When you’re chowing down on a cup of Cincinnati chili, you don’t want to be worrying about your belongings back home. If you’re a renter, you want to make sure your personal property is covered in the event that someone steals your stuff. Renters insurance also protects against bad weather conditions that damage or destroy your stuff.
Cincy citizens should consider getting renters insurance even they don’t think they have much to insure. That’s because renters insurance is a relatively cheap way to replace items that would be very expensive to replace, like a laptop or jewelry. Read on to learn more about why renters insurance makes sense for Cincinnati residents.
Best renters insurance in Cincinnati
Insurance Company | Monthly Cost - $500 Deductible | Monthly Cost - $1,000 Deductible |
|---|---|---|
State Farm | Check with carrier | $10.92 |
Allstate | $22.00 | $20.00 |
Travelers | $22.00 | $20.00 |
Stillwater | $17.33 | $13.08 |
Lemonade | $10.92 | $9.59 |
Methodology: We pulled renters insurance quotes online from five of the most popular insurance companies: State Farm, Lemonade, Allstate, Travelers and Stillwater. Quotes were for policies with $500 and $1,000 deductibles for a 30-year-old male apartment renter. We deferred to the most comparable coverage amounts when identical policies were unavailable.
Coverage type | State Farm | Allstate | Travelers | Stillwater | Lemonade |
|---|---|---|---|---|---|
Property Coverage | $20,000 | $20,000.00 | $30,000 | $20,000 | $20,000 |
Liability Coverage | $100,000.00 | $100,000.00 | $100,000 | $100,000 | $100,000 |
Medical payments to others | $1,000.00 | $1,000.00 | $1,000 | $2,000 | $1,000 |
Understanding renters insurance quotes
Renters insurance is about far more than just protecting your personal property. Here’s a rundown of the components you should look for in a policy when comparing renters insurance rates.
Property coverage: reimbursement for lost, stolen, or damaged property, both in your home and outside of it.
Liability coverage: covers legal expenses in the event someone is injured in your residence and they sue you.
Loss of use: covers temporary living expenses if your residence becomes uninhabitable.
Medical payments to others: covers medical costs in the event that someone is injured in your residence and requires medical treatment.
We’ve got a full explainer of what renters insurance covers here.
Is renters insurance legally required in Cincinnati?
Renters insurance is not legally required by Cincinnati law. However, your landlord may require that you purchase a renters insurance policy under the terms of your lease agreement.
Reasons to buy renters insurance in Cincinnati
Because renters insurance is so affordable, it doesn’t make sense to go without it if you don’t think you can afford to replace your belongings out of pocket. Since burglary, larceny, and arson are all covered perils in your renters insurance policy, we’ve taken a look at how those property crime rates in Cincinnati stack up against the rest of the country.
2016 Crime Statistics in Cincinnati
Cincinnati incidents | Cincinnati rate* | Nationwide incidents | Nationwide rate* | |
|---|---|---|---|---|
Larceny | 10,257 | 3,432.7 | 5,638,455 | 1,745.0 |
Burglary | 3,934 | 1,316.6 | 1,515,096 | 468.9 |
Arson | 485 | 162.3 | 43,119 | 13.3 |
*per 100,000 people |
Weather and natural hazards are another reason to consider renters insurance.
Did you know that if your pipes burst or your roof falls through as a result of weighty snow and ice — subsequently damaging your stuff — that it’s covered by renters insurance? This, and other weather-related extremities are a great reason for Cincinnati residents to consider renter’s insurance.
Helpful resources
Cincinnati residents with the itch to learn more about renters rights and resources should check out the following:
HOME: Backronym for Housing Opportunities Made Equal, HOME is a Cincy-based, non-profit tenant rights and advocacy group that works to eliminate unlawful housing discrimination.
Save the Dream Ohio: Legal resources, affordable housing options, and rental assistance for renters and prospective renters in Cincinnati.