Ohio Homeowners Insurance Basics

Yes, Ohio homeowners insurance covers the damage to your house if it is damaged by a peril that is covered under your insurance policy. But, that is not all a homeowners insurance policy does for you. It can also provide you with temporary shelter is your home is uninhabitable, cover the cost of replacing your possessions, and cover damages to another person’s house if you’re found liable. Because of the many different ways in which homeowners insurance can cover you, it’s important that you are knowledgeable about homeowners insurance when looking to purchase.

Ohio Homeowners Insurance Basics

Most Ohio homeowners insurance policies from here are defined by the perils it will cover and the perils it won’t cover. A peril is an event that might possibly cause damage to your home. In Ohio, there are 4 basic coverage levels. The Broad form is the basic coverage that lists every peril that it will cover. The Special Form, on the other hand, lists perils that it won’t cover instead of listing every peril that it will. As for the Comprehensive Form, it will cover almost every type of damage to a house, except for flood, wars, or earthquakes. Finally, the Market Value Form only covers the house up to its market value. In other words, it covers the home at its value before the damage. If you’re looking to insure a mobile home, mobile home policies are not as standard as the previous listed forms, so you may want to do your homework before purchasing mobile home insurance.

Additional Coverage

Most homeowners insurance policies do not cover perils such as flood, earthquakes, or water damage from leaks. You can purchase additional policies to cover your home in the event of perils of this nature. You may want to consider additional coverage for your home and its contents if you feel that the minimum coverage provided is not sufficient. Most policies will require you to insure your house for 80% of replacement cost. Under insuring your house means that you will pay more out-of-pocket repair costs. Correctly valuing your home and possessions is key to purchasing homeowner’s insurance. It affects how much insurance you will purchase and how much premiums you’ll pay.

Reading Your Policy

When purchasing homeowner’s insurance, you need to know what is and what is not included in the policy. For example, you need to know whether or not you are covered in case of code enforcement, when you have to make improvements to your home as required by law. You need to read over your policy carefully and understand fully what it means. If you have any questions, you should ask your agent before you buy. You can also call the Ohio Insurance Department or visit its website if you have questions.

Smart Shopping

Ohio homeowners insurance is an important investment because of the value of protecting your home. You should shop smartly for homeowners insurance, which means you should be fairly knowledgeable about homeowners insurance before you begin to shop around.

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