By: Hemanth Ramesh July, 16, 2019
The average homeowner’s premium in the state of Ohio is about $864 per annum. This is because Ohio is relatively less prone to natural disasters than other states in the country.Ohio traditionally experiences rough winters, which can affect residential properties.Hence, homeowner’s insurance in Ohio covers ice dams, roof damage and collapse, water damage from burst pipe, burner blowbacks, and damage caused by animals.
According to the Ohio Department of Insurance, in the event of an earthquake, brick and masonry houses are more likely to incur damage than frame homes. Therefore homeowners with brick and masonry houses pay a higher amount in insurance premiums.
Stout is the most expensive zip code in Ohio with an average insurance premium rate of $1,266.
Wadsworth is the least expensive zip code in Ohio with an average homeowner’s insurance premium of $685.
The above zip codes are all located in suburban areas, which means that they enjoy better response times from the fire departments, lower chances of natural calamities, and lower crime rates.
Ohio hasn’t seen any major earthquakes in the last century; hence, the earthquake premiums are low, but they have a deductible range between 2% and 5%.
The material used for the construction of homes is also an important factor determining homeowners insurance premiums. Brick houses attract lower premiums than frame houses whereas log homes call for higher premium rates as they have a higher risk of being damaged by fire.
According to the Ohio Auto and Homeowners trend report, the most frequent insurance claims are the ones related to damages due to wind and hail. Damages due to fire and lightning are the costliest. One in fifteen insured homes in Ohio files an insurance claim each year, and one in 55 homes reports property damage caused by water damage or freezing each year.
In case homeowners want to cancel their insurance policy, they should provide a written notice of cancellation or nonrenewal at least 30 days before the date of cancellation according to Ohio Rule 3901-1-18, Section C, The Ohio Fair Plan-Plan of operation.
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.