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Ohio Home Insurance
Ohio home insurance provides the much needed property damage coverage for your home. There are a few different policies and many different variations and additions you can make to yours. The more basic policy, known as the HO-2 policy, covers damages caused by fire, smoke, hail, wind, falling objects, theft, vandalism, vehicles, aircraft, frozen pipes, a sudden cracking, and overflowing steam from air conditioners and water heaters. The broad and more popular HO-3 policy offers bodily injury liability as well as additional property damage coverage. When you purchase a home with the help of a mortgage lender, they usually require that you carry Ohio home insurance for the duration of the home.
Ohio Home Insurance Coverage
In Ohio many homeowners are at risk of perils like theft, vandalism, falling objects, damages caused by vehicles, fire, thunderstorm damage, hail damage, and even flooding. If you live in an area prone to flooding, you must purchase additional flood insurance in order to protect your home. Many find that their current Ohio home insurance policies do not cover a peril only after it is too late. You can review what will be covered by your policy by looking at the “exclusions” section of your Ohio home insurance.
Ohio Home Insurance Rates
Ohio home insurance rates were well below the national average in 2003. The low property value coupled with few claims keeps Ohio home insurance relatively low. Homeowners paid an average of $476 for an annual premium in 2003. The Ohio home insurance rates rose 32.6% from 2001 to 2003. In 2005 a brick home with $150,000 in coverage cost $564 to insure annually in Akron, Ohio through one insurer. The same home cost $441 to insure annually through another insurer. When you shop around, you can find better deals.
Many homeowners want to find ways to reduce their Ohio home insurance premium. We have found a few ways for you to reduce your premium. You can begin by surveying an area for average home insurance rates before buying a home. By eliminating high risk areas, you can find an affordable home with low premiums. If you all ready own your home, you can install an alarm system, deadbolts, and smoke detectors for an additional discount. Many homeowners shopped around before buying their Ohio home owners insurance. They found better deals when getting more than one quote.
Ohio Department of Insurance
2100 Stella Court
Columbus, Ohio 43215
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