Best cheap homeowners insurance in Cleveland
Cleveland has a rich history and robust cultural life, and 41.6% of residents own their own homes in the city. The city struggles with crime, though, and winter weather challenges make a solid homeowners insurance policy a must.
The average rate of homeowners insurance for a $250K dwelling is $1,165, which is below the national average of $1,312. To find the cheapest home insurance in Cleveland, Bankrate looked at cost, customer service and financial stability.
Best cheap home insurance companies Cleveland
We looked at which Cleveland home insurance providers had the lowest average premium rates in Cleveland, rankings as well as consumer watchdog agencies such as J.D. Power & Associates, and available coverage options and discounts. The following five came out on top.
|Home insurance company||Average annual premium for $250K liability||J.D. Power customer satisfaction score|
Auto-Owners has the lowest annual average premium of any of our choices, at $865 for $250K of coverage. That’s $300 less than the Cleveland average. It scores near the top of J.D. Power’s influential Home Insurance Study, which monitors customer satisfaction.
Auto-Owners is especially well-suited for those with high-value homes, as it offers additional coverages for elements like service line repair, boats and off-road vehicles, and special personal property, which offers more protection than the average policy for your belongings.
Learn more: Auto-Owners Insurance review
AmFam offers low rates for Cleveland homeowners, well below the average for the city. The company has decent ratings with consumer watchdog organizations, and an “A” rating from AM Best, which monitors financial soundness.
You will find a handful of optional coverages at American Family, including equipment breakdown, matching siding protection, and sump pump and water backup. There are also discounts that can bring your cost down even more, including a loyalty discount, new home discount and a discount having done a home system renovation in the past 15 years.
Learn more: American Family Insurance review
Allstate’s average rates are on the low side, and the company has a good reputation for solid and professional customer service. It features some nice extras: for example, the company’s Claim Rateguard, an optional feature, means your premium will not go up just because you file a claim.
Allstate has a robust lineup of optional coverages, from identity theft restoration to electronic data recovery. You may find discounts for bundling your homeowner insurance with auto, having a good payment history and a claim-free discount that rewards you up to 20% if you switch to Allstate without a recent home insurance claim.
Learn more: Allstate Insurance review
Although it’s not at the top of the list for low premiums or customer service, State Farm has respectable, better-than-average scores for both. Its website is among the best in the industry and features an informative blog that helps you learn more about your insurance and homeownership.
State Farm does have fewer discounts than some insurers, but the ones it has may still save some money. Discounts include for bundling, having a home alert system and using impact-resistant roofing products.
Learn more: State Farm Insurance review
Even though it has the highest average price of our top five, Nationwide’s premium costs are still below the Cleveland average. In addition to standard liability and dwelling coverage, it has optional coverage endorsements including identity theft, replacement cost plus (which pays up to an additional 20% of your property limit if your home needs to be rebuilt) and flood insurance.
Your rate may be lower than Nationwide’s average if you are eligible for discounts. Possible discounts include one for being claims-free, doing home or roof renovations or living in a gated community discount.
Learn more: Nationwide Insurance review
Home insurance options in Cleveland
Homeowners insurance in Cleveland is not required by law. Your mortgage banker, however, may require you to carry a policy. A simple standard policy will cover your dwelling, belongings and other structures, as well as liability, from a list of named perils, including fire, wind and hail damage. Optional riders, or endorsements, include the following:
- Flood insurance: If you live in a flood zone, flood insurance is a must-have — and it is not included in regular homeowners policies. Your insurer may sell policies that are offered through the National Flood Insurance Program, and they are worth considering if your property is near any body of water.
- Identity theft restoration: Identity theft is becoming increasingly common, and many insurers offer protection to cover the legal fees and other costs you may incur if your identity is stolen. This may be part of your base policy or an extra endorsement.
- Scheduled personal property: this optional coverage provides a higher level of support to cover valuable items such as jewelry, antiques or fine art. You may also find coverage options specifically for sports equipment, musical instruments, or electronics.
Home insurance discounts in Cleveland
One tool in the homeowner’s tool kit when looking for the best cheap home insurance in Cleveland is the option of using discounts to lower your premium costs. Most insurers offer at least a few, and they are often easy to earn.
Here are a few that are commonly offered for Cleveland homeowners:
- Loyalty discount: You may be able to save 5-10% by switching to a new insurer, or there may be a discount if you have been a policyholder for a certain number of years.
- Bundling: Almost every insurer offers a small discount if you purchase more than one policy from them, such as home and auto or home and life.
- Online policy management: If you agree to receive insurance documents via email rather than postal mail, you may save 5% or more. You may also save by paying your bill online.
- Protective devices: Anything that protects your home from damage should earn you a discount. This includes smoke detectors, burglar alarms, and sprinkler systems.
Every insurer’s discount list is unique to that company, and the amount of the discount varies from insurer to insurer, but these common discounts are found most often with large national companies such as Allstate and State Farm.
Frequently asked questions
What is the best home insurance company?
The best insurer for you is the one that offers the most extensive coverage options at the lowest price and with the best customer service. There are a number of great insurers writing policies in Cleveland, so your best bet is to call several and work with an agent to get some quotes to compare.
How much does home insurance in Cleveland cost?
The average cost of home insurance in Cleveland is $1,165 for a $250K property. Your own cost will most likely differ. The premium price is determined by multiple factors, including your home’s location and age, what it is made of, and your own credit rating.
How much home insurance do I need in Cleveland?
You need enough home insurance so that you would be able to rebuild if a disaster struck and destroyed your home. This amount is not necessarily your home’s market value but is instead related to the cost of construction in your region per square foot. If you are just purchasing your home, your realtor can help you determine this amount, as can your insurance agent.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homeowners in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2021 Quadrant Information Services data.