Your neighbors pay as little as $10 per month for renters insurance
Tenants in Ohio pay an average of $15 a month for renters insurance. This adds up to $175 a year, which is $5 less than the annual national average of $180. Renters insurance can be purchased for as little as $10 per month in the state of Ohio.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019)|
Renters insurance is an affordable investment in Ohio. The average cost of renters insurance in the state is just $15 a month. Plans are available for a low monthly premium of $10. However, as you increase your monthly premium, your coverage limit also increases. The coverage limit is the maximum amount a company will pay out in the event that you file a claim.
After creating an inventory list of your personal items, you will likely find that a higher coverage limit is in your best interest. For $19 a month, there are plans available that cover up to $50,000 in damages. This not only covers the cost of replacing your personal items, but can also help cover rent in a new property in the event you have to leave your rental unit due to damage to your home. After considering these factors, renters insurance is a smart buy.
How do your rates compare?
There are many quality companies to choose from when shopping for renters insurance in Ohio. We have listed several options below, along with customer service scores for each company.
|Company||2019 J.D. Power overall satisfaction||2019 NAIC Complaint Index (lower is better)|
|The Cincinnati Insurance Cos.||—||0.15|
The table above shows several renters insurance companies with high levels of customer service. The 2019 J.D. Power rating measures overall customer satisfaction on a scale of 1,000. The 2019 NAIC Complaint Index compares the total number of complaints a company receives to its size. A lower Complaint Index score is better.
Looking at the table, there are many fine options for the best renters insurance companies in Ohio. State Farm, American Family and USAA all received positive customer feedback. However, it is important to note that USAA is only available to active military, veterans and their select family members.
Be sure to take your time to compare renters insurance quotes from a variety of providers. You can quickly assess which renters insurance companies offer competitive rates.
Rates will typically be your first consideration when comparing quotes. Although two policies may be similarly priced and offer similar levels of coverage, there are other factors to consider. Review the details of what companies offer in terms of the coverages included in a standard renters insurance policy: personal property, personal liability, medical payments to others and loss of use.
Keep in mind that many factors may affect how much you pay. This includes the type of home you live in, where your home is located and your previous claims history. Keep in mind that your premium may increase if you have made previous renters insurance claims. It is a good idea not to make a claim if the total damages are around your deductible amount. If you are looking to save money, consider bundling insurance packages for a reduced rate.
Ohio does not require renters to purchase renters insurance, but it still may be required by your landlord. In Ohio, 29% of all housing units are occupied by renters. Of these renters, only 38% have some type of renters insurance. That means the majority of Ohio renters are not protected by insurance.
Renters insurance is regulated at the state level. For tenants in Ohio, the Ohio Department of Insurance offers protections and guidelines concerning renters insurance. These regulations offer protections concerning cancellation of policies, nonrenewal of policies and general complaints.
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