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If you own a home in Ohio, your home is unlikely to be damaged by major natural disasters, as the state is generally safe from those perils. However, Ohio is home to more than 4,000 abandoned coal mines, so you may require additional insurance protection against mine subsidence (sinking) damage if you live near one.
Ohio homeowners pay an average of $144 per month, or $1,728 annually, for their home insurance. The best insurers to protect your home in the Buckeye State include Nationwide, Grange, and Ohio Mutual, among others. Here’s what you need to know when getting your home insured in Ohio.
Table of contents
- Best home insurance companies in Ohio
- How much is homeowners insurance in Ohio?
- What are the cheapest home insurance companies in Ohio?
- How much homeowners insurance do you need in Ohio?
- How can you save money on homeowners insurance in Ohio?
- Average home replacement cost in Ohio
- Ohio homeowners insurance FAQs
Best home insurance companies in Ohio
A number of quality insurers serve homeowners in Ohio, and the best insurance company for you will depend on your home, situation, and needs. The following insurers are among the best choices for Ohio home insurance:
Best large insurer: Nationwide
Founded and headquartered in Columbus, Ohio, Nationwide has been “on your side” in Ohio and beyond since 1926. Home insurance policyholders report generally positive experiences with the insurer, and the company has a J.D. Power Customer Satisfaction ranking of 816 out of 1,000. The average cost for Nationwide homeowners insurance is $122 per month, or $1,464 annually, which is lower than the statewide average cost for homeowners insurance.
Standard coverage includes protection against credit card and debit card fraud and forged checks.
The company offers a free review to all customers that periodically assesses your coverage to ensure you’re protected even if your situation changes.
A.M. Best rates Nationwide A+ (Superior) for financial stability.
The company’s J.D. Power ranking of 816 is slightly lower than the industry average of 819.
Optional contents replacement cost coverage only pays the depreciated value of items. Policyholders must submit receipts to get the difference between the depreciated cost and the replacement cost.
Canceling your policy can be difficult because it can’t be canceled online. Finding instructions for canceling on the website is also challenging.
Learn More: How Much Does Homeowners Insurance Cost?
Best insurer for cheap rates: Grange
Grange Insurance is a regional insurer founded and headquartered in Columbus, Ohio. The company offers a number of optional coverages that can help ensure you and your home are completely protected. This includes underground service line coverage, equipment breakdown coverage, identity theft insurance, personal cyber insurance, backup of sewers and drains coverage, and protection for a loved one’s personal belongings if they’re in assisted living care.
A home insurance policy with Grange costs an average of $72 per month, or $864 annually.
Grange offers a wide variety of optional coverages.
A.M. Best gives Grange a rating of A (Excellent) for financial stability.
A number of discounts are available.
There’s no online purchase option.
Grange isn’t ranked by J.D. Power for customer satisfaction.
Since Grange isn’t available in all states, your insurance may not travel with you.
Best for winter weather coverage: Liberty Mutual
Ohio is most vulnerable to severe winter weather, according to FEMA’s National Risk Index. Liberty Mutual’s standard policy includes the cost of temporary housing if you’re unable to stay in the home after winter storm damage, and the company provides resources to help homeowners prepare their homes for extreme weather and prevent frozen pipes and ice dams.
Premiums for Liberty Mutual homeowners insurance average $116 per month, or $1,392 annually. The insurer has a J.D. Power Customer Satisfaction ranking of 805 out of 1,000.
Liberty Mutual offers a number of discounts, including a discount of up to 10% for purchasing online.
The insurer has a robust mobile app that allows customers to easily manage their policies on the go.
A.M. Best gives Liberty Mutual a rating of A (Excellent) for financial stability.
The company’s J.D. Power ranking of 805 is lower than the industry average of 819.
There are no options listed online for increasing your dwelling coverage.
Liberty Mutual’s premiums tend to be high for any customers not using discounts.
Keep Reading: Does Homeowners Insurance Cover Water Damage?
Best insurer for high-value homes: Chubb
If you own a home that would cost $750,000 to $1 million to rebuild, you may want to purchase a high-value homeowners policy. In Ohio, Chubb offers the best homeowners insurance policy for high-value homes. This policy, called Masterpiece Coverage, offers extended replacement cost and a cash settlement in the event of a covered total loss, to help with tree removal, lock replacement, and other extra benefits. Chubb has a J.D. Power Customer Satisfaction ranking of 809 out of 1,000.
Chubb offers extra benefits that would require separate coverage from other companies.
Chubb offers its own flood insurance with a coverage limit of up to $15 million, which is significantly higher than National Flood Insurance Program limits.
Chubb provides a cash settlement if you decide not to rebuild or decide to rebuild somewhere else after a total loss.
The premiums tend to be more expensive than average.
Customers must contact an agent to get a quote.
The company’s J.D. Power ranking of 809 is lower than the industry average of 819.
Best regional insurance company: Ohio Mutual
Based in Bucyrus, Ohio Mutual Insurance is a regional insurer serving seven states total, including Ohio. The company boasts a rating of 4.4 out of 5 stars based on 578 reviews on Google and has an A (Excellent) rating from A.M. Best for financial stability.
Ohio Mutual offers a wide array of additional coverage options.
A number of potential discounts are available.
Policyholders have access to tools that can help reduce risk.
There’s no online purchase option.
Ohio Mutual isn’t ranked by J.D. Power for customer satisfaction.
The company’s reach is limited to seven states, so you may need to switch coverage if you move away.
Insurify’s team of data scientists analyze millions of home insurance quotes, and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.
How much is homeowners insurance in Ohio?
The amount you pay in premiums for your homeowners insurance policy depends on several factors. These factors can include the location of your home, the size, age, and building material of your home, the demographics of the people living in the home, and your credit score.
How your policy choices affect home insurance rates in Ohio
Several choices that you can make for your homeowners insurance will affect your rates. These include which type of homeowners insurance policy you choose, your coverage level, and your deductible.
Your policy form
Eight forms of homeowners insurance are available, although only six of them cover houses (rather than rentals or condos). Each form pays for damage from a specific set of “perils.”
The least expensive (and least comprehensive) policy forms are HO-1 and HO-2, which are known as “named peril” protections. These two forms will only pay for damage incurred by the following perils.
|HO-1 Coverage||HO-2 Coverage|
|Fire and/or smoke||Fire and/or smoke|
|Hail and/or windstorms||Hail and/or windstorms|
|Damage from vehicles||Damage from vehicles|
|Damage from aircraft||Damage from aircraft|
|Riots and civil commotion||Riots and civil commotion|
|Volcanic eruption||Volcanic eruption|
|Weight of ice, snow, or sleet|
|Freezing of household systems, including HVAC systems|
|Sudden and accidental damage to pipes and other household systems|
|Accidental discharge or overflow of water or steam|
|Sudden and accidental damage from artificially generated electrical current|
The most common form of homeowners insurance is HO-3, which is what’s known as “open peril” protection. This means HO-3 insurance will cover your home for all the dangers listed above and also any danger that’s not specifically excluded by your policy. The typical exclusions for HO-3 policies are:
Mold and fungus
General wear and tear
Additional exclusions may exist, depending on where you live, since your geographical location may have a higher risk of certain types of perils.
The other policy forms include HO-5, which generally offers extra coverage for high-value personal property and replacement cost value coverage, HO-7, which is made specifically for mobile and manufactured homes, and HO-8, which is intended for older homes.
The policy form you choose can affect your premiums, as can the covered and excluded perils in your policy. Make sure you always check which perils a home insurance policy covers before purchasing it.
Learn More: What Does Home Insurance Cover and What Does It Exclude?
Your coverage level
The higher the coverage level you choose, the higher your premiums will be. Some of the coverages that might affect your premiums include:
Dwelling coverage: This covers the physical structure of your home. The amount of coverage you carry for your dwelling has a direct effect on your rates.
Replacement cost: The more expensive your house is, the more it will cost to replace.
Liability coverage: Liability home coverage protects you in instances when something happens to someone else on your property and you’re legally liable. The amount of liability coverage you carry can affect your rates. If you have additional risk factors, such as an aggressive dog or a swimming pool, that could increase your premiums.
The deductible is the amount of money you’re responsible for paying before insurance coverage kicks in. For example, if you have a $1,000 deductible and you make a claim for a $5,000 repair, the insurance will only pay out the final $4,000 for that repair.
A higher deductible puts more of the up-front expense on you and costs the insurance company less. Because of this, you’ll generally pay a lower premium when you choose a higher deductible. But make sure you don’t increase your deductible to an amount you can’t afford to pay in the event of a claim.
How location affects home insurance rates in Ohio
Your home’s location can affect the amount your insurer charges you for a homeowners policy. This is true from the state level, as homeowners in different states pay different rates, all the way down to the street level, as crime statistics from one neighborhood to the next can affect the cost of insuring your home.
Some of the location-specific rate differences are due to these localized perils:
Lake-effect snow occurs in Cleveland and other Ohio communities on the southern shore of Lake Erie, which means homes in those areas are more susceptible to snow- and ice-related damage.
Ohio is home to more than 4,000 abandoned coal mines, which means homes built in proximity to those old mines may be in danger of sinking.
The rate of crime in an area can affect the cost of homeowners insurance. This is why different cities in Ohio may have different rates for similar homes.
|City||Average Monthly Quote|
What are the cheapest home insurance companies in Ohio?
The three least expensive home insurance providers in Ohio are Grange, at $72 per month, State Auto, at $81 per month, and Travelers, at $104 per month. The average cost of home insurance in Ohio is $144 per month, which means Grange costs half the average, while State Auto customers save $63 and Travelers customers save $40 compared to the average.
Though these insurers may offer much cheaper rates than average, your specific coverage needs may result in a higher quote. It’s important to get adequate coverage for your needs, but shopping around can help you find the best coverage at the best price.
|Insurance Company||Average Monthly Quote|
|Midvale Home & Auto||$119|
How much homeowners insurance do you need in Ohio?
There’s no legal requirement for you to carry homeowners insurance in Ohio. However, if you’ve taken out a mortgage to purchase your home, your mortgage lender will require you to also purchase a homeowners insurance policy. This is because your lender wants to protect its financial interest in your home. But even if you’ve completely paid off your home, it’s still a good idea to carry homeowners insurance.
To determine how much homeowners insurance to buy, you’ll have to take into account your specific needs. This is why it’s so important for you to understand exactly what your home insurance policy covers when you buy it. That way, you know you’re fully covered for potential problems.
Homeowners insurance has several standard components. Knowing what these coverages are and how they work can help you make the best choice for your home insurance policy in Ohio.
Keep Reading: Does Homeowners Insurance Cover Water Damage?
What home insurance coverages should you buy in Ohio?
Standard home insurance has six coverages, labeled with the letters A through F:
Coverage A – Dwelling coverage: This pays for damage to the structure of your home.
Coverage B – Other structures: This protects you against loss to unattached structures on your property, such as a detached garage or tool shed.
Coverage C – Personal property: This coverage pays for your personal belongings in the home that are affected by the loss. But you may need additional coverage for very valuable items, such as jewelry, firearms, antiques, furs, and the like.
Coverage D – Loss of use: If your home is uninhabitable or parts of the home are unusable after the damage or loss, this coverage will help pay for your additional living expenses while you rebuild.
Coverage E – Personal liability: This aspect of homeowners insurance will provide coverage if you or another resident of your home is legally responsible for an injury to someone else or damage to their property.
Coverage F – Medical payments to others: If someone is accidentally injured on your property, this type of coverage will pay for their medical expenses, regardless of fault.
What optional home insurance coverages should you buy in Ohio?
Standard homeowners insurance coverage doesn’t protect against all potential perils. For example, the vast majority of insurance companies don’t offer coverage for flood damage. Though not all of Ohio is at risk for flooding, any homeowners who live in a floodplain will need to get separate flood insurance coverage, either through a private insurer or the National Flood Insurance Program.
Some additional perils Ohioans should protect themselves from include:
Mine subsidence: If you live in one of the 37 Ohio counties that are home to an abandoned coal mine, your home may be in danger of mine subsidence (sinking). In 26 of these counties, coverage for mine subsidence is mandatory for homeowners. In the other 11 counties, this coverage is optional. You can purchase the policy through Ohio’s Mine Subsidence Insurance. Each policy pays up to the home’s insured value or $300,000, whichever is less, minus the deductible.
Earthquakes: Though Ohio is not known for earthquakes (there hasn’t been a major one since 1937), it does still occasionally experience small tremors that can cause serious damage, especially to brick or masonry homes. This added coverage will generally be inexpensive, but expect a deductible equal to 2% to 5% of your home’s insured replacement cost.
How much home insurance coverage should you have in Ohio?
There’s no one-size-fits-all homeowners insurance coverage plan because no two homes have the same risk factors. Some of the issues you should consider when shopping for your home insurance policy include:
Your home’s value: How much will it cost to rebuild your home?
Your home’s location: What perils are you likely to encounter?
Your additional risk factors: What other expenses would you struggle to pay for in the event of a loss or damage? How might you be financially vulnerable?
To make sure you get the right level of protection at a price you can afford, consider quotes from at least three different insurers before settling on a policy that fits your needs.
Learn More: Is Homeowners Insurance Required?
How can you save money on homeowners insurance in Ohio?
Here are a few ideas you can use to reduce your home insurance costs as much as possible.
Bundle home and auto insurance
If you bundle multiple policies with the same insurer, the company will often offer you a discount on these policies.
Make your home more disaster-resistant
Taking care of your home in general will help to keep your insurance costs low since preventative maintenance stops problems before they happen. But you can further help keep your home insurance premiums affordable by making your house more resistant to the most common perils in your area. This could include reinforcing your roof or modernizing your heating, plumbing, or electrical systems.
Improve your home’s security
Your insurer may offer you a discount for adding security devices to your home, such as burglar alarms, smoke detectors, fire alarm systems, deadbolt locks, or fire extinguishers.
Shopping around for your home insurance can save you a great deal of money. Once you’ve gotten your quotes, you can easily unlock discounts and toggle between coverage options to find the best option for your needs.
Average home replacement cost in Ohio
The replacement cost of your home is the amount of money it will cost to reconstruct your home at today’s costs. This includes the cost to purchase new items (such as appliances) at their current price, rather than the depreciated value of your lost items, as well as the current cost of building supplies to repair any damage.
John Pham, founder of the personal finance site The Money Ninja, explains why this type of coverage is important: “Property values and replacement construction costs are always rising, so it’s vital to review your policy annually to update the coverage maximum. Ensure you have enough coverage to rebuild your home in the event of a total loss.”
The total replacement cost of your home should influence the level of insurance coverage you purchase since a policy for less than your replacement cost may not be enough to make you whole again after a loss.
Here are the average replacement costs for homes in five Ohio cities.
|City||Average Home Value|
Ohio homeowners insurance FAQs
Here are answers to some commonly asked questions about homeowners insurance in Ohio.
In Ohio, the average monthly cost of homeowners insurance is $144. This may not include necessary coverage like mine subsidence coverage, which is required in 26 counties and optional in another 11. This secondary coverage could increase your monthly premiums.
Ohio homeowners pay more than the national average. The average annual premium was $1,398 (or $116.50 per month) in 2021, according to the Insurance Information Institute. Ohio’s average premium is $144 per month, or $1,728 per year.
This difference in price may be related to the mine subsidence coverage that’s mandatory for all homeowners in 26 Ohio counties.
Actual cash value: Also known as depreciated value, this kind of coverage only pays out the cost required to make repairs, minus the depreciation due to age or use. It may not cover the cost to repair or replace the loss at today’s prices.
Replacement cost: This type of coverage will pay to replace or repair what you lost at today’s costs. This includes the cost to purchase new items at their current price, rather than the depreciated value.
Extended replacement cost: This coverage pays a certain percentage over the replacement cost, usually 20% or more. If there’s an unexpected spike in prices (because of a shortage of materials or workers, for example), the extended coverage will ensure you can afford to rebuild.
There’s no legal requirement to carry homeowners insurance in Ohio, but every mortgage lender will require homeowners to purchase a home insurance policy to qualify for a loan.
But even if you own your home free and clear, having a home insurance policy is still vital. Not only will homeowners insurance allow you to rebuild your home if it’s damaged or destroyed, but it’ll also protect you if someone is injured on your property and help you replace lost or stolen personal property.
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- Ohio Department of Insurance. "Homeowner's Insurance Guide." Accessed February 2, 2023
- J.D. Power. "Bundle Fumble? Rising Auto Insurance Premiums are Killing Home Bundles, J.D. Power Finds." Accessed February 2, 2023
- A.M. Best. "Insurer ratings." Accessed February 2, 2023