Ohio Renters Insurance Quotes. Compare Rates and find Cheap Coverage!
What can we say – we love Ohio! Insurance Geek was born in Ohio (Columbus, to be exact,) so we have a bit of an affinity for the place. Just the same, there are many incredible places to visit and set roots in Ohio.
We’re excited to tell you about them and to help you learn more about how Insurance Geek helps you find the cheapest renters insurance in Ohio that will fit your specific needs.
Do I have to have Renters Insurance in Ohio?
No, you do not. Not legally, anyway – however, if a landlord or a rental property legally requires it, then you’ll need to have it before you sign a lease. Most rental companies and landlords require at least $100,000 in protection – though, as you’ll see below, we typically recommend a little more. It’s worth it, especially since the cost of the best Ohio renters insurance premiums is generally so low.
Cleveland is our most expensive rental city at $1081 a month, followed by Cincinnati at $975. Here in Columbus, the average apartment rent runs right around $924.
Our state rent has gone up right around 2.52% over the past five years. Our number of renters is lower than the national average – meaning, plenty of families (like ours!) are choosing to invest in real estate. However, with towns like Cincinnati, Columbus, and Cleveland having major medical campuses or universities, you can expect the number of rents to be higher in those areas. A cheap Ohio renters insurance policy can help cover even larger apartments or dwellings.
Columbus is Ohio’s state capital and has quite a lot to offer in terms of things to do, family-friendly parks and recreational activities, and really well-rounded schools.
We’re based in Columbus, and we work with several OSU students and other university students across the state. With the renovation of the Over the Rhine area in Cincinnati, we’re generally finding rents in that area (and premiums!) are going up for the University of Cincinnati and Xavier students. As Columbus becomes more desirable, rent increases, so we try to work with our Ohio State University students to bring the best renters insurance rates possible to save cash.
How much does Renters Insurance In Ohio cost?
Generally, you’ll find renters insurance in Ohio to be fairly affordable. We tend to pay less overall in rent than other people in the country, at about $772 median gross rent payments across the state.
Our renter’s insurance premiums in Ohio are also slightly lower.
To keep renters insurance cheap in Columbus, consider the following:
Renters insurance amounts in Ohio are based on an annual premium amount that you will pay monthly. Coverage should be roughly the same across the state, regardless of the premium amount you pay.
We start with $20,000 in personal property coverage that will cover items like furniture, electronics, bedding, and more. We typically ask you to itemize your belongings so we can figure out how much you’ll need to cover in the event of a loss.
We recommend $100,000 in coverage for medical liability. If someone is injured or in an accident in your residence or on the property you’re renting, and you’re found at fault, medical liability coverage can help you.
Loss of use coverage up to $1000 will cover you if you lose access to the basic necessities due to home damage. If you can’t access your kitchen, for instance, you’ll need to figure out how to pay for meals out. Loss of Use can help you cover these expenses.
Whether you’re in Columbus or another part of the state, these general coverage recommendations apply. Living in certain metro areas such as Columbus could increase your premiums, but there are many other factors at play as well. Some of these include where your home is located, how close it is to a business, pets in your home, whether or not you’ve ever cashed in on a claim or had a policy canceled, fire district, whether there’s a burglar alarm or security system on the premises and more.
Here are some median quotes for some of the largest cities in Ohio:
What does an Ohio Renters Insurance Policy Cover?
We write many policies in Ohio, and hail, wind, and fire are some of the biggest risks in the state. With such flatland, it’s easy for the ground to become saturated and to sweep away a house or dwelling quickly with flash flooding. In these types of situations, you don’t want to be out on the street when a natural disaster strikes, so the loss of use portion of your policy can really come in handy here.
We recommend talking to your agent about the difference between an RCV, or replacement cost value policy and a policy based on actual cash value, or ACV.
With an actual cash value policy, depreciation is considered. Meaning, if you are awarded a claim, you will be paid out the cost of the item that needs to be replaced minus depreciation. All this happens after your deductible is paid.
With a replacement cost policy, you are paid out based on the cash it would take to get the same or similar item after your deductible is met.
How much Ohio renters coverage should I get?
The best method for determining the amount of coverage you should get is to add up your personal property so that you’re able to itemize and determine the total value or adjusted value of your personal property as a whole. After you do this, we can take a look at several determining factors to decide the amount of liability you may need.
Carriers typically have coverage limits that vary based on the carriers themselves and what state they’re in. Your agent can help make sure you understand these minimums.
Keep in mind, your premiums can be affected by:
- · Age of dwelling
- · Materials the dwelling is made of
- · Your credit score
- · Whether a previous policy has been canceled or a claim has been filed
- · Whether you have pets
- · If there is a business on the premises
- · Whether your property is in the suburbs or inner city, where crime rates are often higher
- · Your fire district
What type of discounts are offered?
Make sure to ask your agent about:
- · Bundle discounts
- · Discounts based on whether or not you have a security or sprinkler system
- · Pay in full discounts
- · Advance quote discount (this is when you start the quote at least one day prior to the effective date)
And more! Your agent will be able to help you find the best renters insurance discounts for your situation.
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We Can Help You Find Cheap Renters Insurance in Ohio
If you need cheap, efficient, renters insurance protection, we’ve got you covered! We can provide quotes from companies in your area that fit your needs, and help you find the best one for your specific situation! Try our Rates Calculator in the sidebar today.