An Ohio renters insurance policy saves you money by covering the cost of items damaged due to an unexpected event, like a fire or hailstorm. To help you find the best renters insurance policy, the This Old House Reviews Team wrote an in-depth review on renters insurance in the Buckeye State.
Lemonade: Easiest Sign-Up
- J.D. Power Rating: 870/1000
- A.M. Best Rating: N/A
Lemonade renters insurance is a relatively new player on the market, founded in 2015, and its approach to insurance is decidedly modern. The company’s mobile app harnesses artificial intelligence (AI) to process sign-ups and claims quickly, and its add-on options are extensive, including coverage for significant others, bikes, fine art, water backup, appliance breakdowns, and more.
Pros and Cons of Lemonade Renters Insurance
Compare the benefits and drawbacks of insuring your rental home with Lemonade:
✔ Sign-up in the mobile app takes 90 seconds to enroll for coverage
✔ Can be bundled with other Lemonade services such as car or pet insurance
✔ AI technology is able to reimburse many insurance claims in seconds
✘ Lower than average rating from the Better Business Bureau (BBB)
✘ Customer service is primarily online through the mobile app, which may be a downside for those looking to work with an agent in person
Geico: Best Customer Service
- J.D. Power Rating: N/A
- A.M. Best Rating: A++
Geico is a well-known name within the insurance market, thanks to its stable financial history established in 1936 and its comprehensive mobile app. Geico matches customers with third-party insurers for renters insurance, rather than providing insurance directly. The company provides the standard personal property, loss of use, personal liability, and medical payments coverage as well as minimal add-on options. For customers who want a streamlined policy without additional fees or add-ons, Geico may be an excellent fit.
Pros and Cons of Geico Renters Insurance
Discover more about Geico’s renters insurance:
✔ Competitive premiums in line with or below the national average
✔ Offers identity theft as an add-on choice
✔ Calculator tool allows renters to assess the value of their belongings and determine the amount of personal property coverage they need
✘ Does not directly insure renters, but matches customers with a third-party insurance provider
✘ Only two add-on options for customized policies
State Farm: Best Personal Property Coverage
- J.D. Power Rating: 866/1000
- A.M. Best Rating: A++
State Farm provides customers with six unique add-on coverage options that can be purchased in addition to traditional coverage. State Farm’s most basic plan covers three main events including accidents, weather impacts, and vandalism and malicious mischief.
Pros and Cons of State Farm Renters Insurance
Take a look at positive and negative details about coverage with State Farm:
✔ Competitive renters insurance premiums in line with or below the national average
✔ Discounts for bundling renters insurance with car insurance and having safety features like a home security system
✔ No limit on personal property and loss of use coverage
✘ Only two discount options available: safety devices and policy bundling
✘ No loss of use coverage available
Nationwide: Best Endorsements
- J.D. Power Rating: 834/1000
- A.M. Best Rating: A+
Nationwide provides some of the most comprehensive renters insurance coverage in the industry. In addition to industry-standard personal property, loss of use, liability, and medical payments to others coverage, Nationwide includes building additions and alterations, credit card coverage, and ordinance or law coverage (the cost to rebuild a home that has been destroyed).
Pros and Cons of Nationwide Renters Insurance
Examine the best and worst aspects of renters insurance with Nationwide:
✔ No limit on personal property coverage
✔ Discount on policy when you bundle renters and auto policies
✔ Coverage for eight natural disasters and events such as fire, theft, and vandalism
✘ No digital purchasing option; renters must speak to an insurance agent to finalize their quote and purchase
✘ While claims department is open 24/7, customer service hours are limited
Learn More: Nationwide Renters Insurance Review
Liberty Mutual: Best Discounts
- J.D. Power Rating: 823/1000
- A.M. Best Rating: A
Liberty Mutual provides some of the most affordable renters insurance coverage, with plans starting out at just $5 per month. Liberty is an experienced insurance provider with more than 105 years of experience. The company offers areas of coverage like personal property, loss of use, liability, and medical payments to others.
Both replacement cost value (RCV) and actual cash value (ACV) are available through Liberty Mutual. In the event of loss, damage, or another incident that requires reimbursement, replacement cost value would reimburse 100% of the value of the product. On the other hand, ACV takes depreciation into account, often paying less than RCV would for the same item.
Pros and Cons of Liberty Mutual Renters Insurance
Take a look at some of the pros and cons of Liberty Mutual:
✔ Discounts include online purchases, claims-free, and bundling services with other Liberty Mutual insurance policies
✔ 24/7 claims department
✔ Five deductible options to choose from
✘ Water damage coverage not included in the standard policy
✘ Pricing for renters insurance can run slightly higher than competitor rates
Learn More: Liberty Mutual Renters Insurance Review
If you live in Ohio, we recommend Lemonade, Liberty Mutual, and Nationwide for your renters insurance policy because of their flexible and customizable coverage plans. Before buying a policy, consider getting a renters insurance quote from at least three companies to see which one is the best for you and your family.
Comparing the Top Providers of Renters Insurance in Ohio
Compare Renters Insurance Companies
|Factor||Lemonade||Liberty Mutual||Nationwide||State Farm||Geico|
|Monthly Price||About $15||About $16||About $20||About $12||About $16|
|Discounts Available||4 discounts||5 discounts||3 discounts||2 discounts||4 discounts|
|Types of Coverage||Personal property, liability, loss of use, medical payments to others||Personal property, loss of use, liability, medical payments to others||Personal property, loss of use, liability, medical payments to others, ordinance or law, building additions and alterations, credit card||Personal property, liability, medical payments to others||Personal property, liability, loss of use, medical payments, damage of payments to others|
|Personal Property Coverage Limits||$10,000–$250,000||$15,000, $20,000, or $25,000||No limit||No limit||$5,000–$95,000|
|Liability Coverage Limits||$100,000–$500,000||$100,000, $200,000, $300,000, $500,000, or $1,000,000||$100,000, $200,000, $300,000, $400,000, or $500,000||$100,000, $300,000, $400,000, $500,000, $750,000, or $1,000,000||$50,000, $100,000, and $300,000|
|ACV or RCV||RCV||ACV or RCV||ACV or RCV||ACV or RCV||RCV|
|Unique Add-Ons||Ability to increase jewelry coverage online, musical instrument or camera coverage, additional insureds||Earthquake, identity fraud||Limited water backup, additional insureds||Waterbed, computer||Identity fraud endorsement|
|Customer Service||24/7 for claims through the app; email and chat on mobile app, limited phone hours||Hours vary by department||24/7 for claims; limited for sales and service||Hours vary by department||24/7 for claims; local agent, phone, or online sales and service|
BBB ratings are accurate as of May 2022.
Ohio Renters Insurance Coverage
An Ohio renters insurance policy typically provides the following coverage:
- Personal Property Coverage: This coverage protects your personal belongings if they’re damaged because of an unexpected event inside your home. To determine the amount of coverage needed, take inventory of the value of your items before signing up for a policy.
- Coverage for Medical Payments to Others: If someone is injured inside of your home, this coverage pays for their medical bills up to the limit you selected.
- Liability Coverage: If you cause damage to another person or their property, liability coverage protects you from paying for the expenses out of pocket.
- Loss of Use Coverage: Loss of use coverage pays for additional living expenses like food and a hotel room if your rental property is deemed uninhabitable after damage from a covered event.
- Endorsements: Endorsements are additional coverage options you select to supplement your coverage. Popular endorsements include pet damage, earthquake damage, and identity theft.
How Much Does a Renters Insurance Policy Cost in Ohio?
The average cost of renters insurance in Ohio was $163 for the year in 2019, or about $13.58 per month, according to the Insurance Information Institute (III). That was lower than the national average of $174 per year. Ohio ranked 26th out of 50 states when ranked from the most expensive to least expensive states for renters insurance policies.
Factors to Consider Before Buying Renters Insurance
Consider these factors when deciding which renters insurance company is best for you and your home:
- Discounts: Many insurance companies offer renters discounts on their monthly renters insurance rate. Typical discounts include bundling renters and auto insurance and having safety features in the home, like a sprinkler or security system.
- Weather: Ohio can experience cold winters that bring large amounts of snow and ice. Before purchasing a policy, ensure that your renters insurance policy covers events like frozen pipes and damaged roofs that are caused by the colder weather.
- Personal Information: Personal information is a contributing factor to the price of your renters insurance. If you have little renting experience or have a low credit score, you may have a more expensive plan.
- Landlord Requirements: Before signing up for a policy, make sure your plan meets the landlord insurance requirements for the rental property. Many landlords require a minimum amount of liability coverage, so make sure you purchase the required amount of protection.
FAQs About Renters Insurance in Ohio
TheThis Old HouseReviews team is committed to providing comprehensive and unbiased reviews to our readers. This means earning your trust through transparency and having the data to back up our ratings and recommendations.
With that in mind, we created an objective rating system to score each renters insurance company. Here’s what that review process looked like:
- We analyze the information on each company’s website. This allows us to determine what products and services are offered by each home insurance provider.
- We get a sample quote from the companies by either talking to a sales representative or by using the online quote tool. This tells us what a policy looks like and costs.
- We test customer service by talking to a company representative, finding out their hours of operation, and determining what technological features are available for customers.
- We update all of this information on a continuous basis, storing it in a proprietary database that allows us to compare dozens of renters insurance companies against each other.
With this data, we created a rating methodology to score each renters insurance company. Our rating system is a weighted, 100-point scale based on the following factors:
- Coverage (30): We rated home insurance companies higher if they offered the six main types of homeowner protection—dwelling, other structures, personal property, loss of use, liability, and medical payments to others coverage.
- State availability (7.5): Companies scored higher if they covered more states than their competitors.
- Customer service (15): This factor is based on our communications with the company representatives, as well as the companies’ claims and quotes processes, availability throughout the week, and customer service information found on their websites.
- Technology (12.5): Technology can increase the efficiency of filing and tracking home insurance claims. Companies scored higher if they had technology options like mobile apps and online chat functions.
- Reputation (20): We gauged trustworthiness based on years of experience and Better Business Bureau (BBB) ratings.
- Additional benefits (15): Companies that offered optional features, like discounts and endorsements, scored higher than competitors that didn’t.
Our Reviews team has a full-time researcher who collects and regularly updates data points from every company to help us compare them on key factors such as coverage, service, and dependability.
To share feedback or ask a question about this article, send a note to our Reviews Team at firstname.lastname@example.org.