The Average Cost of Homeowners Insurance in Ohio
by Jane Meggitt
The Average Cost of Homeowners Insurance in Ohio
Ohio homeowners enjoy some of the lowest insurance rates in the country – the ninth lowest, to be exact. Buckeye State residents also luck out when it comes to automobile insurance, where they pay the second-lowest rates in the country, just behind Indiana. In 2017, Ohio Lieutenant Governor Mary Taylor told the Dayton Daily News, “We are driven to foster a competitive insurance marketplace that benefits Ohio consumers with increased choice in coverage and lower costs.”
Ohio Insurance Rates vs. National Insurance Rates
As of 2018, the average Ohio homeowner pays $797 in annual homeowners insurance fees, for a monthly rate of $66. That’s 26 percent less than the national average of $1,083 yearly.
Nationally, Oregon boasts the lowest homeowners insurance rates as of 2018 at an average of $574. Florida has the highest rates at $2,055, followed by Texas at $1,947 and Louisiana at $1,847. What these high-rate states have in common is a large number of natural disasters occurring on a regular basis, such as hurricanes or flooding. Residents of the high-rate states pay over two-thirds more in homeowners insurance than the average U.S. resident. Ohio is fortunate in that it is not as prone to natural disasters as states in other regions. Its neighboring Midwestern states, such as Indiana and Michigan, also have relatively low homeowners insurance premiums.
Factors Influencing Rates
While Ohio homeowners insurance rates are relatively low, some homeowners will pay more – often considerably more – than others. Factors influencing homeowners insurance premiums include the real estate mantra of “location, location, location.” Those living in areas with higher crime rates can expect to pay more for insurance, as can those residing in more expensive homes in higher-end neighborhoods.
Houses constructed of brick may have lower premiums than those with wooden frames, while log home premium rates are higher, predominately due to comparative fire hazards. A house with a fire hydrant nearby and proximity to the local fire station might have lower insurance premiums than a dwelling in an area without a hydrant system where fire departments must bring along water trucks to fight blazes. Rates can differ significantly among homes in the same neighborhood based on the age of the house, its condition and the owner’s claim history.
In 2017, the cost of homeowners insurance in Ohio rose 3.3 percent. The primary reason for the raise, sensibly enough, was an escalating claim rate. Nationwide, premiums are expected to rise, but Ohio homeowners should not expect the large increase that those in other states may experience. Their rates should continue to remain among the lowest in the nation.
The Best Homeowners Insurance Companies in Ohio
Ohio’s annual premiums for homeowners insurance are on the lower side — on average $819 per year for an HO-3 policy, compared to the nationwide average of $1,173. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:
Enter your ZIP code to see the best rates in your area:
Find the best homeowners insurance in Ohio
Enter your ZIP code to see the best rates in your area:
The Best Homeowners Insurance Companies in Ohio
There’s a lot to love about living in the Buckeye state, including its relative protection from natural disasters. Ohio’s low risk factor for things like tornadoes and earthquakes makes it a safe and affordable place to own a home — not to mention, a cheap place to buy insurance. In fact, Ohio ranks as the seventh least expensive place in the country to insure your home.
Of course, homeowners insurance isn’t all about a low premium. It’s equally important to look for a policy that protects your home inside and out, and provides excellent customer support to boot. We rated Ohio’s top insurers on these criteria to help you find the best one for your home.
How We Found the Best Homeowners Insurance Companies in Ohio
We evaluated Ohio’s five biggest home insurance providers by market share, using the same quality metrics we developed for our review of the best nationwide homeowners insurance.
First we considered financial strength, looking for high ratings from A.M. Best that guarantee your insurer’s ability to pay out on claims of any size. Next, we checked customer satisfaction scores from J.D. Power and Consumer Reports to gauge their quality of service. Our last step was a deep-dive into coverage selections and discounts. We looked for standout options that can either improve coverage or make your policy more affordable.
The Best Homeowners Insurance Companies in Ohio
- State Farm
- Liberty Mutual
- Grange Mutual
Ohio Homeowners Insurance Reviews
What we really like about Allstate are its excellent customer resources. The company’s website is chock-full of educational material, and explains home insurance in a way that’s easy to understand — even for first time homeowners. We also love its Common and Costly Claims tool, which finds the most common home insurance claims by zip code and is incredibly helpful for figuring out what types of coverage you need.
Allstate’s online quote tool is uniquely thorough, too. It lets you choose from three different policy types — standard, choice, and premium — so you can see how pricing and coverage compare at each level. With a premium policy, for instance, you get identity theft coverage and reimbursement for green improvements, as well as lower deductibles and higher levels of protection for both dwelling and personal property.
The other great thing about Allstate? It has one of the longest discount lists we’ve seen. Customers can save by bundling home and auto insurance, installing safety devices, staying claims free — even by setting up autopay or being retired. The sample quote we requested for a choice policy netted six discounts automatically, saving us more than $350.
As for ratings, Allstate falls in the middle of the pack. A 3/5 from J.D. Power puts it on par with Nationwide and Liberty Mutual for customer service, and Allstate falls just behind State Farm for Consumer Reports’ claims satisfaction score. That said, Allstate does rank highly for financial stability, with an A+ from A.M. Best.
Nationwide impressed us with the highest Consumer Reports score of any company on this list. It earns especially good marks for having friendly, responsive agents and timely claims payouts. This rating should give customers a little extra peace of mind knowing that, if something happens to their home, the claim will be handled quickly and painlessly.
When it comes to online resources, Nationwide is pretty much equal to Liberty Mutual and State Farm. It offers clear information about policy options and discounts, as well as a learning center to help you build and understand your policy. The one big difference? Nationwide’s quote tool comes with caveats. The process starts with a few questions (like whether you own an un-fenced-in trampoline or a pitbull), and if you answer “yes,” you’ll be redirected to an agent to complete the process. If you answer “no,” though, you can go ahead and get a quote online.
In terms of price, we found Nationwide to be very competitive. Though it offers fewer discounts than other top companies, like Allstate and Liberty Mutual, its base prices were lower. You also have the option to insure your house for either its cash value (a.k.a. selling price) or its replacement value (what it would cost to rebuild). We appreciated the ability to view premiums for both options, and choose the one that suited us best.
State Farm is the largest writer of homeowners insurance in Ohio, holding nearly 22% of the state’s market — and we can see why. State Farm is a national standby, with excellent financial strength ratings and high customer satisfaction scores across the board.
Beyond that, State Farm makes home insurance shopping super approachable for customers. Its online quote process is simple and effective, with some features we loved, like 360Value, a tool that helps you gauge the replacement value of your home (i.e. what it would cost to rebuild, and what you should be insuring it for).
State Farm’s quote page also gives you the option to tinker with coverage and deductible amounts to see how they affect pricing. If insuring your home for its replacement value turns out to be too expensive, for instance, you could enter the home’s cash value instead and see how much money you’ll save per year. The site also applied a number of discounts automatically, saving us up to $400 per year on our sample quote.
Even with discounts applied, State Farm’s quotes were some of the highest we received in Ohio. Of course, your own premium is individual — prices depend on your specific location in the state, your home’s value, your possessions, and more. We suggest checking out a quote from State Farm to see if the company is competitive for your unique situation.
Liberty Mutual is a solid company, with financial ratings in the A range, a Consumer Reports reader score of 83 (“very good”) and 3/5 stars from J.D. Power. What we really like about this company, though, are its standout services.
For one, Liberty Mutual is the only company on this list that offers 24/7 emergency repair service for homeowners. Other companies will let you file a claim at any time, but Liberty Mutual alone will take care of the problem right away. It also has a catastrophe response unit that can help you settle claims quickly and find alternate housing in the event of a disaster.
Liberty Mutual’s great resources come with all-around strong policies. In addition to standard coverage for dwelling and property, this company has a few unique options for homeowners; including things like sewer backup and identity theft. Like Allstate, Liberty Mutual also offers a long list of discounts that can help lower the price of your homeowners insurance policy.
In part thanks to its discount opportunities, Liberty Mutual was competitive in our quote comparisons. We highly recommend getting a quote from this company to see how it stacks up with your other options.
As a regional insurer, Grange works a little differently from the larger companies we looked at. Instead of using in-house salespeople, the company relies on independent agents to sell its policies. That means you’ll have to contact an agent directly for information about coverage and pricing (sorry, no online quotes here).
That said, Grange holds its own against big-name insurers in many ways. For example, its educational resources are on par with the national companies. We especially love its Interactive Home feature, which allows you to “walk” through a typical house, gathering info and suggestions along the way. The Tips and Resources section also provides helpful blog posts and answers to common insurance questions.
Grange isn’t big enough to be rated by Consumer Reports or J.D. Power, though A.M. Best gives the company an “A” for financial stability. You can be sure that Grange has the financial resources on hand to pay your claim — along with numerous others — in the case of a catastrophic event in your area.
Our main concern with Grange was the difficulty we had getting a quote. After contacting a few independent agents and sending them our personal information, we had to wait several days before we had numbers in hand. By comparison, getting a quote online takes less than ten minutes with some companies. If you’re interested in insuring your home through Grange, you’ll have to be patient during the shopping stage.
Guide to Homeowners Insurance in Ohio
Know that your pup might affect your prices
Ohio is one of the top ten states in the U.S. for dog bite claims. Dog bites are generally covered under the liability portion of home insurance, but it’s important to ensure that you’re adequately covered. Keep in mind that the average dog bite claim paid out in Ohio was $34,265 in 2016. Check the fine print — or better yet, talk to your agent — to find out how much your policy covers.
If dog bites are excluded from your homeowners insurance, an umbrella policy might make sense. Or if you have a dog that is considered high-risk because it has already bitten someone, there are special canine liability policies that can help (though these tend to be pricey).
Keep an updated home inventory for claims
If your home sustains damage from wind, fire, or flooding, there’s a good chance you’ll end up having to replace some personal items. The good news is that most home insurance policies cover your personal property — but you’ll want to make sure you keep a current inventory, with photos and prices for all covered items. Such a list makes it much easier to recoup your losses through the claims process.
We recommend checking out the Ohio Department of Insurance website: It offers a handy checklist for building a home inventory, along with other helpful resources, like this Severe Weather Toolkit. It’s worth noting that many companies offer their own tool for home inventory, too — we particularly like Allstate’s Digital Locker for this purpose.
Be prepared in the face of disaster
Ohio is a relatively safe state, but that doesn’t mean it’s immune to danger. Whether it’s a flu epidemic, an extended power outage, or the rare case that a tornado touches down, Ohio residents should be prepared to protect their homes and themselves. That’s why the state developed its ReadyOhio program: An online resource that informs Ohioans on how to handle any major incident. It even has a kids’ section with games and information that will teach your children about emergency preparedness without putting the scare on.
Ohio Homeowners Insurance FAQ
How much is homeowners insurance in Ohio?
Thanks to Ohio’s central location and low risk for natural disaster, home insurance here is consistently affordable. The state’s average annual homeowners premium is just over $800 — far below the national average of $1,173. Of course, how much you pay can vary greatly depending on your home’s specific location, how much it’s worth, and your assets. That’s why we recommend checking quotes from multiple companies to find the best deal (for the right coverage) before you buy.
What are Ohio’s homeowner insurance laws?
Unlike some states, Ohio doesn’t have special insurance requirements (compare that to coastal areas, for example, where hurricane insurance is mandatory for many homeowners). The one rule worth noting is that if you’ve taken out a loan on your home, you must insure the house for at least the amount of the loan.
That being said, all homeowners should make sure that their insurance policy will adequately protect them if something goes wrong. Residents looking for coverage suggestions and state-specific information should check out the Ohio Department of Insurance’s official Guide to Homeowners Insurance.
The 4 Best Ohio Homeowners Insurance Companies
Ohio residents don’t have to worry much about natural disasters, and homeowners insurance premiums in the state are low as a result. The average annual home insurance rate in Ohio is just over $721 — well below the national average of $1,034.
That being said, rates fluctuate between cities and really depend on the condition of your home as well as the provider you choose.To make sure you’re receiving the right coverage at the best possible price, make sure to shop around — contact several companies for quotes. We’ve highlighted our picks for the best providers of Ohio homeowners insurance to help you in your search, and have included a quote comparison tool below so you can easily get started.
For more information regarding specific Ohio policies and plans, you should also visit the Ohio Department of Insurance’s Guide to Homeowners Insurance.
Find the Best Home Insurance
Enter your ZIP code below and be sure to click at least 2-3 companies to find the very best rate.
Progressive has some of the lowest rates for homeowners insurance premiums in Ohio, along with solid coverage options. A standard policy pays up to the limits you outline for any covered damage made to your dwelling or personal property, protects you in case you are sued for liability, covers any medical expenses incurred, and covers any additional living expenses in the event that your home is unlivable after a loss.
Progressive offers a large selection of optional add-on coverage, so you can tailor your policy to meet the needs of your home and budget. Their Guaranteed Replacement Cost coverage ensures comprehensive protection in case of a loss and their Inflation Guard Endorsement automatically adjusts your home insurance limits so they are at 80% or more of your home’s replacement cost. You can cover specific valuables that are not typically included in a standard policy with a personal property endorsement from Progressive, and you can hedge against identity theft and credit card fraud by increasing coverage for resulting expenses.
Like most other providers, Progressive offers discount options for policy bundling and installing protective devices like burglar alarms. However, Progressive misses a few other common discounts, like those for new or recently renovated homes and for remaining claim-free. Although Progressive has low rates, you should consider looking elsewhere if you believe you would qualify for these price breaks, and compare final quotes before making your decision.
Nationwide is a popular homeowners insurance option in Ohio because the company offers consistently cheap and reliable coverage. A standard Nationwide homeowners insurance policy protects against most damage made to your dwelling or additional structures on your property, as well as to your personal belongings. Add-on coverage choices include Nationwide’s unique Brand New Belongings option, which allows you to replace any damaged or destroyed items with brand-new versions at no additional cost to you.
Nationwide offers an array of discounts — you can save up to 30% based on the age of your home, 20% for bundling policies, 15% for installing protective devices, 15% for being over the age of 60, 5% for being married, and more. Nationwide also has an exclusive partnership with Plenti, a rewards program that lets you earn points by shopping at popular retailers.
If you choose Nationwide as your Ohio homeowners insurance provider, make sure to take advantage of their free On Your Side review with an agent. You can learn how to manage your deductible, understand the specifics of your policy, and select the optimal level of coverage without over-insuring yourself or, more importantly, overpaying.
Allstate has a wide range of coverage options, numerous discounts to make your policy more affordable, and exceptional online resources and tools. Regardless of the type of home you live in, be it a ranch, a condo, or even an older home, Allstate offers standard coverage options to protect your dwelling. Allstate also offers unique add-on coverage to protect and recover the things that matter most to you–expensive sports equipment, business property, musical instruments, and even electronic data.
Allstate offers numerous discounts ranging from those that are relatively standard, such as 30% for multi-policy bundling and 20% for going claims free, to those are more unusual, such as a 10% Welcome discount and 5% for setting up automatic payments. Where Allstate truly has an edge over its competitors, however, is in their online resources and tools. Allstate’s Premium Gauge tool, for example, allows you to see how various factors, like the age of their home or installing a protective device, would impact your premium rate. Their Digital Locker lets you keep a protected running inventory of all your items and their respective worth. You can access this locker from any synced device and use it to recover quickly and efficiently after a loss. Allstate offers educational articles, videos, and tips that can help you make important decisions as a homeowner.
The Cincinnati Insurance Company was formed by four independent insurance agents in 1950, with a dedication to providing local, quality coverage to Ohio communities. Although the company has since expanded and now serves 39 states, the mission remains the same. Cincinnati offers a personalized homeowners insurance experience at an affordable price, is backed by an A++ (superior) financial stability score from A.M. Best, and is consistently well-rated for customer satisfaction by J.D. Power & Associates.
Cincinnati Insurance offers two types of standard homeowners policies — Executive and Executive Classic. The Executive Policy covers your dwelling and other structures, personal property, legal liability, and provides additional living expenses if your home is unlivable after a loss. This policy is easily customizable with add-on coverage, like protection for your home business, to fit the needs of your home.
The Executive Classic Policy covers high-value homes and provides the same benefits as the Executive Policy, but with a few added perks. The Executive Classic covers the cost of a professional survey of your home for reconstruction, the full cost of rebuilding your home with similar materials after a covered loss, as well as the full repair of your items and payment for purchasing item replacements.
Although Cincinnati offers standard discounts like those for multiple policy bundling, new homes, claims-free history, and home alarm installation, the company nonetheless has fewer discount options than some of its larger competitors. Strong financial ratings, high-quality customer service, and affordable prices, however, make Cincinnati a solid option for your Ohio homeowners insurance policy.