Best cheap homeowners insurance in Toledo

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Toledo, Ohio, is a great place to live for many people: it has a thriving arts community, excellent health care options and great sports teams. If you are one of 50.4% of residents who live in the city and own their own home, you know how important it is to have good homeowner insurance in Toledo. The average cost of homeowners insurance in Toledo is $1,113 per year for a $250K dwelling coverage policy, according to Bankrate’s study of quoted annual premiums.

The cost of homeowners insurance in Toledo is about the same as the Ohio average, which is $1,111 per year, but somewhat below the national average of $1,312 per year. Toledo is not prone to natural disasters and its crime rate is not terribly high, so insurers are often able to offer low-cost insurance coverage to residents. Bankrate gathered up-to-date premiums from Quadrant Information Services for some of the best and cheapest homeowners insurance companies in the area, some of which include Auto-Owners and Allstate.

Best cheap home insurance companies Toledo

Our insurance editorial team looked at several factors to find the best cheap home insurance in Toledo, including 2021 quoted premiums, customer service and range of discounts and coverage options. In the end, we zeroed in on five companies writing excellent policies for residents of Toledo. To find cheap home insurance, Toledo homeowners may consider getting quotes from Auto-Owners, Allstate, American Family, Nationwide and State Farm.

Home insurance company Average annual premium for $250k liability J.D. Power score
Auto-Owners $867 843/1,000
Allstate $912 829/1,000
American Family $1,002 821/1,000
Nationwide $1,171 808/1,000
State Farm $1,312 829/1,000

Auto-Owners

Auto-Owners quotes the cheapest home insurance premium in Toledo on average at $867 per year, $246 below the Toledo average. A generous list of a dozen discounts can bring your rate down even lower. The company also earns the third position in the 2020 J.D. Power Home Insurance Study for customer satisfaction. This means you can typically expect professional, efficient service when paying your bill, making a claim or doing any other insurance business.

Learn more: Auto-Owners Insurance review

Allstate

Allstate’s rates also fall below Toledo’s averages by several hundred dollars. The company has been writing policies since 1931, and is the second-largest homeowners insurance company in the U.S., after State Farm. Allstate offers an excellent range of optional coverages, called endorsements, that allow you to build out your policy, including increased limits for yard and garden, identity theft restoration and water or sump pump backup.

Learn more: Allstate Insurance review

American Family

American Family’s — also known as AmFam — policies cover you for a range of mishaps, from fire and smoke to theft as well as offering liability coverage in the event of a lawsuit against you. You can add extra coverage for things like equipment breakdown, siding protection and credit theft protection. Policies are reasonably priced and have standard discounts available, such as a bundling discount if you have more than one policy, a newer home discount and a loyalty discount. One of their more unique discounts is a generational one: if you are between 18 and 30 years old and your parents have an American Family policy, you could automatically earn a discount.

Learn more: American Family Insurance review

Nationwide

Nationwide’s home insurance includes the expected standard protections and even credit card coverage for unauthorized transactions. While credit card coverage is optional for many insurers, there is no additional fee to have it as part of your Nationwide policy.

Optional endorsements include replacement cost plus, which adds up to 20% to your property coverage limits if needed, as well as earthquake and flood insurance. There are generous discounts for bundling, protective devices like smoke detectors and a discount if you renovate your home’s plumbing, heating, cooling or electrical systems.

Learn more: Nationwide Insurance review

State Farm

State Farm controls nearly 18% of the U.S. homeowners insurance market and there are some good reasons for its popularity. The company has an easy-to-use website that allows you to conduct your insurance business easily online. If you do need to talk to a rep, its reputation for good customer service helps ensure that policyholders will have a positive experience.

Although State Farm’s average rate is on the high end among our chosen insurers, there are discounts for bundling, fire and burglar detection systems and a roofing discount if you use impact-resistant roofing materials.

Learn more: State Farm Insurance review

Toledo home insurance recommendations

Home insurance is not required by law in Ohio, but having a good policy could save you thousands of dollars in case of a covered event. If you have a mortgage, you may be required to carry a policy. A basic HO-3 policy (the most common type) has coverage for liability, your buildings and your belongings. Here are some common endorsements that you may add to your policy:

  • Flood insurance: If you live in a flood zone, or near any body of water that could overflow, extra flood insurance is typically required since flood coverage is not part of a standard insurance policy. It can be purchased through the National Flood Insurance Program (NFIP).
  • Identity fraud: It is becoming more common in the U.S. for people to suffer from identity theft and fraud. This coverage helps pay legal fees, wages, and other expenses while you regain your financial identity.
  • Valuable items coverage: Personal property is generally covered by a standard policy up to a point. However, if you have valuable items such as jewelry or fine art, you may need additional coverage to be able to fully recover from their loss.

Home insurance discounts in Toledo

Discounts can play a big role in determining annual premiums for homeowners insurance in Toledo. Almost every insurer offers at least a few, which are easy to earn in many cases. Here are some of the more common ones in Toledo:

  • Protective devices: Insurers generally reward features that make you less likely to file a claim on your home. Smoke detectors, sprinkler systems and burglar alarms will often net you a discount.
  • Loyalty: If you have been with your insurer for a certain number of years — often three to five — your loyalty to the company may be rewarded with a small discount.
  • Automatic payments: Setting up your account to automatically pay your bill each month is discount-worthy for some insurers.
  • Bundling: One common discount results when you have more than one policy with a single company. Usually, this is homeowners insurance bundled with auto insurance.

Any of these discounts can save you a considerable amount on your premium. If you are eligible for more than one, it could mean significant savings on your insurance costs.

Frequently asked questions

What is the best home insurance company?

The insurance company that is best for you may not be the same one that’s best for your neighbor. That is why it is important to gather several quotes when looking for the best homeowners insurance so you can determine who will offer you the lowest rates.

How much does home insurance in Toledo cost?

The average cost of homeowners insurance in Toledo is $1,113 for $250K of dwelling coverage. Your actual premium factors in several aspects unique to you, such as your home’s address, condition and age and your own age and credit rating.

How much home insurance do I need in Toledo?

It helps to have enough home insurance in Toledo so that you can rebuild if something unfortunate, such as a fire, leveled your home. It may help to research construction costs in your area to help determine this amount. Your insurance agent can also help you determine how much you should insure your home for.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers 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 will differ.

Written by
Mary Van Keuren
Insurance Contributor
Mary Van Keuren has written for insurance domains such as Bankrate.com, Coverage.com and Thesimpledollar.com for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including reviews.com and myslumberyard.com. Prior to that, she worked as a writer in academia for several decades.
Edited by
Insurance Editor