Homeowners Insurance in Ohio

All you need to know about choosing a homeowner insurance company in Ohio.

Finding the Best Homeowners Insurance in Ohio

When you own a home, it is a significant investment and one that needs long term protection. The average homeownership rate in Ohio is 67.3 percent, which is slightly higher than the national average of 64.8 percent. This figure suggests that a sizeable number of residents in the own state homes. Insurance, therefore, becomes a vital subject to consider. A low rate is not sufficient in choosing an insurance provider. Companies that best combine discounts, reliability, customer service, operational policies, and price are the best options. Furthermore, the Buckeye state does not suffer from many natural disasters but consists of cities with varying weather conditions. As a result, choosing the best Ohio homeowner insurance firms to work with involves considering the various environmental factors that can damage your home. Homes around Lake Erie, for example, are more likely to experience tornadoes, and homes situated beside the Ohio River are more likely to get flooded. Floods are usually not covered, but everything from storms to strong winds can be insured with the right homeowner’s insurance policy. In essence, there are several factors to consider in deciding on the insurance firm that best suits you, and this article details all you need to know to make an informed choice.
Ohio Homeowners Insurance Cost Broken DownPrice
Yearly Cost of Homeowners Insurance in Ohio$1,067.00
Costs Per Month for Homeowners Insurance in Ohio$88.92

How Much is Homeowners Insurance in Ohio

On the 28th of May 2019, Memorial Day - a federal holiday in the United States for recognizing and mourning military members who have died while serving in the United States Armed Forces, became more sombre when 21 tornadoes hit the state. The impact was widespread, resulting in two deaths and costing over an estimated $1 billion in damages. It was the first natural disaster Ohio had experienced in years. But a timely reminder to homeowners that they do happen and that they need to ensure their homes against them. Irrespective, homeowner insurance rates in Ohio are some of the cheapest in the country. Other factors considered in determining insurance rates include Age of the house, Credit score, Marital status, Deductibles, and the Size of the house. According to value penguin, the state's average home insurance rate is about $1,214 per annum ($101 per month), which is over $200 below the national average of $1,445. The figures may vary depending on the methodology, but it is generally accepted that price rates are relatively fair. Cuyahoga Falls is the city with the lowest average home insurance rate, at about $956 per annum, over $200 below the mean state average. Homes in Findlay are considered the most expensive in the city, with premiums at about $1,377 per annum. Cincinnati Insurance Company offers the lowest prices in Ohio at $615 even though it doesn't provide the option of many discounts. Auto-Owners Insurance is the most expensive in the state - and by quite some distance, with premiums reaching as high as $2,928, more than twice the state average.

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Ohio Homeowners Insurance Laws

When Congress passed the McCarran-Ferguson Act in 1945, state legislatures are primarily responsible for establishing the extent of coverage and discount options available at an insurance outfit, basically determining their mode of operation in their respective states. Laws in Ohio do not mandate homeowners to insure their property, even though they are encouraged to. But if you must ensure the property, it must be at a premium that at least matches their mortgage amount. Most states have independent boards or commissions that oversee insurance companies doing business within their borders. The Ohio Department of insurance is the body responsible for protecting homeowner rights in Ohio, their experience with the insurance industry, and ensuring the reliability and efficiency of insurers. The Division regulates and licenses insurance agents, brokers, and other professionals; sets ethical and financial standards for insurance companies; and reviews rates. State laws also require that owners with certain breeds of dogs have at least $100,000 liability coverage on the policy, as the state ranks top among those with dog bite liability claims.

What Does Homeowners Insurance Cover in Ohio

Once an Ohio insurance provider is selected, the next question is what the homeowner insurance covers. The extent of coverage your provider offers you depends on the policy you choose to buy. A particular policy choice may cover some perils (any event that could damage your property) and exclude a few others. Thus, you must be fully aware of your policy plan before you commit to it. Each insurance company prepares its terms of the agreement, but most policies are similar. The form number on a typical policy usually includes one of the following labels. In an HO-2 & HO-4 The Broad Form, the policy contains a list of every covered peril. Any damage that results from a peril not listed, the firm will not pay for. HO-3 The Special Form is the most common type today. This type lists out all the hazards the policy does not cover. The policy will pay when the damage is caused by a hazard that is not on their excluded list. The HO-4 policy insures the contents of your rented home but not the building itself, and it also lists every covered peril. Simultaneously, the HO-5 Comprehensive policy covers most types of damage except earthquakes, wars, and floods. Typical exclusions include earthquakes and floods. Homeowners can make additional plans to cover for them.

Top Rated Homeowners Insurance Companies in Ohio Based on Ratings

There are many insurance companies in the United States, and a handful of them are within Ohio. Cincinnati Insurance Company is the top option in Ohio. They have an excellent customer satisfaction rating and command the state's cheapest premium, hence their popularity. The hugely popular HO-3 policy goes for as low as $615 at Cincinnati, and users have a handful of discount options available. Erie Insurance is another popular option in the state. Their average premium of about $844 offers Ohio homeowners the best value for coverage per dollar. The replacement cost included in their standard policy also makes them pretty attractive. Westfield, All-State Insurance, and Grange Insurance, as well as rank among the state's top providers. American Family Insurance offers many discount options concerning your home's age, making them the best choice for new homeowners. They also have great bundle offers if you have an additional policy like car insurance. However, Auto-Owners Insurance and All-State have some of the highest premiums in the state, the only two above the state average.

How to Lower Homeowners Insurance in Ohio

The price of homes has consistently increased over the years. So have the average homeowner's insurance rate. Insurance firms have various factors they consider in deciding on premiums, and the same applies to discounts. Some companies use factors such as previous claims filed and credit history to determine your premium. Some other cuts are related to the customer or their home's portfolio and some to the company's policies. If the insured home has features like Anti-theft and Alarm systems installed, insuring them attracts a discount. A new or renovated house and homes with storm-shutters and sturdy roofs that can resist hail attract most companies' discount. Companies also reward loyal customers when they renew their subscriptions, purchase more than one policy simultaneously, or set their subscriptions to auto-renewal. These encourage their customers to return and continue working with them. Deductibles also play a role in the eventual starting price for premiums. Thus, choosing a provider with a higher deductible can also lower the homeowner's insurance rate in Ohio. But you should only raise your deductible to an amount you can cover if you experience a loss.

Compare Homeowners Insurance in Ohio Before Buying

We have covered virtually all the key areas you need to cover in choosing a homeowner insurance company, the providers we consider best for you to review and how to reduce your insurance rate. For Ohio homeowners, you will be well served to choose an HO-3 policy with potentially add-on coverage for tornadoes, ice storms, and snowstorms. It would be good to shop around for a provider that meets your home’s unique needs at the best premium possible. Information on rates the top insurance companies charge and the comments existing customers have about their services are available on Ohio’s Department of Insurance website. Also, online resources, agents, and customer guides can give an idea of the price ranges charged by each firm. Consequently, you are encouraged to take advantage of all available resources and to evaluate your options carefully. Note that the best insurance for you is one that suits your needs and is within the limits of your budget.