The Best Cheap Renters Insurance in Ohio

Choosing the best renters insurance means combining low rates with a variety of endorsement options and dependable customer service. To assist you in striking that balance, we gathered over 100 quotes from across Ohio and compared coverage features at some of the state's largest insurers.

The cheapest renters insurance we found in Ohio is $20 per month, or about $237 per year. We've listed our top picks for the best renters insurance companies in Ohio, as well as the cheapest renters insurance for the majority of people, below.

Best renters insurance for most people: State Farm

State Farm provides the cheapest renters insurance for the majority of Ohio tenants, and its coverage meets the needs of the majority of people. A typical policy will set you back $16 per month, or $189 per year. State Farm insurance is 20% less expensive than the statewide average in Ohio. State Farm's prices rarely exceeded $200 per year in the cities we surveyed, including Columbus and Cincinnati, and only topped $300 in Toledo.

While State Farm's standard policies are the most affordable in Ohio for most renters, you won't be able to significantly lower your price with discounts, especially if you don't already have an auto policy with the company. Among the companies in this study, State Farm offers the fewest discounts.

Although State Farm's basic coverage will meet the needs of the majority of Ohio renters, you can upgrade your policy with a few add-ons. Identity theft protection and extended property and liability coverage are two examples.

Tenants looking for the best customer service should look into State Farm renters insurance. State Farm receives far fewer complaints than its market share suggests, according to data provided by the National Association of Insurance Commissioners (NAIC), which is even more impressive given its massive size.

Best renters insurance for complete coverage: Nationwide

People looking for the best deal on renters insurance should consider Nationwide. Nationwide policies include high personal property coverage limits, a personal liability provision, and loss-of-use protection. You could also improve your policy by adding:

• Water backup security.
• Identity theft and restoration services worth up to $25,000 are available.
• Coverage for your valuables at replacement cost.
• Protection for high-value property has been enhanced.
• Extended liability coverage.

Nationwide renters insurance costs an average of $16 per month, or about $192 per year — only slightly less than State Farm's policies. Because Nationwide may be less expensive than State Farm depending on your location, we recommend comparing their quotes for yourself.

You can save money on Nationwide renters insurance by qualifying for discounts. Nationwide, like State Farm, offers only a few ways to save. Maintaining a claim-free insurance history, installing security equipment in your home, and bundling your renters insurance with another policy are all examples.

Best renters insurance for young adults: Liberty Mutual

Liberty Mutual renters insurance is an option for young tenants, such as students living in dorms. Policyholders can get low-cost coverage for property worth at least $5,000, which is one of the lowest liability limits we found.

We discovered that Liberty Mutual costs an average of $17 per month, or about $200 per year — 16 percent less than the statewide cost of coverage in Ohio. Furthermore, Liberty Mutual is only $11 more expensive than State Farm, the state's most affordable renters insurance provider.

Liberty Mutual discounts may be able to help you reduce the cost of your policy even further. Among the companies we surveyed, Liberty Mutual offers the most opportunities to save on renters insurance. If you qualify, you could save up to 45 percent on renters insurance by signing up before your current policy expires. You could also save money by:

• Having a clean insurance record.
• Bundling multiple policies with Liberty Mutual.
• Installing safety measures in your home.
• Enrolling in automatic payments.
• Purchasing your insurance policy online.

With Liberty Mutual renters insurance, you can also purchase a variety of optional coverages. The company's replacement-cost coverage option is the highlight of its endorsement opportunities — your damaged or stolen property would be replaced without regard for depreciation.

How we chose the best renters insurance company in Ohio

To find the best renters insurance in Ohio, we looked at three major factors. The best renters insurance providers distinguish themselves from competitors by scoring highly in the following areas:

• Affordability: The average price a customer may pay for coverage.
• Coverage options: An insurer's upgrade options, as well as the quality of its standard policy.
• Customer service: A provider's reputation for meeting the needs of its customers.

We paid the most attention to a company's price out of these three categories. However, in addition to being among the cheapest renters insurance companies in a region, the best companies should provide protection against a wide range of common perils and demonstrate the ability to meet 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 higher than the national average of about $187 per year. Even the most affordable renters insurance in the state is slightly more expensive than the national average.

State Farm offers the most affordable renters insurance in Ohio, with policies starting at $16 per month on average. Farmers is the most expensive renters insurance company in Ohio, with an average monthly rate of $28.

The cost of renters insurance is determined by a variety of factors, including your location, the amount of coverage you select, and your claim history. As a result, your quotes may differ slightly from ours. We obtained quotes for the following levels of coverage:

• Personal property protection: $30,000
• Liability coverage: $100,000
• Guest medical protection: $1,000
• Deductible: $500

Your personal information can have an impact on the cost of your renters insurance. We used a sample profile of an unmarried 30-year-old man living alone with no pets to determine the cost of Ohio rental property insurance. This individual had no prior insurance claims. All of these factors can affect the cost of your insurance policy.

Coverage options: How the policy features of each renters insurance company compare

Each of the companies mentioned in this review provides a variety of coverage options to meet the needs of various types of policyholders.

Your renters insurance provider should provide enough coverage with its standard policy that you don't need to purchase additional endorsements, but it should also be flexible and affordable enough that you can upgrade your policy as your needs change.

What are these coverages?

• Water backup: Covers costs incurred as a result of clogged drains.
• Identity theft protection: Covers expenses incurred as a result of identity theft cases, including restitution and recovery services.
• Replacement cost coverage: If your property is damaged, you will be reimbursed for the full value of your belongings, regardless of depreciation.
• Valuables plus: Increase the coverage for specific types of property or individual items.

Customer service: Taking into account insurer quality in claims and service

To determine the best renters insurance in Ohio, we compared the companies' customer service reputations using three metrics: the NAIC's Complaint Index, J.D. Power's U.S. Home Insurance Study - Renters Insurance, and A.M. Best's Financial Strength Rating.

NAIC Complaint Index: The National Association of Insurance Commissioners calculates a company's Complaint Index by comparing the number of complaints filed against it to its market share. The NAIC defines a typical company's Complaint Index as 1.0, which means that companies with scores higher than 1.0 receive more complaints than expected.

J.D. Power's Home Insurance Study in the United States - Renters Insurance: This study ranks 14 renters insurance companies based on price, policy offerings, and claims service. Based on consumer responses to these criteria, each company has an overall satisfaction ranking.

A.M. Best Financial Strength Rating: A.M. Best assesses renters insurance companies' ability to meet their financial obligations, particularly in times of economic contraction or after a catastrophic event. Although most businesses are highly rated, this tool is useful for weeding out risky providers.

Ohio renters insurance rates: city-by-city breakdowns

We averaged the price of coverage for many of the state's largest cities while determining which companies offer cheap renters insurance in Ohio. The average cost of Ohio rental property insurance in each city is shown below, along with how that city's price compares to the statewide price of renters insurance.

The most expensive city in Ohio for renters insurance is Toledo, which costs $26 per month; the cheapest cities in Ohio for renters insurance are Parma and Cuyahoga Falls, which both cost an average of $18 per year.

Methodology

For a 30-year-old unmarried tenant, we gathered renters insurance quotes. We obtained 125 quotes from addresses throughout Ohio and computed an overall average cost as well as typical costs for each insurer. Our sample profile had personal property coverage of $30,000, personal liability coverage of $100,000, and medical payments to others coverage of $1,000.