Getting Home Insurance in Cleveland
For many Ohioans, buying a home is the largest investment they will make. Therefore, homeowners should consider purchasing home insurance to protect this investment. It protects you from bearing the unforeseen financial costs if your home is damaged or destroyed. These perils can include fire and smoke; windstorm and hail; lightning; and vandalism and theft. Most, if not all, mortgage lenders will require borrowers to purchase home insurance. Aside from property coverage, standard policies also provide liability coverage, which protects homeowners in Cleveland against liability for accidents that injure visitors or damage their property.
The average premium in Ohio is $613, well below the national average of $880, according to the Insurance Information Institute. Ohio’s Department of Insurance reports that, on average, Ohio has the sixth lowest homeowner’s insurance rates in the country. Still, rates offered by different companies can vary significantly, so homeowners should shop around to find the policy and rate that best suits them.
Factors of Home Insurance Rates in Cleveland
Your premium is determined by considering a number of factors, one of which is the location of your home. For instance, urban areas may have higher crime rates, while rural areas might have limited access to fire protection services. Standard insurance policies cover perils related to theft, so a higher crime rate in a specific area will translate to a higher premium for those Ohio residents. Cleveland has one of the highest crime rates in the nation, and a CQ Press report ranks it the eighth most dangerous city in the nation. The Cleveland Division of Police reports yearly crime statistics. The chart below presents average crime rates in Cleveland:
Other factors that might affect the cost of your coverage include the age and condition of your home, as well as the type of construction. For instance, wood-frame houses usually cost more to insure than brick houses because the former are more susceptible to damage. New homes may qualify for discounts. Even your home’s distance from fire hydrants and stations can affect your rate. Insurers will also consider your claims and credit history, and naturally, the type of policy and the amount of coverage you select will impact your rate. Installing protective devices, such as dead bolt locks, security systems, and fire alarms may reduce your premium. Contact your insurer to determine if you are eligible for these discounts and others.
To lower your premium, consider selecting a higher deductible, which is a fixed amount that you must pay from your own pocket for each claim. If you select the highest deductible that you can afford in the event of a loss, keep in mind that you will have to pay a greater portion of the cost if your home incurs damage. Ohio residents can obtain a list of companies licensed to sell home insurance in Cleveland by visiting the insurance department’s website.