If you live in Ohio, you have the advantage of living in one of the most inexpensive states to insure your home and your car. But you also have the disadvantage of higher healthcare costs than national averages, which can increase health insurance costs.
There are many factors that can influence your insurance costs, and knowing the basics of Ohio insurance, rates, and requirements can help you save money and get the right coverage for your home, your car, and your health.
Auto Insurance
When there a lot of people packed into a fairly small state, as is the case in Ohio, you typically have more traffic and more cars, which equals more risk. But this doesn't seem to affect auto insurance rates much, as average premiums in Ohio are around $628 a year according to recent data, much lower than the national average of just under $800.
When getting Ohio insurance rates, keep in mind state requirements:
- Bodily Injury Liability. This includes $12,500 per person and $25,000 per accident. This sounds like a lot, but if the accident was serious, it can barely cover medical costs, let alone litigation. Many experts recommend increasing limits to $100,000/$300,000.
- Personal Property Liability. You are required to have a minimum of $7,500, the lowest required amount in the nation. Your best bet is to increase this amount to at least $25,000.
Your Ohio insurance rates should also include comprehensive coverage, since state minimum requirements don't cover repair costs to your own vehicle.
Homeowners Insurance
With premiums averaging right around $500 for a year, Ohio is one of the most affordable places to insure a home. There are numerous policies, but homeowners generally end up with one of the following:
- HO3. Also known as Special Form Homeowner Policy, HO3 covers 16 named perils that could damage your home, including lightning, smoke, fire, wind damage, hail, and more. This covers the structure of your home only, so contents insurance will need to be purchased separately.
- HO5. This policy, also called Premier Homeowner Policy, includes everything that HO3 covers, but it also includes the contents of your home as well. This is helpful because in the event of perils like fire or smoke that could destroy your furnishings, appliances, clothing, etc. will be covered.
Ohio Health Insurance
Even with high health care costs, Ohio still has a lower uninsured rate than average, with 11% of Ohio residents without insurance vs over 15% nationally. There are many programs and low-cost insurance alternatives available to Ohio residents who don't have insurance through their employers. These include:
- Dental Access Now! This program serves rural and low-income residents in Ohio by offering affordable or free dental care.
- Ohio Campaign for Better Care. Designed specifically for the older population in Ohio, this program helps the elderly find affordable health and prescription coverage.
Saving on Your Ohio Insurance Rates
Regardless of the type of insurance you are purchasing, the best way to ensure you are getting the best deal is to shop around and compare Ohio insurance rates. This can be time consuming unless you use a site like localinsurance.com. Here, you can get quotes and rates from your local insurance companies, then compare them for the best deal.
