Find the Best Homeowners Insurance Rates and Companies in Ohio
The median home value in Ohio is over $212,000. If you own a home in Ohio, chances are your home is your most important asset. You’ll want to protect it from threats like fire, theft, vandalism, and severe weather. What’s more, you’ll want to protect your assets from the costs of lawsuits if you are sued for something that happens on your property. You can do this with homeowners insurance in Ohio.
An independent insurance agent can help you find the best home insurance in Ohio. Independent agents can help you get quotes from multiple insurance companies so that you can make the best choice for your needs and budget.
Best Homeowners Insurance Companies in Ohio
Several insurance companies in Ohio offer home, car, and business insurance. The following are some of the best homeowners insurance companies in Ohio. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Nationwide: Nationwide provides homeowners insurance and other popular types of insurance coverage in Ohio. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states.
- Ohio Mutual Insurance Group: Ohio Mutual traces its roots to 1901 when the Ohio Mutual Tornado, Cyclone, and Windstorm Insurance Association began providing insurance to property owners across Ohio. Based in Bucyrus, Ohio, today the company writes more than $200 million in premiums each year, covering homes, autos, farms, and commercial properties in seven states.
- Travelers: Travelers offers highly rated homeowners insurance in Ohio. It can meet your additional personal insurance needs with a full line of products including auto, boat, identity theft, umbrella, and other coverages.
- Safeco: Safeco has been protecting individuals and families since 1923. The company offers homeowners insurance in Ohio, as well as a comprehensive range of other personal insurance policies. Working through independent agents, Safeco makes it easy to get the best mix of coverage and pricing.
- Progressive: Progressive is based in Ohio and offers homeowners insurance across all 50 states. Ohio residents can look to Progressive for most of their personal insurance needs.
An independent insurance agent in your area can help you learn more about these and other homeowners insurance companies in OH. A local agent can help you get competitive quotes for the coverage that fits your insurance needs in Ohio.
What Homeowners Insurance in Ohio Can Cover
Homeowners insurance is designed to cover certain types of property damage in Ohio. The biggest risks to property in Ohio include severe storms and lightning, flooding and water damage, tornados, burglary and other property crimes, and heavy snow.
Ohio has even experienced quite a few natural disasters:
- Number of declared disasters in Ohio since 1953: 59
- Most common types of disasters in Ohio: Severe storms, floods, and tornados
- Average number of tornadoes per year in Ohio: 19
- Average amount of property damage claims per year in Ohio: $1,105,456,000
Homeowners insurance in Ohio typically covers much of the damage caused by natural disasters, including wind, rain, hail, and fire damage. It also covers damage and other losses caused by a break-in or vandalism. But keep in mind that home insurance in Ohio does not cover flood damage. For flood coverage, you’ll need to purchase a separate flood insurance policy.
Within a typical Ohio home insurance policy, you’ll find several coverage categories. These provide coverage for the inside and outside of your home according to your policy specifics. What’s more, your home insurance policy in Ohio covers expenses related to the temporary loss of use of your home after a covered event, and provides liability coverage for when you’re faced with a lawsuit or negligence claim.
A homeowners insurance policy typically categorizes coverage and coverage limits as follows:
- Dwelling coverage: Covers your house and attached structures. It also covers items like plumbing, heating, permanently installed air-conditioning systems, and electrical wiring.
- Other structures coverage: Protects other structures on the property such as detached garages, tool sheds, retaining walls, and so on.
- Contents coverage: Protects the contents of your home and other personal belongings owned by you or family members who live with you.
- Loss of use coverage: Helps you with additional living expenses if your home is damaged by a covered peril (e.g., a fire) and you cannot live in your home while repairs are being made. It typically covers expenses like housing, meals, storage, and more, as long as they are in line with your usual living expenses.
- Personal liability coverage: Provides coverage if you or a resident of your household is responsible for causing property damage or an injury to someone else.
A local independent insurance agent can help you find the best homeowners insurance in Ohio.
What Homeowners Insurance in Ohio Will Not Cover
All insurance policies exclude coverage for certain types of losses, and home insurance in Ohio is no different. It does not cover everything that can go wrong with your home or on your property.
First, the liability coverage in your homeowners insurance policy has certain limitations. If you hurt someone because of an intentional act, your liability coverage will not cover you. You can find all the exclusions to your liability coverage in your policy documents.
Moreover, your property coverage will not cover every type of property damage you might encounter. Almost all homeowners insurance policies in Ohio exclude coverage for property damage caused by the following:
- Ordinance or law (e.g., demolition or construction required to bring your house up to code)
- Earth movement (e.g., earthquakes, sinkholes, landslides)
- Water damage due to floods, sewer backups, and water that seeps through the foundation
- Power failure
- Nuclear hazard
- Intentional acts
- Governmental action (e.g., destruction, confiscation, or seizure of covered property by any governmental or public authority)
- Loss to property resulting from faulty zoning, bad repair or workmanship, faulty construction materials, and defective maintenance
To avoid any surprises down the road, be sure to understand what your home insurance in Ohio does and does not cover when you decide to purchase a policy.
Flood Damage in Ohio
Flooding can be a significant concern for many homeowners, but homeowners insurance in Ohio does not cover flood damage. It is important for Ohio homeowners to understand this.
Flooding can be a problem in some areas of Ohio. In fact, it is one of the top five risks for homeowners in the state. Some areas of the state will have a higher likelihood of flooding than others.
It’s important to discuss your need for supplemental flood insurance with your independent insurance agent to make sure you are safe.
If necessary, your agent can help you purchase flood insurance from the National Flood Insurance Program (NFIP), a program established by the federal government to help homeowners recover after a flood event.
Average Cost of Homeowners Insurance in Ohio
Ohio is the 43rd most expensive state for home insurance in the US. The average cost of homeowners coverage in Ohio is lower than the national average.
- National average yearly premium: $1,211
- Ohio average yearly premium: $862
Every insurance company has a different formula for calculating insurance premiums. They want to predict how risky you are to insure or how likely you are to file a costly claim. Your premiums reflect the level of risk specific to your home and its location.
If your property’s location comes with more hazards than most, expect to pay more. You will also pay more if your home will cost more to repair or rebuild than others. Insurance companies may evaluate the following risk factors to determine your home insurance cost in Ohio:
- The size, age, and value of your house
- Whether the property is your primary residence or a second home
- The number of stories in your house and whether it has a basement
- The crime, weather, and disaster risks in your area
- Your previous home insurance claims history
The best way to make sure you are getting the best price for your unique home is to compare quotes from multiple insurance companies. A local independent insurance agent can help you get home insurance quotes in Ohio.
Average Ohio Home Insurance Costs by City
Homeowners insurance costs vary from city to city just like they vary from home to home, and state to state. If you live in a city with a high crime rate or a history of natural disasters, you’ll likely pay more for homeowners insurance than someone who lives in a very safe city. Residents of larger cities often pay more than those who live in rural areas.
In Ohio, residents of towns with higher-than-average property values pay more for home insurance coverage than people who live in cities with lower property values.
Dublin, OH, for example, has high average property values ($373,470) and some of the highest average home insurance rates in the state ($1,589 per year). Meanwhile, residents of Garfield Heights, OH, pay much less for home insurance, on average ($507 per year), which coincides with much lower average property values ($76,310).