Buying a new home in Ohio provides security for families and individuals wanting to invest in their future. At Movoto, homeowners looking for a new home anywhere in Ohio have many options.
Whether you just decided to purchase your first home, are in the market for a larger home or perhaps even downsizing, having homeowners insurance is crucial. Knowing how to find the best deal is not always as easy as some homeowners may expect. In fact, the very idea of trying to find the best deal on homeowners insurance can seem downright daunting. However, it is not really that difficult. Learn how to find the best deal on homeowners insurance in Ohio.
Why do I need Homeowners Insurance?
The State of Ohio provides the “Guide to Homeowners Insurance.” This guide explains that homeowners need homeowners insurance to “Protect your house and personal property,” as well as to “Protect yourself against liability for accidents that injure other people or damage property.”
Yes, you are potentially liable for damages related to a person receiving injuries at your home or if another person’s property receives damage due to any number of factors where you, as the homeowner, are legally liable.
Homeowners insurance protects you and all family members in event of a catastrophe or unforeseen event that possibly results in loss or damage to your property or belongings.
Homeowners insurance potentially pays for things such as:
- Damage to the contents of your home
- Replacing personal belongings when destroyed, damaged or stolen
- Repairing or rebuilding your home
- Medical expenses when a guest sustains an injury while in your home
In order to receive compensation for any damage, the item has to be a covered event, referred to as a “peril.”
What type of homeowners insurance policy do I need for my Ohio home?
The ideal policy for you is not necessarily the ideal policy for a family member or neighbor. Several factors determine the best homeowners insurance policy, whether you reside in an upscale area such as New Albany or in a large, older city such as Cleveland.
Companies offering homeowners insurance in Ohio provide a wide variety of coverage options, as well as exclusions. Therefore, it is crucial that you shop around for the best policy.
In addition to bank requirements of insuring your home for at least the amount of your loan, CNN Money says that homeowners need “deep coverage” of at least 90 percent, but recommends insuring your home for 100 percent of replacement cost. While this perhaps causes concern for some homeowners worrying about the cost of such a policy, you really have the best deal when you fully insure your home. Additionally, you have the peace of mind associated with knowing that you have the best amount of coverage for your home, its contents and personal belongings of each family member. The Ohio Department of Insurance also warns against underinsuring your home.
Another tip provided by CNN money that definitely helps Ohio homeowners seeking the best deal on homeowners insurance is that “Your safest bet is to seek a company with no cap.” That provides an extra level of security and less stress for you, in event of peril.
Insuring the contents of your home offers protection that enables you to file a claim for replacement cost of damaged contents.
The most common homeowners insurance policy, the HO-3, explains what it does not cover, rather than perils that it does cover. The HO-2 and HO-4, in contrast, list every covered peril.
Discussing other coverage with an agent, such as personal liability coverage, injury to another or another person’s property, limits and exclusions is crucial for you as a homeowner seeking the best deal on homeowners insurance.
Are there special considerations for Ohio Homeowners?
One mistake that many homeowners later discover when a catastrophic event like a flood occurs is that a flood or earthquake are likely not covered in the typical homeowners insurance policy. You have to purchase specific coverage for such perils. Fortunately, many areas in Ohio do qualify. However, you must consult with your insurance agent to specifically purchase flood insurance and earthquake endorsement.
Another special consideration in Ohio is Mine Subsidence Coverage. If you reside in an area close to one of the over 4000 old Ohio coal mines, your homeowners insurance Ohio policy pays the lesser of the value of your home or $300,000 for damage related to sinking or other perils potentially resulting from the coal mine. If you live in one of the counties offering optional mine subsidence, such as Painesville in Lake County or Eaton in Preble County, you further protect your home and its contents by adding the optional coverage.
Can I find a great deal on Homeowners Insurance just by living in Ohio?
Just living in the State of Ohio is a great way to save on the cost of your homeowners insurance. The Ohio Department of Insurance Communications Office disclosed in a recent press release that a national industry study, released by Ohio’s Lieutenant Governor, revealed that the amount of homeowners insurance paid by Ohioans ranks as the 9th lowest in the country.
Many people choose to pay combined homeowners and auto insurance policies and when Ohioans combined premiums, they paid average premiums ranking “$515 below the national averages.”
Are There Other Ways to Save on my Ohio Homeowners Insurance Policy?
Shopping around for the best homeowners insurance policy provides tremendous benefits. This gives you the opportunity to compare companies, costs, variety of discounts available, and other factors that can help determine your best homeowners insurance options.
Remember that small details such as bundling policies, adding an alarm system to your Ohio home and simply discussing other savings options can help you find the best deal on homeowners insurance in Ohio.
2 Point Highlight
Just living in the State of Ohio is a great way to save on the cost of your homeowners insurance.
The Ohio Department of Insurance Communications Office disclosed in a recent press release that a national industry study, released by Ohio’s Lieutenant Governor, revealed that the amount of homeowners insurance paid by Ohioans ranks as the 9th lowest in the country.
