Ohio Homeowners Insurance Guide

Ohio Homeowners Insurance

Explore Ohio Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance

The Buckeye state is tucked in the northeast of the Midwest of the US. Its beauty is often overlooked, but the state has something to offer for just about anyone. If you’re itching for the bustling bright lights of a city, Columbus, Cleveland or even Cincinnati could provide relief. If enjoying nature and a slower pace of life is of your liking, you could visit Amish country. In any event, the vast land of Ohio provides reprieve for both city and nature/country lovers alike. With Lake Erie bordering the northern part of the state, Ohio also offers a bit of coastal land.

However, given Ohio is situated in the Midwest, the overwhelming majority of the state is landlocked. The inherent benefit of this being that the state is very seldomly impacted by natural disasters. In fact, most Ohioans prepare for severe storms and extreme cold weather versus hurricanes or tornadoes.

What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?

Compared to the rest of the country, Ohioans have favorable home insurance rates. The low premiums enjoyed by property owners in Ohio is undoubtedly driven by the insulated nature of the state. With a relatively low risk of suffering property losses from a catastrophic natural disaster, carriers and Ohioans alike, truly only have to prepare/hedge against losses from standard perils such as fire, theft or vandalism. All perils covered under the basic homeowners or renters insurance policy.

Average Homeowners and Renters Insurance Premium

Source: Insurance Information Institute (2017)

Although catastrophic events do not occur very often in the Buckeye State, it’s still in Ohioans’ best interest to carry flood insurance, especially if they live near a river or in a designated flood zone. Rates will be relatively low, and coverage can be attained from the National Flood Insurance Program (NFIP). Another catastrophic peril to watch out for are tornadoes, although they are even more scarce than floods.

Which Property Insurance Carrier Should I Choose?

Ohio’s home insurance market is fairly concentrated, with the one carrier controlling over one-fifth of the entire market. Although large national carriers make up the majority of the market, property owners and renters in the Buckeye State should strongly consider regional carriers as well. Given the low risk of the state enduring catastrophic natural disasters, the likelihood of any carrier going bankrupt due to losses linked to weather-related perils in Ohio, is low. Effectively leveling the playing field of property insurance carriers, as you search for the best rate and package.

Top 5 Home Insurance Carriers in Ohio

Source: Insurance Information Institute (2019)

Whether you’re living in the bright city lights of Columbus, or enjoying the slower pace in the plains near Amish Country, a standard homeowners or renters policy should adequately cover your property-related needs in the Buckeye State.

Ohio Regulating Agencies And References

Ohio Department of Insurance

Insurance Information Institute