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Best homeowners insurance in Ohio for 2022
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Ohio’s high homeownership rate — 66% of its residents own their property — means that there is a substantial need for quality home insurance coverage in the state. Ohio homeowners pay $1,119 per year, on average, for homeowners insurance with $250,000 in dwelling coverage, according to Bankrate’s 2022 analysis 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.
- The average home insurance premium in Ohio is $1,119 per year for $250,000 in dwelling coverage.
- Buckeye State Mutual Insurance Company, American Family and Allstate offer some of the lowest average rates in Ohio.
- State Farm is one of the best homeowners insurance options in Ohio, according to Bankrate’s research.
How Bankrate chose the best home insurance companies in Ohio
Best home insurance companies in Ohio
The average cost of home insurance in Ohio is $1,119 per year, but several companies in the Buckeye State offer lower average rates. Based on our analysis of rates from Quadrant Information Services, third-party customer service scores and financial ratings from J.D. Power and AM Best, and other factors, we found that the best home insurance companies in Ohio include State Farm, Auto-Owners and Allstate. These providers stand out for their average rates, available discounts, solid financial and customer service ratings and other important factors. Homeowners in Ohio can also weigh several other options for the best homeowners insurance in Ohio.
If you are shopping for the best Ohio homeowners insurance options, the following companies might be a good starting point:
|Home insurance company||Bankrate Score||Average Annual Premium||J.D. Power Score||AM Best Rating|
|Buckeye State Mutual Insurance Company||Not rated||$369||Not rated||B+|
*Average rates are for annual policies with $250,000 in dwelling coverage
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 be worthwhile with the ability to add numerous endorsements to personalize 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
Auto-Owners is a regional carrier that operates in 26 states, including Ohio. Policies can be robust, 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. However, Auto-Owners’ average home insurance premium is on the higher end, compared with the other companies on our list.
Learn more: Auto-Owners Insurance review
American Family offers the second-lowest rate of the Ohio homeowners insurance companies on our list. In addition to low average rates, the company may be beneficial for homeowners braving cold Ohio winters. The company’s standard home policy covers damage due to weight of ice, snow, or sleet and damage to frozen interior plumbing. AmFam ranks higher than average in J.D. Power’s 2021 U.S. Home Insurance Study and carries an AM Best financial strength rating of A (Excellent). AmFam only writes policies in 19 states, so if you move outside of Ohio, you may want to check and see if the company writes homeowners policies in your new state.
Learn more: American Family Insurance review
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. However, if you’re hoping to purchase auto insurance from the same company as your home insurance, note that Allstate scores below industry average in the J.D. Power 2021 Auto Claims Satisfaction Study.
Learn more: Allstate Insurance review
Buckeye State Mutual Insurance Company
Buckeye Insurance Group is a regional insurer with policyholders in Indiana, Kansas and Ohio. 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, at just $369 annually for $250,000 in dwelling coverage. You may be able to add various endorsements to fit your needs, including identity fraud protection for social media and for mobile apps, as well as equipment breakdown coverage. Some shoppers may appreciate the company’s local flair, but if you move outside of Indiana, Kansas and Ohio, you’ll likely have to find a new home insurance provider.
How much is homeowners insurance in Ohio?
Ohio homeowners insurance costs, on average, $1,119 per year for $250,000 in dwelling coverage, which is less than the national average of $1,383 per year. Reasonably priced homeowners insurance is relatively common in the Midwest. For example, homeowners in Indiana pay an average of $1,180 annually for the same amount of coverage, and Wisconsin homeowners pay an average of $928 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., which may be part of why the state has lower average home insurance rates. 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.
Ohio homeowners insurance rates by city
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 Canton Repository.
- 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. It can be costly to rebuild after winter storms. In 2021, these storms caused an eye-popping $15 billion in insured losses.
- 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 Ohio 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 Ohio 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.