Ohio Home Insurance

When purchasing a home, insurance isn’t always at the top of the priority list. However, when disaster strikes, it’s home insurance that will come to the rescue by covering various losses and protecting your investment. Even if you rent rather than own a home, there are insurance policies available to protect your valuables. Shop around and learn more about what kind of policy would serve you best.

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Stats in Your State

Both owning and renting in Ohio have a similar pattern in terms of insurance premiums, and it’s well below the national average. In fact, Ohioans pay the 7th lowest homeowners premium price in the country. With affordable housing — median home prices in February 2013 were $129,000 — and relatively low insurance rates, protecting your assets should be an easy decision.

Homeowner Insurance Premiums

Home insurance premiums in Ohio rose along with the rest of the country from 1999 to 2008. Even with a similar rise, residents living in Ohio pay roughly $150 less than the national average, a pricing structure that should encourage more residents to invest in home insurance.

Renter Insurance Premiums

Renting, by nature, is not the same kind of investment as a home purchase, and therefore insurance is priced accordingly. Because renters don’t stand to lose as much in the event of damage, prices are much lower per year. Also, because real estate is much more sensitive to market shifts, renters insurance premiums don’t fluctuate to the same degree. Check out the graph below and see how Ohio residents come out on top with renters insurance.

Existing Home Sales

Following a similar pattern to the rest of the country, Ohio’s real estate market peaked in 2005 with 286,900 homes sold and finished off a bell curve in the years that followed, with a slight uptick in 2009. Even with the swell and dip of the market, Ohio homes remain in a top slot for the most affordable prices in the U.S.

Flood Insurance in Region

Ohio is home to several flood-prone rivers and because of that topography, it has a much higher rate of both claims and payments than its surrounding midwestern states. Between October 2011 and September 2012, Ohio recorded 1,543 claims and nearly $30 million in damages were paid out.

Homes Built

If you’re shopping around for a home, you’ll find a nearly equal distribution of houses from each decade. The smallest slice of the pie is homes built in 2005 or later, at just 3% of the total. Make sure to schedule a thorough home inspection if you’re looking at an older home to have a good handle on potential repair costs.

Rules in Your State

Whether you already own an insurance policy or you’re in the market for a new one, make sure you read through the terms to note what is and isn’t covered. In Ohio, pay special attention to policies surrounding water damage, hail, and other pertinent weather issues. In the event that something happens, you’ll have peace of mind if you fully know what will be covered by insurance.

Ohio Home Insurance

According to Ohio law, you can be held legally responsible for the actions of someone who drinks in your home and has an accident within your house or after leaving it. Read more here.

Losses covered in a standard homeowners insurance policy:

  • Tornadoes/windstorms/hail/lightning/fire
  • Burglary/theft
  • Injuries that occur to others on the insured property

Losses not covered in a standard homeowners insurance policy:

  • Floods
  • Earthquakes
  • Termites/pest infestation
  • Boat theft/damage
  • Car theft/damage
  • Pet injury/theft
  • Injuries that occur to yourself or your family in home
  • Read more tips from the Ohio Department of Insurance here.

Home Insurance Cancellations and Non-renewals

Insurers must give written notice of cancellation or nonrenewal 30 days prior to suspending one's policy. Insurers do not need to give notice in the event of a nonpayment of premium, evidence of arson, or providing false information on your insurance application or when filing a claim.

Representatives & Resources in Your State

Delving into the realm of homeowners insurance can be daunting at first, so The Simple Dollar has compiled a list of trustworthy resources and easy-to-use links. Explore the list below for aid in filing a complaint and to gain more information about the industry.

Ohio Department of Insurance
50 West Town Street
Third Floor – Suite 300
Columbus, Ohio 43215
Phone: (614) 644-2658
Get Directions

File a Complaint

Ohio Homeowners Resources
Learn more about flood insurance, homeowners policy options, renters insurance, and tips to create a home inventory checklist.

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