Ohio's average renters insurance rate is $14 a month, which is less than the national average rate of $15. A couple of hours is all it should take to research and compare insurers to find the cheapest quote in the state. On top of that, it doesn't take a lot of work to look at the renters insurance companies operating in Ohio to find which ones treat their customers the best.
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Tips on finding the best renters insurance in Ohio
When searching for the best renters insurance policy, you'll want to look at the rates that many providers are offering, as well as their track records with claims satisfaction and complaint resolution. As the table below shows, USAA, Erie and Allstate have the best combinations of customer satisfaction and Complaint Index ratings.
| Company | J.D. Power 2020 customer satisfaction rating (higher is better) | 2020 NAIC Complaint Index (lower is better |
|---|---|---|
| Allstate | 841 | 0.8 |
| American Family | 840 | 0.3 |
| ASI Progressive | 835 | 0.1 |
| Segment average | 842 | 1 |
| Erie | 865 | 0.5 |
| Farmers | 839 | 0.1 |
| Liberty Mutual | 825 | 0.2 |
| Nationwide | 831 | 0.2 |
| State Farm | 836 | 3.4 |
| Travelers | 807 | 0.03 |
| USAA | 888 | 0.8 |
| Sources: J.D. Power 2020 U.S. Home Insurance Study, 2020 NAIC Complaint Index | ||
Compare renters insurance premiums
The most practical first step in finding the best insurer is to compare quotes from multiple renters insurance providers. Having quotes from many different insurers allows you to see which coverages each provider offers and their costs. Try to get six or more quotes to start. Once you have those, you can start comparing the companies' offerings and reviews.
Your budget is an excellent starting point for finding your cheapest renters insurance premium. The insurance industry is highly competitive, and renters insurance companies are constantly changing their rates in order to gain an advantage.
Start by eliminating the most expensive quotes. Then, compare the annual renters insurance rates of the insurers you're still looking at to the average rate in Ohio of $168 a year. Renters insurance providers tend to offer similar coverages in standard policies, so pay attention to the ones that have the lowest rates.
Consider customer satisfaction ratings
USAA has the highest customer satisfaction rating in J.D. Power's 2020 study, 888 out of 1,000, and is often considered one of the best insurance providers. However, USAA only offers services to current and veteran military personnel and their families. For civilian renters in Ohio, Erie has the highest customer satisfaction rating from J.D. Power of 865.
A renters insurance company's customer satisfaction rating indicates its ability to retain and renew policyholders over time. This is an excellent overall indicator of how well a renters insurance provider takes care of its policyholders.
Compare Complaint Index ratings
The National Association of Insurance Commissioners (NAIC) compiles an annual survey of insurance providers based on complaints policyholders have filed over the course of the year. This rating gives you an idea of how often renters insurance companies have complaints involving claims resolution and payout amounts filed against them.
The average Complaint Index in the U.S. is 1.0, so anything below that tends to be a good sign. For Ohio renters, we recommend looking into Erie. It has a NAIC rating of 0.5 and a J.D. Power rating of 865. This is the best combination of customer satisfaction and complaint resolution among the renters insurance companies operating in Ohio we looked at.
How much is renters insurance in Ohio?
Based on our research, the average cost of renters insurance in Ohio is $168 a year, or $14 a month. This is $11 below the average national renters insurance rate of $179 a year. The following table shows the rates of the cheapest renters insurance providers in comparison to the Ohio monthly average.
| Company | Monthly rate |
|---|---|
| Amica | $13 |
| State Farm | $13 |
| Ohio average | $14 |
| Nationwide | $15 |
| Travelers | $17 |
| Liberty Mutual | $17 |
What does renters insurance cover?
A basic renters insurance policy covers the following:
- Personal property: the personal property portion of renters insurance covers your belongings for repair or replacement up to your policy limit. In order to make sure you have enough personal property coverage, make a home inventory list and base the limit off of the total value of items on the list.
- Liability: liability coverage handles medical bills and legal fees that can arise from injury or property damage for which you're responsible.
- Loss of use (LOU): also known as "additional living expenses", LOU covers additional costs above your standard cost of living in the event of relocation. For instance, if a flood or tornado damages your rental home and requires you to move while it's repaired, LOU can help cover rent on a temporary place, restaurant meals, and even gas and laundry.
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