The Average Cost of Homeowners Insurance in Ohio

Knowing the average cost of homeowners insurance will make comparison shopping easier.

Knowing the average cost of homeowners insurance will make comparison shopping easier.

The average cost of homeowners insurance in Ohio is valuable information for the homeowners who live here, as it gives them something to compare their yearly premiums to. If you have an active homeowners policy, or are in the market for a new policy, you can use this information to gauge whether you're getting a good deal. Remember, however, that rates can vary widely depending on the location of your house and the amount of coverage required.

Average Cost

The average cost of homeowners insurance in Ohio in 2009 was $613 -- making it $267 less than the national average. Ohio has some of the lowest homeowners insurance rates in the country, ranking among the 10 states with the lowest premiums.

How Cost is Determined

Homeowners insurance rates are determined by a variety of factors, which are individually weighed for every policyholder. Major considerations include the type of policy purchased, the amount of coverage requested, deductible limits, the property location, credit history, proximity to fire hydrants and local fire stations, and information regarding the home's age, type and condition.

Why Rates are Low

One of the main reasons for Ohio's lower-than-average insurance rates is the low incidence of catastrophic storms in the state. Earthquakes, tornadoes, flooding and wildfires occur very infrequently in Ohio, making it much less likely that residents there will file claims for these types of natural disasters. States with greater frequency of these events have higher home insurance rates. For example, the average homeowner insurance rates in California, Texas and Mississippi are almost double that of Ohio.

Saving Money

To make sure you're getting as good a deal on your Ohio homeowners insurance policy as possible, it's important to shop around and get quotes from at least a few local insurance agents. Choosing a high deductible, buying multiple policies from the same insurer, improving your home security system and maintaining good credit will have an effect on the amount of your premiums.


About the Author

Lynn Burbeck is a professional writer with over five years of experience writing for the Web. She has published numerous articles for print and online media including "Grit" Magazine. Burbeck holds a B.A. in journalism and political science.

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