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.

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.

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.