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Homeowners insurance is an important part of homeownership. Investing in a quality homeowners insurance policy helps owners protect themselves and their homes from unexpected expenses that can result from events such as a windstorm or a house fire. A homeowners insurance policy helps pay to repair or replace the home and the policyholder’s personal belongings following a covered event.
Not all homeowners insurance coverage is the same, however. Many Ohio homeowners look for the best homeowners insurance companies to ensure they get a policy that combines adequate coverage and financial value. Taking the time to research the best homeowners insurance in Ohio often makes it easier for a homeowner to find the right policy for their specific needs.
- BEST OVERALL: State Farm
- RUNNER-UP: Allstate
- BEST EXTENDED COVERAGE: Farmers Insurance
- BEST FOR LOW RATES: Lemonade
- ALSO CONSIDER: American Family Insurance
What to Consider When Choosing One of the Best Homeowners Insurance Companies in Ohio
When getting a homeowners insurance quote in Ohio, most shoppers want to find a policy that is both affordable and provides sufficient coverage for their home. In addition to the price of the policy and the amount of coverage, homeowners will want to research what customizations are available for the policy, as well as the ease of the claims process in case they need to file a claim.
Coverage Amount
As homeowners start the process of shopping for homeowners insurance, they’ll want to consider how much coverage they need. It’s recommended that homeowners carry enough dwelling coverage to pay for the rebuilding of their home, and enough personal property coverage to replace all of their belongings if they are destroyed by a covered event.
In addition, homeowners will want to determine whether they prefer to have replacement cost coverage or actual cash value coverage. Replacement cost coverage will generally come with higher premiums, but in the event of a covered loss the insurance company will help pay to replace the damaged or stolen items with new ones at today’s prices. A policy with actual cash value coverage will instead pay to replace the items at their depreciated cost, which means the homeowner may need to settle for lower-quality items or pay more out of pocket to replace them with items of a similar quality.
A homeowners insurance policy will also provide coverage for liability, medical payments to others, and loss of use. Customers will want to make sure that their liability coverage is sufficient to cover their legal expenses if they or a member of their household are found liable for third-party damages or injury.
Policy Options
Ohio homeowners insurance companies often offer a range of options to customize a homeowners insurance policy. This can be an important factor for homeowners, depending on their specific needs.
Most homeowners insurance companies let homeowners customize their policies using endorsements. Endorsements, or riders, are simply add-ons or changes to a standard policy. Depending on a homeowner’s needs and what types of endorsements are added, the cost of the policy will likely increase.
For example, a common endorsement for Ohio homeowners is water backup coverage. This covers damage from water backing up into the home, such as a sewer or drain backup or sump pump failure. Many homeowners are surprised to learn their standard homeowners policy doesn’t typically cover these types of incidents, so adding the extra coverage can help protect them from this type of water damage after a covered event.
Insurance Premiums
An insurance premium is the regular, recurring cost of the insurance policy. Ohio homeowners insurance companies will typically allow customers to pay monthly, annually, or somewhere in between. If the homeowner has a mortgage on the home, they will likely pay their homeowners insurance premiums monthly as part of their mortgage payment. This simplifies their household expenses by lumping their homeowners insurance cost into their monthly housing cost.
The average cost of homeowners insurance in Ohio depends on a number of individual factors. Homeowners may find Ohio homeowners insurance rates change by factors including:
- Age and construction materials of the home
- Deductible amount
- Coverage amount
- Safety hazards, such as a wood-burning stove or a swimming pool
- Past homeowners insurance claims
- Flood risk
- Distance to the nearest fire station
- Endorsements and other policy add-ons
The exact cost of an insurance policy also varies among insurance carriers. It’s recommended that homeowners in Ohio take the time to get insurance quotes from several different insurance companies before committing to a policy.
Quote Process
Many homeowners insurance companies offer an online quote tool that allows potential customers to enter their information and receive an estimate for a homeowners insurance policy. However, speaking to an insurance agent over the phone or in person at a local branch office may result in a more realistic quote for the customer since an agent can ask more specific questions to come up with a policy tailored to the customer.
While some homeowners might prefer the personalized touch of working with an insurance agent, others might prefer to keep the process entirely online and will therefore need to make sure their top choices have an online quote option.
Claims Process
As part of the shopping process, homeowners will want to review the claims process with each insurance provider. Some companies might allow customers to file a claim online or through an app, while others will require them to call and speak to an agent in order to file a claim. Still others might have the option of filing a claim in person. Customers will want to make sure that their preferred claims process is available with the insurance provider they choose.
Deductibles
A homeowners insurance deductible is the portion of a claim amount that the policyholder is responsible for. For example, an Ohio homeowner may have an insurance policy with a $1,000 deductible. If the homeowner files a claim following a windstorm that causes damage to their roof and the cost to repair the damage is $5,000, the insurance company will pay $4,000 and the homeowner will be responsible for $1,000.
Comparing deductible options is an important step for homeowners shopping for homeowners insurance. A higher deductible, for example, might lower the cost of insurance premiums. However, the homeowner will have to pay more out of pocket if they file a claim. A lower deductible means a homeowner will pay less if they need to file a claim, but their insurance premiums will increase.
Additional Policies
Many homeowners in Ohio want to protect more than just their homes. It’s common for homeowners to own cars, recreational vehicles, and motorcycles in addition to their homes. Insurance companies offering homeowners insurance typically have other types of insurance policies for homeowners to buy.
For example, a homeowner may want to protect their home as well as their two vehicles. They might look for an insurance company that offers both homeowners insurance and car insurance. Some insurance companies offer discounts for homeowners who purchase additional policies through the company as well.
Discounts
When it comes to finding cheap homeowners insurance, Ohio residents may want to ask the insurance companies they’re considering about available discounts. Many insurance carriers offer discounts for bundling insurance policies, installing safety devices, or using disaster-resistant building materials in the home. Some homeowners may receive discounts based on their insurance profile as well. For example, an insurance company might offer a discount if the customer has never filed a homeowners insurance claim.
The exact value of discounts will vary, but some can potentially save homeowners hundreds of dollars per year. Ohio homeowners looking to save money on their insurance premiums can ask about available discounts before they purchase a policy.
AM Best Ratings
Homeowners shopping for insurance might run into an AM Best rating for a company. AM Best is an agency that tracks, analyzes, and rates the financial well-being of insurance companies. The ratings are given on a letter-grade scale, with A++ (Superior) being the highest and D (Poor) being the lowest. Typically, a company with a high rating has good financial stability, meaning it’s more likely to be able to pay out insurance claims.
Looking at AM Best ratings can be a good starting point for consumers to compare insurance companies with one another. Choosing an insurance company that has good financial health can help give Ohio homeowners peace of mind. However, not all companies are rated by AM Best. This doesn’t mean the company’s financial well-being is poor; it could mean the company simply hasn’t received a rating yet.
Our Top Picks
Finding the best homeowners insurance in Ohio depends on a number of factors. When looking at the best companies, we took into account the coverage options, deductible amounts, and the overall quote and claims process for each homeowners insurance company.
Best Overall
State Farm
- Quote process: Online, phone, agent
- Claims process: App, online, phone, agent
- Deductibles: 0.5 percent or 1 percent to 5 percent, $1,000 to $5,000 or $10,000
- Discounts: Multipolicy, protective device, impact-resistant roofing
- AM Best rating: A++
Pros
- Generous 35 percent discount on home and auto bundles available
- Multiple convenient ways to submit a claim
- Impact-resistant roofing discount available
- Smart-technology fire safety devices available for free
- A++ AM Best rating
Cons
- Limited online quote policy options
Why It Made the Cut: With a high AM Best rating and multiple discount opportunities, State Farm is one of the best options for homeowners insurance in Ohio. State Farm has an AM Best rating of A++ (the highest possible), which means homeowners can have the peace of mind that their insurance company will pay out claims in a timely manner. In addition, homeowners who also need car insurance can get up to 35 percent off their premiums by bundling their policies, which could save them money as well as time when managing their policies. Another impressive discount is available for some homeowners who have roofs with “certified, impact-resistant roofing material engineered to provide better protection against impacts such as hail.” Not only does this type of roof better protect homes, but it could reduce the overall cost of homeowners insurance. State Farm also helps owners protect their homes from fire through prevention. Through an exclusive partnership with Ting, a smart-device manufacturer, State Farm provides homeowners with a free electrical monitoring device and a 3-year subscription. The Ting device plugs into an outlet and monitors the home’s electrical currents for signs of electrical fire so homeowners can address any potential issues before they become major events. Customers may notice that when getting a homeowners insurance estimate in Ohio through State Farm, the online quote process can be limited. For this reason, customers may want to speak directly with an agent to customize their quote to their precise needs. However, policyholders can still manage their accounts and claims online, through a mobile app, over the phone, or in person with a local agent. Those who prefer managing their accounts digitally might like the convenience of the dedicated mobile app for uploading claims pictures, receipts, or other supporting documents.
Runner-Up
Allstate
- Quote process: Online, phone, agent
- Claims process: App, online, phone, agent
- Deductibles: 1 percent or 2 percent, $1,000 to $5,000; Windstorm/hail: 1 percent or 2 percent, $1,000 to $5,000
- Discounts: Multipolicy, protective device, responsible payment, claim-free, loyalty, new customer, home buyer, automatic payments, early signing
- AM Best rating: A+
Pros
- Wide range of extra endorsements
- Multiple convenient ways to submit a claim
- High $50,000 in water backup coverage available
- Reimbursement on energy-efficient upgrades available
Cons
- Relatively high insurance premiums
Why It Made the Cut: Allstate offers plenty of ways for Ohio homeowners to customize their policies, including a relatively high water backup coverage limit. Homeowners looking to customize their insurance coverage may want to consider Allstate. The company offers a wide range of policy endorsements that can be added for an additional cost. For example, homeowners can choose options including extended protection for roofs, water backup coverage, and identity theft protection. The ability to tailor a policy to fit a homeowner’s exact needs allows homeowners to purchase the right amount of coverage for their situation. Customers who choose Allstate’s extra water backup protection can enjoy some of the highest coverage limits for this type of coverage—up to $50,000. Water backup typically isn’t covered by a basic homeowners insurance policy, so this coverage could help a homeowner save money on repairs if water backup damages their home. Along with extra coverage options, however, Allstate may have relatively high insurance premiums in Ohio. Shoppers may want to look into available discounts, such as multipolicy discounts, to lower their overall cost of coverage. A more unique policy option from Allstate is a “green improvements” endorsement. This helps cover the extra cost of upgrading home components to energy-efficient options following a covered loss. If homeowners do need to file a claim, they’ll be able to choose the method that works best for them. Allstate offers claims filing through a mobile app, online, over the phone, or through a local agent.
Best Extended Coverage
Farmers Insurance
- Quote process: Online, phone, agent
- Claims process: Online, phone, agent
- Deductibles: 0.5 percent or 1 percent to 5 percent, $1,000 to $10,000; Wind/hail: 1 percent to 5 percent, $1,500 or $2,500
- Discounts: Multipolicy, protective device, non-smoker, preferred payment plan, claim-free, good payer
- AM Best rating: A
Pros
- High $2 million personal liability coverage available
- High other structures coverage available up to 100 percent of dwelling limit
- Standard declining deductible
- Claim forgiveness after 5 years of claim-free coverage
Cons
- Potentially high 5 percent wind and hail deductible
Why It Made the Cut: High policy limits for personal liability and other structures coverage make it easy for homeowners to get extended coverage on their homes. With a range of customizable coverage options, Farmers Insurance gives homeowners in Ohio the protection they want in several different areas. Most notably, Farmers offers up to $2 million in personal liability coverage. This helps homeowners protect their financial assets in the event of a lawsuit or if they’re found liable for damages or injuries caused to a third party. For some homeowners, having a pool or a trampoline is cause to increase their liability coverage. Other homeowners may want the assurance that if their dog bites a passerby or a guest falls down a steep staircase, high personal liability coverage could help protect them financially in the event of legal action or expensive medical bills. Additionally, Farmers customers can protect any detached structures on their property with up to 100 percent of their main dwelling’s coverage limit. This means they can insure structures like barns, detached garages, tool sheds, fences, and guest houses for up to the same amount as their home. Homeowners who have expensive detached structures will be glad to know their nonattached property can be protected adequately as well. Farmers offers multiple discount options, but it also charges a separate deductible for wind and hail damage. Depending on the policy and value of the home, this deductible could be up to 5 percent of the policy’s dwelling coverage limit. However, customers could potentially offset the cost of the wind and hail deductible through Farmers’ standard declining deductible. The declining deductible gives homeowners $50 in credit for each year they don’t file a claim. If they eventually need to file a claim, they can put their earned credits toward the deductible to reduce the out-of-pocket cost of the claim. In addition, homeowners who don’t file a claim for 5 years or more can get claim forgiveness. If they file a claim after 5 years, Farmers won’t raise their rates because of the claim.
Best for Low Rates
Lemonade
- Quote process: Online
- Claims process: App
- Deductibles: $500 to $10,000
- Discounts: Multipolicy, protective device
- AM Best rating: No rating
Pros
- Relatively low insurance premiums
- Instant claim approval possible
- Low $500 deductible option
Cons
- Limited discounts available
- Not currently rated by AM Best
Why It Made the Cut: Lemonade offers relatively low rates for many Ohio residents and has attractive deductible options. Ohio homeowners looking for a low-cost homeowners insurance policy may want to consider Lemonade. While actual rates will vary among homeowners, customers may find Lemonade’s premium costs to be relatively low. In turn, the company doesn’t offer a lot of discount options, instead aiming to keep initial pricing low. A major benefit of Lemonade is the possibility of an instant claim approval. Lemonade uses artificial intelligence (AI) software to look over initial claims requests. If no fraud is detected, the program runs an assessment to determine if the claim needs a review from a team member. For simple claims, the process skips the in-person review and automatically approves the claim, paying out almost instantly. According to the company, nearly 30 percent of claims receive instant approval, meaning homeowners could get their claims paid right away in some cases. While Lemonade is not currently rated by AM Best, this doesn’t mean the company has poor finances; it simply means that the company has yet to be rated. In fact, Lemonade currently holds an “A” rating from Demotech, a financial analysis firm that specializes in regional insurance companies. This high rating reflects Lemonade’s exceptional financial stability, as assessed by Demotech. Lemonade’s low costs and easy online policy management could make it a great fit for many homeowners in Ohio. Additionally, Lemonade has an impressive range of deductible options. Homeowners looking for a low deductible and affordable rates may want to consider Lemonade.
Also Consider
American Family Insurance
- Quote process: Online, phone, agent
- Claims process: Online, phone, agent
- Deductibles: $1,000; Windstorm/hail: $1,000
- Discounts: Multipolicy, protective device, autopay, age of home, loyalty, renovated home, generational loyalty
- AM Best rating: A
Pros
- Unique loyalty discounts available
- Standard diminishing deductible
Cons
- Limited online quote policy options
- Limited deductible options
Why It Made the Cut: American Family Insurance’s standard diminishing deductible could lower the overall cost of a claim for Ohio residents. American Family Insurance (AmFam) has several interesting loyalty discount programs to help Ohio homeowners lower their insurance costs. The standard loyalty program rewards customers who have an active policy for 1 year or more. However, the company also offers a unique loyalty discount program for multigenerational clients. Customers between the ages of 18 and 30 can receive a loyalty discount if their parents have an active homeowners insurance or auto policy through American Family. This generational discount could help young adults save money on homeowners insurance as they buy their first home or upgrade from a starter home. While AmFam’s online quote tool is relatively limited in scope, homeowners can work directly with an agent to get a customized quote. American Family also has limited deductible options, which could make it difficult for a customer to tailor their coverage. For example, all standard policies have a $1,000 wind and hail damage deductible and a separate $1,000 deductible for other losses. The good news for homeowners is this is a relatively standard deductible amount. It’s worth noting that American Family offers a standard diminishing deductible. Each year a customer doesn’t file a homeowners insurance claim, their deductible goes down. This could lead to a larger payout if a customer doesn’t file a claim for many years. As a bonus, American Family gives customers an initial $100 off of their deductible at the start, so homeowners can benefit from a diminishing deductible immediately.
Our Verdict
State Farm was named Best Overall because of its generous bundling discount, unique discounts, and “Superior” AM Best rating. We chose Allstate as the Runner-Up because it offers a wide range of endorsements, reimbursements for energy-efficient upgrades, and a relatively high water backup coverage limit.
How We Chose the Best Homeowners Insurance Companies in Ohio
When looking for the best homeowners insurance companies in Ohio, we considered a number of aspects, including coverage options, quote and claims processes, any unique features offered by the company, and cost factors such as rates, discount availability, deductible options, and a company’s financial stability.
We chose our top picks for homeowners insurance in Ohio based on extensive research. During our research, we carefully considered each aspect to determine which companies offer the best coverage and price options for Ohio homeowners.
Before You Choose One of the Best Homeowners Insurance Companies in Ohio
Shopping for homeowners insurance is a highly personal experience. The best homeowners insurance companies for some homeowners may not have the coverage other homeowners need. When shopping for insurance, homeowners will want to think about their individual needs while comparing coverage. For example, a homeowner may want to bundle policies to get a discount if they have multiple vehicles in addition to their home.
Furthermore, a homeowner may find that the best coverage for their home isn’t included in this list. It’s generally recommended homeowners get multiple quotes from different insurance companies using the same criteria and obtaining the quotes on the same day; this gives them the best chance of finding the best coverage for their home.
Cost of Opting for One of the Best Homeowners Insurance Companies in Ohio
The cost of homeowners insurance in Ohio is different for each home and homeowner. Cost factors such as claims history, coverage needs, and the age of a home can quickly change a homeowner’s premiums. As homeowners look for the best homeowners insurance company, they may want to get quotes from other companies not on this list. Depending on their individual situation, they may find the best price and coverage through a different company.
As with all types of insurance, requesting multiple quotes is the best way for homeowners to find the right coverage at an affordable price. Other ways to lower the cost of homeowners insurance include asking about potential discounts available.
The Advantages of Opting for One of the Best Homeowners Insurance Companies in Ohio
Many homeowners in Ohio may find the coverage they want from this list of best homeowners insurance companies in Ohio. The majority of these companies have high AM Best ratings and are financially stable, meaning the company is likely to be able to pay claims in a timely manner for the foreseeable future.
Additionally, the best homeowners insurance companies make it easy for customers to manage their policies. Many offer mobile apps and online account access for tech-savvy homeowners. Several of the best companies also let customers file claims and get quotes over the phone or in person with a live, local agent. Other benefits include:
- Multiple policy options to customize coverage;
- Discounts available for eligible homeowners to lower their overall insurance expense; and
- Easy-to-access quote and claims processes through mobile apps, online portals, phone, or in person.
FAQs
Homeowners looking for insurance coverage in Ohio often have a lot of questions about the buying process, coverage options, and how to choose the right policy. Below are some of the most common questions and their answers to help homeowners find the policy that best fits their needs.
Q. How do I get homeowners insurance in Ohio?
Many of the best homeowners insurance companies in Ohio offer insurance quotes online, over the phone, or through an agent. After getting a quote, homeowners can compare coverage to find the right policy.
Q. What is the average cost of homeowners insurance in Ohio?
The cost of homeowners insurance in Ohio varies among homeowners and depends on several factors, including the age of the home, the claims history of the homeowner, and the deductible the policy has.
Q. Which homeowners insurance company has the highest customer satisfaction?
The latest JD Power customer satisfaction survey lists American Family Insurance as a top company. However, customer experience varies among homeowners.
Q. Who has the cheapest homeowners insurance in Ohio?
Lemonade’s rates for homeowners insurance in Ohio tend to be relatively low, but many factors will affect what a homeowner will pay for insurance, so this may not be the case for every customer.
Q. What does homeowners insurance cover in Ohio?
A basic homeowners insurance policy usually covers the dwelling, or structure, of a home as well as the owner’s personal property, liability, loss of use, and medical payments to others. Different types of homeowners insurance, however, offer unique coverages.
Q. What is a good credit score to receive a lower rate on homeowners insurance?
Generally, homeowners with a higher credit score may also have a higher insurance rating, leading to lower rates. Not all insurance companies use credit scores the same way, however, so homeowners are encouraged to shop around for the best rates.
Q. Is homeowners insurance required in Ohio?
Homeowners insurance is not required by the state of Ohio, but most mortgage companies require insurance coverage before extending a loan to home buyers.