Ohio (OH) homeowners insurance
Maintaining Ohio home insurance coverage that covers the value of your home and the estimated cost of rebuilding protects your real estate investment.
Homeowners in Ohio pay slightly more than the national average to insure residences against property damage and loss. The statewide risks of severe winter weather and tornadoes along with high crime rates in some cities are factors for property owners to consider when selecting Ohio homeowners insurance. The VIU by HUB comparison tool can help you consider the benefits and costs of policies and customize the level of home coverage for your residence in the Buckeye State.
Ohio ranks 24th in the United States by land area, while being the seventh most populous and 10th most densely populated state. The estimated population of Ohio in 2022 was 11,756,058. As of 2021, owned homes account for 66.3% of residences in Ohio. There are several significant risks to residences in this state, ranging from winter weather to severe storms and other regional hazards:
• The lake effect in Northern Ohio set a record in 1996 with 68.9 inches of snowfall over six days.
• There were 33 tornadoes in 2022 totaling $6,637,750 of property damage.
• The Ohio River flood in 2018 was the biggest flood event in 20 years.
Other regions of the state have unique risks. Out of 88 counties in Ohio, 37 counties are home to over 6,000 abandoned underground coal mines that can cause nearby structures to sink into the ground.
Home insurance policies that cover theft and vandalism are also beneficial for residents of Ohio cities that have high crime rates. Cleveland is the second largest city in Ohio and has a crime rate that is 5.5 times the state average and 4.3 times the national average. Dayton, the sixth largest city in Ohio, has a 110% higher crime rate than the national average. Homeowners insurance that covers Personal Property is beneficial for residents of areas with high rates of theft and vandalism.
The state of Ohio does not have laws mandating homeowners insurance. Financial institutions often require property owners who hold mortgages to maintain home insurance coverage. Most lenders require home buyers to have Broad, Special or Comprehensive homeowners insurance. And most homeowners do not have the financial wherewithal to pay for rebuilding their home after a disaster without insurance.
Mine Subsidence Insurance is mandatory for homeowners in 26 eastern and southeastern Ohio counties. Optional coverage is available in 11 additional counties. Learn more about Mine Subsidence Insurance from the Ohio Department of Natural Resources.
Ohio residents who live near Lake Erie or the Ohio River may also want to consider additional coverage. The lake effect can cause heavy snowfall that could lead to roof collapses and other risks associated with extreme winter weather. Most homeowners insurance policies exclude flood damage. Coverage through the National Flood Insurance Program or a private insurer can cover damage caused by rising surface water.
Ohio homeowners can customize their level of coverage with a wide variety of policy options. In addition to selecting the right level of home insurance coverage for the value of your home, your policy can also cover personal property or liability. The following types of policies and endorsements go beyond basic homeowners coverage.
Many Basic, Broad and Special Form home insurance only cover the dwelling on an Actual Cash Value basis, which is defined as the replacement value of the dwelling minus depreciation. Property owners can choose comprehensive policies that cover the replacement cost for repairing damage or replacing the dwelling, up to policy limits. VIU by HUB makes it easy to compare the costs of Ohio homeowners insurance policies that provide different levels of coverage.
Add-ons for coverage for detached garages, tool sheds and other outdoor structures are also available in homeowners insurance policies. You can customize your level of coverage using VIU by HUB to reduce out-of-pocket costs to fix damage from covered perils or rebuild structures other than your primary dwelling.
Broad, Special and Comprehensive Form policies can cover Personal Property. Review your policy to make sure coverage is available for relevant risks to the contents of your home and that the limits for personal belongings are appropriate. You may want to obtain additional coverage for high-value assets such as antiques, art or jewelry.
Liability coverage in your homeowners insurance provides protection for legal liability for injuries guests or visitors might sustain on your property. Medical Payments coverage is available to reduce out-of-pocket expenses for medical payments to others for accidental injuries regardless of fault. Umbrella policies are also an option because they provide additional liability limits over and above the liability limits in your homeowners policy.
Insurers consider several factors when calculating the cost of homeowners insurance. The value of your home and the level of coverage you select will determine the range of quotes for homeowners policies. Here are some other important factors for determining the monthly and annual cost of coverage for your home:
• Home location.
• Age of home.
• Type of construction.
• Policy deductibles.
• Security features.
The average cost of homeowners insurance in Ohio is $150 a month or $1,800 a year. The annual cost is about $300 a year more than the national average.
VIU by HUB makes it easy to get quotes from top-rated insurers and customize your level of coverage. You may pay more for homeowners insurance if you select a special or comprehensive form policy or are insuring a high-value home. Policies that have higher deductibles tend to have lower monthly and annual rates. Make sure to select a policy with deductibles that you can afford.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
American Meteorological Society
Understand risks, minimum state coverage requirements, average costs and other specifics that can impact home insurance policies and premium rates in your city.
