If you are beginning your search to find the best Ohio homeowners insurance quotes then it would definitely benefit you to know what to expect before you start. Knowing the average cost of homeowners insurance in Ohio will enable you to have a ballpark figure to which you can compare your yearly premiums. You will be able to use this information during comparison shopping to ensure that you are getting the best deal possible. However, you still need to be aware that rates can vary depending on many factors such as the location of your house, as well as the level of security your house has and also your current credit score.
Average Cost of Ohio Homeowners Insurance
Ohio actually ranks in the 10 states with the lowest insurance premiums, making the homeowners insurance rates some of the lowest in the country. The average homeowners insurance cost currently stands at around $613 which is in fact $267 less than the national average.
How is Insurance Cost Determined?
There are many factors that come in to play when insurance companies provide you with a quote. Each of these factors are weighed for every policyholder. The most major considerations include the type of policy that is purchased e.g. are you looking for a basic policy or do you require more comprehensive coverage. Considerations will also conclude the deductible limits selected e.g. in most cases selecting higher deductibles will lower the cost of the premium. Homeowners insurance companies like ohioinsurancequotes.net, will also take the location of the property into consideration, as well as information detailing the age of the property and the condition that is in. A big component affecting the cost will also be the credit history of the policy holder.
Why are Insurance Rates so Low?
The main reason the cost of insurance is so low in Ohio comes down to the fact that there is far less extreme weather experience than many other states. For example, weather events that frequently cause high levels of damage such as earthquakes, tornadoes, flooding and wildfires do not occur often in Ohio, making it far less likely that residents will claim on their insurance for extreme damage caused by these types of events. States that have much higher occurrences of extreme weather such as California and Texas report average homeowner’s insurance rates that are actually more than double the rate in Ohio.