Homeowners Insurance in Ohio

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Homeowners insurance in Ohio costs less than the national average, and a standard policy will provide protection against fire, wind, theft, vandalism, and other perils. To have adequate protection against basement floods and winter storms, additional coverage may be needed. 
Your house is one of your biggest investments ever, so you’ll want to keep it protected with an insurance policy that covers loss of use, property damage, structural damage, and personal liability if anyone gets injured in your home.
Before you sign on to a policy, you’ll need to read it carefully so you understand what it does and doesn’t cover. Here to walk you through the basics of homeowners insurance in Ohio is your personal car and home insurance shopper, Jerry

What is homeowners insurance? 

Homeowners insurance offers financial coverage against loss or damage to your actual house and the property therein. 
A homeowners policy can also help pay for alternative living expenses if your home becomes uninhabitable due to a named peril or legal fees you incur if someone is injured on your property. 
The average cost of homeowners insurance in the US is $1,387 per year, which comes out to around $115 per month.

Basic components of homeowners insurance

There are five basic coverages included in a standard homeowners policy:
  • Coverage A (Structure): Covers repair and replacement costs for your house itself
  • Coverage B (Additional structures): Covers repair or replacement costs for additional property, like a detached garage or fence, not attached to the house structure
  • Coverage C (Personal property): Covers repair or replacement costs for personal belongings including furniture, electronics, jewelry, and clothing
  • Coverage D (Additional expenses): If your home becomes uninhabitable after an incident, this coverage will pay for alternative living arrangements like a hotel. Also called “loss of use” coverage
  • Coverage E (Personal liability): If someone is injured at your home, this pays for any legal fees and obligatory payments you need to cover (up to your liability limit)
There are two basic policy types: actual cash value (ACV) and replacement cost policies. An ACV policy only entitles you to the value of your items at the time they are damaged or destroyed, while a replacement cost policy will give you the amount needed to buy a new item.
Note that many insurers or mortgage lenders will require you to select a policy that covers at least 80% of the replacement cost of your items. 
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Named perils

What exactly your home insurance policy will cover depends on your company and location, but you can expect each policy to include a list of named perils that covers some or all of the following: 
  • Fire
  • Lightning 
  • Wind
  • Hail
  • Hurricanes
  • Damage caused by vehicles
  • Theft
  • Vandalism
  • Riots
  • Falling objects
  • Explosions
Only the circumstances listed as named perils will be covered by your insurance. In other words, you won’t be able to file a claim for damages resulting from something not explicitly listed in your policy.

Is homeowners insurance required in Ohio? 

Ohio state law does not require homeowners to purchase home insurance, but your mortgage lender may require you to take out a policy for the duration of your loan.
Even if your state or lender doesn’t mandate homeowners insurance, it’s always a smart idea to take out a policy. Monthly or annual payments may seem burdensome, but they will be well worth the coverage you receive if you lose your home to a fire or another terrible incident.

How to get homeowners insurance

The best way to find a good homeowners policy is to compare quotes from multiple providers (with Jerry, this has never been easier!). Don’t just accept the first quote you get—you might miss out on substantial savings.
Always get a homeowners quote from your car insurance provider, too. Even if this number is higher than some other options, you could end up saving in the long run by bundling home and auto insurance. Bundling discounts range from 5% to 15% or more!
Recommended home insurance coverage in Ohio
Some of the biggest risks Ohio homeowners face include winter storms, tornadoes, and flooding. If your policy doesn’t already include them, you’ll want to make sure you get supplementary wind and weight of ice and snow coverage.
Water damage coverage is a little more tricky. Standard homeowners policies often include burst pipes as a named peril, but flooding from external sources (like a torrential downpour) is never covered. That said, here are a few options to get the best protection against flooding:
  • A flood insurance policy from the National Flood Insurance Program (NFIP), which is run by the federal government
  • A separate coverage for water backups or sump pump coverage added to your policy
  • An HO-5, or “open perils” policy will cover all incidents except those listed as exclusions. This is a more expensive option
In some instances, Ohio homeowners will want to consider separate earthquake coverage or mine subsidence coverage, although these risks are less substantial than the ones outlined above. 

What affects home insurance prices in Ohio?

Your home insurance policy in Ohio is likely to be cheaper than the national average of $1,387 per year. Estimates for a standard $250,000 in dwelling coverage range from $1,100 to $2,000 a year.
Be aware that your insurance prices may vary considerably from your neighbors’ depending on personal factors like claims history, credit score, and marital status. 
Some statewide factors that influence your insurance prices include the following: 

Tornadoes

Midwestern states like Ohio are at comparably low risk of severe weather events like earthquakes and wildfires, but they are at an elevated risk of damage from tornadoes. 
Wind damage claims can be costly, so if your home is at higher risk of tornado damage, your premiums may be more costly.

Winter storms

Ohio residents deal with lots of snow each year. It’s important to protect your home from risks of collapses due to the weight of ice and snow, which may or may not be covered by your home insurance policy.
Some of the most common winter-related home insurance claims in Ohio are property damage claims arising from wind, hail, or falling objects; burst pipes; and ice dams
Most of these incidents are named perils, but a higher likelihood of them can cause your insurance prices to rise as well.
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Homeowners insurance discounts in Ohio

No matter your income, insurance company, or home size, you can take advantage of various home insurance discounts to make paying for a policy much easier. 
A common list of home insurance discounts in Ohio includes:
DiscountHow to get it
BundlingBundling home and auto insurance could earn you a steep discount on both policies.
First-time homeownerMost companies will offer you a discounted policy if it’s your first time purchasing a home.
Claims-freeIf you maintain a certain period (typically a few years) without any claims on your policy, you may be eligible for a discounted rate.
Storm proofingInstalling various hurricane safety measures, such as an upgraded roof or storm shutters, could earn you a discount on your homeowners policy.
Security systemIf you’ve got a security system to prevent theft, your insurance company might discount your homeowners insurance rate.
Upgraded fire alarmSet up your fire alarm to contact the fire department directly—your insurance company may give you a discount for a shorter fire response time.

Save money on home and auto insurance

Nothing seems more boring than browsing for insurance quotes. That’s why Jerry was created to save you time and money without compromising on insurance coverage.
Just complete a quick 45-second sign-up and you’ll get to review your current policy (if applicable) against dozens of competitive quotes from top providers like Nationwide, Liberty Mutual, and Dairyland.
Don’t just stop with finding the right home insurance—Jerry can help you bundle home and auto insurance for a great discount (in addition to the ones listed above!).
Jerry was wonderful! I used it for my auto and renters policies. I trusted it so much that I signed up my homeowners insurance under Jerry as well. All of the agents are amazingly nice and knowledgeable.” —Mary Y.

FAQs

The average cost of Ohio homeowners insurance ranges between around $1,100 and $2,000. Ohio costs often fall below the national average of $1,387 per year.
Homeowners insurance is not required in Ohio by law, but your bank or landlord may require you to take out a policy. 
Even if it’s not required for you, home insurance is highly recommended for every homebuyer. It will prevent you from having to pay crippling out-of-pocket costs after a major loss.

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