Ohio homeowners are not required to buy homeowners insurance. However, a policy is likely to be required if you have a home loan or mortgage. Ohio home insurance is $1,111 annually, which works out to about $93 per monthly for $250,000 of dwelling coverage. The Buckeye State is not immune to winter and summer storms that can increase the cost of property insurance.
Bankrate may help you find the best Ohio homeowners insurance. Our editorial team analyzed the market share of Ohio’s largest home insurance companies and determined average premiums, available coverages and third-party ratings. This will help you choose the right company for your needs.
The best home insurance companies of Ohio
We first obtained the average premium information for Ohio’s major insurance companies from Quadrant Information Services to help us decide which companies we would feature. J.D. We also considered J.D.
These companies could be a good place to start if you’re looking for Ohio’s best homeowners insurance.
Allstate
Allstate offers one of the lowest average home insurance premiums in Ohio, as well as an above-industry-average J.D. Customers are generally happy with their service, which is known as the Power rating. Allstate offers many optional coverages that can help you customize your policy to meet your needs. These include electronic data recovery coverage, water back coverage, and coverage for sports equipment. There are also discounts offered by Allstate, such as a claim-free discount, early signing discount, and a new homebuyer discount.
Auto-Owners
Auto-Owners, a regional carrier, is available only in 26 states including Ohio. The policies are customizable and include optional coverages such as equipment breakdown, home replacement cost, identity theft coverage, and guaranteed home replacement cost. There are many discounts offered by the company, including savings for customers with automatic backup generators, customers without mortgages, and paperless policies.
Buckeye Insurance Group
Buckeye, a regional insurer that serves customers all over the Midwest, may have more local agents who can better serve homeowners in this area of Ohio. This company has the lowest homeowners insurance premium in Ohio. There are many identity theft endorsements that you can add to your policy to meet your specific needs. These include identity fraud for mobile apps and equipment breakdown coverage.
Farmers
Farmers has the highest premium among the companies we have reviewed, but it may still be a good option for your insurance needs. The company offers policies at three levels: premier, enhanced, and standard. You can add or remove coverages from any package. Farmers offers optional coverages such as Eco-Rebuild and identity theft. Farmers also advertises their multi-policy discount to help you maximize the value and benefits of your policies.
State Farm
State Farm has a network that includes local agents in Ohio. There is a good chance that a State Farm agent is located close to you if you prefer to deal with your home insurance directly. Although the company’s Ohio home insurance premium average is slightly higher than that of the state, this premium can be used to allow you to add additional coverages to your policy. Ting is a mobile network service that State Farm partners up with to offer a free device that can help you identify a problem in your home’s wiring and prevent it from causing a fire.
What is the cost of Ohio homeowners insurance?
Ohio homeowners insurance costs an average of $1,111 per annual for $250,000 worth dwelling coverage. This is lower than the national average $1,312/year. In the Midwest, homeowners insurance is reasonably priced. In Indiana, homeowners pay on average $1,150 per year for the same coverage, while Michigan homeowners pay $11,120 annually.
Although Ohio is susceptible to year-round storm damage, it is not as common as other states in the U.S. Because of the low cost of living in Ohio, the cost of repair and rebuilding might be lower than in other areas of the country.
Ohio home insurance
Each state has its own requirements when it comes to homeowners’ insurance. You can determine which optional coverages you should purchase by looking at the most common losses. Knowing the facts about Ohio home insurance can help you make better insurance decisions.
Common Loss Causes in Ohio
Ohio has a lower risk of property loss than other states. However, there are still risks that you should consider when purchasing home insurance.
- Tornadoes ( Tornado Alley): The state is susceptible to tornadoes . According to the Insurance Information Institute, the average annual number of these tornadoes is 19 according to Triple-I.
- Winter storms in Ohio: Ohio winters can be harsh with freezing temperatures, heavy snows, and ice storms. Winter storms can cause power disruptions, roof damage, roof damage, and frozen or burst pipes.
- Flooding: All Ohio areas are at risk of flooding, but floods can be particularly severe in the southern part.
Understanding the most common causes of Ohio property damage will help you choose coverages that protect you from costly repairs or replacement.
Ohio offers a variety of home insurance options
Homeowners insurance protects you financially from the cost of replacing or repairing your home following a covered loss. You can select the right coverage after you have learned about the most common causes of loss in your region.
- Wind coverage Ohio homeowners insurance policies typically cover damage from tornadoes and high winds.
- Home insurance policies that cover snow and ice weight coverage will usually cover the damage from snow and ice.
- Flood insurance Homeowners insurance doesn’t usually cover flooding damage. You will need to buy a separate flood insurance policy that is underwritten by FEMA’s National Flood Insurance Program, or a private insurer. This coverage is offered by some homeowners insurance companies as an endorsement for flood insurance.
A licensed agent can help you understand the coverage and give advice. An agent can evaluate your situation and recommend coverages that will suit your needs.
Questions frequently asked
What is the best Ohio homeowners insurance?
Based on your needs, the best Ohio homeowners insurer will differ. It is possible that you are looking for the lowest price, specific coverages, or special policy features. Knowing what you want from your insurance policy can help you narrow down the list of potential insurance companies. To find the best fit for your needs, you can request quotes from multiple companies.
How can I get Ohio homeowners insurance?
It is easy to get homeowners insurance. After you have identified what you want, you can request quotes for several companies. Triple-I recommends that you request at least three quotes in order to compare pricing and coverages. This can be done online or by calling the companies. A local agent may also help you. Most likely, you will need to provide some basic information about yourself and your home such as your address, birth date, year of construction, and age of your roof in order to get accurate quotes.
It is helpful to have a basic understanding of the coverages that you are interested in purchasing. However, an agent should be able help you select coverages. Once you have chosen a carrier, your agent or company representative will guide you through the next steps.
Ohio homeowners insurance: Is it required?
Although homeowners insurance is not required by law, your lender may require that you purchase one if you have a home loan or mortgage. In the event that your home is destroyed, you will need at least sufficient dwelling coverage to cover the loan. The Triple-I recommends that you have sufficient coverage to replace your home in the event of a major loss.
