Best Home Insurance Rates In Ohio

On average, your neighbors pay $68 a month.

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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.

Ohio Average Annual Homeowners 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: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-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.

Ohio average homeowners insurance rates

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.

Best Home Insurance Companies in Ohio

Most Popular 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.

  1. Allstate
  2. Nationwide
  3. Progressive
  4. Liberty Mutual
  5. Geico
  6. Farmers
  7. American Family
  8. AAA
  9. Erie
  10. USAA
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Best Homeowners Insurance Companies

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:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top 10 Ohio Home Insurance Company Market Share

Source: Insurance Information Institute
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%

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Ohio.

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Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Ohio, the average listing price is $164,003 as of July 2015, far lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums. That's because the likelihood that someone will need to file a claim is higher. In 2013, Ohio’s average burglary rate was 790.2 per 100,000 people. That's much higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Ohio, there are 25.7 law enforcement personnel per 100,000 total citizens, which is slightly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Ohio’s unique location between the Northeast and the Midwest leads to some unique homeowners insurance hazards. While not technically part of Tornado Alley, Ohio does experience some tornadoes. Summers are quite humid, while winters are very cold, with the occasional blizzard.

Cold winters: Ohio averages about 30 days of snow per year, with about 28 inches of snow annually. Although northern Ohio is generally snowier than southern Ohio. In Cleveland, in the northern part of the state, the average snowfall is 47 days per year, on average, and about 68 inches of snow. But, in the south, Cincinnati averages only 10 days of snow per year, and about 11 inches of snow. Ohio is ranked the #4 most snowstorm-prone state, with 2.6 days of blizzards on average every year.

Blizzards are characterized by heavy snowfall and strong winds for a number of hours on end. Serious blizzards can cause whiteouts, completely shutting down cities, and forcing people to stay inside. The extreme winds that accelerate these storms are considered a homeowners insurance hazard. That's because they can damage property and cause personal harm or even death. Improperly insulated and older homes are especially at risk.

Humid summers: Summers in Ohio are warm, but not extremely hot. On average, July is the hottest month of the year, with high temperatures above 80 degrees throughout Ohio. Southern Ohio gets hotter than northern Ohio--about 87 degrees compared to about 83 degrees. What makes Ohio summers a home insurance hazard is not the heat alone, but the humidity as well. In summertime, it can be quite high, on average about 85% humidity in July. If humidity gets trapped inside, it can lead to mold and mildew build up.

Tornadoes: Ohio is east of Tornado Alley, but it still experiences a number of tornadoes every year. In 2012, the National Weather Service ranked Ohio the #15 most tornado-prone state. And, according to the National Oceanic and Atmospheric Administration, Ohio averages 16 tornadoes per year. Though this is much lower than some other states, Ohio’s tornadoes are more deadly, on average causing five deaths per year. This high ratio means that the tornadoes that hit Ohio are more powerful than average. A massive F5 tornado devastated the town of Xenia, Ohio in 1974.

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:

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