COVID-19 Update: If you're thinking about renters insurance in the context of coronavirus, see below for information.
Choosing the right renters insurance is about combining good rates with endorsement options and reliable customer service. To help you strike that balance, we collected more than 100 quotes across Ohio and compared coverage features at some of the state's biggest insurers.
Compare cheap renters insurance options in Ohio
In Ohio, the cheapest price we found for renters insurance is $20 per month — that's about $237 a year. Below, we've listed our picks for the best renters insurance companies in Ohio, along with the cheapest renters insurance for most people.
Best renters insurance for most people: State Farm
State Farm is the cheapest renters insurance for most of Ohio's tenants, and its coverage meets the needs of most people. A typical policy costs $16 per month, or about $189 per year. The cost of coverage from State Farm is 20% cheaper than Ohio's statewide average. In the cities we surveyed, including Columbus and Cincinnati, State Farm's prices rarely exceeded $200 per year, and only topped $300 in Toledo.
While State Farm's standard policies are the cheapest in Ohio for most renters, you won't be able to lower your price very much with discounts, especially if you don't already have an existing auto policy with the company. State Farm offers the fewest discounts among companies in this study.
Although State Farm's basic coverage will be sufficient enough to meet the needs of most renters in Ohio, you can upgrade your policy with a few add-ons. These include identity theft protection or extended property and liability coverage.
Tenants looking for the company with the best customer service should consider State Farm renters insurance. According to data provided by the National Association of Insurance Commissioners (NAIC), State Farm receives far fewer complaints than its market share suggests — even more impressive given its vast size.
Best renters insurance for complete coverage: Nationwide
People looking to get their best value should consider Nationwide renters insurance. Nationwide's policies include high coverage limits for your personal property, a personal liability provision and loss-of-use protection. You could also upgrade your policy with:
- Water backup protection.
- Up to $25,000 of identity theft and restoration services.
- Replacement cost coverage for your valuables.
- Increased protection for high-value property.
- Extended liability coverage.
The average cost of Nationwide renters insurance is $16 per month, or about $192 per year — only slightly cheaper than State Farm's policies. Since the cost of Nationwide can be even more affordable than State Farm depending on your location, we recommend you compare their quotes for yourself.
You can lower the cost of your Nationwide renters insurance by qualifying for its discounts. However, like State Farm, Nationwide offers only a few chances to save. These include maintaining a claims-free insurance history, installing security equipment in your home and bundling your renters insurance with another policy.
Best renters insurance for young adults: Liberty Mutual
Liberty Mutual renters insurance offers protection that young tenants, such as students living in dorms, might consider. Policyholders can purchase affordable coverage for property valued at at least $5,000 — among the lowest limits of liability we found.
We found that Liberty Mutual costs $17 per month on average, or about $200 per year — 16% cheaper than the statewide cost of coverage in Ohio. Additionally, Liberty Mutual is only $11 more expensive than State Farm, the most affordable renters insurance in the state.
The discounts offered at Liberty Mutual could help you reduce the cost of your policy even further. Of the companies we surveyed, renters insurance by Liberty Mutual comes with the most chances to save. If you qualify, you could save up to 45% by signing up before your current renters insurance policy expires. You could also save by:
- Having a claims-free insurance history.
- Bundling more than one policy with Liberty Mutual.
- Installing protective devices in your home.
- Signing up for automatic payments.
- Buying your policy online.
You can also purchase a few different types of extra coverages with Liberty Mutual renters insurance. The highlight of the company's endorsement opportunities is its replacement-cost coverage option — your damaged or stolen property would be replaced without consideration to its depreciation.
How we chose the best renters insurance company in Ohio
We considered three main categories to determine the best renters insurance in Ohio. The best renters insurance providers tend to separate themselves from competitors by having high marks in these areas:
- Affordability: The typical price a shopper might pay for coverage.
- Coverage options: The upgrades available through an insurer, as well as the quality of its standard policy.
- Customer service: The reputation a provider has for meeting the needs of its customers.
Of these three categories, we gave the most consideration to a company's price. However, in addition to being among the cheapest renters insurance companies in a region, the best companies ought to offer protection against a variety of common perils and should demonstrate the ability to deliver on its obligations.
Affordability: Calculating the cost of tenants insurance in Ohio
The average cost of renters insurance in Ohio is $20 per month, or $237 per year, which is more expensive than the average cost in the United States — about $187 per year. Even the state's most affordable renters insurance is slightly more expensive than the country's average.
The most affordable renters insurance in Ohio is State Farm, which sells policies for an average of $16 per month. With an average rate of $28 per month, the most expensive renters insurance company in Ohio is Farmers.
|Insurer||Cost per month||Average cost||% difference from average (yearly)|
The cost of renters insurance depends on a number of factors, including your location, the amount of coverage you choose and your history of making claims. Consequently, your quotes may differ somewhat from ours. We collected quotes for the following coverage levels:
- Personal property protection: $30,000
- Liability coverage: $100,000
- Guest medical protection: $1,000
- Deductible: $500
Your own personal information can affect the cost of your renters insurance. To find the cost of Ohio rental property insurance, we used a sample profile of an unmarried 30-year-old man living alone with no pets. This person had no prior insurance claims. All of these qualities can influence the cost of your policy.
Compare cheap renters insurance options in Ohio
Coverage options: How the policy features of each renters insurance company compare
Each of the companies we've highlighted in this review offer a range of coverage options to meet the needs of different types of policyholders.
Your renters insurance company should offer enough coverage with its standard policy that you don't need to purchase additional endorsements, but it should be flexible and affordable enough for you to upgrade your policy as your needs change.
|Insurer||Personal property coverage||Personal liability||Water backup coverage||Identity theft protection||Replacement cost coverage||Valuables plus|
|State Farm||$10,000- more than$100,000||$100,000-$1,000,000||-||X||-||X|
|Nationwide||$15,000- more than$100,000||$100,000-$1,000,000||X||X||X||X|
|Allstate||$15,000- more than $100,000||$100,000-$500,000||-||X||-||-|
What are these coverages?
- Water backup: Pays for expenses arising from malfunctioning drains
- Identity theft protection: Covers expenses arising from identity theft cases, including services for restitution and recovery.
- Replacement cost coverage: If your property is damaged, you'll be reimbursed for the full value of your items without consideration to their depreciation.
- Valuables plus: Increase the coverage for specific types of property or individual items.
Customer service: Considering insurer quality in claims and service
To find the best renters insurance in Ohio, we used three measurements to compare the companies' customer service reputations: the NAIC's Complaint Index, J.D. Power's U.S. Home Insurance Study - Renters Insurance and A.M. Best's Financial Strength Rating.
|Insurer||NAIC rating||J.D. Power (of 14)||A.M. Best FSR|
NAIC Complaint Index: The National Association of Insurance Commissioners calculates a company's Complaint Index by comparing the number of complaints filed against the company to its market share. The NAIC uses 1.0 to represent a typical company's Complaint Index, meaning companies with scores higher than 1.0 receive more complaints than expected.
J.D. Power U.S. Home Insurance Study - Renters Insurance: This study ranks 14 renters insurance companies according to factors such as price, policy offerings and claims service. Each company has an overall satisfaction ranking that's based on consumer responses to these criteria.
A.M. Best Financial Strength Rating: A.M. Best evaluates the ability of renters insurance companies to fulfill their financial obligations, especially paying out claims in times of economic contraction or after a catastrophic event. Most companies are rated highly, but this tool is useful for paring risky providers.
How will coronavirus affect your renters insurance?
Most aspects of your renters insurance coverage won't change during the coronavirus pandemic. If you have to make a claim for property damage or theft, you might have to work with your provider to complete the entire process electronically. Since adjusters aren't visiting homes in-person, you may have to document the damage with photographs depending on the direction your provider gives.
Unlike most states, Ohio hasn't stopped all evictions from nonpayment resulting from the coronavirus. Rather, the governor has recommended that landlords not evict their tenants for nonpayment. Conversely, larger cities like Cleveland, Columbus and Dayton have halted evictions for nonpayment during the health emergency. It's best to check your municipal laws if you aren't sure if you're in danger of being evicted.
Ohio renters insurance rates: city-by-city breakdowns
While finding which companies offer cheap renters insurance in Ohio, we averaged the price of coverage for many of the state's largest cities. Below, we've displayed the average cost of Ohio rental property insurance in each city, along with how that city's price compares with the statewide price of renters insurance.
The most expensive city in Ohio for renters insurance is Toledo, at $26 per month; the cheapest cities for renters insurance in the Buckeye State are Parma and Cuyahoga Falls, which both have policies for an average of $18 per year.
|City||Average cost (per month)||Average cost (per year)||% difference from OH average|
Can landlords in Ohio require you to get renters insurance?
It's possible that some landlords will put a requirement for renters insurance in the lease agreement that they present to you as a tenant. However, renters insurance is not like homeowners insurance in that it's required in almost every case. There is no law that mandates coverage for renters in Ohio or any other state.
How quickly can I obtain renters insurance?
In most cases, insurers are able to provide renters with coverage immediately, although some do force new customers to wait at least one day as a way of fighting fraud. If your landlord has required renters insurance as a condition of your lease, you should also make sure that you include their contact information in your insurance application so that they're listed as an interested party. That's how insurer will notify your landlord that the policy is in place. See insurers now
How much renters insurance do you typically need?
In most cases, we've found that renters can get good value out of a policy by choosing $20,000 to $40,000 in coverage for personal property, along with the typical $100,000 in personal liability coverage. Other coverages such as loss of use are often calculated as a percentage of the personal property limit, so all you usually need to do is decide on that one number. Read more
We gathered renters insurance quotes for a 30-year-old unmarried tenant. We collected 125 quotes from addresses across Ohio and calculated an overall average cost, as well as typical costs for each insurer. Our sample profile was insured for $30,000 of personal property coverage, $100,000 of personal liability and $1,000 of medical payments to others.