Best Homeowners Insurance in Ohio: Top 5 Insurance Companies to Protect Your Investment

Many things attract homeowners and real estate investors to Ohio. The Buckeye State is known for its vibrant culture, delicious food, gorgeous outdoors, and love for sports.

If you live in or visit this state, there are diverse landscapes and exciting cities to explore, many outdoor adventures to join, and multiple cultural activities to enjoy. Ohio is also home to many historical and sports attractions, world-class museums and zoos, amusement parks, and picturesque rural towns.

Whether you're interested in adrenaline-inducing experiences, fun family time, or a city break, Ohio is the perfect destination. However, you should consider other things if you own a property there or plan to invest in the local real estate market.

Ohio has a lower risk of natural disasters than the rest of the United States, but that doesn't mean they'll never happen. This state experiences several events that can damage your property, such as floods, thunder and lightning storms, tornadoes, and fires.

Fortunately, there's something that can help you protect your property and investment from these disasters – homeowners insurance.

A comprehensive Ohio homeowners insurance policy provides a financial safety net if an unforeseen event damages your home or rental unit. Also, it may help you meet mortgage lenders' requirements if you need a loan.

Where can you purchase the right policy? You'll find many options if you need homeowners insurance and are looking for a provider. However, choosing the best one is essential to make sure your property is well-protected.

That's why we've created this guide! Here's a list of the top Ohio homeowners insurance companies and a few tips to help you pick the one that best suits your needs.

Understanding Homeowners Insurance in Ohio

Do you know what homeowners insurance is? This type of coverage offers financial protection against damages and losses caused by unexpected events, including natural disasters.

A home insurance policy pays for damages caused by certain events and accidents. The most common are hurricanes, floods, tornadoes, fires, and earthquakes.

Depending on the policy terms, conditions, and limitations, homeowners insurance covers structural damage and belongings. However, most insurers offer additional coverage options for those who need a comprehensive policy for enhanced protection.

Now that you've learned what this type of insurance is all about, let's answer another common and essential question – Do you need a homeowners insurance policy in Ohio?

This state doesn't legally require homeowners insurance. However, you may need to purchase a policy to meet your mortgage lender's requirements if you finance your property.

Additionally, Ohio authorities highly recommend purchasing a homeowners insurance policy. This type of coverage can help protect your home and the things you've worked so hard to buy.

Average Home Insurance Costs in Ohio

If you plan to purchase a homeowners insurance policy in Ohio, you should conduct exhaustive research to find a suitable option. Ideally, you should assess several aspects, including costs.

While you shouldn't choose policies with the cheapest premiums, as this can affect your coverage, it's important to find an option that fits your budget. That's why we'll also take a look at the average costs of homeowners insurance in this state.

The latest figures show that the average cost of homeowners insurance in Ohio is $1,140 per year for $250,000 in dwelling coverage. It's 20% below the national average, which is $1,428 a year for the same amount of coverage.

However, it came as no surprise. Home insurance premiums are reasonable in the Midwest, which includes Ohio. These costs are also low in neighboring states.

Homeowners insurance costs in Indiana average $1,225 annually for the same amount of coverage. They're even lower in Wisconsin, averaging at $890 per year.

In Ohio and surrounding states, the likelihood of storm damage is relatively high. However, the region doesn't experience many natural disasters, so the risk is lower than in other parts of the country.

Additionally, the costs to repair or rebuild a property are lower in Ohio and neighboring states. As a result, homeowners insurance premiums are cheaper.

However, different factors can influence home insurance costs besides the likelihood of natural disasters, including the following:

• The age and condition of the property
• The location of the house
• Estimated construction time
• Coverage limits
• Property value
• Claims history
• Security and safety features
• State-specific aspects, such as mandatory coverages
• Other coverages for specific risks, such as flood insurance

Homeowners insurance costs can also vary from company to company. Some insurers offer discounts, which helps policyholders save on their premiums.

These companies allow eligible policyholders to reduce these costs by bundling their home insurance with auto insurance, for example. Others give discounts if properties have safety and security features.

Ask your insurance agent or company for more information if you have doubts about costs and discounts. However, remember that you should evaluate other aspects before purchasing a policy.

If you only prioritize your savings, you could end up with limited coverage, and it won't protect your home as you'd expect in the event of a natural disaster or accident.

Homeowners Insurance vs. Landlord Insurance

When it comes to property insurance, there are different types of policies. If you want to protect your primary residence, a homeowners insurance policy may be ideal. However, there's another option if you want to rent out your home.

Landlord insurance provides financial protection against damages and losses related to your rental unit. What makes this type of coverage different?

As mentioned, homeowners insurance focuses on structural damage. Depending on the policy you choose, it also covers lost or damaged belongings. Unfortunately, this isn't enough for a rental property.

Contrastingly, landlord insurance covers both damage to property and your belongings but includes other coverages that may be essential if you're a landlord.

All property owners are responsible for the safety of their guests. However, when you're a landlord, you also have to protect your tenants. Therefore, you should purchase liability insurance.

If liability coverage is already included in your policy, you should contact your insurer and confirm if it covers accidents involving tenants. A comprehensive policy should help you pay for another person's medical bills if they're injured on your property.

Also, you should consider your rental income. A landlord insurance policy provides protection against financial loss if the unexpected occurs, which is essential to protect your rental business.

Do you still have questions about these types of coverage? Contact your insurance agent or company and ask for guidance if you're not sure if you need homeowners insurance or a landlord-specific policy.

If you're honest about your plans and intentions, you'll get recommendations for choosing a policy that suits your needs.

Some companies will advise you to purchase separate policies or seek endorsements to provide enhanced protection for your property based on your particular situation. If you assess your needs and consider state-specific requirements, you'll be able to pick the right option.

There are also some exceptions. Landlords can benefit from a homeowners insurance policy in some cases. Let's see a few examples.

Vacant Property

If no one is living in your property because you'll be away for a short period, but you don't want to rent it out, homeowners insurance may be the ideal solution to protect the structure and your belongings.

However, you should inform your insurance company about this situation, especially if you don't plan to return anytime soon. Extended vacancies could affect your homeowner's insurance coverage!

Temporary Absence

When you know you won't be home for a short period and want to rent it out to earn extra cash, you can also maintain your homeowner's insurance policy. This type of coverage will protect your property and belongings even when you're not there.

Again, it's crucial to inform your home insurance provider about the situation. Your insurer can even help you choose the right policy or additional coverage if necessary.

Also, we only recommend homeowners insurance if you plan to rent out your property for a short period. You should purchase a landlord insurance policy if a tenant will live in your home long term.

Transition Period

Many homeowners decide to rent out their properties but plan to live there while they screen candidates. If you haven't found the ideal tenant, a homeowners insurance policy may be comprehensive enough to protect your property.

However, you should purchase another type of coverage as soon as the tenant moves into your property.

Home Sharing

You don't have to rent out your property as a whole to become a landlord. Many homeowners rent out just a room or a portion of their homes to earn extra cash.

If you plan to do this, a homeowners insurance policy might be ideal. However, you should also consider "home-sharing" coverage.

Besides home-sharing insurance, you may need liability coverage to pay for other people's medical bills if they suffer an accident or sustain an injury on your property. Since you'll share your home with someone who isn't related to your family, this type of insurance should cover situations involving both tenants and guests.

How to Choose an Ohio Homeowners Insurance Company

Are you sure that a homeowners insurance policy can help you protect your property and investment? Before choosing a company, let's go over what you should consider to make the best decision!

Here are a few tips to choose the best Ohio homeowners insurance company!

Unique Policy Needs for Homeowners Insurance in Ohio

As mentioned, Ohio doesn't experience as many natural hazard events as other states. However, disasters do happen there. Therefore, you should be protected against potential damage and loss.

This is when state-specific coverages come in. If you choose a policy based on your needs and the common hazards in your area, you'll have optimal protection against unexpected events.

In Ohio, common natural disasters and hazards include floods, tornadoes, thunder and lightning storms, winter storms, fires, and extreme heat. A comprehensive policy should cover potential damages caused by these events.

Here are some examples of the coverages that can address these natural disasters.

Flood Coverage

Although the risk is low compared to other areas, flooding is the most common natural disaster in Ohio. Also, this event causes the most expensive damage.

Floods can be caused by many different things, including heavy thunderstorms, spring rains, or winter snow. That's why they're frequent in this state.

However, most standard homeowners insurance policies don't include flood coverage. Property owners should acquire it as an add-on.

Ask your provider for information about flood insurance. If it isn't included in your existing policy, you should consider purchasing additional coverage to protect your property against this event.

Hurricane Coverage

Hurricanes aren't that common in Ohio. However, some homeowners add this coverage to their policies for enhanced protection.

Additionally, some companies include protection against wind or hail damage in their hurricane coverages. Since storms are common in this state, you may need this type of insurance if you live in Ohio.

Earthquake Coverage

Ohio hasn't reported major earthquakes in over 100 years. However, it has experienced many small ones. That's why many companies offer coverage against these events.

Earthquake coverage is relatively cheap in Ohio, but the deductible can be considerably high. Therefore, you should assess your property's condition and other aspects to determine if you need this type of insurance.

The Ohio Department of Insurance explains that brick and masonry homes are more vulnerable to earthquake damage. This can influence costs. However, a standard policy doesn't include protection against these events, so it's worth purchasing additional protection against earthquakes.

Evacuation and Additional Living Expense (ALE) Coverage

What if an unforeseen natural event damages your property, and you can't live there for a while? If this happens, you may need to look for temporary housing, which means you'll incur unexpected expenses.

However, many homeowners insurance companies offer evacuation and additional living expenses (ALE) coverage. It pays for temporary housing, meals, and other necessities while you're not home.

This type of coverage may also cover evacuation costs if your property is damaged by a covered event.

Mold and Water Damage Coverage

Since storms and flooding are common in Ohio, properties are at considerable risk of water and mold damage.

Water can damage the structure of your property. Also, if the environment is humid, it can promote mold growth. Both scenarios pose safety and health risks for homeowners, guests, and tenants.

If you already purchased a homeowners insurance policy, ask your provider if it covers water and mold damage. You can also purchase this additional coverage if it isn't included in your existing one.

Mine Subsidence Coverage

Ohio requires homeowners in 26 eastern and southeastern counties to purchase mine subsidence insurance. This coverage protects against loss or damage caused by the subsidence or collapse of an underground mine.

There are over 4,000 abandoned coal mines in this state. Properties near them are at risk of sinking. However, Ohio has a fund to insure these structures. This policy pays up to $300,000 or the insured value, whichever is less.

Other Factors to Consider When Assessing Ohio Home Insurance Companies

We've already mentioned the tips and essential aspects for choosing a company that aligns with your goals and a policy that meets your needs. However, we'll outline the process for choosing a trustworthy insurer.

Find the tips to pick the best Ohio homeowners insurance company below!

1. List your needs: The first thing you should do is define and list your needs. Consider state-specific aspects, such as mandatory coverages in your area. If you're on a budget, you should also keep this in mind.
2. Look for different Ohio homeowners insurance companies: You'll find many companies offering these policies in Ohio. Instead of picking just one, select several and evaluate what each offers or excludes. If you check their website, you'll find more information about their businesses, offerings, rules, costs, and reviews from other policyholders.
3. Explore their coverage options: After shortlisting the best homeowners insurance companies in Ohio, ask for information on their coverage options. Each insurer will offer something different. Choose a policy that suits the needs you listed before.
4. Request quotes and compare prices: While you should focus on policies' coverages and add-ons, it's important to choose an option that fits your budget. To make an informed decision, request cost information from the companies you're evaluating and compare quotes.
5. Check if the company is financially stable: A company that is financially strong and available can meet its claims obligations. Therefore, you should search for this information. AM Best, an independent rating agency, rates insurance firms based on their financial stability.
6. Evaluate the insurer's customer service and reputation: What are other people saying about these companies? If you check online reviews from other customers and consider their opinions about the insurer's customer service and responsiveness, you'll be able to know if it's reliable and offers prompt responses to claims.
7. Find out if the company offers discounts: Many companies offer discounts that can help you save on your home insurance costs. Request this information from your provider. If you're eligible, you'll be able to reduce your premiums.
8. Ask your loved ones or colleagues for recommendations: Are you struggling to find a reliable company offering homeowners insurance policies? Ask your friends or coworkers for recommendations on these firms. They may be able to help you find a reliable provider in your area.
9. Carefully review each policy: The last step in finding the best Ohio home insurance company is to carefully evaluate each policy and pick the one that best suits your needs. Remember that choosing a comprehensive one means your property will be well-protected.

You may need some time to research different Ohio homeowners insurance companies and find the best one. However, your patience and hard work will pay off.

If you consider the aspects we mentioned and the tips we shared, you'll find a reliable insurance provider and a comprehensive policy. At the end of the day, this is what you need to have peace of mind and make sure your property is safe.

Best Home Insurance Companies in Ohio

After learning about all the essentials to choose the right insurance company and the ideal policy, we're ready to review the best home insurance companies in Ohio.

Here's a list of the top firms, their coverage options, discounts, and more.

1) Amica

We've ranked Amica as our No. 1 Ohio home insurance company because it offers comprehensive policies with multiple add-ons to provide full property protection. Plus, this insurer has been in business for over a century.

Amica also offers discounts to help policyholders reduce their home insurance costs and dividend-paying policies that return up to 20% of your premium back to you. Do you think this company could be the right choice? Let's check its coverage options!

Coverage and Features

This insurer has two options for homeowners interested in insuring their Ohio properties. These are the Standard Choice and the Platinum Choice.

Standard Choice

This policy option includes the following:

• Dwelling coverage
• Attached structures protection
• Coverage for other structures
• Personal liability coverage
• Additional living expense (ALE) or Loss of Use

Platinum Choice

In addition, Amica offers its Platinum Choice policy with additional coverages, which may include the following:

• Personal property replacement coverage
• Dwelling replacement cost coverage
• Liability coverage
• Medical payment coverage
• Valuable items extended coverage
• Water backup and sump overflow coverage
• Credit card coverage
• Business property coverage
• Special computer coverage
• Loss assessment plan coverage

Discounts

If you choose this home insurance company, you may also be eligible for the following discounts:

• Loyalty discount for being with the company for at least two years
• Discounts for electronic documents
• Discounts for homeowners who haven't filed claims in the last three years
• Discounts for those who pay premiums automatically
• Discounts for bundling home insurance with other policies
• Discounts for new or newly remodeled homes
• Discounts for homes equipped with alarm systems or automatic detection devices

2) State Farm

State Farm is another leading home insurance company with excellent options for Ohio homeowners. It has earned the highest rating (A++) for financial strength and availability by AM Best.

Additionally, State Farm is one of the companies that offers flood coverage under the National Flood Insurance Program. That's why it's one of the best options for people who own a property in Ohio, where flooding is common.

Coverage and Features

Let's take a closer look at the coverage options State Farm offers:

• Dwelling and attached structures coverage
• Personal property coverage
• Other structures coverage
• Personal liability coverage
• Additional living expenses (ALE) coverage
• Medical payment coverage

However, there are a few add-ons to customize your State Farm policy. These are:

• Valuable items insurance
• Inflation guard for protection when construction costs rise
• Ordinance or law coverage for properties that must be repaired or rebuilt according to today's building codes
• Cyber ​​Event, Identity Restoration, and Fraud Loss Coverage (CEIDR)
• Identity Restoration Coverage (IDR)

Discounts

State Farm also offers a few discounts to eligible policyholders. These are:

• Claims-free discounts
• Home security discounts
• Multi-policy discounts
• Automatic sprinkler discounts
• Roofing discounts
• Utility rating plan discounts

3) Erie Insurance

Erie Insurance, our No. 3 home insurance company in Ohio, was founded in 1925 but only offers policies in 12 states and Washington, D.C. This insurer has gained popularity thanks to its multiple additional coverage options and generous premium discounts.

However, Erie Insurance doesn't have many convenient options when it comes to requesting a quote or filing a claim. You must contact an agent to resolve these issues and purchase a policy.

Coverage and Features

This is what Erie Insurance offers as part of its standard policies:

• Dwelling coverage
• Personal property coverage
• Other structures coverage
• Personal liability coverage
• Loss of use
• Coverage for valuable items, such as fine art, jewelry, and firearms
• Animals, birds, and fish coverage
• Gift card reimbursement
• Cash and precious metals coverage

These coverages may vary from state to state and are subject to change.

Also, Erie Insurance has many options for those looking for additional coverage, including the following:

• Identity recovery
• Water backup and sump overflow
• Service line protection
• ErieService Advantage Blundle for higher coverage limits and Identity Recovery protection
• ErieSecure Plus Blunde, which includes everything in the Advantage Bundle, several add-ons (siding and roof or watercraft restoration), $10,000 for service line protection, and higher limits
• ErieSecure Select Bundle, which includes everything in the Plus Bundle, equipment breakdown coverage, criminal defense cost reimbursement, and higher limits

Discounts

While they're limited, Erie Insurance also offers a few discounts. These are:

• Multi-policy discount
• Home protection discount
• Advanced quote discount

4) Nationwide

This home insurance company was founded in 1926 but has gained popularity recently for its comprehensive insurance products. Nationwide's standard policies include common protections and unique offerings for enhanced coverage.

Plus, Nationwide's annual rates are lower compared to the competition, and the company also offers multiple discounts to help you save even more on your home insurance premiums.

Coverage and Features

A standard Nationwide home insurance policy includes the following:

• Dwelling coverage
• Protection of other structures
• Personal property protection
• Personal liability protection
• Ordinance or law insurance
• Guest medical payments
• Loss of use
• Credit card insurance

If you want to customize your policy, Nationwide offers the following add-ons:

• Earthquake insurance
• Better roof replacement
• Flood insurance through the National Flood Insurance Program
• Brand new belongings
• Water backup
• Identity theft
• Dwelling replacement cost
• Coverage for expensive items

Discounts

Here are the discounts Nationwide offers to help policyholders save on their premiums:

• Prior insurance discount
• Smart home discount
• Home renovation discount
• Multi-policy discount
• Claims-free discount
• Protective devices discount
• Gated community discount
• Roof rating discount

5) Lemonade

Unlike other home insurance companies, Lemonade is almost entirely online. Users can check quotes, file claims, or even customize their policies through its website or mobile app.

In addition, Lemonade has a Giveback program to donate unclaimed money to a charity that customers can choose after the company takes a fixed portion of the premiums.

Coverage and Features

A standard home insurance policy from Lemonade includes six common protections:

• Dwelling coverage (repair or rebuild)
• Personal property coverage (replacement or reimbursement)
• Other structures coverage
• Additional living expense (ALE) coverage
• Personal liability coverage
• Medical payments

Also, the company offers several additional coverages for those who want to customize their policies. These are:

• Extended reconstruction cost
• Water backup
• Foundation water backup
• Buried utility
• Extra coverage
• Equipment breakdown
• Swimming pool coverage

Discounts

Lemonade only offers three discounts for eligible policyholders. These are:

• Protective devices discount
• Discount for bundling insurance policies
• Annual payment plan discount

Other Notable Ohio Home Insurance Companies

We've listed the top Ohio home insurance companies above, but other firms offer excellent coverage options and have built a solid reputation in the industry, including the following:

• Allstate
• Liberty Mutual
• Progressive
• Chubb
• Farmers Insurance
• American Family

Conclusion

A comprehensive home insurance policy is essential to make sure your residential property is safe, whether you live in Ohio or another state. If you plan to invest in the local real estate market to start a rental business, this type of coverage can also provide you with the financial protection and peace of mind you need.

However, you should choose the best company and the right insurance option to enjoy all the benefits of these policies. Don't forget to consider your needs and the common risks in your area, evaluate multiple alternatives, and compare costs to make a smart decision.

Also, remember to review the policy terms and conditions. You should be able to comply with the rules and limitations set by the insurer. Otherwise, you could have problems with your claims or even lose your coverage.