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Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Home insurance is necessary to protect the policyholder's investment, but it can be expensive. Ohio home insurance costs the typical homeowner over $1,400 per year, and some people pay a lot more than that. Fortunately, it's also possible to do much better than this, as the companies below prove.
Ohio Mutual Insurance offers the best homeowners insurance in Ohio overall. The typical premium in the state is $1,429 per year, but those who choose Ohio mMutual only pay about half that. Its average annual premium is just $741.
These companies also offer cheap homeowners insurance in Ohio:
People only pay about $715 per year for Ohio home insurance on new construction. That's not bad, but homeowners who choose Erie Insurance can get the same coverage for only $404 per year.
These insurers are also among the best homeowners insurance companies for new construction:
The Cincinnati Insurance Companies offers the most affordable Ohio home insurance rate for older homes. Its average premium is just $723 per year -- about half the state average of $1,399.
These companies also offer great rates on home insurance for older homes:
At just $731 per year, Ohio Mutual Insurance is the most affordable option for homeowners who have filed a claim. This is pretty affordable considering the state average for these homeowners is $1,458 per year.
The following insurers are also worth a closer look for homeowners with a claims history:
Ohio home insurance is a little more affordable than the national average. But costs vary considerably depending on the type and size of the home, the owner's claims history, and more. Here's a closer look at how Ohio stacks up to the rest of the country in the categories listed above.
| Average Rate Category | Ohio | National Average |
|---|---|---|
| Overall | $1,429 | $1,725 |
| New home construction | $715 | $943 |
| Older homes | $1,399 | $1,658 |
| When making a claim | $1,458 | $1,803 |
Here are some things homeowners should keep in mind while shopping for Ohio home insurance.
The average Ohio home costs about $181,756, according to The Ascent's research on average house prices by state. That's quite a bit below the national average of $293,349. It might help explain why the state's home insurance costs are below average as well. But it's worth noting that homes that cost more than the state average will likely cost more to insure.
While homes in metropolitan areas are normally among the most expensive to insure, this doesn't appear to be the case in Ohio. The state's largest city, Columbus, only has an average annual premium of $1,403, and its second-largest city, Cleveland, has an average annual premium of just $1,373.
Here's a look at some common Ohio home insurance claims.
Ohio isn't in Tornado Alley, nor is it near enough to the coast to feel the wrath of most hurricanes. But it's home to some severe windstorms nonetheless. These can bring down trees, peel shingles off roofs, and cause all manner of destruction.
All northern states see severe winter storms every year. When these storms are bad enough, they can lead to burst pipes or even collapsed roofs. Homeowners can sometimes take steps to mitigate these issues, but having adequate home insurance coverage is a critical backup.
Every state in the country is at some risk for flood, and this is especially true for residents of low-lying areas. Ohio has seen significant flooding after hurricanes and other major storms. Unfortunately, this isn't covered by a traditional home insurance policy. Homeowners need a special flood insurance policy for this coverage.
Here's a look at how much some common home insurance discounts could shave off the average Ohio home insurance premium.
The typical homeowner who bundles their home and auto only pays about $1,110 per year for their home insurance. This is a pretty huge discount, and it's one that most insurers offer. That's why it's usually best for homeowners to insure their vehicle with the same company.
Though upgrading a home's plumbing, heating, and electrical systems leads to savings, none of that compares to a roof upgrade. Homeowners with a brand-new roof only pay about $1,145 per year for Ohio home insurance. That's nearly $300 less than the state average.
Sprinklers reduce the risk of significant fire damage, and many home insurers give discounts to homeowners who have them in their home. But not all of them do. It's important for homeowners with sprinklers to look for companies that offer a sprinkler discount so they can reap the rewards of their smart investment.
The following five cities offer the most affordable Ohio home insurance premiums on average:
| City Name | Average Home Insurance Rate |
|---|---|
| Painesville | $1,169 |
| Mentor | $1,169 |
| Broadview Heights | $1,186 |
| Wickliffe | $1,188 |
| North Royalton | $1,189 |
Homeowners in these five cities pay the most for their Ohio homeowners insurance:
| City Name | Average Home Insurance Rate |
|---|---|
| Friendship | $1,909 |
| Stockdale | $1,904 |
| Bentonville | $1,884 |
| Wakefield | $1,871 |
| Coalton | $1,862 |
There are several options for cheap homeowners insurance in Ohio. Those searching for a policy can look at bundling coverage and making upgrades, like adding a new roof, to find some of the best rates.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
