Finding a home insurance policy at an affordable price is a priority for most homeowners. Comparison shopping is the best way to find reasonable rates in your area. We evaluated average rates to help you find the best homeowners insurance in Ohio.

Cheap Home Insurance in Ohio Cost Comparison

Home insurance company Average annual home insurance cost in Ohio
Ohio Mutual
$769
Cincinnati Financial
$915
$989
$1,004
Western Reserve
$1,079
$1,112
$1,132
$1,137
Westfield
$1,149
$1,207
$1,258
Grange Mutual
$1,294
$1,386
$1,576
Encova
$1,657
Source: Quadrant Information Services, based on dwelling coverage of $300,000

It’s wise to compare home insurance quotes if your goal is to find cheap homeowners insurance. As you can see from our analysis, home insurance costs can vary significantly from one insurance company to the next. You won’t know how much you can save without comparison shopping.

But don’t ignore what each company has to offer beyond price. The best homeowners insurance company for you will also offer coverages and home insurance discounts that meet your specific needs.

Ohio Homeowners Insurance Cost Factors

Finding cheap homeowners insurance in Ohio will depend on the following factors:

  • The year your home was built
  • The type of materials that make up your home, such as masonry or wood
  • The overall cost to rebuild your home
  • Your chosen deductible
  • The policy’s coverage and limits
  • The fire-rating in your ZIP code
  • The home’s claims history
  • The homeowner’s personal claims history
  • Your credit

 

What Does Ohio Homeowners Insurance Cover?

Standard homeowner insurance policies (HO-3) cover your home, personal property, attached and unattached structures, as well as liability, medical costs and living expenses.

Windstorms or hail and tornadoes are just some of the problems covered by home insurance.

Common exclusions to HO-3 include earthquakes, war, nuclear hazard, wear and tear, sinkholes, power failure and vermin and insect infestations.

It’s prudent to review how home insurance works to protect you before you decide how much home insurance you need.

Homeowners insurance policies are divided into the following coverage types:

  • Dwelling: This section of your policy covers your home and any attached structures, like a garage or porch.
  • Other structures: Structures not attached to your home (like a barn or fence) are covered by your homeowner’s policy. For example, if a tree falls on your fence, this coverage would pay for repairs.
  • Medical payments to others: This section of your homeowners insurance covers minor injuries with small medical claims made by a non-household member, regardless of fault. For example, if a guest breaks their nose by walking into your sliding glass door, this coverage could pay for their trip to urgent care. Depending on the policy, medical coverage is generally capped between $1,000 to $5,000.
  • Liability: This coverage helps pay for damage and injuries accidentally caused by you to others. For example, if a guest trips on a broken stair, your liability insurance can pay for medical bills and a court settlement and legal fees if you’re sued. It also covers the cost of your legal defense.
  • Personal property: The contents of your home—for instance your clothing, jewelry, furniture and appliances—are covered if damaged or stolen, up to your policy limits. For example, if a thief broke into your house, your policy would cover the stolen items.
  • Additional living expenses: This section of your policy covers expenses when you are not able to live in your home due to a covered problem (like a fire). Additional living expenses coverage covers costs such as hotel rates, pet boarding, laundry services and meals.

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What’s Not Covered by Ohio Homeowners Insurance?

A standard homeowners insurance policy excludes earthquakes, floods, nuclear hazard, war, intentional loss, sinkholes and insect infestation.

To be best prepared make sure you read your policy thoroughly so you understand what is excluded from your policy.

 

Flood Insurance in Ohio

Flood damage is not covered by a standard homeowners insurance policy. Considering Ohio residents can face hundreds of floods every year, you may want to buy flood insurance if your property is at risk.

Federal assistance after a disaster can be limited. It’s a good idea to have your own flood insurance to rely on. Most people get flood insurance through the National Flood Insurance Program (NFIP), a federal program. You can also buy flood insurance through the private market.

FEMA’s Individuals and Household Program (IHP) can provide monetary and direct assistance after a major disaster or emergency (if you qualify). This program helps folks find housing after a problem directly caused by a disaster and that’s not covered by insurance or other sources.

 

Tips for Buying Homeowners Insurance in Ohio

When purchasing homeowners insurance, whether you are a first-time homeowner or looking to make a change, you will want to get a good price without sacrificing necessary coverage. Here are some things to keep in mind when shopping for home insurance:

  • Compare prices in your area. Shop around for the best price with the best coverage. The same policy can vary greatly in price among insurers. A good reminder, especially when moving, is that your previous insurer might not be the best option in your new neighborhood and with your new home.
  • Choose a plan with a strong financial rating. Financial strength from your insurer could determine whether your bank approves your mortgage. It is important to seek out companies with at least an “A” from A.M. Best or Standard & Poor’s.
  • Get a true estimate of rebuilding costs. Your insurance agent or a reliable contractor will be able to give a true estimate of the costs to rebuild your home with material and labor for your area. The dwelling section of your policy should be equal to this estimate.
  • Consider additional coverage. You can buy optional coverage types (such as damage from water backup) to help close any coverage gaps in your policy.
  • Determine liability coverage. A good rule of thumb is to buy enough liability insurance to cover your assets, or at least $300,000.
  • Ask about discounts. There are several discounts available for homeowners insurance you might qualify for. For example, some insurers offer discounts for home security and safety systems, wiring and roof upgrades and for buying your car insurance from the same company.
  • Consider actual replacement cost coverage rather than actual cash value. Replacement cost coverage will pay for new items if your belongings are damaged, while actual cash value only pays the depreciated value of your items.
  • Look into coverage for high-value items. Standard homeowners insurance puts limits on high ticket items, sometimes as low as $1,500 for jewelry or artwork. If you have an important heirloom or a collection it might be a good idea to consider scheduling personal property.

 

Methodology

Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.