Homeowners Insurance in Ohio
From the Rock & Roll Hall of Fame to the Cincinnati Zoo and Botanical Garden (say hi to fellow famous hippo, Fiona, for us), there are many fun attractions to visit in Ohio. But as many Ohioans will probably agree, no destination beats the feeling of coming home after a hard day’s work. And we get it. No matter where you live, your home is your safe place, and it deserves to be protected.
In addition to all these cool tourist destinations, Ohio is also the third happiest state in the nation, and we believe it should stay that way. From Columbus to Portsmouth, read on to learn everything you need to know about home insurance in Ohio.
How much is home insurance in Ohio?
Home insurance in Ohio costs an average of $969 a year. This means typical home insurance premiums in Ohio clock in around $300 less than the nationwide average. But the savings in Ohio don’t stop with a cheaper policy.
Homes, in general, are cheaper in Ohio than they are in most places, meaning you can save your hard-earned money to buy more Cincinnati Reds merchandise rather than spending it all on your home. Homes in the Buckeye state cost an average of $168,226, 37% lower than the national average of homes in the United States.
What factors influence my home insurance rate?
As always, your home insurance rate will depend on where you live, how old (or expensive) your home is and the natural disasters most common in your area.
Ohio Home Insurance Premiums
What does Ohio homeowners insurance cover?
Just like home insurance policies in neighboring states like Michigan, Pennsylvania and Indiana, home insurance in Ohio will protect your home’s structure (or dwelling), your personal property and your liability. That means you’ll have protection from things like fires, theft and falling objects. However, Ohio isn’t without concerns from things like mine collapses and natural disasters, so you may need extra protection from those events as well.
Speaking of natural disasters, Ohio can be prone to flooding and severe storms that bring tornados every now and then. While these storms are part of the reason Ohio is so lush (31% of the state is under forest cover, after all), homeowners should make sure to take the proper steps to protect their homes and belongings.
Ohio Insurance Coverage Options
Traditional coverage
Physical Structure
Living Expenses
Liability Protection
Additional Structures
Personal Possessions
Supplemental coverage
Fire
Earthquake
Flood
Tips for lowering home insurance rates
Did you know Ohio has a week dedicated to helping its residents learn how to save and better manage their money? Every February, the Buckeye state participates in America Saves Week because they know just how important saving every extra dollar is.
To aid in this effort, the team at Hippo wants to make sure Ohioans know how to save money when it comes to their home insurance policy. First, always remember to shop around for the best deal, which isn’t always the lowest rate.
In addition, finding a homeowner’s insurance policy that meets all of your needs for the right price is key. Other tips include installing smart home devices throughout your home and making sure you keep up with seasonal home maintenance tasks.
Insurance resources for Ohio
Even though Ohio gets an average of 40 inches of rain and 28 inches of snow a year, things still look pretty bright. Ohio’s state government has set up plenty of resources for their residents to get the insurance information they need, including the Ohio Department of Insurance, ReadyOhio and the FAIR program. And, of course, Hippo is here too.
Ohio Mine Subsidence Insurance Underwriting Association
Like Illinois homeowners, Ohioans need to prepare for potential earth movements due to underground mine collapses. That’s why Ohio set up the OMSIA to help protect those vulnerable to this potential damage. Mine subsidence insurance offers financial assistance if your home’s structure, underground service lines or other equipment faces damage from a collapse.
Ohio Insurance Guaranty Association
Policyholders in Ohio will be happy to know that their state government has their back. Every property insurance provider in the state must belong to the OIGA, which collects dues as protection if an insurance company experiences bankruptcy or goes out of business. So that means if your provider is unable to pay out a claim you’ve made, the OIGA will offer financial assistance, so you aren’t on the hook for the repair costs.
Ohio homeowners are pretty lucky. The state is safe, premiums are low and there are even legal protections in place. Of course, you should still get the best coverage and price you can. Whether you want help assessing your options or have questions about your home’s needs, contact the team at Hippo for help. We expanded to Ohio for a reason, and we’re standing by, ready to help you whenever you need.
