UPDATED: FEBRUARY 16, 2023 | 3 MIN READ
When you’re moving to or within Ohio, you likely have a lot of things on your to-do list. One item many renters neglect is renters insurance, but then they’re left paying hundreds or even thousands of dollars after a disaster affects the property. While Ohio doesn’t have hurricanes, it’s prone to tornadoes, high winds, blizzards, and severe weather.
Any of these natural occurrences can cause damage to your home, but your landlord’s insurance will only cover the building and not your belongings. You face expensive replacement costs if you don’t have renters insurance in Ohio. Below, we break down what renters insurance in the Buckeye State offers, what it covers, how much it costs, and the best renters insurance companies.
What Does Ohio Renters Insurance Cover?
A standard renters insurance policy includes three coverages. Personal belongings cover the property within your home, such as your electronics, clothes, shoes, etc.
The other two coverages for a tenant policy in Ohio are liability and additional living expenses. Liability coverage applies when you damage someone else’s property, or they’re hurt while in your home. If you’re liable for the injury, liability coverage helps with medical expenses and saves you from a lawsuit. Some renters insurance policies also cover medical payments for others’ medical bills.
Additional living expenses help pay costs after damage to your home displaces you. Also known as loss of use, this coverage is for costs such as hotel bills, dry cleaning, and other expenses if your home is inhabitable from a covered loss.
What events are covered in an Ohio renters insurance policy?
Renters insurance only applies for certain events, known as covered perils. Ohio receives up to 28 inches of snow annually, and renters insurance will help with costs associated with winter weather, such as damage from the weight of ice and snow.
If you’re a student at a campus such as The Ohio State University, University of Cincinnati, or any area Ohio college, renters insurance is perfect for protecting your computer, phone, and other goods against theft.
Common perils in a renters insurance policy often include:
- Fire and smoke damage
- Damage from the weight of snow, ice, or sleet
- Windstorm and hail
- Falling objects
- Mold and water damage that originates from a burst pipe
If you purchase renters insurance in Ohio, your policy lists all exclusions and available extra coverage. Flood coverage often requires a separate policy. A renters insurance policy doesn’t cover bed bugs or other pests, nor does it cover sinkholes.
Does the state require renters insurance?
Ohio doesn’t require renters insurance. There isn’t a federal law for renters insurance either. Some landlords, property managers, and apartment communities within Ohio may require renters insurance before you can sign a lease.
How to find affordable renters insurance in Ohio
If you want cheap renters insurance in Ohio, start with an inventory of the vital items you would replace after a disaster. You should list your important personal belongings, such as your cell phone, clothing, bike, and furniture. List the date of the purchase and the price you paid.
Next, do a little market research to determine the costs for replacement. Once you have a figure, use this number to guide how much coverage you need. $30,000 is a typical coverage amount for personal property coverage, but you may opt for more. Some policies also feature add-on coverage for high-value items such as art and jewelry.
Finally, start looking for the insurance provider that best meets your needs. If you own a vehicle, you might try a bundle discount on your renters and auto insurance from your current company. You may also ask your prospective landlord if they have any recommendations. Finally, shop for insurance quotes and compare companies to see who offers the best rate.
Ohio renters insurance prices
The average cost of renters insurance in Ohio is an annual $221, or $18 a month, which is cheaper than the national average. Prices vary by location, carrier, property type, and amount of coverage but $221 is the annual average rate for Ohio. You can often save a few dollars when you compare rate quotes or request a bundle discount. The average auto and renters insurance in Ohio bundle offers an annual savings of $51.
Cities where renters insurance is the cheapest
The Cleveland metropolitan area offers the cheapest average rates for renters insurance in Ohio. Strongsville and the other Cleveland suburbs offer the lowest rates. Your rate depends on your carrier, deductible, property, and other factors.
Affordable renters insurance companies in Ohio
The cheapest renters insurance providers in the Buckeye State all feature an average rate of less than $20 monthly. The most affordable renters insurance is from Lemonade, costing an average of $12 a month. Renters insurance rates depend on various factors, so this may not be the price you pay for your policy.
Cheapest renters insurance in Ohio
Lemonade, the online insurance provider, offers the cheapest renters insurance for tenants in Ohio. Its basic coverage will likely meet most landlords’ requests and include enough to replace your stuff. Lemonade also features scheduled personal property or extra coverage for more valuable items like jewelry, musical instruments, and art.
Fastest claims process
Amica is the best choice for the fastest insurance claims in renters insurance in Ohio. The provider’s claim handling is efficient, quick, and backed by good customer service. Amica ranks within the top 5 JD Power companies at 886/1000. Once Amica processes their claim, customers receive payment via their choice of method, including Venmo, PayPal, or bank deposit.
Best optional coverages
A tenant insurance policy doesn’t cover everything automatically; optional coverages help you expand your protection. State Farm offers the best add-ons in the Ohio rental insurance market. Its additional coverage includes pet insurance, identity theft protection, and additional liability coverage. State Farm’s additional coverage lets you double your property protection with a personal articles policy for pricy items like collectibles and art.
Best bundling discounts
State Farm customers who opt for a home and car insurance bundle receive a 4.7% discount and may save up to $722 a year. Ohio renters should look toward State Farm for a great multi-policy discount, especially if they insure a vehicle with the carrier.
Can a landlord require renters insurance in Ohio?
Yes. Landlords and property managers can legally request renters insurance from their Ohio tenants. Even if your landlord doesn’t require a tenant policy, it’s a wise choice that may save you thousands and protect you against specific perils, such as theft.
Does my renters insurance apply to my car in Ohio?
No. Your renters insurance policy doesn’t apply to your vehicle, so it’s not covered if you have damage against it. If someone steals your personal property, such as your laptop, phone, etc., from your car, your renters insurance often covers it.
How much does an average tenant insurance policy cost for Ohio renters?
The average cost for a renters policy in the Buckeye State is $18 a month, or $221 a year. Your premium rate depends on your deductible, coverage, add-ons, carrier, and property type.
Will my renters insurance cover damage by my dog or cat?
Renters insurance doesn’t cover pet damage to your property. If your dog or cat injures someone, however, the personal liability coverage of your policy applies. A renters policy also covers damage to another‘s property, such as if your dog scratches up someone’s door.
Does my renters insurance in Ohio cover flood damage?
No. A renters insurance policy often excludes flood damage in coverage. Suppose you live within a flood-prone area of Ohio, such as on the Ohio River. You should buy a flood insurance policy from Federal Emergency Management Agency (FEMA) or a private insurer.
Finding cheap renters insurance in Ohio
Whether you’re a student in Columbus, a young professional in Cincinnati, or a resident of any Ohio city, renters insurance must be at the top of your list. Your rental insurance policy covers everything, including your computers, sneakers, furniture, and everything else you hold dear. It’s an investment that offers peace of mind in case a disaster, like a fire, occurs.
You may even save on premium rates with a valuable bundle discount. After you make an inventory of items you want your insurance carrier to cover and their replacement costs, start with a quick rate comparison. Our online portal lets you request and compare renters insurance quotes in minutes. Start comparing your savings now.