Homeowners Insurance in Ohio

What factors influence my home insurance rate?

Many Ohioans searching for coverage may be asking, “How much is homeowners insurance in Ohio?” But while that’s a valid question, you first need to understand how your premiums are calculated and the factors that influence them.

As mentioned, the average homeowners insurance in Ohio cost $1,342 in 2023, the last year for which data has been compiled, and is projected to cost an average of $1,405 for 2024. This is the average across the entire state, though, so your premiums may vary based on your home, your location, and even your status as a homeowner. 

Regarding your home, these are the factors that will affect your premiums:

• Where your home is located (including your ZIP code)
• How large your home is (square footage)
• How many rooms are in your home
• When your home was built
• The current condition of your home
• The materials used to build the dwelling
• Any non-standard features, such as extra-tall ceilings and doors, upgraded fixtures, and the like
• Any non-standard structures, such as a pool, deck, guest house, or gazebo
• Any recent upgrades or renovations made to the home
• Your area’s average labor costs
• Your area’s average materials costs

These details help your insurance company determine your home's worth and the cost of repairing, rebuilding, or replacing it following a covered loss. Home insurance quotes in Cincinnati may vary from those in Toledo or Wooster, even on a comparable home. 

Next, carriers will adjust your premiums based on the policy you build. Some coverages are determined by where your home is located and how much it’s worth, while others can be based on personal preference and budget. Your policy options include:

• Which type of policy you want to purchase for your home
• How much total coverage you want
• The deductible you pick
• Whether you want replacement cost value (RCV) or actual cash value (ACV) coverage
• Any additional endorsements (also known as riders) you want to add, such as mold coverage, earthquake insurance, or even water backup coverage

Lastly, you yourself can impact your premiums. If you’re deemed a higher-risk policy owner, you may find that your premiums are higher than if you had less risk factors. Owner-related factors include:

• The covered individuals living in your home
• Any high-risk aspects of your property, such as having a trampoline in the backyard, a pool without a fence, or even owning a certain breed of dog 
• Your personal credit score and insurance score
• Whether you’ve filed any insurance claims in recent years

All of these personal, home, and policy factors will be used to calculate the premiums for your Ohio homeowners insurance policy. 

Common insurance discounts in Ohio

The less you can pay for your homeowners insurance policy, the more money you’ll keep in your own pocket. Aside from shopping around for the best rates, you can lower your premiums by qualifying for discounts. 

Available discounts will vary between insurance carriers, and you may not qualify for all of them. Some common discounts include:

• Good claims or no claims discount if you haven’t filed a claim in recent years
• Multi-policy (bundle) discount when you buy more than one insurance policy from the same carrier
• Loyalty discount when you stick with the same carrier for multiple years
• Smart home or safe home discounts if certain equipment is installed, such as security systems, fire sprinklers, smart home alarms, etc.
• New home discount if your house is brand new or only a few years old
• Safe community discount when you live in a gated neighborhood or near a fire and/or policy station
• Paid in full discount when you pay your full policy premium upfront (instead of spreading it out over monthly or quarterly payments)
• Autopay discount for setting up automatic payments
• Roof discounts if you’ve recently installed a new roof and/or picked fire-resistant materials
• Affiliation discounts based on your alma mater, career, or even certain organization memberships (like AAA)
• Paperless billing discount when you sign up for electronic statements

Be sure to check when looking at new home insurance companies in Ohio to see which discounts are available and whether you qualify. In some cases, you may be able to get more than one discount and can lower your premiums substantially. 

Tips for lowering home insurance rates

Homeowners today are paying more for property insurance than ever before. While this is due to many factors — some of which are out of your and insurers’ control — there are some ways that you can lock in lower rates. 

Here are some of our top tips for paying less on your homeowners insurance in Ohio:

• Evaluate your coverage. It’s important to adequately protect yourself and your home with the right homeowners insurance coverage. However, it is possible to be overinsured and pay for coverage you don’t need. Spend some time looking over your policy and carefully reading your documents to understand how the policy works. In some cases, you can lower or adjust coverages to save money while still keeping your home protected.
• Make updates to your home. The condition and age of certain features (like your roof or electrical wiring) can increase the risk of your home and, in turn, raise your insurance premiums. By making certain improvements, repairs, or updates, you may be able to lower your risk level and your rates.
• Adjust your deductible. Your policy’s deductible is the portion of a covered loss you will pay before your carrier steps in to cover the difference (up to your coverage limits). The higher the deductible you’re willing to take on, the lower your premiums will generally be. 
• Boost your credit. Your credit score (especially your payment history) won’t block you from buying homeowners insurance, but it can impact your premiums. If you have limited credit, a low credit score, or a poor payment history, spend some time working on this, and you may be surprised to see your premiums drop.
• Compare before you buy. Shopping around for homeowners insurance coverage is easier than ever, and it allows you to compare multiple policy options before you buy. In some cases (like with Hippo.com), you can even get multiple quotes online in just seconds, allowing you to find the best rates for the best coverage all in one place. 
• Reevaluate your coverage frequently. The policy that worked for you one, two, or even 10 years ago might not be right for you moving forward. Shop around and compare options each time your homeowners policy is set to renew; by regularly comparing home insurance quotes, Ohio residents can be sure they’re getting the best deal for the best coverage.

What does Ohio home insurance cover?

There are many different types of homeowners insurance coverage to consider, each with its own coverages and protections. These policies can protect your home against any number of perils, including (depending on the policy) theft, fires, lightning, windstorms, and even explosions.

In general, most house insurance in Ohio includes a combination of:

• Dwelling coverage — This protects the actual structure (building) that is your home, including the exterior, roof, walls, ceilings, floors, plumbing lines, and electrical wiring. It also includes permanent fixtures like your HVAC, furnace, and even kitchen cabinets, along with attached structures such as a garage or patio.
• Other structures coverage — These covered structures are part of your property but aren’t attached to your dwelling. This might include a detached garage, deck, pool, outdoor kitchen, guest house, gazebo, or fence. 
• Personal belongings coverage — If your home burned down, the structure itself wouldn’t be your only loss… you would also lose all of your stuff. This portion of your coverage can pay to repair or replace your belongings, including everything from your clothes and furniture to home decor, personal electronics, art, jewelry, and more.
• Personal liability protection — If someone else is injured on your property or if someone in your household causes an injury, you could be sued for damages. The personal liability protection portion of your homeowners policy can help pay for medical bills, lost wages, and even legal fees if you’re liable for someone else’s injuries. 

Not every policy offers all of these, and the perils covered can also vary by policy type. It’s important to read your policy’s declarations page and other documents carefully to understand what is and is not covered by your insurance company.

Additional Ohio insurance coverage options

In addition to the basic coverage categories mentioned above, many carriers also give you the option to add endorsements, or riders, to your home insurance. Ohio policy riders can expand your existing coverage or add coverage you don’t have, further protecting you and your investment. 

While the available options will vary from one policy to the next, some common options include:

• Extended replacement coverage
• Flood insurance
• Hurricane insurance
• Wildfire insurance
• Earthquake insurance
• Water backup and sewer insurance
• Mold insurance
• Service line coverage
• Expanded jewelry insurance
• Scheduled personal property protection

What coverage is recommended in Ohio?

Ohio is a lush state, with about 31% of its land area hidden under forest cover. This is partly thanks to the fact that the Buckeye State is prone to flooding; in fact, more than 15% of the state is considered a Special Flood Hazard Area (SFHA). Ohio residents in some areas also have to worry about severe storms and even tornadoes, which should be considered when buying your homeowners insurance coverage.

Whether you’re shopping for homeowners insurance in Columbus, Ohio or building a policy in Marietta, here’s what kind of coverage you should consider. 

• Adequate dwelling coverage to fully protect your home’s structure against damage or total loss.
• Enough other structures coverage to pay to repair or replace your fence, detached garage, deck, and more if damaged by a covered peril.
• Personal belongings coverage that fully covers everything you own so that you can replace it all, whether someone steals your computer at the library or your house burns down.
• Robust personal liability protection to protect you if someone else is injured on your property or you’re otherwise considered liable. This coverage covers everything from their medical bills to your lawyer fees. 

Flood insurance is a good idea for many homeowners and may even be required for those living in a designated flood plain. And while you probably don’t think of hurricanes hitting an inland state like Ohio, you might be surprised to know that tropical storms can still tear through the state and damage homes. (So windstorm coverage isn’t a bad idea.)

Insuring your home in Ohio

Buying coverage to insure your home has never been easier. Many carriers allow you to get a quote and even buy a policy online on the same day. You can even get multiple homeowners insurance quotes in Ohio at one time through sites like Hippo.com.

• Decide what type of policy you want. Research the type of policy you want and need based on your property type, how you use the home, and even your budget. For example, not every carrier offers condo insurance in Ohio, also known as an HO-6 policy. And while a basic named perils (HO-1) policy may be cheaper, it won’t protect your home as thoroughly.
• Pick how much coverage you need. Your home’s ideal coverage depends on how much it’s worth, where you live, and what sort of perils pose the greatest risk. You can work with your carrier to determine how much it would cost to repair or replace your home, how much your belongings are worth, and what policy will best protect other structures on your property.
• Determine your ideal deductible. Before a covered claim is paid out, you’ll need to pay your policy’s deductible. Choosing a higher deductible may unlock lower premiums, but it also means more money out of your pocket following a loss… so be sure you’re prepared to cover that expense when choosing your deductible.
• Shop around and compare prices. Nowadays, it’s so fast and easy to get home insurance quotes from Columbus to Cleveland and everywhere in between. You can shop around in just minutes online, comparing policy options and rates to choose the best carrier.
• Ask about available discounts. Discounts are a great way to save money on homeowners insurance in Ohio. Quotes don’t always include available discounts, especially when shopping online, so be sure to ask before finalizing your policy.
• Finalize your purchase. Once you’ve picked the right coverage options and carrier, it’s time to seal the deal. You’ll pay your initial premiums, choose your policy’s start date, and be on your way to protecting your home from loss.

Is Ohio homeowners insurance required by law?

You might be surprised to learn that like its neighboring states—including Michigan, Pennsylvania, and Indiana—Ohio does not legally require homeowners to purchase insurance coverage. There is no federal law mandating homeowners insurance coverage either.

With that said, if you are still paying down a home mortgage loan on your property, your lender will require you to buy insurance coverage. If you fail to purchase or maintain home insurance, your lender will purchase force-placed insurance coverage at your expense. 

Unlike a standard homeowners insurance policy, force-placed coverage does not provide you, the homeowner, with any protection for liability or your personal belongings. Even though you will pay for the policy, it is only intended to cover the lender’s asset: your dwelling.

Looking for homeowners insurance in a different state?

Each state has its own risks, considerations, and homeowners insurance options. Click the map below to learn more about different states and what home insurance coverage looks like there.