How much is homeowners insurance in Ohio?
The amount you pay in premiums for your homeowners insurance policy depends on several factors. These factors can include the location of your home, the size, age, and building material of your home, the demographics of the people living in the home, and your credit score.
How your policy choices affect home insurance rates in Ohio
Several choices that you can make for your homeowners insurance will affect your rates. These include which type of homeowners insurance policy you choose, your coverage level, and your deductible.
Your policy form
Eight forms of homeowners insurance are available, although only six of them cover houses (rather than rentals or condos). Each form pays for damage from a specific set of “perils.”
The least expensive (and least comprehensive) policy forms are HO-1 and HO-2, which are known as “named peril” protections. These two forms will only pay for damage incurred by the following perils.
|HO-1 Coverage||HO-2 Coverage|
|Fire and/or smoke||Fire and/or smoke|
|Hail and/or windstorms||Hail and/or windstorms|
|Damage from vehicles||Damage from vehicles|
|Damage from aircraft||Damage from aircraft|
|Riots and civil commotion||Riots and civil commotion|
|Volcanic eruption||Volcanic eruption|
|Weight of ice, snow, or sleet|
| ||Freezing of household systems, including HVAC systems|
| ||Sudden and accidental damage to pipes and other household systems|
| ||Accidental discharge or overflow of water or steam|
| ||Sudden and accidental damage from artificially generated electrical current|
The most common form of homeowners insurance is HO-3, which is what’s known as “open peril” protection. This means HO-3 insurance will cover your home for all the dangers listed above and also any danger that’s not specifically excluded by your policy. The typical exclusions for HO-3 policies are:
Mold and fungus
General wear and tear
Additional exclusions may exist, depending on where you live, since your geographical location may have a higher risk of certain types of perils.
The other policy forms include HO-5, which generally offers extra coverage for high-value personal property and replacement cost value coverage, HO-7, which is made specifically for mobile and manufactured homes, and HO-8, which is intended for older homes.
The policy form you choose can affect your premiums, as can the covered and excluded perils in your policy. Make sure you always check which perils a home insurance policy covers before purchasing it.
Learn More: What Does Home Insurance Cover and What Does It Exclude?
Your coverage level
The higher the coverage level you choose, the higher your premiums will be. Some of the coverages that might affect your premiums include:
Dwelling coverage: This covers the physical structure of your home. The amount of coverage you carry for your dwelling has a direct effect on your rates.
Replacement cost: The more expensive your house is, the more it will cost to replace.
Liability coverage: Liability home coverage protects you in instances when something happens to someone else on your property and you’re legally liable. The amount of liability coverage you carry can affect your rates. If you have additional risk factors, such as an aggressive dog or a swimming pool, that could increase your premiums.
The deductible is the amount of money you’re responsible for paying before insurance coverage kicks in. For example, if you have a $1,000 deductible and you make a claim for a $5,000 repair, the insurance will only pay out the final $4,000 for that repair.
A higher deductible puts more of the up-front expense on you and costs the insurance company less. Because of this, you’ll generally pay a lower premium when you choose a higher deductible. But make sure you don’t increase your deductible to an amount you can’t afford to pay in the event of a claim.
How location affects home insurance rates in Ohio
Your home’s location can affect the amount your insurer charges you for a homeowners policy. This is true from the state level, as homeowners in different states pay different rates, all the way down to the street level, as crime statistics from one neighborhood to the next can affect the cost of insuring your home.
Some of the location-specific rate differences are due to these localized perils:
Lake-effect snow occurs in Cleveland and other Ohio communities on the southern shore of Lake Erie, which means homes in those areas are more susceptible to snow- and ice-related damage.
Ohio is home to more than 4,000 abandoned coal mines, which means homes built in proximity to those old mines may be in danger of sinking.
The rate of crime in an area can affect the cost of homeowners insurance. This is why different cities in Ohio may have different rates for similar homes.
|City||Average Monthly Quote|
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.