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The person next door spends an average

of $71 a month.

Cheap Ohio Home Insurance Rates & The Best Companies

The person next door spends an average of $71 a month.

OHIO STATS


On average, Ohioans are paying $1,244 every month on homeownership costs. 


There are 5.2 million houses in the Heart of it All, 66% of which are occupied by owners.

  • Population: 11,689,442
  • Average value of homes that's occupied by owners: $135,100 
  • Households: 4,633,145 
  • Average household income: $52,407
  • High school grad or higher, percent of people age 25 years +: 90% 
  • Average travel time to work: 23 min 

The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.

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Ohio is truly The Heart of it All with plenty to offer for its residents. The unseeming state is a hub for sports, entertainment, and recreational opportunities - while also being home to great schools. Ohio boasts high employment rates alongside low cost of living. It has also consistently ranked as among the top states for business.


The Buckeye State is fortunate enough to evade most earthquakes and hurricanes. Although situated in an active tornado zone, tornadoes are more common to the area. Tornadoes peak from April to July and can happen anytime of the year. Ohio takes the 12th spot for total number of tornado occurrences in the country. In 2017 alone, 43 tornadoes were recorded throughout the state.

Tornado caught on camera via GIPHY

Heavy rains can lead to flooding, particularly in northern parts close to Lake Erie and Ohio River. Ohio homeowners usually deal with frozen pipes, ice dams, and roof collapse from snow and ice storms during winter. Overall, Ohio's weather places homes at risk for fire and water damage.


As of 2017, 5.2 million housing units were recorded in Ohio by the U.S. Census Bureau. Of which, 66.1 percent are owner-occupied. That's about 3.43 million homes in Ohio that can qualify for homeowners insurance.

Average Ohio Premiums

Ohio residents pay $342 less in annual home insurance premiums than the typical American. According to the Insurance Information Institute (III), Ohio has an average home insurance cost of $850 per year as of 2016 or $70.83 per month. That same year, the average cost of homeowners insurance in the U.S. was $1,192 per year or $99.33 per month.


U.S. States were ranked from the most expensive to the cheapest home insurance premiums. Ohio placed 43rd out of 51 states. Meaning, Ohio has one of the cheapest homeowners insurance across the country. In fact, it was among the top 9 most affordable states.

Average Ohio Home Insurance Premiums

 201620152014
Monthly average$71$68$66
Annual average$850$819$797
National annual average$1,192$1,173$1,132
Rank434343
Source: The annual average premiums came from the Insurance Information Institute's recorded data. We were able to calculate the estimated monthly insurance costs based on the data provided.

Reviews of the Best Homeowners Insurance Companies in OH

We reviewed the three best home insurance providers in Ohio based on III’s rankings. The Institute ranked companies based on the number of direct premiums written in 2017 and the percentage they hold in the home insurance market share in OH.


To help you decide, we included financial strength ratings (FSR) from two of the most trusted credit rating firms in the country - AM Best and Standard & Poor's (S&P). Providers were then assessed for their affordability, claims payout, customer service, and online accessibility.


State Farm


When State Farm was founded in 1922, its goal was to give Illinois farmers access to competitively priced car insurance. Since then, the company has expanded nationwide to include renters and homeowners insurance.


State Farm currently ranks as the #1 provider of home insurance in Ohio with a 21 percent market share.


  • AM Best Rating: A++ (Superior)
  • S&P Rating: AA (Very Strong)

Ratings from AM Best and S&P reflect the financial capacity of State Farm in meeting the demands of its policyholders. It's worth noting that the company received the highest possible rating from AM Best and the second highest possible rating from S&P.


State Farm has higher premiums than most providers. But some say their rates are both reasonable and competitive given the ease and speed of the claims process, as well as the quality of their services. Agents are quick to respond and are extremely helpful. They will inform you of different ways you can save and qualify for discounts - such as bundling your car policy with homeowners insurance.


You can explore their full range of insurance policies, request a claim, and send payment through their website or the State Farm Mobile app.


Allstate 


Allstate has its humble beginnings as a Sears’ tire brand before becoming an insurance company in 1931, when Sears started offering it as a car insurance on their mail-ordered catalog. Nowadays, the company writes renters and home insurance, as well as other special policies across the United States.


Allstate takes second place among the top homeowners insurance providers in Ohio, and has a market share of 10.9 percent.


  • AM Best Rating: A+ (Superior)
  • S&P Rating: AA (Very Strong)

Allstate received a similar S&P rating (AA) as State Farm but falls behind with an A+ from AM Best. The latter still suggests a 'Superior' ability to meet the demands of its policyholders.


The company is known for providing great coverage at the rates they offer. You can get even lower premiums through discounts, which Allstate updates you with. Their agents are very thorough so you'll know exactly what you're getting if you sign up for a policy. Customer service is remarkable. However, policyholders are divided with the claims process with most not having any problems whereas few did.


Allstate's website and mobile app lets you access standard online features, such as making payments and requesting for claims and support. Besides getting information on their policies, you can also learn about your state's minimum requirements, as well as what most residents in your area have for coverage.


Liberty Mutual


Liberty Mutual started out in 1912 as an insurance association for workers in Massachusetts. More than a hundred years later, it has grown into a company that offers various policies - not just in the U.S. but globally.


It ranks 3rd on Ohio's top 10 home insurance companies with an 8.6 percent market share.


  • AM Best Rating: A (Excellent)
  • S&P Rating: A (Strong)

Compared to State Farm and Allstate, these lower scores suggest that while Liberty Mutual performs well in meeting its financial obligations, they have a slight risk of being affected by economic setbacks.


Liberty Mutual has fairly-priced premiums given the coverage they provide. Though it would save you more if you get discounts or opt to bundle their car and homeowners insurance. The claims process is simple and quick. It helps that their agents and customer service are friendly and accommodating. Unfortunately, the company seems to have a reputation for increasing premiums without prior notice.


The website and mobile app cover all the basics, including 24/7 support, online payment options. But their best feature yet is Coverage Compass. It enables policyholders to fully grasp their coverage and suggests policies that could fill in gaps.

Ohio Home Insurance Companies: Market Share and Summary of Ratings

RankInsurerMarket Share %AM BestS&PJD Power
1State Farm21.0A++AA3
2Allstate10.9A+AA3
3Liberty Mutual8.6AA3
4Nationwide7.9A+A+3
5Grange Mutual5.7ANRNR
6Erie5.2A+NR3
7Westfield3.9ANRNR
8Cincinnati Financial3.7A+A+4
9USAA3.5A++AA+5
10American Family3.2ANR3
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

In Summary

We did not cover all of the home insurers in-state, therefore, further research of other companies is advised, to find the coverage and price that suits you and hour house the best. Given that several insurance providers exist all over the state, homeowners first need to understand what they are looking for, as this will help them sift through the best insurance policies. Additionally, it contributes to finding out the possibility of customizing a given policy to suit your needs to cover you adequately and within your budget. Luckily, the insurance industry readily provides lots of information through which individuals can educate themselves and take time to choose the ones that suit them best.


There are, for instance, companies that cover mobile homes (with or without wheels) through specially arranged policies. Such policies will differ significantly and are not like the standard coverage. A policy buyer must be very careful to understand what they entail.


Owing to a large number of insurance companies in Ohio, competition is very high, and it is possible to get a good deal at an affordable cost. Importantly a homeowner should take time to understand the perils that may befall them to make an appropriate decision.

Guide for Ohioans

1. Law in Ohio

Ohio homeowners are not required to obtain special insurance policies as with some states. The only thing you should keep in mind is to get the right coverage for your home.

2. dog bites

Ohio is 8th of the top ten states in the U.S. with the highest number of dog bite claims. In 2018, the total value of dog bite claims in OH was a whooping $21 million for 727 claims, at an average of $28,900 per claim. Dog bites are usually covered as a liability, but it's best to talk to your provider. If it isn't part of your policy, consider extending your coverage. If you’re a dog owner, you might also want to get a canine liability policy.

3. home inventory

Remember that Ohio is located in an active tornado zone, and that weather conditions place your home at risk for fire and water damage all year round. If you live up north, your risk for flood is even higher.


Keep your home inventory updated in case you need to submit a claim. Make a list of your insured belongings, and keep photos and receipts so the claims process would be easier.

Drone footage of Western Clevelenad suburbia along Lake Erie in Ohio via GIPHY

For more information and resources, visit the official website of the Ohio Department of Insurance.

Among the most populated states in the USA is Ohio and is ranked ninth on the list of the lowest homeowners insurance rates. This is primarily due to a relatively less aggressive weather throughout the year, with fewer natural disasters such as earthquakes and floods. However, several considerations will be done by the insurance company in determining your premiums, including home size and location. Certain cities in Ohio are more prone to natural disasters than others, making them considerably expensive for homeowners insurance.


The years between 2011 and 2015 saw a very high number of catastrophes in Ohio, which equaled the number of total catastrophes in the previous decade.


Among the most common perils in Ohio are wind and fire. A homeowner should ensure that their chosen policy endorses these perils, even though they might in some cases, attract a higher premium. It is also advisable to make regular home maintenance, erect impact-resistant roofing and make regular general inspections to reduce the possibility of serious damage.


Ohio residents can make great savings on their budgets given that on average, state residents pay $342 less per year less than the national average, which accounts for 30 percent savings!



Resources:


United States Census Bureau  

Insurance Information Institute

Consumers Advocate

For more assistance, please contact your local state department of insurance:

Ohio Department of Insurance

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