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8 Best Renters Insurance Companies in Ohio of 2022

Learn more about the best renters insurance in OH and how to compare them based on price, coverage, and customer service.
Ohio city

Ohio is home to the three largest and most famous cities in the state, Columbus, Cleveland, and Cincinnati, the Pro Football Hall of Fame, the Rock and Roll Hall of Fame, and the place where the phonograph, the gas-powered automobile, and golf balls were invented.

Whether you live in Dayton, Shaker Heights, or Akron, if you are a renter, it’s absolutely necessary to get renters insurance.

Renters insurance covers many things.

For example, having a renters policy means you won’t have to pay out of pocket if someone burglarizes your apartment and steals your laptop and your expensive stereo system.

For only around $16 per month, you don’t have to worry about coming up with the cost of replacing your personal belongings.

Having a renters policy ultimately means having peace of mind.

But how do you find renters insurance in the Buckeye State that meets your needs when there are so many companies to choose from?

We researched and compared 8 of the top renters insurance policy providers in Ohio based on specific categories to help you decide which coverage might serve you best.

The Best Renters Insurance in Ohio

  • Lemonade: Best for Amount of Covered Perils
  • Liberty Mutual: Best If You Need Minimal Coverage
  • Allstate: Best for Multi-Policy Discount
  • State Farm: The Most Affordable
  • Nationwide: Best for Coverages Offered in Standard Plan
  • Hartford: Best for Senior Citizens
  • Erie Insurance: Best to Speak to a Live Agent
  • Travelers: Best for Adding Higher Limits of Coverage

Lemonade: Best for Amount of Covered Perils

Lemonade Renters insurance Ohio
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

A standard renters insurance policy in Ohio covers you and your personal property if they are damaged due to theft, fire, vandalism, and water damage from things like a pipe bursting in your Cincinnati condo.

But Lemonade, the all-virtual insurer, covers more perils than above and more perils in relation to similar companies.

Here are the perils that Lemonade offers under a basic policy.

  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Riots
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Accidental discharge or overflow of water or steam
  • Sudden and accidental tearing, cracking, burning, or bulging
  • Freezing
  • Volcanic eruption

Some of these you may not need, but having them at your disposal can give you peace of mind.

Read a full Lemonade home insurance editor's review.

Lemonade Renters Insurance Pros & Cons

Pros
  • Ability to sign up for coverage within minutes.
  • All AI / Digital Approach.
  • Have access to insurer only through website and app.
  • Handles 30% of claims instantly.
  • Claim may be paid in as little as three minutes.
  • Best for those looking for instant coverage.
  • If you want to avoid the hassle of speaking to an agent, then the digital approach works in your favor.
  • Unused insurance premiums get donated to nonprofit charities.
Cons
  • The company is only serviced by website and app.
  • If you need to reach a live agent, it’s almost impossible to do so.
  • Covers Ohio but only available in 27 states and Washington, D.C..
  • No bundling besides bundling auto with pet insurance.
How is Lemonade Renters Insurance Rated?
J.D. Power (out of 1,000)853
BBBB+
NAIC Complaint Index1.94

Liberty Mutual: Best If You Need Minimal Coverage

Liberty Mutual renters insurance Ohio
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

Liberty Mutual is known for its low premiums and great customer service.

But it’s also good for people who only need the basic renters policy.

Liberty is good for those who have only minimal personal property that is not high in cost.

Similarly, it’s also good for those who are just starting out after college and are at their first jobs.

Maybe to save money, you have many roommates and have nothing of real value unless you count your laptop and your flat-screen TV.

For Liberty, if the total value of your property is less than $10,000, the insurer may be just right for you.

However, the average cost of renters insurance with Liberty is $16, which can be high for newbies.

But your rate will probably be lowered due to Liberty having many discounts.

Read a full Liberty Mutual home insurance review.

Liberty Mutual Renters Insurance Pros & Cons

Pros
  • Great choice for young people, including millennials or those just out college.
  • Many ways to lower premium.
  • Available in all 50 states and Washington, D.C..
  • Easy online claims filing.
  • Customer service is available on the weekends.
Cons
  • Discount availability varies from state to state.
  • Difficult to find covered perils and customer service numbers on website.
  • Loyal customers do not receive discount.
  • You can find more affordable policies with comparable companies.
  • Quality of customer service is low despite many ways to reach customer service.
How is Liberty Mutual Renters Insurance Rated?
J.D. Power (out of 1,000)834
A.M. Best - Financial Strength RatingA
BBBA+
NAIC Complaint Index2.37

Allstate: Best for Multi-Policy Discount

Allstate Renters Insurance Ohio
Editors star rating review
5.0
Editor's Rating (5 Stars out of 5)

You may think you don’t have much personal property to protect. But you probably have more items that are high in value than you think.

If you have a laptop, you probably have an all-in-one printer.

If you have stereo speakers, you probably have woofers.

Those are just some examples.

The point here is that you need renters insurance if you have valued property.

But a policy may be expensive for you. When the average cost of renters insurance in Ohio is around $16, you may not be able to shell out for that.

State Farm has affordable rates. Allstate has similar rates, but here’s the good part.

If you bundle auto insurance with your renters insurance, your monthly premium, according to Allstate, can cost you only $4 a month.

And if that rate goes up if you must purchase add-ons to make your policy more tailored to your needs, Allstate offers some great discounts that will lower your premium or bring it closer to that $4 quote.

Read a full Allstate renters insurance review.

Allstate Renters Insurance Pros & Cons

Pros
  • The best multi-policy discount among top insurers.
  • Ease of use online.
  • Different ways to customize your deductibles and coverages.
  • Living in low-crime rate neighborhood gets you a discount.
  • Offers identity theft restoration and flood insurance coverage options.
  • Available in all 50 states
  • Being 55 or older gets you a good discount.
Cons
  • Average customer satisfaction for claims.
  • Personal property that's merely lost or misplaced isn't covered.
  • Windows broken negligently or on purpose may not be covered.
  • Adding replacement cost coverage means higher monthly rates.
  • Discounts and policies may not be eligible for certain states.
  • Pests and bedbugs are not covered, as they are often the result of lack of maintenance.
How is Allstate Ranters Insurance Rated?
J.D. Power (out of 1,000)837
A.M. Best - Financial Strength RatingA+
NAIC Complaint Index2.05
BBBA-

State Farm: The Most Affordable

State Farm renters insurance Ohio
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

State Farm is one of the best renters insurance companies in Ohio because of its low premium.

The average cost of renters insurance in Ohio is $20 per month or $237 a year.

State Farm beat that average cost, selling a standard policy that’s only $15 a month, or $180 per year.

In some circumstances, State Farm offers an even lower premium, which the company advertises as about $10 a month.

The lower premium is available only to renters who live in a safe town, near a fire hydrant, and if your apartment unit has security cameras or doormen.

Also, if you live in a gated community or one armed with gate attendants, your rate will probably be in the $10 a month range.

Read a full State Farm renters insurance review.

State Farm Renters Insurance Pros & Cons

Pros
  • Top-notch customer service.
  • You can get a quote online with the easy-to-navigate website.
  • Pet insurance option.
  • Has fewer complaints on average than its competitors.
Cons
  • Mediocre coverage options.
  • Has no replacement cost coverage.
  • Offers fewer discounts than other companies.
How is State Farm Renters Insurance Rated?
J.D. Power (out of 1,000)836
A.M. Best - Financial Strength RatingA++
BBBA+
NAIC Complaint Index1.77

Nationwide: Best for Coverages Offered in Standard Plan

Nationwide renters insurance Ohio
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

Nationwide is unique because it offers certain coverages as part of its basic policy that most insurers do not.

Here are a few:

Credit Card Coverage

Nationwide will pay you for any unauthorized charges if your credit or debit card is stolen and used.

You pick the dollar amount you want to be protected up until.

The insurer also pays if you have forged checks.

Brand New Belongings

Nationwide will pay you the depreciated value if your personal possessions are damaged or destroyed.

But if replacing the items costs more than the claim reimbursement, the insurer will cover the difference.

This is like replacement cost coverage, where you get the full amount of your property at today’s prices without depreciation.

With a similar insurer, you need an add-on to get replacement cost coverage.

Nationwide offers this coverage as standard.

Valuable protection

Water backup coverage (but not water damage due to flood)

Increased theft coverage

Nationwide Renters Insurance Pros & Cons

Pros
  • Website offers online quotes to save you time.
  • File a claim online.
  • Can receive personalized assistance from a Nationwide agent.
  • Multi-policy discount for having both renters and auto insurance coverage.
Cons
  • More expensive than similar insurers.
  • Claims center is open 24/7, however, speaking to live agent is offered only during limited hours
  • Not best fit for those who don’t want to work with an insurance agent.
How is Nationwide Renters Insurance Rated?
J.D. Power (out of 1,000)859
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index0.04 (Very Low)

Hartford: Best for Senior Citizens

Hartford renters insurance Ohio
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

The Hartford offers many things, including home, life, auto, and renters insurance. They also sell a motorcycle or RV insurance.

But they specialize in renters insurance for Ohio residents who are over 50 and qualify for AARP.

It is one of the few companies that know that seniors need the same coverage, like excellent customer service and an affordable premium, just like everyone else.

AARP renters insurance rates are already discounted for seniors, and they also offer a retiree credit to decrease them further.

Retirees or those over 50 can also take advantage of the AARP-branded auto program for another discount, putting it at the top of the list for the best auto and renters insurance for seniors.

Keep in mind that to qualify for renters insurance with the Hartford, AARP membership is required in nearly all states.

Hartford Renters Insurance Pros & Cons

Pros
  • Since The Hartford markets to seniors, it understands these renters better than any other insurance company.
  • More than 200 years of insurance experience.
  • Provides online quotes.
  • Has a solid financial rating.
  • Covers improvements to your home.
Cons
  • Pricing is entirely quote-based.
  • AARP membership is required in nearly all states.
  • Insurer receives a relatively high number of customer complaints.
How is Hartford Renters Insurance Rated?
J.D. Power (out of 1,000)846
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index5

Erie Insurance: Best to Speak to a Live Agent

Erie renters insurance Ohio
Editors star rating review
4.5
Editor's Rating (4.5 Stars out of 5)

Many renters and homeowners insurance companies are migrating online, where you can find a company’s website and do many things, including accessing policy documents, viewing your claim status, and paying your bill, for example.

You can also find these companies on your smartphone using their mobile apps.

As such, to save on costs or to stay current, many companies no longer offer customer service where you can speak to a live agent about your policy.

Erie is the exception. It still requires that potential customers must contact independent agents to receive a quote and buy a policy.

The good thing is that it has 13,000 local agents across the states they insure.

So, if you want personalized help and prefer to speak to an agent to purchase a policy or file a claim, Erie is your best choice.

Erie is then good for those who are not technologically savvy, such as older people.

The company does have a website presence and a mobile app, but you can’t do as many things as you can in comparison to speaking to a human.

Erie Renters Insurance Pros & Cons

Pros
  • Best for those who want personalized help by speaking to live agent.
  • Deep discount when bundling with auto insurance.
  • Competitive pricing.
  • Offers replacement cost coverage.
Cons
  • Limited online services.
  • Only available in 12 states and Washington, D.C..
  • Need to contact a local agent to receive a quote.
  • If you prefer online experience, including getting a quote, the insurer may not be best for you.
  • Few discounts available.
How is Erie Renters Insurance Rated?
J.D. Power (out of 1,000)851
A.M. Best - Financial Strength RatingA+
BBBA+
NAIC Complaint Index0.63

Travelers: Best for Adding Higher Limits of Coverage

Travelers renters insurance Ohio
Editors star rating review
4.0
Editor's Rating (4 Stars out of 5)

Travelers offer renters insurance catered to those who have high-priced personal property.

The company’s valuable items endorsement covers jewelry, fine art, and collectibles, for example.

Thus, you can add higher limits of coverage to your personal property so they can be completely covered.

This is particularly helpful when the standard or basic renters insurance company has a policy limit of $10,000.

If you don’t buy additional coverage, your items will only be insured up to that policy limit.

Another plus is that you don’t have to be stuck with a policy that comes with actual cash value (ACV), which is often offered in standard renters insurance. ACV means personal property that is lost or damaged due to a covered peril only gets you the depreciated value.

Instead, Travelers offers replacement coverage, usually not covered in a basic renters insurance plan or only offered as an add-on.

Replacement coverage means you get the full replacement cost on an item covered in your policy that has been destroyed or stolen.

Travelers Renters Insurance Pros & Cons

Pros
  • Standard policy can clock in at only $12 a month.
  • Great coverage options.
  • 24/7 for claims.
  • Savvy online and mobile app presence.
  • Offers unique add-ons, like decreasing deductible and equipment breakdown.
Cons
  • On the low end of JD Power customer satisfaction score.
  • Policy can only be bought annually rather than every month.
  • Need to call rep to get quote.
  • Unable to go below $30,000 of personal property.
How is Travelers Renters Insurance Rated?
J.D. Power (out of 1,000)801
A.M. Best - Financial Strength RatingA++
BBBA
NAIC Complaint Index3.88

How We Ranked and Picked the Best Renters Insurance Companies in Ohio

To determine the best renters insurance company. we looked at several factors.

These included an affordable premium, customer service satisfaction, how quickly a company could reimburse you for a claim, additional coverage that could broaden the scope of your policy, and the number of discounts a company offered that could lower your monthly premium in a major way.

Price

To determine the best renters insurance companies, we chose only those with the affordable basic policies.

The average cost of renters insurance in Ohio is $20.

We took that company off our list if the insurer costs more than $20 a month.

We considered only those that had a rate lower than twenty, which is why State Farm, Allstate, and Liberty Mutual, made the cut.

Discounts

No one likes paying for renters insurance. And to many, it’s because the premium is out of reach.

So we looked at insurers that had many discounts that could lower your premium.

We put a focus on the most popular discount, the multi-policy discount because that was the best way to lower your premium.

Coverage

We considered the amount of coverage offered by a company for liability claims and personal belonging claims.

Because personal property in a standard policy can only be reimbursed up to the policy limit, which is often $10,000, we looked at endorsements and riders that extended your coverage so that you could be paid in full for your property that was damaged or destroyed due to a covered peril.

Technology

An insurance company that has an online presence and a mobile app makes it easier for policyholders to take care of all their renters insurance needs.

As such, if these electronic services offered enough policy information, allowed you to easily file a claim, or had ease of use for all walks of life and not just for those who are technologically savvy, we put those companies high on our list.

Customer Reviews

We scoured customer reviews from many trusted sites to see how well renters insurance performed.

We also took into consideration rating companies such as AM Best and JD Powers to see if a particular renters insurance company, based on customer service performance, had a high score.

For AM Best, we focused on an insurer with a score of A++, which means the insurer was “superior” in financial strength.

Location

We didn’t just research renters insurance quotes in the Buckeye State. Since we needed to compare quotes to find the best policy, we looked at important or famous cities and suburbs in Ohio, including Cleveland, Akron, Oakwood, Ottawa Hills, Shaker Heights, Madeira, and many more.

That gave us a better picture of how insurance rates vary per town.

See best renters insurance companies nationwide.

What Does Renters Insurance Cover?

In Ohio, the standard renters insurance policy covers liability, theft, medical treatment, and loss of use.

But no matter what the state, the standard policy never changes from what it offers.

So, the standard coverage includes:

Liability Coverage

Liability protects you against lawsuits from someone who has bodily injuries or property damages that you or your family caused to them on your property.

Liability also covers your legal defense if the injured person sues you for damages.

Personal Property Coverage

This pays to repair or replace the property that’s stolen or vandalized or that has been damaged due to fire, windstorms, smoke damage, and other perils your policy may cover.

Loss of Use

This policy covers basic living expenses and temporary housing costs if you can’t live in your rental unit due to health reasons, such as smoke residue from a fire.

Loss of use also pays if your home is completely uninhabitable due to damage and destruction from fire, smoke, and heavy winds.

Medical Payments

This policy pays for medical care if there is bodily injury to a person that occurs in your rental unit, regardless of fault.

Is Renters Insurance Required in Ohio?

Renters insurance is not required by law in Ohio. However, your landlord may require it. The landlord may want proof of renters insurance at the time you sign your lease.

Your landlord will have insurance, but that in no way covers you. The insurance is reserved for repairing or rebuilding the apartment building if it was destroyed due to, say, fire.

The landlord’s insurance covers more than the building structure.

It also covers common areas such as the lobby, the foyer, the elevator, the apartment hallways, and more.

Because your landlord’s insurance doesn’t cover any damages to your personal property, it’s a good idea to purchase renters insurance.

What Are the Risks to Consider in Ohio?

Ohio is known to be relatively safe from natural disasters.

It is not a high-risk state for natural disasters like many coastal states or mountainous states along active faults.

In fact, the many popular cities in Ohio, such as Cincinnati, Dayton, and Cleveland, are considered the safest in the country for natural disasters.

However, because of Ohio's proximity to tornado alley, you may experience a tornado here and there.

And while natural disasters may come and go without damage, Ohio is still susceptible to hurricane winds and heavy rain like storms and landslides.

The good news is that wildfires, extreme heat, and tropical storms are not common in Ohio.

But Ohio also sees an increase in power outages due to hurricanes, severe storms, and winter storms. These natural disasters also cause serious flooding in the state.

How Much Does Renters Insurance Cost in Ohio?

The rate for renters insurance varies widely by state and can go from affordable to high priced due to whether or not your neighborhood is safe, has a low crime rate, and whether or not you have a good credit score, to name just a few.

The national average is $27 a month or about $326 a year.

Ohio is cheaper than the national average, with an average cost of $20 per month. 

Ohio's best, cheapest renter insurance agencies are State Farm, Liberty Mutual, and Allstate.

State Farm and Liberty Mutual both beat the national and state average.

State Farm costs $15 a month.

Meanwhile, Liberty costs a dollar higher, at $16 a month.

Allstate is the cheapest. The company advertises its rate to be only $4 a month, but that rate will fluctuate due to whether or not you schedule items or increase coverage by purchasing add-ons, for example.

To stay in that low range, the best way is to bundle your Allstate renters insurance with your Allstate auto insurance.

All of these options are highly affordable.

How to Find the Cheapest Renters Insurance

You need to do your research. You should get as many policy quotes as you can. Once you have an array of choices, compare each according to cost.

Don’t just stick with brand names or companies with the funniest commercials.

Try looking locally. In Ohio, there are several good insurance companies that cater to the state, and which include, but are not limited to, Central Ohio Insurance Services, Grange Insurance, and Insura.

Then look at what each company offers.

You may want to think about customer service ratings, how useful a customer rep is, coverage options, discounts that can lower your premium, policy features, and how easy it is to make a claim, for example.

And does the insurer have unique coverages?

Such as, if your credit or debit card is stolen and used, will your insurer pay for any unauthorized charges?

Does the insurer have the right coverage?

For example, does it have water backup coverage?

Does a company have increased theft coverage?

You may stumble upon a better deal by comparing policy quotes from insurers that best suit your needs.

However, keep in mind you shouldn’t just go with the cheapest policy. Often the cheapest will have limited coverage, limited or no discounts, and not enough endorsements that you may require to extend your basic coverage.

Why Do Renters Don’t Want to Get Insured?

A lot of renters don’t want to buy renters insurance because that’s just an added expense they can’t afford.

According to a National Low Income Housing Coalition report, those who rent are more likely to work in low-paying jobs or are paid minimum wage.

They are unlikely to have much savings compared to homeowners, which means they are more susceptible to economic hardship.

What Does Violent Crime Have to Do with Renters Insurance?

Violent crime includes robbery, rape, aggravated assault, and homicide.

In Ohio, there were 36,104 violent crimes reported in 2020.

The crime data used here comes from the FBI for the year 2020.

Ohio is not beleaguered by that much violent crime, and yet, over the last year, the state’s violent crime rate increased by 5.3%.

For example, in Toledo or Cleveland, in 2020, there were nearly 500 incidents and around 400 incidents for every 100,000 residents, far exceeding the national rate.

The uptick in crime rates is important to know for Ohio renters.

That’s because if you live in a suburb or city with an increased crime rate, your renter’s insurance will go up because insurers will always already have a documented history of theft or violence in your particular area.

Thus, the insurer often expects the worst and can charge you a higher rate.

In sum, when the number of crimes increases, so do the prices of renters insurance premiums.

What Factors Determine Your Ohio Renters Insurance Rate?

In addition to violent crime, the following are factors that will determine how much you pay for a renter’s policy.

Natural Disasters

Ohio’s natural disasters include hurricane winds and heavy rain like storms and landslides. So, if you live in an area where these occur, the insurer will increase the cost of your premium.

Personal Belongings

Before purchasing renters insurance, it’s best to do a home inventory. This is where you itemize your personal belongings and determine how much they cost. If you can’t recall the price, you can look it up on the internet.

Your rate will be affected when you determine what you want insured.

If the standard $10,000 coverage limit on personal property works for you, your rate will be low. But if you need, say, $50,000 to cover the cost of your items when they are stolen or damaged, your rate will be higher.

This also applies to add-ons or endorsements you may have bought to insure high-cost items like jewelry, artwork, or designer clothing and accessories.

Dog Ownership

According to insurers, dogs are considered high risk, and some breeds are at higher risk than others.

These breeds include pit bulls, Rottweilers, Doberman Pinschers, Chow Chows, and Mastiffs, to name a few.

They are risky because they bite people, damage objects, and destroy property.

Some insurers won’t even let you purchase a policy from them because dogs are the leading cause of renters insurance claims.

If an insurer does let you purchase an extra liability for dogs, your premium will go up.

Where You Live

Your insurance will go up due to where you live within an apartment building, complex, or condo, to name a few.

If you live on a high floor, your rate will drop because you are less susceptible to burglary or robbery.

If you live on a lower level, or if you live on the ground floor or basement, your rate will increase due to two things.

One, you are more susceptible to property crime.

Two, you are more prone to floods that cause property damage or your interior may be besotted by water damage due to leaks, for example, from the floors above you.

Safety

You'll pay less if your neighborhood is considered safe and your rental is near a fire hydrant.

And if you have a doorman, live in a gated community, have smoke detectors, deadbolts, multiple locks on your doors, or have window guards, or have set up security cameras inside your rental and other safety measures, your premium will drop.

It also helps if your building has cameras and the doormen operate 24/7.

Claims History

If you have never made a claim for a period that is decided by your insurer, you’ll pay less.

Credit Score

The higher your credit score, the lower your premium.

Green Home

If the building materials used to build or renovate your home are green, your rate will be low.

Finances

If you have a sizeable mortgage and an amount every month that is costly, then your rate will be higher.

Actual Cash Value or Replacement Cost

Actual cash value, or ACV, often comes standard in a renters policy.

If your personal items are damaged or destroyed due to a covered peril, your insurance will not pay for them in full but rather at their depreciated value.

While replacement cost has a price—you must add it to your policy as an additional expense—it is better than ACV because it pays in full for your items using today’s actual price, not the price you paid when you bought it, say, three years ago.

However, ACV is cheaper because it pays out less than the replacement cost.

So, your rate will go higher if you choose replacement cost.

Deductible

Renters insurance requires you to have a deductible. This is how much money you pay before your insurer kicks in to make a payout for a claim.

If you have a high deductible, you’ll pay less for your monthly premium, and vice versa.

What Does Renters Insurance in Ohio Not Cover?

You should always consider if the renters insurance you plan on buying has exclusions or does not cover things you may need.

Natural Disaster

Renters insurance doesn’t cover damages from certain natural disasters. These are earthquakes or floods.

A standard policy doesn’t cover flood damage because it’s often catastrophic and claims can be high in cost, making the insurer unable to offer flood insurance and causing them to lose their good financial strength.

If you need a flood policy, you can buy an add-on so you’re covered.

Bed Bugs and Pests

Renters insurance doesn’t cover bugs, bed bugs, pests, or wildlife infestations because insurers claim that these things happen due to your neglect or due to your lack of upkeeping your rental.

High-Value Items

If you think you don’t need coverage for your Birkin bag because a renters policy has you covered, think again.

Of course, the standard renters policy pays for personal belongings.

However, since your Birken bag is high in value, it may be subject to a low limit of liability.

This means the insurer will only pay up to a certain amount or a small percentage of the value of that bag.

It also means this is another type of exclusion and, to remedy it, you have to purchase additional coverage to fully insure your bag.

Roommate Property

Renters insurance will not cover your roommate’s personal property if you have a roommate.

The roommate must purchase a separate policy to protect the roommate’s belongings.

Lost or Misplaced Personal Property

If you accidentally lose or misplace your smartphone or laptop, your insurance won’t cover replacements.

But if these devices are stolen from you, whether that’s from burglary to your rental or while you are on vacation and miles and miles away, you’ll be covered.

What is the Amount of Liability in a Standard Renters Insurance Policy?

You should have as much liability coverage as you can get.

For the most part, the basic renters insurance policy starts with $20,000 in personal property coverage.

Liability coverage starts with $100,000, which can pay damages and legal expenses if you are sued because you accidentally injured or hurt another person or damaged that person’s property.

These are very low coverage limits.

If your dog bites your neighbor and the neighbor ends up seriously hurt and then sues you, a $100,000 liability will be not enough.

Think of the legal fees, the lawyer who will represent you, and the cost to reimburse the bitten neighbor, and you’ll easily go past your liability.

It’s best, then, to increase your liability.

So be wary of renters insurance companies that say their monthly policy costs $5.00 or $10.00.

In reality, you rarely ever pay that amount each month no matter how many discounts you qualify for because you often need to increase your coverage limits.

How Scheduling Can Get You Extra Coverage

The typical standard renters insurance value is capped for high-priced items like artwork is around $10,000.

You're likely to own more than $10,000 worth of valuables and won't receive any coverage beyond the said $10,000.

And that’s why you need to schedule your bag or any high-priced items you have like artwork and collectibles.

Scheduling means you can increase the coverage amounts of your insurance for your belongings.

This will increase your premium but will fully cover your valuables.

Are There Any Discounts You Can Get When Signing Up for Renters Insurance in Ohio?

Now that you know what will drive up your rate, here are common discounts offered by many insurance carriers. However, you'll need to check with each company directly on which discounts they offer.

Multi-Policy

If you bundle your renters insurance with auto, you’ll get a discount. Note that bundling is the highest discount you can get.

Claims-Free

If you don’t make a claim in a set time, you’ll receive a discount.

Home Credit

If you purchase new and costly home equipment such as a dryer and a laundry machine, your rate will go down.

Early Shopper Discount

If you get a quote from an insurer before your current policy expires, you save when you sign up with that insurer.

Preferred Payment Discount

Save yourself time and money by enrolling in automatic payment linked to your bank account.

Paid-in-Full Discount

You're entitled to a discount if you pay a year’s worth of premium upfront rather than monthly.

Security and Safety Discounts

Because you set up security details in your rental, this shows to your insurer that you are taking safety precautions to try and prevent covered perils from happening.

As such, the insurer will almost always give you a discount.

Some common safety measures you can take are:

  • Installing fire and smoke alarms
  • Having deadbolts
  • Setting up a security camera
  • Stormproof windows

Are There Other Ways to Save on Renters Insurance?

Besides discounts, other factors will result in an even more affordable premium.

Comparing Policies

It’s worth mentioning again that when you shop for renters insurance, you should compare quotes from as many insurance companies as possible to find the best policy at the best price.

Actual Cash Value Policy

Renters insurance has two policies: ACV and replacement cost. While replacement cost is better because it pays in full for personal belongings, your premiums will be lower with an ACV policy.

Higher Deductible

You can lower the cost of your monthly premium if you choose to have a higher deductible.

The higher your deductible, the lower your premium will be.

However, this means if you make a claim, your deductible will be high in cost. Ask yourself if you can afford this.

Maintain a High Credit Score

If you have a high credit score that is consistent throughout the years, this shows to your insurer that you pay your bills on time and are responsible.

As such, the insurer will lower your premium because the company knows you are more likely to pay it on time.

Frequently Asked Questions

Is renters insurance required in Ohio?

Renters insurance is not required by law in Ohio. However, your landlord may require it.

What does renters insurance in Ohio not cover?

Natural disasters, bedbugs and pests, roommate property, high-value items, or lost or misplaced personal property.

What is standard liability coverage for renters insurance?

Liability coverage starts with $100,000, which can pay damages and legal expenses if you are sued because you accidentally injured or hurt another person or damaged that person’s property.

What are the two types of renters insurance policies?

Renters insurance has two policies: ACV and replacement cost. While replacement cost is better because it pays in full for personal belongings, your premiums will be lower with an ACV policy.

Does your credit score impact the cost of renters insurance?

Yes. If you have a good credit score, the insurer will lower your premium because the company knows you are more likely to pay it on time.