Average Cost of Homeowners Insurance in Ohio (2024)


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Updated: May 22, 2024

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The average cost of homeowners insurance in Ohio in 2023 is $1,744. This figure is $679 less than the national average of $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums in Ohio, with premiums varying by $7,862 between the highest and lowest credit ratings.

If your rates have recently increased, our analysis of the cheapest policies in Ohio may offer more affordable options. Remember, the insurance provider you choose also plays a role in the cost of your premiums.

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Rates updated:

Jul 15, 2024

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To establish the average cost of homeowners insurance in Ohio, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Ohio as of 2024.

1.6 MQuotes Analyzed
 
8Companies Compared
 
18ZIP Codes

Average Cost of Home Insurance in Ohio by Coverage Amount

In Ohio, the average homeowners insurance premium is $1,744 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. This cost is less than the national average. When considering how much coverage you need, it's important to have enough insurance to rebuild your home and cover your belongings in case of a total loss.

As an example, a policy offering $100K in dwelling coverage has an annual premium of $1,076. If you opt for a higher level of protection with $500K in dwelling coverage, the annual premium increases to $2,776, showing how premiums scale with the amount of coverage.

Average Annual Home Insurance Premium in Ohio by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$1,076
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$1,744
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$2,776
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$3,852

Average Cost of Home Insurance in Ohio by Insurer

Premiums for homeowners insurance in Ohio can vary significantly among insurers, even for similar coverage levels. For instance, while one provider might quote an annual premium considerably lower than the state average, another could offer a quote that far exceeds it.

For those looking for coverage options, there are plenty of great providers in Ohio. Differences in underwriting criteria, company risk assessments and customer service can influence premium costs.

Average Annual Home Insurance Premium in Ohio by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
American FamilyAnnual Premium$1,065
Auto-Owners InsuranceAnnual Premium$1,101
USAAAnnual Premium$1,266
FarmersAnnual Premium$1,281
AllstateAnnual Premium$1,358
NationwideAnnual Premium$1,462
State FarmAnnual Premium$1,612
TravelersAnnual Premium$4,808

Average Cost of Home Insurance in Ohio by Credit Score

Homeowners in Ohio with excellent credit pay an average annual premium of $1,002 for homeowners insurance, a significant savings of $742 compared to the state average of $1,744. Conversely, those with poor credit face the steepest costs, averaging $8,864 annually, which is $7,120 above the state average. Credit scores directly influence insurance rates, reflecting the insurer's assessment of risk; higher scores often correlate with lower perceived risk and thus more favorable insurance premiums.

While improving your credit score overnight isn't feasible, gradual improvements can lead to lower insurance rates over time. In the short term, shopping around for insurance can yield cost savings. Homeowners can compare insurers in less than 15 minutes to see which will save you the most, potentially finding a better rate that suits your budget and coverage needs.

Average Annual Home Insurance Premium in Ohio by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$8,864
Below FairAnnual Premium$4,362
FairAnnual Premium$2,701
GoodAnnual Premium$1,744
ExcellentAnnual Premium$1,002

Average Cost of Home Insurance in Ohio by Construction and Roof Type

Roofing materials influence homeowners insurance premiums, albeit to a lesser extent than factors like coverage amount or credit score. In Ohio, homes with tile roofs, known for their durability, may benefit from lower insurance costs. On the other hand, shake-treated roofs, which may be more vulnerable to severe weather events, can attract higher premiums.

The construction type of a home also affects insurance rates, with stronger materials possibly garnering savings. Homes built with superior construction materials, more resistant to certain risks like fire, may see more favorable insurance rates compared to standard frame construction, which is less resistant and might carry higher premiums.

Use the table below to see how premiums change based on your home's materials.

Average Annual Home Insurance in Ohio by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$1,076
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$1,744
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$2,776
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$3,852
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$5,080

Average Cost of Home Insurance in Ohio for Newly Constructed Homes

Homeowners insuring new construction in Ohio can expect to pay an average premium of $928, which is lower than the average for older homes. Modern construction techniques and adherence to current building codes contribute to this reduced cost. The table below illustrates the premium differences for varying coverage levels between new and existing homes.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$1,744
New Construction (2023)Annual Premium$928

Average Cost of Home Insurance in Ohio by Claims History

In Ohio, homeowners who have maintained a claim-free status for over five years can expect to pay an average annual premium of $1,744 for their homeowners insurance. However, if a homeowner has filed one claim in the past five years, the average premium rises to $2,051, marking a $307 increase from the claim-free rate. For those with two claims within the same period, the average premium jumps to $2,196, which is $452 above the average for claim-free homeowners. These figures illustrate the financial benefit of a no-claims history on policy costs in Ohio.

Average Annual Home Insurance in Ohio by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$1,744
1 claim in past 5 yearsAnnual Premium$2,051
2 claims in past 5 yearsAnnual Premium$2,196
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OHIO NATURAL DISASTERS AND HOME INSURANCE

In Ohio, tornadoes and flooding are the most common natural disasters. Homeowners insurance often covers damage from tornadoes, as they fall under windstorm events. However, flooding is not typically covered. You may need separate flood insurance for that.

Average Cost of Home Insurance by City in Ohio

For the cities we analyzed, we found premiums ranging from $1,641 to $2,018. In Akron, homeowners insurance averages $1,641 annually, while Dayton sees higher rates at $1,966. Toledo tops the list with an average premium of $2,018. Location affects premiums due to varying risks like weather, crime and local building costs. However, factors such as credit rating and claims history can have a more significant impact on your insurance costs than your city alone.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
AkronAnnual Premium$1,641
CincinnatiAnnual Premium$1,732
ClevelandAnnual Premium$1,659
ColumbusAnnual Premium$1,704
DaytonAnnual Premium$1,966
ToledoAnnual Premium$2,018

How to Shop for Home Insurance in Ohio

Shopping for home insurance in Ohio doesn't have to be tough. In fact, with a little know-how, you can find a policy that fits your budget and gives you peace of mind. The key is to understand your options and how various factors can influence your premium. Here's how to find the best deal for you.

1
Understand Your Needs

Think about what you want to protect.

2
Assess Coverage Levels
3
Compare Quotes

Shop around to find the best rates.

4
Consider Bundles

Bundling two policies, such has home and auto, with the same insurer can save you money on premiums.

5
Look for Discounts

Ask about deals for security systems or updates.

6
Review and Purchase

Pick the best one and buy your policy.

Bundling Home Insurance With Auto Insurance in Ohio

In Ohio, homeowners can unlock an average of 13% in savings by opting for a multipolicy bundle that includes both home and auto insurance. Bundling these coverages not only streamlines your insurance management but also provides a financial break, with potential savings ranging from $0 to approximately $477. For a more detailed look at the best and cheapest home and auto insurance bundles in Ohio, explore MoneyGeek's analysis here.

Home Insurance Discounts in Ohio

Ohio homeowners can tap into several insurance discounts to lower their premiums.

  • Protective Devices Discount: Install smoke detectors, burglar alarms or other security systems.
  • Loyalty Discount: Stay with the same insurer for several years to earn reduced rates.
  • Claim-Free Discount: Enjoy lower premiums by maintaining a claim-free record.

For a comprehensive look at how to save with discounts, explore our guide on home insurance discounts. Remember, you can unlock maximum savings when you inquire about all available discounts when requesting a quote.

FAQ: Homeowners Insurance in Ohio

On average, what is the cheapest insurer in Ohio?
Is tornado coverage included in Ohio homeowners insurance?
Is flood coverage included in Ohio homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Ohio?
In Ohio, how much can I save on average by bundling my homeowners insurance with auto?

Additional Resources for Homeowners Insurance in Ohio

When exploring homeowners insurance in Ohio, having the right resources at your fingertips can streamline your decision-making process. Whether you're a new homeowner seeking clarity on coverage options or a seasoned journalist looking for credible data points, these resources provide valuable insights into the intricacies of insurance in the Buckeye State.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.