Best Homeowners Insurance In Ohio For April, 2024

State Farm has the best home insurance in Ohio, offering average premiums of $1,112 per year.

min read
Updated: 12 March 2024
Written by
Bob Phillips
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Homeowners in Ohio should ensure they have sufficient home insurance coverage to protect against the potentially high costs of extreme weather damage.

Choosing the right insurance company is crucial for safeguarding your property from these risks. Through my research and personal experience, I’ve found that State Farm is the top choice for home insurance in Ohio. However, I recommend exploring other insurance carriers we have reviewed to make an informed decision.

Best Homeowners Insurance In Ohio, 2024

Best Home Insurance, Ohio, 2024

Compare The Best Homeowners Insurance In Ohio

Allstate
4.7

Discounts

A+

816

9/10

Instant Quote
Farmers
4.4

Policy Perks

A

792

9/10

Instant Quote
State Farm
4.9

Best Overall

A++

829

9/10

Instant Quote
Chubb
4.8

Cheap Rates

A++

809

7/10

Instant Quote
Nationwide
4.6

Coverage Options

A+

815

8/10

Instant Quote
Scroll to see comparisons

Our Methodology

When trying to determine which insurer is the best home and property carrier in Ohio, we base our selection on unbiased reviews and ratings of all of the companies under consideration. We also look at ratings from J.D. Power on an insurance company's customer satisfaction. We check out AM Best for its rating of whether or not an insurer is strong financially. Additionally, we also turn an eye to online feedback from customers, along with my personal experience with homeowners insurance in Ohio.

51

Quotes Analyzed

19

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

The Best Homeowners Insurance Companies In Ohio


Best Overall

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

Our top pick for the best homeowners insurance in Ohio is State Farm. It has received an A++ rating from AM Best for its exceptional financial strength and stability. J.D. Power also gives State Farm a high rating of 829 out of 1000, reflecting the positive reviews from satisfied customers. With numerous neighborhood offices and agents throughout Ohio, State Farm provides convenient service for policyholders.

State Farm’s standard home insurance policy offers coverage that sets it apart from other insurers. For instance, it provides coverage for debit or credit card fraud and offers ordinance or law coverage for HOA compliance with strict codes. Additionally, State Farm allows for customization of coverage to meet unique needs. Their Better Roof Replacement option, for example, covers the cost of upgrading roofing materials after a covered event like a storm.

Another standout feature of State Farm’s homeowners insurance is the Brand New Belongings option, which provides coverage for the replacement cost of personal belongings or valuables. This coverage reimburses you for the cost of replacing items at their current value. To utilize this coverage, you simply need to purchase replacements, file a claim with receipts, and State Farm will reimburse you for the cost minus depreciation.

Initiating the process of purchasing home insurance from State Farm is simple and can be done online. However, to finalize the purchase, you’ll need to meet with one of their agents. State Farm’s website also offers convenient tools for tasks such as paying insurance premiums, researching coverage options, and filing claims online. Additionally, their online resource library provides valuable information to help customers learn about insurance.

Benefits & Drawbacks

Benefits
  • Numerous service and sales agents throughout Ohio
  • Multiple high quality options for insurance coverage
  • Strong financial security rating from AM Best
Drawbacks
  • You cannot get State Farm insurance from an independent agent

Best For Policy Perks

Overall Rating
4.4

Key Statistics

9/10 Affordability
6/10 Customer Reviews
7/10 Claims
9/10 Coverage Level

Why We Like Them

Farmers Insurance stands out for its extensive range of perks offered to policyholders, as well as its top rating for customer service in the Online Experience category. This high level of customer service is attributed to the thorough explanations provided about these perks. For those in the market for homeowners insurance, this can be particularly helpful. Some of the perks available from Farmers include:

  • Multi-Line Policies: Bundling your coverage types, such as home and auto insurance, can save you up to 34%.
  • Replacement Cost Guaranteed: Farmers’ home insurance will cover the full cost of rebuilding your home, regardless of the actual cost.
  • Deductible Declines: Receive a $50 reduction in your home insurance deductible for each year your policy is active.
  • Claim Free: If you go three years without filing a claim, you can receive a discount on your premium.
  • Claim Forgiveness: After five claim-free years, your premium won’t increase following a claim.

Despite receiving somewhat mixed reviews regarding policyholder service, Farmers has earned a high 9.3 out of 10 rating from J.D. Power.

Benefits & Drawbacks

Benefits
  • Numerous Farmers agents are located in Ohio
  • More than 12 discounts available
  • Guaranteed replacement cost is standard in all home and property policies
Drawbacks
  • Customer satisfaction ratings are below the average score from J.D. Powers

Best For Cheapest Coverage

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims
8/10 Coverage Level

Why We Like Them

Chubb provides Ohio homeowners with insurance policies that offer personal liability coverage up to $100 million. Their rates are competitive, and their policies include additional features such as extended replacement cost, tree removal after storms, and lock replacement for lost or stolen keys. Chubb is also one of the few insurers that offer their own flood insurance.

The average cost of Chubb’s insurance coverage in Ohio is $1,717 per year, which is similar to the state’s average premium and lower than some competitors.

Despite its affordability, Chubb’s coverage does not compromise on quality. They offer comprehensive coverage for homes and properties, excellent customer service, coverage for higher-value homes, strong financial stability, and other benefits.

With Chubb, you can expect coverage that includes extended replacement cost, ensuring your property can be repaired or replaced even if its value has depreciated since you purchased it.

Benefits & Drawbacks

Benefits
  • Higher value homes get policies with specialized coverage packages
  • Affordable policy rates
  • They offer their own flood insurance After a total covered loss, if you don’t want to rebuild your home in its current location, Chubb give you the option of a cash settlement
  • A broad range of options lets you customize your coverage to suit your personalized needs
Drawbacks
  • There is no personal property coverage schedule
  • You can't get a quote online

Best Coverage Options

Overall Rating
4.6

Key Statistics

8/10 Affordability
6/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is highly rated by AM Best with an A+ for its strong financial stability. While its customer satisfaction ratings are not as high, they are still respectable. One of Nationwide’s strengths is its extensive network of local agents and offices, making it easy for policyholders to file claims and manage their insurance needs conveniently.

Nationwide offers policy options that set it apart from other home insurance companies. For instance, they provide reimbursement for identity theft or credit card fraud. If you need to rebuild or repair your home to comply with new codes after a covered event, Nationwide will cover those costs. Legal assistance is also available if needed.

Another valuable option is Nationwide’s Better Roof Replacement, which provides additional coverage for replacing or repairing your roof with new, more expensive materials after a covered loss.

Nationwide’s Brand New Belongings option reimburses you for the value of your personal belongings after depreciation if they are damaged or destroyed. Simply purchase replacements, submit your receipts to Nationwide, and they will reimburse you for the difference in cost.

Benefits & Drawbacks

Benefits
  • High AM Best rating in financial strength
  • Numerous agents in your area along with offices for sales, service and claims
  • Plenty of options to help meet your needs and save you money
Drawbacks
  • No coverage for short-term rentals like Airbnb aren't covered
  • Multiple negative online feedback from policyholders

Best For Discounts

Overall Rating
4.7

Key Statistics

8/10 Affordability
7/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

Allstate stands out for its extensive range of discounts, offering eleven compared to the industry standard of seven. These discounts can lead to significant savings on your premiums. Allstate’s unique discounts, as recognized by many analysts, include:

  • Claims Forgiveness: Your rate won’t increase after filing a claim.
  • Responsible Payment: Receive a discount for maintaining a good payment history.
  • Bundle: Save up to 25% by bundling your home and auto insurance policies.
  • New Home: Get a discount for owning a newly built home.
  • Early Payment: Purchase a new policy at least seven days before your current policy renews for a discount.
  • New Home Buyer: Enjoy a discount for being a recent homebuyer.
  • Loyalty: Receive a 10% discount upon policy renewal.
  • Claims Free: Get a five percent discount for not filing any claims within a year.
  • Automatic Payment: Enroll in auto pay and receive a discount of up to five percent.
  • Protective Device: Install fire and theft alarms to qualify for a discount.
  • Deductible Reward: Get $100 off your deductible when you purchase your policy.

While the industry typically offers five optional coverage types, Allstate goes above and beyond with nine optional coverage types for its home insurance policies. In addition to standard options like scheduled personal property and identity theft coverage, Allstate provides coverage for yards and gardens, which increases coverage limits for items such as riding mowers and landscaping.

Benefits & Drawbacks

Benefits
  • Numerous local agents, claims adjusters and offices in Ohio
  • Stable and strong financially
  • Almost double the industry average of discounts
Drawbacks
  • Above the insurance industry average number of complaints from customers

Average Cost Of Home Insurance In Ohio

Insurer Annual Rate
State Farm $1,112
Nationwide $1,349
Allstate $1,164
Erie $1,231
Farmers $1,584

Cheapest Cities For Homeowners Insurance In Ohio

City Annual Rate
Brecksville $1,008
Wooster $1,048
Leetonia $1,092
Marshallville $1,076
Apple Creek $1,047

Most Expensive Cities For Homeowners Insurance In Ohio

City Highest Rate
Columbus $1,278
Adelphi $1,478
Bakersville $1,376
Friendship $1,573

Home Insurance Premiums By Deductible In Ohio

Deductible Average Annual Rate
$500 $1,539
$1,000 $1,235
$1,500 $1,094
$2,000 $895
$5,000 $767

Home Insurance Prices By Coverage Level In Ohio

Coverage Level Average Annual Rate
$100,000 Dwelling $986
$200,000 Dwelling $1,018
$250,000 Dwelling $1,148
$400,000 Dwelling $1,865

How To Find The Best Home Insurance Company For You

Finding the right homeowners insurance in Ohio requires some time and effort, but it’s a crucial investment in protecting your most valuable asset. Follow these five steps to find the best policy for your needs:

  1. Research online to learn about homeowner insurance companies in Ohio and narrow your choices down to three insurers.
  2. Determine how much coverage you need, which may require assistance from an agent.
  3. Obtain quotes for the coverage you need from the three companies.
  4. Choose an insurer based on financial strength, coverage, customer reviews, and rates.
  5. Apply for coverage, which can often be done online, although some companies may require you to contact an agent.
 

Factors That Impact Cost Of Your Home Insurance Policy In Ohio

Several factors impact the cost of homeowners insurance in Ohio:

  1. Proximity to flood zones: Living near lakes or rivers increases the risk of flood damage and can lead to higher premiums.
  2. Claim history: Insurers often charge higher rates if you have a history of filing claims.
  3. Zip code: Residing in an area prone to extreme weather, such as hail, flooding, or tornadoes, can result in higher premiums.
  4. Deductibles and coverage amount: Lower deductibles lead to higher premiums. Opting for a higher deductible can help lower your premium. Additionally, the higher the value of your home, the more expensive it is to replace, leading to higher premiums.
  5. Age of the home: Older homes (30 years or older) may cost up to 75% more to insure due to stricter building codes and higher rebuilding costs.

Ohio Home Insurance Laws To Know

Ohio doesn’t require you to have homeowners insurance. However, if you have a mortgage on your property, the lender can legally require you to have insurance on the property. It is illegal in Ohio for an insurance carrier to charge you higher rates or refuse to insure your home because of your color, ancestry, race, gender, religion, national origin, handicap or because of your neighborhood’s racial make-up.

In The News

According to Forbes, Ohio homeowners pay some of the lowest rates for homeowners insurance in the nation, 37% less than the national average.

Home Insurance Discounts In Ohio

When shopping for homeowners insurance in Ohio, it’s important to inquire about available discounts, as they can lead to significant savings on your premium. Some common discounts you may be eligible for include:

  1. Claims-free discount: If you haven’t filed a claim in a certain period, you could receive a discount.
  2. New home discount: Building a new home may qualify you for a discount.
  3. Responsible payment discount: Maintaining a good payment history could result in a discount.
  4. Early payment discount: Purchasing a new policy before the expiration of your existing one could earn you a discount.
  5. Bundle discount: Bundling your insurance policies, such as auto and homeowners insurance, could result in a discount of up to 25%.
  6. Automatic payment discount: Enrolling in auto-pay and having your premiums automatically deducted from your bank account could make you eligible for a discount.

FAQs

Is home insurance more expensive in Ohio?

No, homeowners insurance isn’t more expensive in Ohio. It’s considerably less than many parts of the country. 37% less expensive, in fact, than the national average.

How much per month is a million-dollar home insurance policy in Ohio?

Rates are different depending on the insurer, but two carriers with the lowest home insurance rates in Ohio are State Farm at $550 per year and American Family at $778 per year.

What is the average monthly cost of home insurance in Ohio?

Rates may vary depending on your home’s value, your covered property and belongings, and also where your home is located in Ohio. The average home with a value of $250,000 generally costs about $168 per month.

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