Home insurance costs in Ohio 2021

Home insurance costs in Ohio

 

Homeowners in Ohio live all the four seasons and can enjoy lower than national average housing costs. While it is considered among the best places to live in the U.S., with every kind of amenities one may seek, you should still think about your home safety, as well as financial stability in the long term, if you want to get the most out of life in your State. Home insurance accomplishes both at the same time, and Ohio isn’t certainly immune to events that can seriously be harmful to your property and its contents. It is important to know which perils can involve your residence, making sure that your policy can provide coverage from those, and with proper amounts.

Situated inside the continent, but not too far from the eastern coastal side, Ohio is affected by residual windstorms that originate from the Ocean, so that it faces tornadoes frequently, but also suffers from floods because of the presence of rivers that can rise after high winds and heavy rains. Snow and ice create issues for homeowners in the winter, and even earthquakes have manifested in recent years.

 

The likely and severity of these hazards influence the home insurance premiums: our analysis* found an average cost in Ohio of $1,198 per year. That is $100 a month, an affordable expense for most homeowners. We obtained quotes from major companies as Allstate, American Family, Auto Owners, Chubb, Erie, Farmers, Liberty Mutual, Nationwide, Progressive, Statefarm, Travelers, and USAA, then averaged them. These are well-established servicers in Ohio, and receive high scores from top rating institutions like J.D. Power, AM Best, and Better Business Bureau.

The premium is going to vary based on several factors like size and age of the house, its insured value, the city in which it is, construction materials, precise location, etc. In the table below, you see details about home samples for ten of the most populous cities in Ohio.

Every house is insured for a dwelling coverage close, but not equal, to the median home value. In fact, your premium will have to cover the home replacement cost (which is different from the purchase price), in case of damage or loss. These rates are intended for a $1,000 deductible and $300,000 liability.

 

City Median home value Square ft Premium
Columbus
$280,000
1,875
$1,245
Cleveland
$280,000
1,685
$1,215
Cincinnati
$205,000
1,770
$1,105
Toledo
$150,000
1,465
$1,060
Akron
$150,000
1,330
$905
Dayton
$135,000
1,430
$1,030
Canton
$130,000
1,355
$980
Youngstown
$170,000
1,440
$985
Lorain
$170,000
1,675
$990
Hamilton
$170,000
1,420
$1,080

 

 

 

What coverages do you need in Ohio?

 
 

An H0-3 policy is the most bought insurance and covers most of the perils that homeowners in Ohio may encounter. Wind, hail, thunder, snow/ice, fire, and theft are all included. However, you must know how and to which extent your policy will protect your house, and that some other hazards, like floods and earthquakes, are excluded from a standard package.

A flood insurance is required by mortgage lenders for residents near some major rivers like Cuyahoga, and the Ohio River. The State is surrounded by waters, and even the big cities can be interested in costly damaging floodings, so this coverage is recommended anyway. Flood insurance is an extra policy that can be easily purchased through most companies that participate in the National Flood Insurance Program (NFIP), run by the Federal Emergency Management Agency. On its website, you can locate your house on flood maps to see if you are in a high-risk area. Alternatively, you can turn to specialized local insurance companies, that generally offer lower rates than NFIP and more choice on the limits of coverages, but you will have more research to do by yourself. An average cost of flood insurance in Ohio is almost $1,100 yearly**, but you will pay much less if you don’t reside in a high-risk area: likely $700 for a moderate zone, less than $500 and down to roughly $125 in a low-risk zone.

Tornadoes are a major concern for homeowners of Ohio. They hit the State more times only in the last two years, and will likely continue to do so, causing considerable damages. Fortunately, there’s no such thing as tornado insurance, because wind is named cover peril that you find specified in your policy paperwork.

Earthquakes can also occur because the State lies on a fault: there were six earthquakes in 2017, as reported from the Ohio Department of Natural Resources. This is not a covered peril at a standard level, but if you can afford it, you would need to buy earthquake insurance from a dedicated company. In Ohio, the cost for earthquake insurance is about 25 cents for every $1,000 of dwelling coverage on a brick house, and 47 cents per $1,000 if it’s a frame building. For instance, if you have a masonry house (brick) and insure it for $200,000, your basic rate is $50 per year, which will be adjusted for the risk factor of your location.

Snow and ice accumulation in the cold season is also troublesome, especially because of the damage they might cause to the roof, and flash floods can be sometimes triggered by their melting. That is especially true for the northern counties: every sudden and accidental damage related to snow and ice, as well as liability coverage, are part of the standard policy offer.

 

How can you save on home insurance in Ohio?

On balance, you may find yourself overwhelmed by the amount to be shelled out for fully insuring your home. However, you can take many steps to lower your premium: some factors under your control are intrinsic to the house, others are financial tips.

 

  • Keep your roof updated and whole: your roof is the king element of a safe house. If it’s made with poor materials or already damaged, it can be blown out by tornadoes, crashed by thunders, or by the weight of snow: making your insurer know that the roof is in check, that can be assessed by a contractor, will contribute to decreasing the premium.
  • Make adjustments or renovations to your house, over time: maintaining the interiors modern is a way to tell insurers you are taking care of your home, that you are not neglecting it, and this will be rewarded. For instance, you can change the furnishings, replacing windows or shutters with stronger ones, or make use of fire-proof materials.
  • Adopt mitigation measures against tornadoes: use special anchor systems for the roofs, installing automatic shutters, cutting branches of trees outside the home. Companies apply discounts if they verify you took action.
  • Likewise, be prepared for floods: while the best measure would be elevating the foundation, you can also seal your roof deck previously to the storm seasons, or filling any gap around the possible access points for water into the house.
  • Prevent fire: install smoke alarms, equip yourself with a fire extinguisher if one is not within reach, and remove useless objects that can light a blaze. This is one of the most basic, yet effective ways to get a cheaper policy.
  • Prevent theft: if you have a high worth property, and/or in certain districts of your city, expect to be at higher risk than average, and to receive a costlier premium accordingly. Using alarms, surveillance systems, special locks, and vaults will do the trick.
  • Don’t file unnecessary claims: it makes increasing premiums more than anything else. Little expenses are best settled on your own.
  • Avoid holding aggressive pets, like certain dog races: liability for dog bites can be very costly, and insurers tend to raise premiums considerably for such animal owners.
  • Take care of your credit history: insurers use the credit score as a parameter to determine if you will be a good payer, or are likely to ask for settlements. A good score is between 670 and 739: everything below or above the range will affect the premium, so it’s always better to improve your financial status.

If you are a new homeowner, there are more generic recommendations, to begin with:

 

  • Shop from multiple insurance carriers, so to compare their quotes and choose the most convenient for you: look not just to price, but to what you get in turn. Sometimes you will find the right compromise between cost and quality of service, and the final choice has to be made on your priorities.
  • Bundle home and car insurance together, but always look at your policy specifications.
  • Raise your deductible: that will be what you pay off your own money in case of a claim, prior to any reimbursement coming into play.
  • Stay with the same insurer, at least in the very first years, is almost a certain way to save.

The first point can’t be stressed enough. Use our tool to get your first estimate of the annual premium, and check out the coverages, how much you can vary your premium by changing the deductible, all without leaving your personal data. Then, you will be ready to obtain quotes from the most trusted and affordable companies in Ohio.

*Methodology: we aggregated and averaged multiple quotes for every city of the State, assuming a 35 years old individual, married, with a good credit score. Our effort is to keep data always updated and the most accurate possible, so as to satisfy at best the consumer’s expectations.

**based on publicly available official data

What are the best insurance companies in Ohio?

 

From our findings, we can recommend these options:

 

  • Allstate: best for excellent customer resources, options (three policy types: “standard, choice, premium”), identity theft coverage, low deductibles, high levels of protection, number of discounts
  • Nationwide: best for customer service, timely payouts, competitive rates
  • Statefarm: best for customer satisfaction, personalized quotes
  • Liberty Mutual: best for settling claims.