A homeowners insurance policy can protect your home and belongings from the harsh Ohio winters that can cause water damage from frozen pipes and structural damage from the weight of frozen precipitation. In this guide, we examine each of the top providers in the state to help you find the best homeowners insurance in Ohio.
Best Homeowners Insurance Companies in Ohio
Liberty Mutual, Allstate, and Farmers offer some of the best homeowners insurance to Ohio homeowners. Below, we’ll discuss the coverage, cost, and benefits of each company.
1. Liberty Mutual
Liberty Mutual gave us the most affordable quote compared to the other providers in this review. The average cost for homeowners insurance is around $101 per month, and Liberty Mutual can provide policies within that range thanks to its 10 discounts that decrease the cost of a monthly premium.
Liberty Mutual Pros and Cons
|Has over 100 years of experience in the insurance industry||Doesn’t allow you to customize personal property coverage|
|Offers up to $1 million of liability coverage||Doesn’t offer 24/7 customer service|
|Personal property replacement cost endorsement pays for new items when yours are damaged|
Allstate is the only provider in this review that provides 24/7 customer service. Regardless of the type of question you have—billing, sales, policy, or claims—you can reach a customer service representative at any time. If you prefer self-service, you can manage your policy and claims using the Allstate online portal or mobile app.
Allstate Pros and Cons
|Offers the choice of 60% or 75% of dwelling for personal property coverage||Provides the lowest liability coverage cap of $500,000|
|Provides nine discounts to help lower your home insurance rates||Has fewer years of experience than Liberty Mutual and Farmers|
|Has more than 10 endorsements to customize your coverage|
Farmers has the most customizable deductible options. Its deductibles are split up by event into hurricane, wind and hail, and all other perils. For each of those perils, you have at least five deductible options and can tailor your deductibles to how likely it is that one of these perils will occur.
Farmers Pros and Cons
|Offers up to 200% of dwelling for personal property and other structures coverage||Only available in 36 states|
|Provides up to $2 million in liability coverage||Doesn’t offer many discounts|
|Give you the choice of 80%, 85%, 90%, 95%, or 100% of rebuilding cost for dwelling coverage|
Ohio Homeowners Insurance Coverage
Homeowners insurance policies are split into six sections:
- Dwelling—If an unexpected event, like a fire or tornado, destroys your home, this part of the policy pays to rebuild it. It covers everything that’s built into the home, like cabinetry, walls, and your HVAC system.
- Other structures—This covers items that aren’t built into your home but are still on your property. This may include structures like fences, sheds, and garages. Other structures coverage is usually 10% of dwelling coverage.
- Personal property—This area of coverage protects your belongings when they’re in your home or when you’re on a trip. You can purchase a replacement cost endorsement that will replace damaged items with new ones, or you can stick with the base policy that gives you enough money to replace your items with similar items of depreciated value. Personal property protection will be at least 50% of dwelling coverage.
- Loss of use—If your home requires serious repairs that forces you to temporarily live elsewhere, your home insurance provider will pay for living expenses during that time. This typically makes up 20% of dwelling coverage.
- Personal liability—Your policy pays for legal fees, repairs or replacements, and medical bills if you cause bodily injury or property damage to another person. We recommend purchasing at least $300,000 of this type of protection.
- Medical payments to others—If a guest is injured on your property, your provider will pay their medical bills. Most policies start at $1,000 per person.
How Much Does a Homeowners Insurance Policy Cost in Ohio?
In 2017, the average homeowners insurance policy in Ohio cost $862 per year or about $72 per month, according to the Insurance Information Institute. That was cheaper than the national average of $101 per month. At that time, Ohio was the eighth-cheapest state for home insurance.
Factors to Consider Before Buying Homeowners Insurance
Here are a few factors to consider before purchasing homeowners insurance in Ohio:
- Size of company—The three providers we recommended are all large, national companies. If you prefer a more intimate customer service experience, you may be better off with a smaller company like The Cincinnati Insurance Company.
- Winter damage—Ohio’s harsh winters can cause pipes to freeze and damage your home from the weight of snow, sleet, or ice. To avoid having to pay for these damages, make sure your policy covers these events.
- Discounts—If you’re on a budget, look at insurance providers that offer several discounts. Liberty Mutual and Allstate are two companies that offer a variety of discounts, including ones for bundling home and auto insurance, being claims-free, and having safety features in your home.
Rebuilding cost—The rebuilding cost is the deciding factor for four out of the six types of coverage in your insurance policy, which makes an accurate estimation important. The best way to get an estimate is to talk to a real estate appraiser with knowledge of the local housing market, but you can also use the estimate given to you by your insurance company or purchase $100–$155 of protection per square foot.
Compare Homeowners Insurance Coverage Options
|Other structures coverage limits||10% of dwelling||10% of dwelling||5%–200% of dwelling|
|Personal property coverage limits||70% of dwelling||60% or 75% of dwelling||40%–200% of dwelling|
|Liability coverage limits||$100,000, $200,000, $300,000, $500,000, or $1 million||$100,000, $200,000, $300,000, or $500,000||$100,000, $300,000, $500,000, $1 million, or $2 million|
|Unique add-ons||Water backup, sump overflow, hurricane||Musical instruments, yard and garden||Building ordinance or law, marring to metal roof materials|
|Customer service||24/7 for claims; limited for sales and service||24/7||24/7 for claims; limited for sales and service|
*Based on sample quotes our team received
Frequently Asked Questions About Home Insurance
What is an independent insurance agent?
Independent agents don’t work for a particular insurance provider. Instead, they sell insurance products from several national or local companies. If you have a limited amount of knowledge surrounding the insurance industry or don’t trust your judgment on what type of policy to buy, consider talking to an independent agent.
How long will my claim take?
It will usually take about 48 hours for your insurance provider to either approve or deny your claim. If your claim is approved, your insurance company will assign an adjuster to you. Depending on how complicated your claim is, it could take anywhere from a few weeks to a few months for you to receive compensation from your insurance company.
What is a claims adjuster?
A claims adjuster determines how much your insurance company should pay you when you file a claim by speaking to you and witnesses, assessing damages, and reading reports from officials. These adjusters can be in-house representatives or independent contractors hired by your insurance company.
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