Ohio homeowners face many responsibilities, and one of the most important is making sure their property is adequately protected. Your home will most likely be the most expensive thing you own, and while homeowners insurance is a legal requirement, it also provides peace of mind for your investment. However, navigating the complexities of insurance policies can be tricky. Here are the 10 essential things every Ohio homeowner needs to know about home insurance to make the best choices.

1. Understanding Basic Coverage Types

Homeowner insurance typically covers four main areas:

• Dwelling protection: Covers the structure of your home.

• Personal property coverage: Protects your belongings in case of theft or damage.

• Liability coverage: Offers protection if someone is injured on your property.

• Additional living expenses: Covers costs if you need to live elsewhere while your home is being repaired.

Each type of coverage has limits, and it’s important to ensure these limits meet your needs.

2. Ohio’s Common Perils

Ohio homes face a variety of potential risks, including severe weather such as tornadoes, flooding, and winter storms. Standard homeowners insurance policies generally cover wind damage but do not include coverage for floods. If you live in a flood-prone area, consider purchasing separate flood insurance.

3. Flood Insurance Isn’t Included

Ohio, with its proximity to rivers and lakes, can be susceptible to flooding, especially in areas near Lake Erie. Many homeowners assume their standard insurance policy covers floods, but it doesn’t. You’ll need to purchase a separate flood insurance policy, especially if you live in a designated flood zone.

4. Tornado Coverage

Ohio lies in Tornado Alley, and while tornadoes aren't frequent, we saw in 2024 they do happen. Standard policies typically cover windstorm damage, including tornadoes. However, it’s critical to verify that your policy includes sufficient coverage for the full value of your home, as rebuilding costs can escalate.

5. Replacement Cost vs. Actual Cash Value

When insuring your home, it’s important to understand the difference between replacement cost and actual cash value coverage:

• Replacement cost pays the amount necessary to repair or replace your home without factoring in depreciation.

• Actual cash value covers the cost minus depreciation, which may not be enough to fully rebuild or replace items.

Replacement cost coverage typically offers better protection but comes with higher premiums.

6. Deductibles and Premiums

Your deductible is the amount you’ll pay out of pocket before your insurance kicks in. Ohio homeowners can often adjust deductibles to manage premium costs. You will need to find balance between the two because even though a higher deductible usually results in a lower premium it’s essential to ensure the deductible is affordable to you in the event of a claim.

7. The Importance of Personal Liability Coverage

Liability insurance protects you financially if someone is injured on your property or if you accidentally cause damage to someone else's property. Ohio homeowners should ensure their policies include sufficient liability coverage, as medical and legal expenses can quickly add up. Many experts recommend at least $300,000 in liability coverage.

8. Home Improvements May Impact Your Insurance

Certain upgrades to your home, such as installing a new roof, replacing plumbing, or upgrading your electrical system, can reduce your premiums. Conversely, adding a swimming pool, trampoline, or wood-burning stove can increase risk factors and lead to higher premiums.

9. Home Inventory

One of the best ways to ensure your personal property is protected is to create a home inventory list. Document all your belongings, including furniture, electronics, appliances, and personal valuables. This can simplify the claims process if you experience theft or damage. A well-documented inventory helps ensure you are compensated fairly.

10. Review and Update Your Policy Regularly

It’s essential to review your homeowner’s insurance policy at least once a year. Life changes, home improvements, or updates to Ohio’s insurance regulations can impact your coverage needs. If the value of your home or belongings increases, you may need to adjust your policy limits. Also, check if you qualify for any discounts, such as bundling home and auto insurance.

Conclusion

Having the right homeowners insurance in Ohio ensures you’re protected from the unique risks that come with owning property in the state. Understanding the nuances of your policy, including coverage limits, deductibles, and exclusions, is key to ensuring your investment—and your peace of mind—is secure. With these 10 essential tips, you can make informed decisions about your insurance needs and keep your home safe.