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Are you protecting one of your biggest investment? Getting a comprehensive home insurance policy is a vital part of responsible home ownership. Fortunately, finding the right home insurance policy has never been easier, thanks to Obrella. Connect with knowledgeable insurance experts who can point you to offerings from top regional providers and answer any questions you might have in one simple call. With their grasp of Ohio home insurance options, they can help you find the perfect policy. They can even bind your policy over the phone!

Ohio Home Insurance Costs

In Ohio, homeowners insurance has an average cost of $721 in insurance premiums each year. That puts Ohio more than $300 below the national average cost of homeowners insurance at $1,034 annually. These low homeowners insurance rates make Ohio the seventh most affordable state for home insurance premiums. Our experts can help you find the best, cost-effective homeowners policy to protect your home and meet your budget.

  • Median Home Value: 138,800
  • Household Income: 49,644
  • Percent of Income on Home Ownership: 26.00%

On average, Ohio residents spend 26% of their household income on home ownership. With a median household income of $48,081, Ohio has the 11th lowest home ownership costs across the nation. The median home value in Ohio is $130,800, and the average household size is 2.4 people.

As an Ohio homeowner, you understand the importance of protecting your investment. An insurance expert can help you compare and find the perfect homeowners insurance policy so you can best take care of your home and family. Call [mapi-phone-link /] to start comparing home insurance quotes in Ohio.

How are Ohio home insurance premiums determined?

Insurance companies calculate the cost of your home insurance policy by considering various factors. These factors include everything from the size and age of your home to crime rates and housing prices in the surrounding community. Premiums can also be affected by environmental factors, such as the likelihood of floods, tornadoes, or earthquakes in your region. Even things like your credit score and add-ons such as a swimming pool or a guest house on your property may affect the cost of your insurance premiums.

What do all of these details have in common? These elements combine to determine the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your premium. You do have some control over these risks, however. For instance, installing extra safety features like motion-sensor lights, security systems, or surveillance cameras can result in a lower annual premium because there is less of a chance that your insurance company will have to pay for stolen property. You can also ask your insurance provider if they offer a bundling discount for combining an auto insurance policy with homeowners insurance.

What kind of homeowners insurance is available in Ohio?

Many home insurance companies in Ohio give you a range of coverage options to choose from; here are a few examples:

  • HO-1: Limited Coverage
    • An HO-1 policy provides protection against any of the first 10 classified disasters: fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. In most states, however, this type of policy is no longer available.
  • HO-2: Basic Policy
    • In the event of any of the 16 classified disasters, an HO-2 policy will give you basic protection.
  • HO-3: Standard, most popular
    • The majority of people in Ohio purchase this type of policy because of its extensive coverage and relatively few exceptions.
  • HO-8: Older Home
    • As homes age, the cost of repairs to the house may exceed the actual market value of the house. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Moreover, older houses may not be eligible for plans that cover the full replacement cost of the home in the event of a total loss.

What will standard Ohio homeowners insurance cover?

It’s important to know what your policy covers. Typically, home insurance policies specify certain situations in which the insurance company will reimburse you for damage. This means that your home insurance coverage won’t give you blanket coverage for anything and everything if the situation isn’t specifically covered in your policy, you won’t get reimbursed for damages. So, if an earthquake caused part of your home to collapse, you can only get reimbursed for the damage if your policy specifically includes earthquake coverage. Check out the definitions of some of the most common home insurance coverages below:

  • Coverage A – Dwelling
    • Covers damages to a home and any structures attached to the home, including damage to plumbing, wiring, heating, and permanent air-conditioning systems.
  • Coverage B – Other Structures
    • Other Structures coverage protects any structures that are not connected to the home. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • Personal Property coverage reimburses homeowners for the value of damaged, lost, or stolen belongings, including furniture, clothing, computers, and TVs. This coverage even extends to items that were not lost, stolen, or damaged on the homeowner’s property—such as items in a storage unit.
  • Coverage D – Loss of Use
    • If home repairs prevent you from inhabiting your house, Loss of Use coverage will cover your living expenses for the duration of the repair process.
  • Coverage E – Personal Liability
    • In the event of a lawsuit in which the homeowner is deemed accountable for another person’s injuries or sustained damages, Personal Liability will cover the homeowner’s monetary losses.
  • Coverage F – Medical Payments to Others
    • Takes care of the medical costs of anyone injured by the homeowner’s pets or anyone injured on the homeowner’s property.

Talk to your insurance provider about what is excluded from your policy. For instance, your insurer might require you to have a separate flood insurance policy. You don’t want to file a claim for flood damages only to be told this isn’t covered by your standard policy. 

Some homeowners might also want higher coverage limits than what is offered by standard homeowners policies. For instance, if you keep expensive items like jewelry or musical instruments, you might want to increase your personal property coverage limits.

What Ohio insurance resources are available?

Ohio Department of Insurance :Regulates insurance agents and companies that are licensed to sell insurance throughout the state. If you have a question about your home insurance or an agent/company you’ve been working with, the department has Consumer Services Representatives available to help. If you have a complaint about an insurance agent or company in Ohio, the department will investigate and help find a resolution.

Overwhelmed by your home insurance coverage choices? Don’t be, just use Obrella! It’s easy to find the perfect coverage and the lowest rates for your needs with a quick phone call to one of our independent agents. Not only will you have an opportunity to get all of your home insurance questions answered, but insurance professionals can make it their mission to understand your needs and help you discover the best policy options for you. They can even bind your policy over the phone! With Obrella, you can shop for home insurance without the hassle.

To better understand your home insurance policy options in Ohio, call [mapi-phone-link /].

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