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Edited by John Leach
Last Updated February 28, 2022
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Cincinnati, OH Homeowners Insurance
Cincinnati, also known as the “Chili Capital of the World,” is the 29th-largest metropolitan area in the United States and Ohio ‘s third-largest city, with over 300,000 residents. Cincinnati boasts the Cincinnati Reds baseball team and the Cincinnati Bengals football team, and its city natives hold their teams near and dear to their hearts. On the weekend, explore the expansive beer scene of over 40 breweries, take on trails at the many parks, and take in magnificent architecture, such as the historic Music Hall in Over-the-Rhine.
Americans are flocking to Cincinnati due to its booming job market, offering healthcare jobs to thousands. And the low cost of living, at 21 percent of the median household income, means that take-home pay is very good relative to living expenses. And with such a diverse mix of neighborhoods, from Hyde Park to the Clifton Gaslight District, it’s nothing short of amazing experiences and culture, from one community to the next.
However, the vibrance and fun offered throughout the city of Cincinnati come with unpredictable weather. It’s common to experience weather from all four seasons in just one day. Depending on which neighborhood you live in, the crime rate in Cincinnati differs between lower and higher than national averages. That means finding the best and cheapest Cincinnati home insurance may take some time to figure out.
Cheapest Home Insurance Companies in Cincinnati
For homeowners in Cincinnati, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Cincinnati. The following are the best insurance rates from carriers that offer homeowners insurance in Cincinnati.
How to Find Cheap Home Insurance in Cincinnati
Home values in Cincinnati are on the rise. In 2019, home values increased over seven percent, and now they are on an upward projection of over three percent. That means sellers are more motivated than ever, and buyers are looking for the right deal on their next homes.
You may have recently bought a house. Or, maybe you are looking for a better deal on Cincinnati home insurance. Whatever your circumstances may be, it’s essential to protect your property and your investment. You put time, energy, and your life’s work into buying your home. That’s why you need the right home insurance policy. You must have the right personal liability, coverage options, and additional coverage to protect you, your family, and your personal belongings against cases of vandalism, extreme weather, theft, and other property damages.
Thankfully, you’re on the right track to peace of mind. The first step forward begins with choosing the right homeowners policy to fit your individual needs at an affordable price.
Follow along as you learn a thing or two about picking the right plan in our guide on Cincinnati home insurance.
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Cheapest Home Insurance in Cincinnati by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
Did you know the home insurance rate you get depends on the neighborhood you live in and can vary greatly? While one area may have higher insurance claims reported, another neighborhood may have very few claims. Premiums in individual Ohio counties may differ, too. Neighboring counties in Kentucky and Indiana could be paying different home insurance premiums.
These rates also depend on risks such as theft, vandalism, and extreme weather. Insurance companies are not one-size-fits-all, either. Insurance coverage, bundling options with auto insurance, and additional options vary from company to company. That’s why average home insurance costs will vary greatly for Cincinnati residents.
So, what is the average cost of homeowners insurance in Cincinnati, Ohio? In 2021, the average Ohio home insurance premium cost $2,242 annually, and the median home value in Cincinnati is $165,613.
While Cincinnati home insurance is lower than the national average, it’s still best to have the extra money in the bank for times of distress and additional living expenses.
Want to see where you can save? Compare accurate homeowners insurance quotes using Insurify. That way, you can compare insurance companies like Allstate and State Farm, all in one place.
|Average Home Cost in Cincinnati||Average Annual Insurance Premium in Cincinnati|
Average Annual Home Insurance Premium in Cincinnati by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Cincinnati for Home Insurance
As you may already know, home prices vary from area to area. Did you know that home insurance in Cincinnati is similar? Your ZIP code determines how much you pay due to nearby claims, claim volumes, and natural disaster frequency. Because your neighborhood determines how much you spend on annual home insurance premiums, you could be paying either more or less than your friends or family in other Cincinnati neighborhoods.
Rates in Cincinnati can be reasonably high or low compared to the national average. Homeowners insurance rates in Cincinnati rely on which area you live in.
Home Insurance Coverage Types in Cincinnati
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Natural Disasters & Cincinnati Insurance
Natural disasters wreak havoc on not only homes but also lives. In Cincinnati, Ohio, severe storms, floods, tornadoes, landslides, and winter storms are common extreme weather cases that can affect overall insurance premiums. Historical flooding and extreme weather determine the price of your home insurance rates. Policyholders like you should always know what your insurance program offers and whether your home requires additional coverage.
Tornadoes leave paths of destruction wherever they go, including in Cincinnati, as it is an active tornado zone. In April 2020 alone, 19 tornadoes touched down in the Cincinnati metro area. And while tornadoes are generally covered on Cincinnati homeowners insurance policies, it’s strongly advised to find out whether your comprehensive coverage is sufficient in cases of a tornado. The same is also true if you have renters insurance.
To figure out whether you have enough coverage, assess your personal belongings, and figure out how expensive replacement costs would be, as most policies are capped based on the coverage amounts. It may be wise to purchase additional coverage for the cost of replacements, especially if you ever find yourself needing to replace everything in your home.
Hazardous winter weather is also typical in Cincinnati. Heavy snow and ice can cause damage to the roofing and exterior fixtures of your home. And while damage is generally covered by most comprehensive insurance policies, it’s essential to know whether water damage is covered. Talk to your insurance agent to find out if additional coverage is necessary.
Cincinnati has seen some terrible flooding in its history. In 1937 and 60 years later, in 1997, Cincinnati had historic flooding from the Ohio River, reaching devastating levels that left hundreds of thousands homeless. River waters rise and flood parks, businesses, and homes. Cincinnati may soon see more historic flooding, which overwhelms the relatively small city and devastates homeowners.
The standard Cincinnati home insurance policy does not include flood coverage. For homeowners and renters insurance, you will need to know what your insurance options are. Luckily, the federal government provides flood insurance through the National Flood Insurance Program (NFIP). Independent agents generally sell these flood policies. Talk to your local agent for more information on local rates.
Cincinnati Insurance Options & Crime Rates
Crime rates disturb home insurance premiums. The higher the crime rate, the more homeowners insurance rates will go up. The unfortunate truth is that Cincinnati has some of the highest crime rates in the United States, compared to small and large cities. The crime rate in Cincinnati is 54 per 1,000 residents. One in 18 people will have a chance of becoming a victim of violent or property crime. The good news is that most home insurance policies cover theft and vandalism.
If the unthinkable happens and you or someone else on your property becomes injured, this can lead to medical expenses. Liability protection was made for these instances. Always find out how much personal liability coverage you need for your area. As an option, an umbrella policy may be the best option for you. Umbrella policies supplement your basic liability policy and cover a higher limit while also going above your standard policy. Umbrella policies cover necessary legal fees, false arrest, libel, and slander and protect you from liability claims for property damage liability claims and bodily injury.
It is also essential to determine the crime rate in your neighborhood, though, as most crime rates vary from neighborhood to neighborhood. A high-crime neighborhood means more neighbors have filed or will file claims, which will directly impact rates. Do your research on your particular neighborhood before committing to a home insurance quote.
How to Find the Cheapest Home Insurance in Cincinnati
Residents of Cincinnati love their fun city. From checking out the latest restaurants and breweries to catching up with neighbors near and across town, life is right in the World’s Chili Capital. Thankfully, there’s a tool available to get you the best home insurance quotes from Cincinnati ‘s best home insurance companies.
Use Insurify to compare home insurance premiums for your property in Cincinnati.
Frequently Asked Questions
Identity theft insurance covers the expenses that are racked up due to the recovery process of a stolen identity. Certain insurance companies cover identity theft. Independent insurance agencies and major insurers like Allstate and Liberty mutual offer an add-on rider or endorsement to homeowners or renters insurance policies. Check with your local agent for more information.
The best home insurance companies in Cincinnati depend on your property and your needs. While many excellent home insurance companies offer additional coverage, they all differ. It's best to use Insurify to compare home insurance quotes and their offerings before deciding to purchase. It's fast and easy, and you'll know what works best for you.
Yes, most prominent and small insurance companies offer bundling with home and life insurance or auto policies. You can often get these bundled policies at a low rate since you are purchasing more than one insurance product. Most insurance companies will ask you if you'd like to bundle right when you go purchase—it's that easy!
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