Tracking down the cheapest homeowners insurance for you takes some digging and comparing quotes from multiple home insurance companies.
Home insurance companies gauge risk differently from one another. One insurer may put more emphasis on one metric and not as much on another.
That’s why getting quotes from at least three homeowners insurance companies is an essential part of shopping for the cheapest homeowners insurance in Ohio. We found that Cincinnati Insurance has the lowest average home insurance rates in Ohio at $1,323 per year on average.
Let’s take a look at homeowners insurance in Ohio and how to find the best home insurance rates.
Cheapest home insurance companies in Ohio
Cincinnati Insurance, USAA and Allstate have the three cheapest Ohio homeowners insurance rates, on average.
Here are average annual premium for homeowners insurance in Ohio for a policy with $300,000 dwelling coverage and $300,000 liability protection with a $1,000 deductible.
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Best homeowners insurance companies in Ohio
There are many factors in deciding the best homeowners insurance in Ohio. One piece is finding which insurers have the lowest rates.
Here is more information about the cheapest homeowners insurance companies in Ohio.
Contact: (888) 242-8811; Cinfin.com
Available: In all 50 states
Discounts available: Multi-policy, claims-free, protective devices, new home
Other types of insurance offered: Auto, watercraft, umbrella, business, life
Better Business Bureau rating: A+
A.M. Best rating: A
Cincinnati Insurance Company, a part of Cincinnati Financial Corporation, offers homeowners insurance and other insurance products online and through various independent agents across the country.
Its standard (“Executive”) homeowners insurance policies include coverage for your dwelling and other structures on your property, personal property, additional living expenses and liability. Owners of higher-value homes can upgrade to Executive Capstone or Executive Classic policies that provide more protection.
Headquarters: San Antonio, Texas
Contact: (800) 531-8722, USAA.com
Available: In all 50 states, but only to active or veteran military members and their families
Discounts available: Loyalty, multi-policy (10%), claims-free (up to 10%), fire/burglar alarm
Other types of insurance offered: Auto, renters, condo, flood, umbrella, life, annuities, business
Insure.com score: 4.5 out of 5 stars
Better Business Bureau rating: B
A.M. Best rating: A++
J.D. Power rating: #1 (overall customer satisfaction, lowest annual shopping rate for existing customers, price satisfaction)
A standard homeowners insurance policy from USAA includes protections that others typically charge extra for, including coverage for home-sharing, replacement cost on roof repair/replacement and personal property, identity theft and military uniform and equipment coverage (if your uniform or equipment is damaged or stolen during a covered event and you’re on active duty or deployed).
You can select an optional 25% of extra coverage for your dwelling and other structures and for increased building costs, debris removal and building ordinance/law coverage. To sweeten the deal, USAA throws in unlimited loss of use coverage for up to 12 months.
Just be aware that there are no physical branches, so you must get a quote via smartphone or online.
Headquarters: Northbrook, Illinois
Contact: (877) 366-1607, Allstate.com
Available: In all 50 states
Discounts available: Loyalty (up to 10%), multi-policy (up to 25%), claims-free (up to 20%), fire/burglar alarm, Easy Pay Plan (up to 5%), early signing (up to 10%)
Other types of insurance offered: Auto, renters, condo, life, identity theft, business, home-sharing
Insure.com score: 4 out of 5 stars
Better Business Bureau rating: A+
A.M. Best rating: A+
J.D. Power rating: Above average (score — 829 out of 1,000)
Allstate offers a variety of homeowners insurance coverages and options. Standard policies typically include coverage for liability, personal property, dwelling plus other structures, loss of use/additional living expenses and medical payments to guests.
In Insure.com’s annual Best Home Insurance Companies, Allstate placed in the top five, garnering an Insure.com score of four out of five stars. What’s more, Allstate earned four-star scores in claims, customer service and website/apps. Nearly nine in 10 Allstate patrons we surveyed said they expect to renew their Allstate policies, while four in five indicated they would recommend Allstate to a friend.
Cheapest homeowners insurance in Ohio by city
Homeowners insurance costs vary in Ohio. Location, including ZIP code, is just one aspect of home insurance costs.
Here are the average home insurance cost by city in Ohio:
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How much is homeowners insurance in Ohio?
The average homeowners insurance in Ohio is $2,107 for $300,000 dwelling and $300,000 liability coverage with a $1,000 deductible. That puts Ohio near the national average for average homeowners insurance.
Beyond location, insurance providers also consider claims history for you, your home and the area; building costs; coverage level; and credit history.
Filing multiple claims is one way to see much higher home insurance premiums.
Here are the top average home insurance percentage premium increases based on claims:
- Filing a second fire claim — 60%
- Filing a second theft claim — 55%
- Filing a second liability claim — 52%
- Filing a second water damage claim — 50%
- Filing a second medical claim — 34%
- Filing a second weather claim — 29%
- Filing a fire claim — 29%
- Filing a theft claim — 27%
- Filing a liability claim — 25%
- Filing a water claim — 25%
- Filing a medical claim — 18%
- Filing a weather claim — 17%
Before filing a home insurance claim, remember that doing so will likely increase your rates. You’ll want to figure out whether it’s worth paying the deductible and seeing your rates increase — or would it be wiser to pay for the damage or theft yourself.
For instance, you may want to handle the situation yourself if the theft or damage is minor and isn’t well above your deductible.
How much does flood insurance cost in Ohio?
The average flood insurance cost in Ohio is $940.62. That figure is based on dividing the number of policies and the total policy cost from the National Flood Insurance Program (NFIP).
The exact cost for your home depends on its risk of flooding. A home in a flood zone costs more than one outside of a flood zone. However, about 20% of flood insurance claims come from properties that are considered low or moderate risk.
The average flood insurance claim payout in Ohio is $12,562.
You can buy a flood insurance policy through the NFIP or from a private insurer. You don’t have to comparison shop for flood insurance as long as you don’t want additional coverage. Flood insurance gauges a home’s risk the same regardless of policy. Instead of getting multiple quotes for home insurance, a consumer will get the same quote from the NFIP or a private insurer for a standard policy. However, you may want more coverage, such as if you have valuables that exceed a standard flood policy limit.
Flood insurance policies take effect 30 days after purchase. That means you need a policy for a month before the coverage begins.
How to get the cheapest homeowners insurance in Ohio
Compare multiple companies’ policies to save the most money, recommends P.J. Miller, partner and independent insurance agent with Wallace & Turner Insurance in Springfield, Ohio. One way to save money is to ask about discounts, such as bundling your home and auto insurance policies with the same insurer.
“Discounts vary among different carriers, so it’s smart to talk with several and see what makes the most sense for your particular insurance needs,” he says. “Often, the easiest way to save money on homeowners insurance is to bundle your homeowners policy with other policies — such as an auto policy — under one insurer,” suggests Miller.
Inquire about discounts available, ask lots of questions and follow best practices, as well. In addition, sign up for auto/early renewal, which may trigger extra savings.
Tyler Forte, founder/CEO of Franklin, Tennessee-based Felix Homes, seconds those sentiments.
“One of the easiest ways to find the cheapest homeowners insurance is to compare the rates of at least two or three companies,” notes Forte. “When hunting for inexpensive policies, it’s also important to check online reviews about customer service, claim satisfaction and other intangibles.”
Above all, never assume that your current insurer or one recommended by a family member or friend is your cheapest option, cautions David Adler, president/owner of Adler Insurance Group in Westminster, Colorado.
“Your home and specific circumstances are different, so your insurance bill will also be different,” Adler says.
Remember: Your home is possibly the biggest financial investment you’ll ever make. You want to make sure it is sufficiently insured, but that doesn’t have to mean settling for expensive coverage. Do your due diligence as a consumer and you’re bound to keep more money in your pocket.
Here’s a failsafe way to pay less in premiums: Request a higher deductible.
“For instance, if you raise your deductible from $500 to $2,500, you might be able to save upward of $260 a year on your premiums. Just remember to make sure that you can cover that deductible if you ever need to make a claim with your insurer,” Adler recommends.
Reconsider certain risks on your property, as well, to lower your costs.
“Risky features like a backyard trampoline or a hot tub can boost your bill because of the increased risk of injury or drowning,” notes Adler. “So if you have those risks on your property or are thinking of installing them in the near future, you may want to consider removing them or putting off those installations.”
Last, ponder making healthy changes to your lifestyle.
“Are you a smoker? If so, you might want to consider quitting because that simple decision can lower your risk for starting a house fire, which may help you qualify for a discount on your policy,” Adler adds.
Frequently asked questions by Ohio homeowners
Does homeowners insurance cover snow damage?
Yes, home insurance typically covers you for damage caused by snow. That may include an ice dam that caused damage to your ceiling and floors or a roof cave-in.
You want to make sure your roof is in good working order — especially before winter. Home insurance companies in Ohio and elsewhere put great emphasis on the roofs. Cracking and loose shingles are red flags to home insurance companies.
Home insurance companies often check on their insured properties to make sure they’re in good shape. They can check the roof from the street.
If your roof looks rough, your insurer may demand that you get it replaced or face non-renewal. It may also deny your claim if poor upkeep was the reason for the roof-related claim.
Insurance companies usually want you to think about replacing the roof after 20 years. Any roof older than 20 or 25 years might not be offering the protection needed for the home.
Does homeowners insurance cover tornado damage?
Yes, a standard home insurance policy typically covers tornado damage.
However, if the tornado led to flood damage, a homeowners policy won’t cover that damage. Instead, you need a separate flood insurance policy.
Does homeowners insurance cover wind damage?
Yes, a homeowner’s policy generally covers you for windstorm damage, though a policy may exclude wind damage if you’re in an area prone to windstorms.
If a policy excludes wind damage, such as for homes that have already suffered multiple wind claims, you’ll find that information in your policy under Exclusions.
Does homeowners insurance cover hail damage?
Yes, home insurance usually covers hail damage.
However, companies may limit coverage or charge you much higher home insurance rates in areas prone to hail.
What can you do if no homeowners insurance company will cover you in Ohio?
The Ohio FAIR Underwriting Association offers policies to homeowners who can’t find a home insurance company to provide a standard homeowners insurance policy.
A fair plan is similar to a standard homeowners policy, but it’s much more costly. A FAIR plan should be seen as your last resort for coverage.