The Best and Cheapest Renters Insurance in Cleveland, OH, for 2024: Rankings, Reviews and Rates

bestrenters insuranceCleveland

2024

The Cheapest and Best Renters Insurance in Cleveland

Cheapest renters insurance in Cleveland - USAA

Best renters insurance in Cleveland - USAA

When shopping for the best renters insurance in Cleveland it is important to consider the cost since most companies offer similar coverages. You can compare renters insurance quotes to help you find the best option. You can also research the most affordable renters insurance providers.

The cheapest renters insurance companies in Cleveland for the average consumer are:

• USAA: $64 per year (only available to current and former military members and their families)
• State Farm: $172 per year

USAA policyholders get even better value for their money because all USAA renters policies reimburse you for lost property at replacement cost. USAA policies also cover flood and earthquake damage.

The prices used in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual costs may differ. You can use the table below to check the actual cost by adjusting the personal property coverage limits.

If you are an Ohio resident living outside of Cleveland, you can also compare the renters insurance rates for Ohio as a whole.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

USAA

Score:100

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by MoneyGeek

5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA offers the best combination of value and quality. It is consistently one of the cheapest options across the country, but it also offers superior coverage benefits. USAA policies cover flood and earthquake damage, unlike other companies. You also get reimbursement at replacement cost, which means you can get the same quality of items that you lost.

More About USAA

While only available to current and former military members and their families, USAA is MoneyGeek’s top pick because it scores the highest across all categories.

2

State Farm

Score:84

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4/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

State Farm consistently provides the cheapest policies in the country without compromising on quality. Its renters insurance has unique features like the option to increase coverage limits for valuable items. You can also choose to have inflation coverage which ensures that your coverage limits increase with time.

More About State Farm

State Farm is the runner-up based on its high ratings in affordability and customer satisfaction. This makes it the best option for those not eligible for USAA.

3

Allstate

Score:82

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by MoneyGeek

4/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

4

American Family Insurance

Score:78

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by MoneyGeek

3.7/5

Affordability

4.2/5

User Satisfaction

4/5

Financial Stability

5

Lemonade

Score:75

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by MoneyGeek

3.9/5

Affordability

3.5/5

User Satisfaction

3.5/5

Financial Stability

6

Nationwide

Score:75

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by MoneyGeek

3.3/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

7

Farmers

Score:71

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by MoneyGeek

3/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

The average cost of renters insurance in Cleveland is $136 per year. Compared to the national average, which is $159 per year, renters insurance in Cleveland is cheaper by an average of $23.

The cost of renters insurance is dependent on a variety of factors. The following factors will have the most impact on the cost of your policy.

1. Personal property coverage amount - The coverage amount you want to purchase is the most important factor in determining the cost of your renters insurance. A high coverage amount will attract higher premiums than a low coverage amount. This means that your renters insurance cost will increase proportionately with the value of property covered.

2. Location – Your renters insurance premiums will be affected by where you live in Cleveland. If you live in a high-risk neighborhood with high crime rates, you are likely to pay more for your policy. Renters in safer neighborhoods will attract lower premiums because the associated risk is also low.

3. Deductible – A deductible is a fee that you pay the insurer when filing a claim. If you select a high deductible, your premiums will be lower compared to someone with a low deductible. When your deductible is low, the insurer pays more to replace your items hence the higher premiums.

4. Actual Cash Value (ACV) vs. Replacement Cost Value (RCV) – When you file a claim, you can be reimbursed the actual cash value (ACV) or the replacement cost value (RCV). An ACV policy factors in the depreciation to your property value over time and pays less. A replacement value policy does not factor in depreciation and reimburses you for the same value and quality of item lost. Since RCV policies pay more, they typically cost more than ACV policies.

5. Liability coverage amount – Your liability coverage amount will have a minimal effect on the cost of your renters insurance. In most cases, you can add thousands to the standard $100,000 liability coverage by only paying a few extra dollars a year.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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While renters insurance is not legally required in Cleveland, some landlords may mandate it as a requirement for tenancy. That said, MoneyGeek recommends purchasing a policy since it is a low-cost way to protect your belongings.

While renters insurance is not legally required in Cleveland, some landlords may mandate it as a requirement for tenancy. That said, MoneyGeek recommends purchasing a policy since it is a low-cost way to protect your belongings.

Renters insurance protects renters in case they lose their property. According to the FBI, Cleveland had a property crime rate of 3740 per 100,000 people in 2019, which is 98% above the national average. This means that Cleveland renters face a high risk of property loss due to crimes such as theft making renters insurance essential.

Renters insurance also helps to cover property loss incurred due to weather damage, fire and other unexpected events. In Cleveland, renters insurance will typically cover the following:

• Personal property coverage – The contents of your home are covered under your renters policy. This means in cases of fire, theft and other specified risks, you can claim reimbursement for any property lost.
• Additional living expenses – If your home becomes uninhabitable due to occurrences such as fire, your renters insurance will take care of the additional living expenses incurred.
• Liability insurance – Your renters insurance provides liability coverage, which covers you in the event someone is injured on your property. The insurer will handle any resulting lawsuits and legal expenses incurred.
• Medical payments coverage – In cases where someone sustains injuries in your rental, your renters insurance policy will cover the medical costs incurred.

When purchasing your renters insurance, it is important to understand what risks are not covered under the policy. Certain things are covered, but others are not.

Your renters insurance covers the property or contents within your home, but not the structure. Your landlord needs to have separate insurance for the structure or building.

Renters insurance does not cover property damage due to flooding. However, renters can choose to buy incremental insurance to cover flooding through the National Flood Insurance Program (NFIP).

Renters insurance does not cover car damage, roommate possessions or damage from earthquakes. Jewelry or similar items that exceed the value of the policy limit are not covered.

Make sure that you read your policies carefully as terms and conditions may vary.

When shopping for renters insurance, cost and quality of coverage are the most important factors. Some of the most commonly asked questions regarding renters insurance in Cleveland include:

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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