Compare Homeowners Insurance In Ohio
Ohio has produced seven presidents, giving the state the nickname “The Mother of Presidents”. The Buckeye State’s legacy goes beyond this. Ohio is known historically for being a pivotal crossroads between the Midwest and the Northeast. Hence its other nickname, “The Heart of It All”.
Ohio has three major metropolitan areas, Columbus, Cleveland, and Cincinnati. Plus, Ohio is home to companies such as Procter & Gamble, Goodyear, and Wendy’s. However, the home state of the Wright Brothers is as unique in its geography as it is in homeowners insurance risks.
Average Ohio Homeowners Insurance Rates
How much is home insurance in Ohio? Ohio has below average homeowners insurance rates compared to the rest of the country. The average cost of homeowners insurance in the state of Ohio was $819, considerably lower than the national average of $1,173. Only eight states have lower average home insurance rates.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Ohio Annual Average | $763 | $797 | $819 |
| Ohio Price Per Month | $63 | $66 | $68 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 43 | 43 | 43 |
| Source: Facts + Statistics: Homeowners insurance | |||
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.
Choosing a homeowners insurance company in Ohio should be easier. Actually, it’s already easy. The key to finding the best rates is to compare home insurance quotes in Ohio from multiple companies.
Most Popular Ohio Home Insurance Companies
Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Ohio. Out of the 34,684 Ohio homeowners that used QuoteWizard to request insurance quotes last year, 1,545 had no home insurance.
- Allstate
- Nationwide
- Progressive
- Liberty Mutual
- Geico
- Farmers
- American Family
- AAA
- Erie
- USAA
Best Homeowners Insurance Companies in Ohio
The above list shows Ohio’s most popular home insurers 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
Top Ohio Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Allstate | A+ | 10.5% |
| 2 | Nationwide Mutual | A+ | 8.7% |
| 3 | Liberty Mutual | A | 7.2% |
| 4 | Grange Mutual Casualty | A | 5.4% |
| 5 | Erie Insurance | A+ | 4.4% |
| 6 | Cincinnati Financial | A+ | 4.4% |
| 7 | Westfield Group | A | 4.0% |
| 8 | Auto-Owners Insurance | A++ | 3.1% |
| 9 | Farmers Insurance | A+ | 3.1% |
Ohio Home Insurance Rate Factors
There are several factors determine how your homeowners insurance is priced. Some, like the home you own, are within your control. Others, like burglary rates in your neighborhood, are beyond your control. Read on to learn about the factors that influence the cost of homeowners insurance in Ohio.
Your Personal Rate Factors
Your House
Home insurance prices depend on your house. Insurance risks stem from different factors and vary from home to home:
- Your home’s age. It’s no surprise that older homes have a higher chance of needing major repairs. Thus, people with older homes tend to pay more for insurance. 7 percent of OH homes were built in or before 1939, so plenty of state residents may face higher rates.
- The quality of your roof. Keeping your roof in good condition can lower your insurance rates, especially with region-appropriate material. Maintaining your roof can mean the difference between major and minor repairs after a storm. In OH, for example, keep rain gutters clear to prevent severe storms from damaging your roof.
- Your home’s replacement cost. Replacement cost refers to how much money it takes to rebuild your home from the ground up. Your dwelling/structure coverage should be equal to your home’s replacement cost, and that’s a big decider in how much you pay for insurance. Replacement cost isn’t directly linked to how much you bought your home for, but instead the home’s style and size. For example, a home in an expensive neighborhood in Cleveland could have a lower replacement cost than a home in a cheaper neighborhood in Cincinnati.
Claims History
People with claims on their record pay more for insurance. It takes anywhere from five to seven years for claims to leave your insurance record. If you file multiple claims during that time, your rates could skyrocket. That’s why homeowners avoid filing any unnecessary claims when possible.
Coverage Levels
Home insurance policy prices vary based on what (and how much) you want covered. Policies come with several different coverage options. For example, if you want extra coverage for your belongings, you’ll have to pay more. Coverage cost also depends on your home size. 20 percent of OH homes have six rooms, which increases average square footage.
Credit Score
Insurance companies will use your credit score as a factor in your home insurance rates. People with bad credit pay more for homeowners insurance. As a whole, Ohio residents have solid credit scores, the state has the 29th best average credit score in the country.
Ohio Rate Factors
Weather
Ohio is the 33rd most natural disaster-prone state in the country. That means that your state is relatively low-risk when it comes to weather that could damage your home. Areas with lower natural disaster risks also have lower home insurance rates. These risks also vary depending on where in the state you live. Cleveland is more prone to flooding, whereas towns in rural Ohio are more likely to be hit by tornadoes. Three Ohio cities made the cut for the top 10 safest cities in America from natural disasters.
Wherever you live in OH, there’s a chance you’ll encounter one of these natural disasters:
- Snow storms
- Tornadoes
- Flooding
- Earthquakes
There’s a risk of flooding in your state. Keep in mind that homeowners insurance policies don’t cover damages caused by flooding. Buy a separate policy that will cover your home in case of a flood.
According to Ohio.gov, there are steps you can take to prepare your home for a natural disaster.
- Buy flood insurance.
- Before a flood, move furniture and valuables to higher floors in your home.
- Remove diseased or damaged limbs from trees.
- Insulate walls and windows before a blizzard.
Property Crime
Burglary is a big risk for your home and your possessions. As such, areas with high property crime rates pay more for homeowners insurance. OH has the 27th highest property crime rate in the nation. In 2017, the average property crime rate in your state was 2,419.1 per 100,000 residents.
Ohio property crime rates vary across the state. For example, Cleveland has an average of 53.89 property crimes annually per 1,000 residents. Columbus has an average of 41.89 property crimes annually per 1,000 residents.
Similar to preventing weather damage, there are steps you can take to prevent a burglary in your home. These steps are: security cameras, deadbolt locks, alarms, and more. Taking these preventative measures can earn you an insurance discount.
Types of Home Insurance Policies
There are plenty of options for homeowners when it comes to choosing an insurance policy. In OH, you can choose from these insurance types:
- HO-1: This is the most basic home insurance policy. It covers all normal damages.
- HO-2: This policy covers everything in HO-1. Plus, it covers falling objects and damages to AC units, pipes, and other home systems. It is a broad level policy.
- HO-3: This policy covers all damages unless specifically excluded. That includes unattached structures. This is the most popular homeowners policy.
- HO-5: This policy comes with less property claim limitations and more coverage than HO-3. It is a premium policy and comprehensive policy like HO-3.
- HO-6: Designed for condo owners, this policy covers possessions and provides liability.
- HO-7: Are you a mobile homeowner? If so, this may be the best policy for you. It's like HO-3, but for mobile homes.
- HO-8: Homeowners with older abodes know their homes can require special attention. This policy is like HO-3 but designed for older homes.
Ohio Department of Insurance
- Website:
- Homepage
- Insurance Commissioner:
- Jillian Froment
- Insurance Hotline:
- (800) 686– 1526
- Office Hours:
- Monday - Friday
8:00 am to 5:00 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Ohio
- NAIC--Home Insurance Market Share in Ohio
- Average Home Insurance Rates in Ohio
- Average Home Listing Price in Ohio
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