose to cover is the most important factor that insurers evaluate in calculating the cost of your policy.
- Location. Renters insurance rates tend to vary depending on where you live, but only slightly. To be specific, neighborhoods with high crime rates and increased risk for severe weather typically have modestly higher insurance rates.
- Deductible. This is the amount of money that you need to pay first before your insurance provider reimburses you for a claim. Although a higher deductible means you’ll pay lower premiums, you’ll also have to shoulder higher out-of-pocket costs if you file a claim.
- ACV vs. RCV. You have the option to get reimbursements based on either the actual cash value (ACV) or the replacement cost value (RCV) of your insured personal items. ACV policies are generally cheaper, but the insurer will only reimburse you the depreciated value of your insured items. On the other hand, RCV policies cost more because they reimburse the cost of purchasing a new item that is of similar type and quality.
- Liability coverage amount. The liability coverage level that you select will only have a minor effect on your renters insurance rates. A standard policy has $100,000 in liability coverage, but you can add thousands of coverage to this for just a few extra dollars per year.
Calculate How Much Renters Insurance You Need
Does My Toledo Neighborhood Impact Cost of Renters Insurance?
The neighborhood where your rental unit is located does not significantly impact your renters insurance rates. MoneyGeek’s study found that your ZIP code will only affect your premium by a couple of dollars per month.
Understanding Renters Insurance in Toledo
Renters insurance is not a legal requirement in Ohio, but your landlord may ask for it as one of the necessary documents before allowing you to rent their property in Toledo.
MoneyGeek strongly encourages renters to purchase a policy to be financially protected in the event of any loss, theft or damage to one’s assets at a very low cost.
Although your landlord’s property is insured, the policy does not extend to your personal items. Because of this, we advise you to purchase your own renters insurance policy to cushion the financial blow of replacing your personal belongings if they are lost or damaged due to a fire, burglary, severe weather event or accident.
What Does Renters Insurance Cover in Toledo?
Your top consideration when shopping for renters insurance should be ensuring that you get enough coverage to meet your needs as a tenant in Toledo.
A renters policy is an affordable way for tenants to protect themselves against possible and unexpected expenses due to theft and other damages. According to an FBI report, the number of property crimes in Toledo reached 3,172 per 100,000 residents in 2019, which is 68% above the national average.
In addition to theft, a renters policy also covers expenses from various risks such as fires and water damage, which can have a significant negative impact on one’s finances.
Carriers typically offer standard renters insurance policies that include:
- Personal property coverage: This covers the contents of your rented unit from certain perils, such as theft, fire, vandalism, plumbing issues and others.
- Additional living expenses: In the event that your rented unit becomes uninhabitable due to a covered peril, this coverage will shoulder the cost of your temporary housing.
- Liability insurance: This coverage protects you if an accident in your rental property causes injuries to other people or damages to other people’s property. It also covers legal expenses if you’re sued over an incident that happened in your rental unit.
- Medical payments coverage: This takes care of medical-related expenses if someone gets injured while they are in your rented unit. If you or a family member who lives with you accidentally injures another individual, family liability protection will help cover their medical bills.
What Is Not Covered by Renters Insurance in Toledo?
Your renters insurance policy covers your personal property but not the building’s structure, which is the owner’s responsibility.
A standard policy may also cover certain water damage but it typically excludes water damage resulting from flooding. If you want added protection against flood damage, you can buy incremental insurance through the National Flood Insurance Program (NFIP).
Aside from flood damage, most renters insurance policies also exclude your roommates’ possessions, damage from earthquakes and any damage to your car, jewelry and other valuable personal items that cost more than the policy limits.
Always remember that not all renters policies are the same. Make it a habit to read the policy carefully before finalizing your purchase to ensure that you are getting accurate and adequate coverage.
Frequently Asked Questions About Renters Insurance in Toledo
Renters insurance can be a confusing topic, especially for new renters. MoneyGeek has simplified the process for you by answering some of the most relevant questions about renters insurance in Toledo.
Renters Insurance in Toledo Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Toledo 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 Toledo have Risk?." Accessed June 10, 2022.
- United States Department of Justice, Federal Bureau of Investigation. "Crime In the United States, 2019." Accessed June 10, 2022.