Renters insurance is often an overlooked but essential financial tool for those renting apartments, homes, or condos in Ohio. While it protects your valuables against theft, fire, and other unforeseen accidents, the cost can sometimes feel like an extra financial burden, especially with inflation affecting nearly every aspect of daily life. The good news? There are several strategies you can use to lower the how much is renters insurance ohio without sacrificing coverage.
This article dives into practical ways Ohio residents can reduce their renters insurance premiums while staying protected.
Understand the Average Renters Insurance Cost in Ohio
Before exploring ways to save, it’s helpful to know the baseline. According to a study by the Insurance Information Institute (III), the average cost of renters insurance in the United States is around $173 annually. However, in Ohio, the average tends to be slightly lower at approximately $150 per year. That’s already good news for Ohio renters, as your location plays a key role in keeping premiums affordable. But with a few smart adjustments, you can push this cost even lower.
Bundle Your Insurance Policies
One of the easiest ways to save on renters insurance in Ohio is by bundling it with other insurance policies. Most insurance providers offer discounts if you bundle renters insurance with other types, such as auto insurance. For example, if you’re already insured with companies like State Farm or Progressive for your car, adding renters insurance to your policy could earn you a 10%-25% discount. It’s a simple call to your provider that could result in significant savings.
Choose a Higher Deductible
A deductible is the amount you’ll pay out of pocket before your insurance kicks in. Generally speaking, the higher your deductible, the lower your monthly renters insurance premium. For instance, if you raise your deductible from $250 to $500 or more, you might notice a reduction in your premium. Just make sure the deductible amount you choose aligns with your financial situation so that you’re prepared in the event you need to file a claim.
Be Selective About Coverage
While renters insurance is essential, not all coverage options may be necessary for your unique situation. For instance, if you live in an area that’s lower risk for natural disasters, such as flooding or earthquakes, you can skip add-ons designed for those events. Carefully evaluate your policy to ensure it covers what you need without including unnecessary extras. Most policy providers allow you to tailor coverage options, so take advantage of that flexibility.
Install Safety Features
Living in a secure home can further reduce the cost of renters insurance. Ohio renters who install smoke detectors, deadbolt locks, or apartment security systems often qualify for safety discounts. Some companies take this a step further by offering reduced rates for buildings equipped with sprinkler systems or burglar alarms. Check with your insurer to see what safety measures will earn you a discount and consider upgrading your home security.
Shop Around for Quotes
Insurance rates aren’t uniform across providers. One insurance company’s “standard” rate could be significantly higher than another’s. Tools like Policygenius and The Zebra allow you to compare quotes from leading insurers side by side so that you can find the best deal for renters insurance in Ohio. It’s recommended to shop around every year or two to ensure you’re not paying more than necessary as rates and discounts may change over time.
Maintain a Good Credit Score
While this may not be a well-known factor, your credit score can impact how much you pay for renters insurance. Insurance companies in many states, Ohio included, use credit-based insurance scores to evaluate the risk of insuring you. By maintaining good credit, you can secure lower premiums. Simple steps like paying bills on time and keeping credit card balances low can positively impact your credit score and, in turn, your renters insurance rate.
Final Thoughts
Renters insurance in Ohio is already relatively affordable compared to the national average, but there’s always room to save. By bundling policies, raising deductibles, installing security features, and shopping for competitive rates, you can significantly reduce your renters insurance premium while maintaining strong coverage. Don’t forget to review your policy annually to ensure it still aligns with your needs and financial goals.