The Average Cost of Homeowners Insurance in Ohio

Ohio homeowners enjoy some of the lowest insurance rates in the country – the ninth lowest, to be exact. Buckeye State residents also luck out when it comes to automobile insurance, where they pay the second-lowest rates in the country, just behind Indiana. In 2017, Ohio Lieutenant Governor Mary Taylor told the Dayton Daily News, "We are driven to foster a competitive insurance marketplace that benefits Ohio consumers with increased choice in coverage and lower costs."

Ohio Insurance Rates vs. National Insurance Rates

As of 2019, the average Ohio homeowner pays $797 in annual homeowners insurance fees, for a monthly rate of $66. That’s 26 percent less than the national average of $1,083 yearly.

Nationally, Oregon boasts the lowest homeowners insurance rates as of 2019 at an average of $574. Florida has the highest rates at $2,055, followed by Texas at $1,947 and Louisiana at $1,847. What these high-rate states have in common is a large number of natural disasters occurring on a regular basis, such as hurricanes or flooding. Residents of the high-rate states pay over two-thirds more in homeowners insurance than the average U.S. resident. Ohio is fortunate in that it is not as prone to natural disasters as states in other regions. Its neighboring Midwestern states, such as Indiana and Michigan, also have relatively low homeowners insurance premiums.

Factors Influencing Rates

While Ohio homeowners insurance rates are relatively low, some homeowners will pay more – often considerably more – than others. Factors influencing homeowners insurance premiums include the real estate mantra of "location, location, location." Those living in areas with higher crime rates can expect to pay more for insurance, as can those residing in more expensive homes in higher-end neighborhoods.

Houses constructed of brick may have lower premiums than those with wooden frames, while log home premium rates are higher, predominately due to comparative fire hazards. A house with a fire hydrant nearby and proximity to the local fire station might have lower insurance premiums than a dwelling in an area without a hydrant system where fire departments must bring along water trucks to fight blazes. Rates can differ significantly among homes in the same neighborhood based on the age of the house, its condition and the owner’s claim history.

Future Increases

We saw the cost of homeowners insurance in Ohio rise 3.3 percent in the past. The primary reason for the raise, sensibly enough, was an escalating claim rate. Nationwide, premiums are expected to rise, but Ohio homeowners should not expect the large increase that those in other states may experience. Their rates should continue to remain among the lowest in the nation.

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