Best homeowners insurance in Ohio in 2021
Ohio’s strong homeownership rate — 66% of its residents owning their property — means that there is a substantial need for quality home insurance coverage in the state. Ohio homeowners pay $1,111 per year, on average, for homeowners insurance with $250,000 in dwelling coverage, according to Bankrate’s 2021 study of quoted annual premiums.
If you are shopping for the best homeowners insurance in Ohio, Bankrate’s research may be helpful. Our insurance editorial team reviewed the largest home insurance companies by market share in Ohio and analyzed average premiums, available coverage options, discounts and third-party ratings to help you find a company that fits your needs.
Best home insurance companies in Ohio
To decide which companies to feature, Bankrate first obtained average premium information from Quadrant Information Services for the major insurance companies operating in Ohio. We also considered J.D. Power customers satisfaction scores, AM Best financial strength scores, coverage options, discounts and policy features.
If you are shopping for the best Ohio homeowners insurance options, the following companies might be a good starting point:
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
|Buckeye Insurance Group||$371||Not rated|
Allstate offers one of the lowest average home insurance premiums in Ohio, as well as an above-industry-average J.D. Power rating, meaning that customers are generally satisfied with its service. Allstate offers numerous coverage options that could help you tailor your policy to your needs, including electronic data recovery coverage, water backup coverage and sports equipment coverage. The company also offers several discounts, including an early signing discount, claim-free discount and new homebuyer discount.
Learn more: Allstate Insurance review
Auto-Owners is a regional carrier and is only available in 26 states, including Ohio. Policies are highly customizable, with options like guaranteed home replacement cost, equipment breakdown and identity theft coverage available. The company offers an array of discounts, including savings for paperless policies, mortgage-free customers and customers who have an automatic backup generator.
Learn more: Auto-Owners Insurance review
Buckeye Insurance Group
Buckeye is a regional insurer with customers throughout the Midwest and its local agents may be more in tune with the insurance needs of homeowners in Ohio. The company offers the lowest average homeowners insurance premium in Ohio on our list, by far. You may be able to add various endorsements to fit your needs, including identity fraud for social media and for mobile apps, as well as equipment breakdown coverage.
Although Farmers does have the highest premium of the companies on our list, the company may still be a good choice for your insurance needs. The company offers policies in three levels: standard, enhanced and premier. Within each package, you have the flexibility to add coverage types and discounts that fit your needs. Optional coverage choices include Eco-Rebuild coverage and identity theft, and Farmers advertises its multiple-policy discount as a way to maximize the value of your policies.
Learn more: Farmers Insurance review
State Farm has a network of local agents throughout Ohio. If you like to handle your home insurance needs in person, there is likely a State Farm agent near you. The company’s average Ohio home insurance premium is slightly higher than the state average, but that higher premium may allow you to add numerous endorsements to customize your policy. State Farm also partners with Ting, a mobile network service, to provide a free device that could help you detect an issue in your home’s wiring before it can start a fire.
Learn more: State Farm Insurance review
How much is homeowners insurance in Ohio?
Ohio homeowners insurance costs, on average, $1,111 per year for $250,000 in dwelling coverage, which is less than the national average of $1,312 per year. Reasonably priced homeowners insurance is relatively common in the Midwest. For example, homeowners in Indiana pay an average of $1,150 annually for the same amount of coverage, while Michigan homeowners pay $1,120 annually.
While the likelihood of year-round storm damage is relatively high in Ohio, the state does not face the same risks as many other areas in the U.S. Unlike portions of the Western U.S., earthquakes aren’t common in Ohio. Neither is catastrophic hurricane damage, which is common on the East and Gulf Coasts. The cost of repairs and rebuilding may also be lower in Ohio than it is in many other parts of the country, due to the low cost of living in the Buckeye State.
Home insurance in Ohio
When it comes to homeowners insurance, each state has its own unique considerations. The common types of losses, for example, can help you decide what optional coverage to purchase. Understanding the unique risks that Ohio homes face might help you feel more confident in your insurance choices.
Common causes of loss in Ohio
Ohio runs less risk for property loss than many other states, but there are still some risks you may want to consider when buying home insurance:
- Tornadoes: Although it is not in “Tornado Alley,” the state can be prone to tornadoes, averaging 19 per year, according to the Insurance Information Institute (Triple-I).
- Winter storms: Winters in Ohio can be brutal, with cold temperatures, ice storms and heavy snows. Winter storms can cause power outages, spoiled food, roof damage and frozen and burst pipes.
- Flooding: All areas in Ohio have some flood risk, but floods are especially common in the southern area of the state.
Once you understand the common causes of property damage in Ohio, you may be able to better choose home insurance coverage to protect your finances from home repairs or replacement.
Home insurance coverage options in Ohio
Homeowners insurance is designed to financially protect you from having to repair or replace your home after a covered loss. Once you understand the common causes of loss in your area, you might feel more confident choosing coverage that are appropriate, such as:
- Wind coverage: Standard homeowners insurance policies in Ohio typically include coverage for damage caused by high winds and tornadoes, but you may want to confirm this with your agent due to the state’s risk.
- Weight of ice and snow coverage: Most home insurance policies cover damage caused by the weight of ice and snow automatically, but again, because Ohio’s winters can be brutal, you might want to confirm this with your insurance carrier.
- Flood insurance: Homeowners insurance does not typically cover damage caused by flooding. For that, you will need to purchase a separate flood insurance policy underwritten by the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) or a private insurer. Some homeowners carriers offer this coverage as an endorsement.
Talking to a licensed insurance agent might be helpful when purchasing homeowners insurance, to gain a clear understanding of the coverage. An agent can assess your situation and suggest coverage options that are appropriate for your needs.
Frequently asked questions
What is the best homeowners insurance in Ohio?
The best Ohio homeowners insurance company will vary based on what you are looking for from a policy. You may be seeking the lowest price, certain coverage types or specific policy features. Understanding what you need from your insurance policy may help you to narrow down your list of possible insurance companies. You can then request quotes from several companies to find one that most closely fits your needs.
How do I get homeowners insurance in Ohio?
The first step to getting home insurance in Ohio is to get quotes. You may be able to do this online, or you may need to call the companies or have a local agent help you with this process. You will need some general information about you and your home, such as your address, date of birth, the year your home was built and the age of your roof.
Having a general understanding of the coverage types and limits you would like to purchase can be helpful, but an agent should be able to help you choose coverage. Once you have decided on a carrier and want to proceed, the company’s representative or your agent will walk you through the next steps.
Is homeowners insurance required in Ohio?
Homeowners insurance is not legally required, but your lender may require you to purchase a policy if you have a mortgage or home loan. You will likely need to carry at least enough dwelling coverage to pay off the loan should your home be destroyed. However, the Triple-I recommends you have enough coverage to replace your home if you sustain a catastrophic loss.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.