Toledo is a historically rich cultural and economic hub in northern Ohio. At 279,000 people and home to a major university, Toledo reportedly features the cheapest rent of any city in the country^, so it's no wonder that nearly half the city’s occupied units are rented rather than owned.† If you do rent in Toledo, you may want to consider purchasing renters insurance.
Renters insurance ensures that your personal belongings are protected, but it also protects your bank account if someone is injured in your home and sues or requires medical expenses. Read on to learn more about why renters insurance makes sense for Toledo residents.
Best renters insurance in Toledo
Insurance Company | Monthly Cost - $500 Deductible | Monthly Cost - $1,000 Deductible |
|---|---|---|
State Farm | N/A† | $17.17 |
Allstate | $23.00 | $21.00 |
Travelers | $28.00 | $25.00 |
Stillwater | $17.33 | $13.03 |
Lemonade† | $10.92 | $9.59 |
† No $500 deductible option in Toledo 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 | $20,000.00 | $20,000 | $30,000 | $20,000 | $20,000 |
Liability Coverage | $100,000.00 | $100,000 | $100,000 | $100,000 | $100,000 |
Medical payments to others | $1,000.00 | $1,000 | $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.
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 Toledo?
While renters insurance is not legally required in Toledo or the state of Ohio, landlords and management companies are granted the power to require renters insurance as terms for signing the lease. When applying for a residence, always be sure to double-check with the broker or landlord about renters insurance before signing.
It's also worth remembering that although renters insurance may not be legally required, it’s a cheap way to protect your stuff and — god forbid someone is injured in your home — will save you the legal headache at the end of the day. Having liability coverage alone is reason enough for you to think about investing in renters insurance.
Reasons to buy renters insurance in Toledo
Renters insurance is among some of the most affordable insurance types to buy, and considering your most cherished personal belongings are typically stored in your residence or storage units, it should be a no-brainer in any city.
In 2016, Toledo experienced 7,081 instances of theft and 3,381 instances of burglary, adding up to a per-capita property crime rate that was higher than the national average.‡ If you live in Toledo, you may want to consider renters insurance as a safeguard.
Crime States in Toledo
-- | Toledo incidents | Toledo rates* | Nationwide incidents | Nationwide rate* |
|---|---|---|---|---|
Larceny | 7,081 | 2,542.5 | 5,638,455 | 1,745.0 |
Burglary | 3,381 | 1,213.97 | 1,515,096 | 468.9 |
Arson | 0 | 0 | 43,119 | 13.3 |
-- | *per 100,000 people |
Did you know that renters insurance also protects your belongings if they’re damaged by certain weather hazards? Luckily for Toledo residents, renters insurance covers wind and weight of snow damage during those harsh winters.
Renters insurance covers a good chunk of weather-related perils, but doesn’t cover flooding or tornados; those perils require their own, separate insurance coverage.
Helpful resources
Toledo residents looking for more information on renters rights and resources should check out the following:
The Fair Housing Center: Nonprofit civil rights focused organized dedicated to ending housing discrimination and promoting fair and safe housing opportunities for the underprivileged.
University of Toledo Student Legal Resources: Housing resources and legal-aid for University of Toledo students. College students are often renting for the first time, and this department seeks to curb the exploitation that is rampant in student housing.
Tenant Based Rental Assistance: Program started by the Toledo Division of Housing and Neighborhood Development that provides financial assistance to tenants who can’t afford rent.
^ CBS News
‡ FBI CDE
