Having renters insurance coverage can help to replace your belongings and/or cover medical bills if a fire destroys your property, a burglar loots your apartment, or a if a guest is injured while at your home. We’ve done the research to give renters in Ohio the inside scoop.
What is the average cost of renters insurance in Ohio?
On average, Ohio renters pay just $185 per year for rental insurance or about $15 a month. That’s 1% less than the national average for renters insurance premiums. To put that into perspective– it would only take 23 hours working for minimum wage to cover your annual premium.
Make sure to get renters insurance quotes from more than one insurance company. The cost of renters insurance can vary from provider to provider. Renters insurance companies will look at personal factors like your age and credit score when determining your premium.
What is Ohio rental insurance coverage?
In 2012, there were 103,421 burglary cases in Ohio. If you come home and your stuff has been stolen, how much do you think it would cost to replace everything? If you have a renters insurance policy with personal property coverage, it can help cover those expenses along with damages and losses due to weather, fire, smoke, or water leaks. A typical renters insurance policy even provides medical and legal reimbursement if someone is hurt on your property and sues (this is called liability protection). Tally up everything you own, the thousands that legal and medical expenses can add up to, and you’ll see how a renters insurance policy can pay for itself if you ever needed to file a claim.
If you need extra coverage because you live in an area prone to natural disasters or you keep expensive items in your apartment, like jewelry or a musical instrument, talk to your renters insurance provider about your options for additional protection.
Some policies include reimbursement for temporary living expenses if you are unable to inhabit your apartment because of water damage, earthquake damage, or other catastrophe. This is not included on all standard renters policies, so make sure to ask about the option if you’re interested.
What insurance discounts are available for Ohio renters?
Renters insurance is already affordable, but there are still ways you can save, including:
- Bundling: Multi-policy agreements—bundling renters insurance with auto insurance, for instance—will lower your insurance costs.
- Previous claims: Those who haven’t ever filed an insurance claim will usually save more on premiums.
- Safety hardware: Smoke detectors, fire alarms, sprinklers, and security devices like burglar alarms all add up to discounts on your renters policy.
- Higher deductibles: If you pay more for a deductible, you’ll save monthly.
What do you need to know about renting in Ohio?
In Ohio, 33% of people rent. For those leasing a two-bedroom apartment, they spend about $735 per month on rent. Compared to an annual renters insurance premium of $185 in the Old Dominion State, it’s coverage you should elect to have.
Want to speak to an insurance expert?
Call [mapi-phone /] to speak to a licensed agent who can help answer any additional questions you may have. If you are ready to start shopping, those same agents can get you a free quote on renters insurance near you.