We never expect to have a break-in, fire, or accident in our homes, but these situations happen to thousands of Ohio residents every year. Luckily, Ohio homeowners insurance is available to protect you financially, provide you peace of mind, and satisfy mortgage requirements. The information below will help you choose the best homeowner policy and get the lowest prices.
Determining the Premium
The first thing homeowners what to know is how much they will owe. Your premium is the amount paid either monthly or annually to keep your insurance coverage active. Insurance companies in Ohio use many factors to figure out your premium:
Home characteristics. State homeowners insurance will be more expensive for homes that are likely to burn down, need new roofs, suffer water damage, or have excessive claim history. The insurance application will usually ask the cost to rebuild the home, the distance from fire departments and fire hydrants, age and condition of the home, framing type, and claims history for the home and the homes in the surrounding area.
Other characteristics. Being that most Ohio home owners insurance policies protect against theft and accidents, details outside of the home will be taken into consideration for the premium. Some things that will raise a premium are having a swimming pool, wood furnace or stove, trampolines, or dangerous animal breeds. There are some things that can lower a premium such as having fire
extinguishers, working smoke detectors, burglar alarms, sprinkler systems, wind security devices, and deadbolts.
Policy choices. Other than moving to a new home, you can affect the cost of your policy is various ways. Keeping a good credit history, limiting your number of Ohio insurance claims, and staying with the same insurance company can usually help get discounts. You can also reduce your costs by avoiding “extras” and increasing your deductible. Be sure to only raise your deductible when you can
afford the out-of-pocket expense in case of a claim.
Ohio home owners insurance coverage is broken down into six coverage categories:
1. Dwelling. This can include damage to the house and any structures attached to the house. Included are plumbing, electrical wiring, and permanent air conditioning and heating systems.
2. Personal property. This covers either the current value or the replacement value of damaged possessions.
3. Other structures. This coverage pays for structures not attached to the home, including fences, sheds, detached garages, and guest homes on the property.
4. Loss of use. You can receive additional living expenses while their home is unusable and being repaired.
5. Personal liability. Homeowners in Ohio are responsible for injuries or damages that occur on their property. This coverage will help with the costs in the case of a lawsuit.
6. Medical payments. The insurance company will pay the medical bills of people hurt on the property or hurt by the homeowner’s pets.
Shopping for Ohio Home Owners Insurance Quotes
The first thing you want to look for, when shopping for insurance quotes, is that the company is licensed with the Ohio Department of Insurance. They should have a low number of complaints, be reliable, and financially able to pay claims.
Second, make sure you provide the same information to each insurance company, including policy limits, for a fair comparison.
Lastly, you should not ignore the value of customer service. Agents should explain how a claim will affect policy premiums, what it does and does not cover, the liability coverage and the amount of personal property coverage needed, and to what extent of water and mold damage the policy covers.