Compare Homeowners Insurance in Columbus
Are you a homeowner in the Columbus area? Or are you thinking of making a move to Columbus, Ohio? If so, consider the cost of homeowners insurance rates in the area.
Housing prices in Columbus, OH are increasing. The city was recently ranked the fifth hottest housing market in the US. When the value of a home increases, the price of home insurance can rise alongside it. Some Columbus residents may see a spike in the price of their premiums.
Research and proper planning are necessary to get the best homeowners policy and price in Columbus, OH.
Average Columbus Home Insurance Rates
How much is home insurance in Columbus. Using data from QuoteWizard users in Columbus, we created this 'average' home:
- 2,103 square foot home built in 1976
- One story
- 3 bedrooms and 2 bathrooms
- Composite shingle roof
- Deadbolt locks
- Fire extinguishers
Using this house, we gathered quotes from top insurance companies. Remember, homeowners insurance is unique to each person and his or her insurance needs. Your policy details and price may differ from our sample home. With that in mind, here is the average rate for a Columbus homeowners insurance policy:
The graph below shows the change in average Ohio home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Ohio homeowners insurance rates increased from $644 in 2011 to $819 in 2015, a jump of $175 dollars, or 27.17 percent.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Columbus, Ohio.
Last year, many people used QuoteWizard to compare compare home insurance quotes in Columbus, OH from multiple companies.
Best Home Insurance Companies in Columbus, OH
Most Popular Insurance Companies
Below you will find a list of the most popular home insurance companies among Columbus QuoteWizard users:
- State Farm
- Liberty Mutual
- Country Financial
Best Insurance Companies
The above list shows the most popular home insurers in Columbus, Ohio according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Columbus Home Insurance Rate Factors
Insurance companies use many elements to estimate your home insurance policy. Some of these are out of your control. We’ve listed some of the most common factors that decide your insurance rates, below:
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- Your home's age: Older homes can increase your home insurance rates. Why? Over time, your home sustains normal wear and tear that requires maintenance. If homeowners don’t regularly maintain their house, those issues will stack up. Insurers know that residents in old houses – especially poorly maintained ones – are more likely to file a claim. Our research shows that the average Columbus home was built in 1976. For a home, that’s not too old. But it is old enough that issues like cracked foundations, faulty wiring, and out-of-date plumbing can present serious problems. If you have an old home, be prepared to face higher rates.
- Previous claims: It’s no secret that filing claims affects your insurance rates. Filing a single claim is enough to raise your rates – sometimes as high as 20 percent! Even claims filed by your home’s previous owner can hurt your insurance rates. How? Insurance agents can get a C.L.U. E report that will detail your claims history and your homes claims history for the past seven years. They believe that residents and homes with a history of claims are more likely to file additional claims. If you file multiple claims, your insurance company may label you as high risk. They will raise your rates or, in some cases, refuse to renew your policy.
- Natural disasters: Insurers charge higher rates for home insurance policies in disaster-prone areas. Fortunately, Columbus residents don’t have too much extreme weather to worry about. The city experiences a variety of weather conditions. That includes the occasional snowstorm and tornado. But the inclement weather is spare enough that it shouldn’t play a major role in the price of your premium.
- Coverage amounts: Picking the right coverage amounts is a crucial factor in the cost of your home insurance. The more coverage you choose, the more your home insurance premium costs. Remember: being underinsured leads to extra out-of-pocket costs if something happens to your home. While saving on your monthly premium is great, it’s possible that you end up losing money overall through out-of-pocket costs in the event that you need to file a claim. If you can afford it, buy a comprehensive policy for the first year and then reassess during every renewal.
- Home security and crime: Insurers rely on the crime rates in your area to price your policy. If crime is high in your area, it will be reflected in your monthly premium. That’s especially true with property crime like break-ins and vandalism. In 2017, Columbus residents 38,924 crimes, over 34,000 of which were property crimes. Due to the high property crime rate in Columbus homeowners can expect to pay higher home insurance premiums. There are plenty of things you can do to lower your premiums by making your home more secure.
- Credit history: Credit history can play a key role in the cost of your home insurance rates. Insurers use credit scoring when pricing your policy. This means that people with bad credit pay more home insurance – up to 90 percent more, in some cases. Credit history and credit score could prove to be a problem for Columbus residents. Of 100 metropolitan areas ranked, Columbus was ranked 65th with an average credit score of 654. That’s not great.
Types of Homeowners Insurance
Most states have the most basic coverage options available for homeowners. We have listed those insurance types below:
- HO-1: Basic insurance covering normal damages
- HO-2: Broad homeowners insurance that covers everything in HO-1. Also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless specifically excluded. Also covers unattached structures and liability.
- HO-4: Provides belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3. Expands coverage and has fewer limitations for property claims. This is a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
9 Ways to Save Money on Homeowners Insurance in Columbus
Don’t pay more than you need to. Listed below are the most tried and true ways to save monthly on home insurance in Columbus:
- Secure Your Home: Security systems can help you identify and stop potential disasters before they happen. From alarms and cameras to advanced smoke and carbon monoxide detectors, there are many ways to use technology to make your home safer. Insurance companies love to see homeowners taking preventive measures and award those who do so with solid discounts.
- Shop around: It’s easy to find an insurance company and never shop around again. Buying insurance is a hassle, so why spend more time than necessary. However, if you don't see what else is out there, you’re probably losing money. A great tactic to cut on the cost of home insurance is shopping around. Even if you don’t end up switching, you can see if your insurance is the best choice for your needs. Plus, each insurer offers a great variety of different rates and discounts. Compare quotes, and you could start saving today.
- Improve your credit score: Columbus residents may not have the best average credit scores, but there are ways to improve. Paying off debts, paying your monthly credit card bill in full, and refinancing existing debts can improve your credit score. Doing this will raise your credit score and (hopefully) lower your home insurance rates.
- Lump sum: If you pay for a year or six months’ worth of insurance at once, you can score a decent discount. It helps your insurer cut down on billing and administrative costs. Of course, doing so requires having the financial ability to do so, which isn’t a reality for every homeowner.
- Renovate: The age and condition of your home can raise the price of your home insurance. Upgrading your home with new appliances, wiring, and plumbing helps decrease your chances of needing to file a claim. Depending on your home, you can also replace your roof, redo your windows, repair your foundations, and more. Be aware that remodeling can increase your home's value. Doing so may require you to purchase additional insurance coverage.
- Redo your roof: In areas prone to natural disasters, your home's roof is the first layer of defense. Constant wind and winter snow storms can wear away at your roof overtime. Considering Columbus’ snowy winters, a good quality roof is necessary. Install a high-quality roof to protect your home from weather-related damage, and you may qualify for discounts
- Avoid claims: Unfortunately, filing a claim causes your insurance premiums to jump. If you file multiple claims in a year, your insurer may label you as a high-risk. High-risk individuals always pay more for insurance, and in some cases, they’re entirely unable to purchase coverage. So always consider whether an incident is minor, and whether you should file a claim.
- Raise your deductible: When your deductible goes up, your premium goes down -- it’s that simple. Your deductible is the out-of-pocket costs you must first pay before insurance will cover the damage to your home. This can be a great cost savings tip if you are looking for ways to save monthly. So, consider your personal needs, and budget and a higher deductible could make sense for you. Remember: a higher deductible means you pay more out-of-pocket costs in the event of a claim.
- Bundle: One of the fastest and easiest ways to save on insurance is to bundle multiple insurance policies. If you bundle your homeowners insurance with your auto insurance, for example, you can quickly save 20 percent on your premium.
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