By Megan Alley
Sun staff
A new study ranks Batavia among the lowest in the state when it comes to renters’ insurance rates.
According to ValuePenguin, the research group that conducted the study, Batavia comes in sixth out of 132 cities and towns with the most affordable renters’ insurance.
The average annual rate for renters’ insurance in Batavia is $288.
The study looked at the renters’ insurance quotes for a residence of 1,000 square feet on property with a value of at least $25,000 and $100,000 in liability coverage.
Dayton has the highest rates of all area communities, coming in at 130th and 11 percent above the benchmark mean for the state. The average annual rate for renters’ insurance in Dayton is $357. Other area cities that ranked poorly include Cincinnati at 128th and Yellow Springs coming in at 123rd.
The quotes were obtained from five of the major carriers that offer renters’ insurance in Ohio.
The rates provided were averaged to determine which cities were more expensive. The study determined that Toledo, the most expensive city, had a cost 17 percent higher than the cheapest city, which was Barberton.
The cost of a policy always depends on the value of the items being covered, but location also plays a role in the final cost. In some large cities, renters’ policies may cost more than in smaller cities.
Following this trend, the most expensive places to have renters’ insurance in Ohio are all large cities. But, while the cost of premiums in the top five most expensive cities is as much as 17 percent more than the rest of the state, that percentage difference is relatively low, according to the study.
An identical study in California found the premiums in the most expensive cities to be as high as 40 percent more than the rest of the state.
Michael Thrasher is a research analyst for ValuePenguin. Thrasher said ValuePenguin is a private, for-profit company, and that the study was conducted to give consumers added information.
“We are a true, third party company, and we’re consumer focused,” Thrasher said. “This study is an example of something we do, as we focus primarily on insurance.”
He added, “All the information is free and accessible to anyone on the internet. We gathered information that a lot of carriers already have.”
Thrasher said the study was conducted to match a similar study they conducted for homeowners’ insurance, and to get a better sense for what renters’ insurance was costing people.
“Renters’ insurance is pretty interesting,” he said. “While figures from 2014 show that more than 90 percent of homeowners have insurance, less than 40 percent of renters have renters’ insurance.”
He added, “Renters’ insurance policies are relatively inexpensive compared to homeowners.”
Thrasher explained that there are three types of coverage available to renters, which are property, liability and additional living expenses, which pays for housing and food in the event that a rental unit becomes uninhabitable.
“Generally, people underestimate the value of their personal items,” he said.
Thrasher said he hopes that people realize the benefits of having renters’ insurance, which he said is relatively affordable.
“I hope, in general, that people see that these are benefits that they can get, and probably need. I hope they consider it,” he said.
Laura and Joseph Naylor have been renting a house in Batavia since September 2014. Laura Naylor, a registered nurse, said she and Joseph Naylor have had renters’ insurance since they moved in together in 2012, when the two were living in West Virginia.
“We got renters insurance then because we were starting to purchase items for our household that we didn’t want to lose the value if something ever happened,” Laura Naylor said in an email. “We scheduled a few items to ensure they were covered completely should we have a fire, lose them, or have a burglary.”
She added, “We continued to carry that policy from place to place as we moved.”
Laura Naylor said the cost of renters’ insurance has stayed relatively the same, compared to her rate in West Virginia.
“I believe Batavia has a lot of people coming and going and people may not realize they can afford renters insurance,” she said.
Laura and Joseph Naylor pay $15 each month for renters’ insurance, which covers the entire house and all their belongings.
“Young people, new to the renting scene, may not realize renters insurance is available,” Laura Naylor said. “I don’t think there is enough known about insurance and most people may feel like they can’t afford it on an already fixed income.”
She added, “People with government assistance, too, may not realize they may qualify for renters insurance for a more inexpensive rate.”
Thrasher said that when it comes to securing renters’ insurance, he recommends customers shop around.
“It’s always worth speaking to different agents,” he said.
For more information about the study, visit www.valuepenguin.com/best-cheap-renters-insurance-ohio.