Everything You Need to Know about Home Insurance in Ohio

Those who live in Ohio enjoy a low cost of living and it’s surprisingly cheap to buy a home. The job market fluctuates, so it’s best to get things in place before you make a move. Winters are harsh and summers are humid, but there’s plenty to do for outdoor enthusiasts, as well as a thriving craft brew scene.

Ohio’s nickname is the Buckeye State due to a time when buckeye trees liberally covered the hills and plains. The buckeye fruit is a nut resembling the eye of a deer. The nut is not edible, but those who call Ohio home know there’s a specialty candy, called buckeye candy, that is not only edible, it is a delicious mix of peanut butter and chocolate that looks just like the real thing.

There are plenty of other things to do in Ohio, including visiting the iconic Rock & Roll Hall of Fame, exploring the tunnels of the Ohio Caverns and getting in touch with nature at Hocking Hills State Park. If you are a local, then you already know about Goetta for breakfast in Cincinnati. Goetta is a regional specialty born from German chefs, consisting of sausage and oats. Those who live in Cleveland and love to cook the natural and organic way always visit the West Side Market for the freshest and most seasonal fruits and veggies.

Residents of Ohio are known for their friendly, Midwestern charm, as well as having good work ethic and a love for their state. Homeowners there need top-rated insurance to protect their homes and other belongings – at an affordable price. InsureOne Insurance offers homeowners insurance that meets individual needs with flexible plans.

How Much Does Homeowners Insurance Cost in Ohio?

Homeowners in the Buckeye State pay an average of $1,236 per year for $300,000 worth of dwelling coverage, significantly lower than the national average of $1,820.

Dwelling coverage is the amount your insurer agrees to pay to rebuild the physical structure of your home in a covered event.

Although Ohio homeowners do enjoy lower rates than many, the state is known for major storms, tornadoes and flooding, which is why it’s important to have the best home insurance around.

Homeowners Insurance
Ready to Get a Quick Quote?

How Do Home Insurance Deductibles Affect Rates?

A deductible is the amount the policyholder chooses to be financially responsible for in the event of an approved claim. Many homeowners choose a $1,000 deductible, which means they will be responsible for $1,000 of the cost of repairs in a covered event and the insurer will pick up the rest up to the policy limit.

The deductible amount has a bearing on the annual premium. In most cases, the higher the deductible, the lower the policy cost. It’s always best to choose the highest deductible you can afford since it will lower your overall policy cost.

Compare Home Insurance Rates by Coverage Levels in Ohio

The following table shows the average annual premiums in Ohio for different levels of dwelling coverage.

Dwelling Coverage (Ohio) Average Annual Insurance Cost
$100,000 $664
$200,000 $950
$300,000 $1,236
$400,000 $1,536
$500,000 $1,867

At InsureOne, we’ll help you find top-rated home insurance with national carriers at a price that will make you happy. We’ll do the work for you – providing you with flexible options to choose from so you can pick the best one for you.

Is Home Insurance Tax Deductible in Ohio?

In most cases, homeowners insurance is not deductible from your taxes. There are some exceptions to this, including is part of your home is a rental unit or you have a home office. If you filed a claim in the previous year that was not 100% covered, you may be able to deduct some of this from your annual taxes.

It’s always best to get professional advice on tax questions.

Does the Buckeye State Have the 80% Homeowners Insurance Rule?

Yes, although it’s not a function of the state, but more of a common practice in the insurance industry. Most home insurance contracts have a clause that allows the insurer to pay out a lesser amount for an approved claim if the home is not insured for at least 80% of its replacement cost value (RCV).

This means a RCV of $300,000 should be covered for at least $280,000 (80%) in dwelling coverage. This is one reason it’s always a good idea to ensure you thoroughly understand your contract before you sign on the dotted line.

Remember, if you make improvements to your property, your RCV may increase because it will cost more to replace your home in a total loss. It’s important to check in with your agent on a regular basis to ensure you have the proper amount of coverage.

Homeowners Insurance
Ready to Get a Quick Quote?

Bundling Home and Auto Insurance in Ohio

Finding the best protection for your home is vital. But it never hurts to get a good deal at the same time. One way you can lower your annual premium is through discounts, including bundling.

Bundling is purchasing two or more insurance lines with the same insurer. For example, if you bundle your home coverage with your car insurance, you could get up to 25% off. Also known as a multi-policy discount, your carrier will reward you for being loyal and trusting them with your needs.

For those who enjoy taking the family out on the boat at Lake Erie, you can find affordable boat insurance in Ohio. Likewise, those who enjoy taking the bike out for a thrilling adventure on Ohio’s Windy 9 in Athens or the Triple Nickle in Zanesville, need the best motorcycle insurance in Ohio.

With bundling, policies and claims are easier to manage and administer. Your annual renewal (or six-month) will also be easier to keep track of when you use one company.

Find an Office Near You

What Weather Events Affect Home Insurance Costs in Ohio?

Ohio is mostly plains, but there’s a great deal of variety in the rest of the state. You’ll find land ripe for agriculture in the lowlands of the northern Great Lakes Plains, while tall bluffs and sand dunes are features of the Lake Erie shoreline. In the middle, the Till Plains produce enough corn to be the beginning of the corn belt and there’s the Appalachian Plateau, which covers a large swath of eastern Ohio. In the south is a small dot called the Bluegrass Region, where hardy hikers and cavers can find cliffs, valleys and sinkholes to explore.

Wherever you live in Ohio, you may be dealing with snow and ice in the winter. Those who live in or near Columbus are more exposed to typical Midwestern U.S. weather, including severe thunderstorms, lightning, large hail and even tornadoes.

All of these natural events can play a part in your home insurance, although the cost of home coverage in Ohio is cheaper than for many across the nation.

What are the Different Types of Home Insurance?

Whether you own a cabin in Columbus, an A-frame in Akron or a split-level in Steubenville, you need the right size insurance for your specific home. Home insurance should be flexible and customized to fit your needs, but there are 8 types of insurance where every policy begins. The most common is HO-3 for single family homes, although a manufactured home will start with HO-7 and a condo begins at HO-6.

You can trust the team at InsureOne to help you find a flexible policy from a top-rated carrier that meets your individual needs.

What is the Most Common Homeowners Insurance in Ohio?

The most common home insurance in Ohio is HO-3, which provides coverage for your physical home, the contents inside, outbuildings, liability and relocation expenses.

Here are some interesting questions and answers about your Ohio homeowners insurance:

  • If a guest trips and is injured in my house, will I be protected? The liability portion of your policy will kick in to help pay for their medical costs, as well as your legal costs if it goes to court.
  • If my laptop is stolen from my car while I’m parked at the mall, am I covered? Yes, your policy will kick in to replace your personal items if they are stolen or damaged – even away from home.
  • My daughter is at college. Are her belongings protected under my policy? In most cases, if a dependent is away at college, her personal possessions are covered under your policy. However, if she is not considered an insured person on your policy and she is living off campus, a renters insurance policy would probably be best.
  • My home sustained major damage after a kitchen fire. Am I covered for my expenses living somewhere else while it is repaired? Not only do you have a certain amount allowable to pay rent in a temporary home, you can get repayment for meals, laundry and other expenses, as well.

Speak with your neighborhood insurance agent to understand exactly what is covered and is not covered with your policy. By understanding the coverage you need, you can ensure your home is adequately protected with the right insurance policy.

Get the Best Homeowners Insurance in Ohio Today

People who live in Ohio are said to be friendly, open-minded and positive. Families who settle here or who have lived her for many generations find plenty of kid-friendly activities. If you are a homeowner in Ohio, you need home insurance from top-rated carriers who provide flexible and customizable solutions. At InsureOne, we listen to your needs and do the research for you, offering a variety of options from nationally-known companies.

Give InsureOne a call at (800) 836-2240 or check their online site today. Or, if you are in the neighborhood, take time to stop in for a one-on-one visit.