Ohio home insurance is often the most important insurance an individual will purchase during his or her lifetime. While car insurance is mandated by law and health insurance is frequently provided by employers, home insurance is left to the individual to purchase. Yet, this insurance protects what, for many, is the most important financial asset they own --their home. Here's what you need to know about home insurance in Ohio to make the best decision possible for your home.
Ohio Home Insurance Quotes: Average Costs
Ohio home insurance quotes are often among the lowest in the entire country. In 2006, the last year for which reliable data is available, Ohio was tied for 5th lowest with average annual premiums of only $530, according to National Association of Insurance Commissioners. During the same year, the national average for home insurance premiums was $804.
A number of different factors account for these lower costs. First, Ohio manages to avoid many of the major perils that Mother Nature has to offer (hurricanes, earthquakes, and, for the most part, tornadoes). Moreover, there is often less to insure, financially speaking. The median home price in Ohio is consistently lower than the national average. In fact, according to Trulia.com, Ohio was recently placed at the absolute bottom for average home listing price.
Ohio Home Insurance Quotes and Home Values
Although home values do have a strong correlation to average home insurance costs, you want to consider tying your individual policy to the cost of replacing your home, rather than its market value. As the housing market continues to take a beating, the gap between what your home will fetch on the market and what it costs to rebuild it has never been higher in some areas. Cleveland, in particular, has been hit hard by these plummeting home values. At the very least, you need to know what your home insurance will pay in the event of total property loss, and you should have a plan for this worst-case scenario.
Ohio Home Insurance Policies
Many home insurance policies cover what's known as the basic 11 perils of homeownership (fire or lightning, windstorm or hail, explosions, riot or civil commotion, damage from aircraft, damage from vehicles, smoke damage, vandalism, theft, volcanic eruption, glass or safety-glazing material damage). That said, HO-3 home insurance policies have become increasingly popular. This type of home insurance lists only what the policy doesn't cover, providing a much easier way for homeowners to understand their policy.
- Extra Tip for NE Ohio Homeowners: If you live in an area prone to lake-effect snow or heavy snowfall in general, make sure your home insurance policy covers burst pipes, ice dams, and other damages common with snowfall.
- Extra Tip for SW Ohio Homeowners: If you live in a floodplain, make sure buy supplemental flood insurance. But this section of the Ohio River Valley and Cincinnati, in particular, is vulnerable to erosion and "slow landslides." So, you should have your home inspected and/or make sure your policy covers foundation repairs.
Shopping for Ohio Home Insurance Quotes
Finding Ohio homeowners insurance quotes isn't difficult, but comparing different quotes and policies can become tedious to say the least, if not downright stressful. Fortunately, NetQuote provides homeowners with an easy, reliable way to do comparison shopping. Simply fill out a quick online form, and we'll match you to several insurance companies offering policies for your area. This will allow you to review multiple quotes from the comfort of your own home and give you the time and leeway to choose the best insurance provider for your home and household.