Table of Contents
- How much does renters insurance cost in Cincinnati?
- Average price of renters insurance in Cincinnati
- The cheapest renters insurance in Cincinnati: Lemonade
- The best renters insurance in Cincinnati: State Farm
- Other Cincinnati renters insurance providers you should consider
- How do I learn more about renters insurance providers in Cincinnati?
- What else should I know about renters insurance in Cincinnati?
- How we obtained our prices for renters insurance in Cincinnati
How much does renters insurance cost in Cincinnati?
The average cost of renters insurance in Cincinnati is $18.53 per month, slightly below the national average of around $20.00 per month. We found that the company with the highest monthly rates in Cincinnati was Progressive, with an average price of $25.80 per month, and the company with the lowest rates was Lemonade ($11.33 per month).
We’ll discuss some of the factors that affect the price of renters insurance in Cincinnati and give you tips on how to find the right insurance for you.
Factors that affect the cost of renters insurance in Cincinnati
Insurers calculate your renters insurance premiums based on their perception of your risk as an applicant. There are several location-related factors that affect the price of renters insurance in Cincinnati:
- Risk of natural disasters: Cincinnati, like the rest of Ohio, is susceptible to severe storms. This means insurers will charge you more because renters insurance covers damage from lightning strikes, heavy winds, hail, and fires (including wildfires).
- Crime rate: Cincinnati, like many other major cities, has a relatively high crime rate. Insurers are particularly concerned with your city’s rate of property crime because renters insurance covers theft and vandalism.
There are also several personal factors that affect how much companies will charge you for renters insurance:
- Your credit score: In Cincinnati, renters insurance companies will run your credit and use your credit score to calculate your premium. They’ll charge you more if you have a low credit score because they think you’ll be more likely to file a renters insurance claim.
- Your claims history: If you have a track record of frequently filing claims, then insurers might charge you more. Some insurers may even reject your application altogether.
- Your policy choices: You’ll have to pay more if you choose a policy with greater coverage, add endorsements or riders to your renters insurance policy, or choose a low deductible.
Average price of renters insurance in Cincinnati
The following table shows the average monthly and yearly prices offered by the most popular renters insurance companies in Cincinnati.
|Insurer||Price (monthly)||Price (yearly)||Difference from average|
The cheapest renters insurance in Cincinnati: Lemonade
The cheapest renters insurance in Cincinnati is provided by Lemonade, whose policies cost just $11.33 per month. That’s $7.20 cheaper than the citywide average of $18.53 per month.
Should you get Lemonade’s renters insurance in Cincinnati?
Despite Lemonade’s low prices, their renters insurance has a couple of drawbacks that may mean that they’re not the best choice for you.
Lemonade is a young company with an unusual, tech-driven business model, and they don’t have a long enough track record to prove that this model actually works. If Lemonade experiences financial instability — which is possible, since they’re not profitable yet — it may impact the quality of their customer service and their willingness to pay out insurance claims.
Let’s take a closer look at some of the company’s other pros and cons.
Advantages of Lemonade’s renters insurance in Cincinnati, OH
- Convenient app: Lemonade’s modern and well-designed app allows you to file claims instantly without needing to speak to an agent. This is a big advantage, as long as your claim isn’t overly complex and you don’t need personalized assistance.
- Their donation policy: One of Lemonade’s appeals is their promise to donate some of your unused premiums to a charity of your choice.
Disadvantages of Lemonade’s renters insurance in Cincinnati, OH
- Customer service: Although Lemonade’s app automatically handles about 30% of their claims, they refer complicated claims to insurance adjusters. Because Lemonade has a small staff, you might have trouble getting in touch with a customer service rep if you need to ask about your claim.
- Limited bundling options: Most insurance companies offer a bundling discount for having both renters and auto insurance. While Lemonade does let you bundle renters and pet insurance, they don’t currently offer car insurance, meaning that you can’t bundle it with your renters insurance policy.
The best renters insurance in Cincinnati: State Farm
Our pick for the best renters insurance company in Cincinnati is State Farm because of their affordable prices and great coverage options. You can expect to pay $13.08 per month for their policies, just $1.75 more than the cheapest price we found (Lemonade).
Of course, before signing up for a policy with State Farm, you should consider the company’s advantages and disadvantages.
Advantages of State Farm’s renters insurance in Cincinnati, OH
- Default replacement cost coverage: Many renters insurance companies, including State Farm, offer replacement cost coverage, which insures your belongings up to the value they’d be worth as new products. This is much better than actual cash value coverage, which only insures your possessions up to the value they’re worth as used items.
- Flexible personal property and loss-of-use coverage: Compared with their competitors, State Farm offers renters insurance with unusually high limits for personal property coverage and loss-of-use coverage. This means you can get the coverage you need no matter how much your belongings are worth.
- Optional identity theft coverage: State Farm provides add-on coverage that will help pay for losses resulting from identity theft. This protection is well worth the small additional cost considering that identity theft rates are on the rise, with the number of reported cases increasing 45% between 2019 and 2020.
- Personalized customer service: In addition to the services available through their award-winning app, State Farm’s vast network of agents can help you in person or over the phone if you need to file a complicated claim or you want assistance managing your policy.
Disadvantages of State Farm’s renters insurance in Cincinnati, OH
- Difficult website navigation: State Farm falls short of some of their competitors when it comes to their website design. Their website tends to time out (and sometimes freezes completely) when you’re filling out their online forms. This means that you may be better off managing your policy by speaking directly to a customer service representative.
Overall, State Farm is our choice for the best renters insurance company in Cincinnati because they offer solid coverage and customer service, all for better rates than those offered by most of their competitors.
Other Cincinnati renters insurance providers you should consider
Everyone’s different, and our pick for the best renters insurance provider might not be the best option for you. To help tailor your search, we’ll tell you who offers the best renters insurance in Cincinnati for the following people:
- Car owners
- Business owners
- College students
Best Cincinnati renters insurance for car owners: Your current auto insurer
We’ve already briefly touched on what a bundling discount is. It’s one of the most common discounts for renters insurance, and it’s offered by most insurers. If you’re happy with your auto insurance provider, then we recommend checking whether they also offer renters insurance. If they do, then bundling your renters insurance policy with them might be your cheapest and most convenient option.
Best Cincinnati renters insurance for small business owners: State Farm
Cincinnati is one of the best cities for startups in the Midwest, according to a 2020 study. If you’re one of the entrepreneurs running a small business from your rental home in Cincinnati, then you should know about the add-on coverage options that State Farm offers to business owners.
They offer business property coverage (which covers your business equipment) and incidental business liability coverage (which covers your legal fees if you’re taken to court for a work-related lawsuit). You can even get loss-of-income coverage to cover costs you incur if you need to shut down your business due to a covered peril, like a fire that damages your workspace.
Best Cincinnati renters insurance for college students: Lemonade
We recommend Lemonade if you’re a student living in a dorm or you’re renting your first apartment. Students attending one of the 25 universities in the greater Cincinnati area can benefit from Lemonade’s low-maintenance coverage, digital policy management, and reasonable rates.
Lemonade is also a good choice if you’re looking for a company that uses basic language to explain exactly what renters insurance is and what it covers. They take a refreshingly friendly and informal approach to introducing their customers to the services they offer, which might be just what you’re looking for if you’re getting renters insurance for the first time.
How do I learn more about renters insurance providers in Cincinnati?
If you want to learn more about the major insurers in Cincinnati or you’re curious about some of the companies we didn’t talk about in depth in this article, then check out our reviews of the best and cheapest renters insurance companies in the city:
What else should I know about renters insurance in Cincinnati?
Renters insurance coverage doesn’t generally vary much from city to city, but there are a few facts you should be aware of concerning the renters insurance application process and what renters insurance covers in Cincinnati.
Renters insurance always covers damage from hail and lightning strikes
Heavy storms are common in Cincinnati (and across the rest of Ohio). Whatever company you choose to go with, you should know that renters insurance always covers damage from lightning strikes, tornadoes, windstorms, hail, and fires. (As mentioned, this includes wildfires.)
If these perils are your main concerns, then rest assured that you’ll be covered. However, you might want to think about increasing your coverage limit if you own a lot of valuable property.
Renters insurance almost never covers floods or earthquakes
For the most part, standard renters insurance policies don’t cover floods or earthquakes. The only exception is USAA’s policies, but they’re only available to veterans, people in the military, and the spouses and children of USAA members. If you want to get flood coverage, then you should get flood insurance under the National Flood Insurance Program.
With that said, virtually all companies cover water damage from burst pipes or other sources within your home, and they often cover mold that grows as a result of those events.
Moreover, some companies offer earthquake insurance or earthquake riders that you can add to your policy if you’re willing to pay a little more each month.
Can my landlord require me to get renters insurance in Cincinnati?
Yes, landlords in Cincinnati can require you to get renters insurance as a condition of your lease agreement. This practice is very common, despite the fact that renters insurance isn’t required by law, because it ensures that both the landlord and tenant are on the same page regarding who’s responsible for paying to replace stolen or damaged items.
How quickly can I get renters insurance?
The process of getting renters insurance is relatively quick (only a few minutes long if you buy it online), and most providers will be willing to activate your coverage immediately. You can also schedule it to kick in later if you don’t need it right away.
You might find yourself in a rush to sign up if your landlord is asking you to get a policy as a condition of your lease. However, taking a moment to consider how much renters insurance coverage you need is an important tip for both experienced and first-time renters in Cincinnati.
To help you know where to start and how to get the right amount of coverage, we’ve published a guide on how to buy renters insurance, which covers everything you need to know to avoid the most common mistakes people make when shopping for a policy.
Will my renters insurance cover my roommate?
No, renters insurance doesn’t automatically cover your roommate, but you can usually add them to your policy as an additional insured. To learn more (including why we don’t recommend doing this), check out our post about sharing renters insurance with your roommate.
How we obtained our prices for renters insurance in Cincinnati
To determine the average cost of renters insurance in Cincinnati, we obtained quotes from the city’s major insurance providers. These quotes assume the following:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
Unless your demographics and policy details are exactly the same as those we used, you’ll probably get slightly different quotes when shopping around. However, because renters insurance is relatively cheap, you shouldn’t see a huge difference between our prices and the amount you actually end up paying — just a few dollars at most.
Our prices also exclude installation fees and down payments. If you’re worried about those, we can help you get renters insurance with no down payment.
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