Best Homeowners Insurance In Ohio For October, 2024
State Farm offers unbeatable homeowners insurance in Ohio.
We’ve saved shoppers an average of $450 per year on their home insurance.
With over a decade of experience as a licensed insurance agent, I fully understand the challenges in choosing a reliable company to safeguard your home and possessions against unforeseen harm.
Through extensive research and my own experience, I’ve found State Farm to be the best home insurance company overall. Still, I recommend checking out our reviews of other home insurers in Ohio and making your own decision.
Best Homeowners Insurance In Ohio, 2024
Compare The Best Homeowners Insurance In Ohio
Allstate |
|
Discounts |
A+ |
816 |
9/10 |
Instant Quote |
Farmers |
|
Policy Perks |
A |
792 |
9/10 |
Instant Quote |
State Farm |
|
Best Overall |
A++ |
829 |
9/10 |
Instant Quote |
Chubb |
|
Cheap Rates |
A++ |
809 |
7/10 |
Instant Quote |
Nationwide |
|
Coverage Options |
A+ |
815 |
8/10 |
Instant Quote |
The Best Homeowners Insurance Companies In Ohio
Best For Policy Perks
Key Statistics
Why We Like Them
⇅Farmers ranks at the top for its perks and also receives a high score for its “online experience,” which is known for clearly communicating these perks and discounts to both current and potential customers. These perks include:
- Declining Deductible: For every year your policy remains active, you’ll earn $50 toward lowering your deductible.
- Claim-Free Discount: Get a discount on your home insurance after three years without filing a claim.
- Guaranteed Replacement Cost: Farmers will cover the full cost of rebuilding your home, no matter how expensive it is.
- Claim Forgiveness: If you’ve been claim-free for five years with Farmers, your premiums won’t rise after a claim.
- Multi-Policy Savings: Save up to 34% on home insurance when you bundle multiple policies through Farmers.
Farmers’ overall rating of 9.3/10 accounts for its lower customer satisfaction scores for policyholder service as reported by J.D. Power.
Benefits & Drawbacks
⇅- Many Farmers agents located throughout Ohio
- Guaranteed replacement cost is part of the standard coverage
- Over 12 discounts to choose from ✓
- J.D. Power gives a below-average rating for customer satisfaction ✘
Best Overall
Key Statistics
Why We Like Them
⇅State Farm was rated as our top overall option due to its strong agent network in Ohio, high customer satisfaction ratings, and affordable rates. Its high J.D. Power service ratings are especially important due to the presence of agents, claims adjusters, and claims offices in Ohio, particularly after major storms like tornadoes.
At State Farm, a basic homeowners policy can be expanded with additional coverage options, such as protection for meeting new legal codes, identity theft coverage, or insurance for high-value items like jewelry and collectibles. State Farm’s financial strength is rated A++ by AM Best, the highest rating possible.
You can start a quote online with State Farm, but buying a policy will involve a local agent. Once you’re a policyholder, the website and app allow you to manage your account, file claims, and opt for paperless billing. There’s also a helpful resource library on the website to learn about insurance.
Benefits & Drawbacks
⇅- Premiums are competitively priced
- Features the highest count of local agents in Ohio
- Has the top financial strength rating ✓
- Independent agents don’t have access to these policies ✘
Best Coverage Options
Key Statistics
Why We Like Them
⇅Nationwide is rated A+ (Superior) for financial strength by AM Best but performs poorly in customer satisfaction due to many negative online reviews. That said, the company has a wide network of agents with many local offices in Ohio.
Nationwide offers coverage in its standard home insurance policy that sets it apart from many others, including reimbursement for credit card fraud and coverage to rebuild in line with updated building codes.
One way to enhance your coverage is by choosing the Better Roof Replacement option, which ensures upgraded roofing materials are covered if they need to be replaced after a qualified event.
By choosing the Brand New Belongings option, you’ll have replacement cost coverage for your belongings. If they are damaged or destroyed, you’ll get reimbursed for the depreciated value, and after replacing them, you can send receipts to Nationwide to cover the difference.
Benefits & Drawbacks
⇅- Multiple excellent coverage options to choose from
- Numerous local agents for both service and sales
- Strong financial stability, as rated by AM Best ✓
- Several negative reviews from customers online
- Short-term rentals, including Airbnb, are excluded from coverage ✘
Best For Cheapest Coverage
Key Statistics
Why We Like Them
⇅Chubb offers the lowest home insurance rates in Ohio, averaging $1,362 per year—$1,170 less than the state’s typical policy cost.
Chubb offers the most affordable home insurance rates in Ohio while still delivering top-notch coverage, especially for high-value homes. Known for financial strength and excellent customer service, their policies include extended replacement cost coverage, so your items are repaired or replaced, even if their value has dropped.
Benefits & Drawbacks
⇅- A broad range of coverage options to suit every need
- Offers specialized policies for high-value residences
- Best rates in Ohio ✓
- Does not cover scheduled personal property
- No online tool to get quotes ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Offering 11 home insurance discounts, Allstate stands above the industry average of seven. From my perspective as an analyst, a few of these discounts are particularly unique.
The following discounts are available with Allstate:
Claims forgiveness: Prevents your premium from rising after a claim.
Claims-free: Get 5% back at renewal if you stay claims-free.
Deductible reward: Receive $100 off your deductible when signing up.
Bundle: Save up to 25% by bundling home and auto policies.
Automatic payment: Enjoy up to 5% savings with automatic payments.
Loyalty: Save up to 10% by renewing your policy with Allstate.
Home buyer: Discount available for those who recently purchased a home.
New home: Discount for insuring a newly built property.
Responsible payment: Extra discount for keeping a good payment record.
Early payment: Save up to 10% by purchasing a new policy at least a week in advance.
Protective device: Discount for installing fire and theft protection systems.
Allstate exceeds the industry average of five by providing homeowners with nine optional coverage types. Besides commonly offered options like ID theft protection and scheduled personal property, Allstate includes yard and garden insurance, increasing coverage limits for landscaping and riding mowers.
Benefits & Drawbacks
⇅- Many local agents and claims adjusters working in Ohio
- Financially very stable
- Offers a broad array of discounts ✓
- Reports more complaints than the national average ✘
Average Cost Of Home Insurance In Ohio
Insurer | Annual Rate |
State Farm | $1,622 |
Nationwide | $1,471 |
Allstate | $1,360 |
Auto-Owners | $1,110 |
Farmers | $1,290 |
Cheapest Cities For Homeowners Insurance In Ohio
City | Annual Rate |
Brecksville | $1,281 |
Wooster | $1,314 |
Leetonia | $1,367 |
Marshallville | $1,304 |
Apple Creek | $1,326 |
Most Expensive Cities For Homeowners Insurance In Ohio
City | Highest Rate |
Otway | $1,865 |
Adelphi | $1,629 |
Albany | $1,592 |
Beaver | $1,859 |
Home Insurance Premiums In Ohio – By Deductible
Deductible | Average Annual Rate |
$500 | $1,099 |
$1,000 | $997 |
$1,500 | $939 |
$2,000 | $894 |
$5,000 | $758 |
Home Insurance Prices In Ohio – By Coverage Level
Coverage Level | Average Annual Rate |
$100,000 Dwelling | $570 |
$200,000 Dwelling | $933 |
$250,000 Dwelling | $1,008 |
$400,000 Dwelling | $1,442 |
Most Affordable Zip Codes For Home Insurance In Ohio
The rates for home insurance in Ohio vary widely by ZIP code, ranging from a low of $1,902 in Parmas ZIP code 44129, to a high of $1,865 in Otway ZIP code 45657. The least expensive rates by ZIP code in Ohio are:
ZIP Code | City | Lowest Rate |
44129 | Parma | $1,092 |
44301 | Akron | $1,194 |
44702 | Canton | $1,164 |
44052 | Lorain | $1,160 |
How To Find The Best Home Insurance Company For You
Choosing the best home insurance company in Ohio takes time and effort, but it’s a worthwhile investment. As your home is probably your largest asset, protecting it is critical to your family’s long-term financial safety.
Here are five steps to help you easily find the right policy:
- Research home insurance providers in Ohio online and shortlist three that you’re comfortable with.
- Determine the coverage limits you need (you can consult an agent if required).
- Get quotes from the three insurers.
- Select the best carrier by comparing coverage, customer reviews, financial strength, and rates.
- Finalize your application for coverage.
While some companies allow online quotes and applications, others might ask that you speak to an agent.
Find Home Insurance In Ohio
Factors That Impact Cost Of Your Home Insurance Policy In Ohio
The cost of home insurance in Ohio is influenced by many factors, such as:
- Your home’s zip code influences your insurance rates; higher premiums are common in areas that are vulnerable to weather events like hurricanes or hail.
- Insurance premiums are often higher for older homes; those over 30 years can see rates that are up to 75% more than for new homes, primarily due to the increased costs of rebuilding under updated code standards and materials.
- If your home is near flood zones, particularly around Ohio lakes or along the Gulf Coast, the likelihood of flood-related claims is significantly greater.
- Insurers tend to charge more if you have a history of homeowners insurance claims, compared to someone who has not filed any claims.
- The value of your home and the deductible you choose affect your insurance rates; higher home values mean increased replacement costs, resulting in higher premiums. Additionally, keeping a low deductible will elevate your rates, so consider raising it to offset some of those costs.
Home Insurance Discounts In Ohio
While getting home insurance in Ohio, check with your agent about any discounts that could lower your premium. Often, you can combine several discounts on one policy, such as:
- Claims-Free: Customers can benefit from a discount upon renewing their policy if they have remained claims-free during the year.
- Bundle: Bundling home and auto insurance may result in discounts up to 25% with certain insurers.
- Automatic Payment: You can earn a discount by having your premium automatically deducted from your checking account.
- New Home: A special discount is available for insuring newly constructed homes.
- Responsible Payment: An extra discount may apply for those with a solid payment history.
- Early Payment: Buying a new policy at least a week before your old policy expires can lead to discounts.
Our Methodology
Our selection of the best home insurance companies in Ohio was informed by data from AM Best for financial strength and J.D. Power for customer satisfaction, along with feedback from consumers and the author's personal experience.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
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 including the national average.
How much per month is a million-dollar home insurance policy in Ohio?
Insurance rates vary, but Auto-Owners and Farmers offer some of the most affordable home insurance in Ohio, with yearly premiums of $1,110 and $1,290, respectively.
What is the average monthly cost of home insurance in Ohio?
The price is influenced by the home’s value, but typically, $250,000 in dwelling coverage will average around $1,240 per year.
Sources
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