With over 11 million residents calling Ohio home, the Buckeye State is no stranger to housing. In particular, homeowners insurance is frequently considered among new homeowners and older crowds alike. So what is Ohio homeowners insurance like and why should you consider getting it? Lets find out, by exploring your options.
Ohio Homeowners Insurance
The purpose of homeowners insurance is to protect your house, the personal property inside your house, and to protect yourself from liability assumed by others who are at your property. Generally speaking, Ohio homeowners insurance covers repairing and rebuilding when your home is damaged, temporary shelter costs if your home is uninhabitable, damaged or stolen property, medical injury fees, and even legal costs.
Perils & Coverage
With Ohio homeowners insurance, coverage is grouped into either covered perils or excluded perils. Covered perils are anything that your homeowners insurance explicitly covers and can include payment to you from your insurance company when something like this happens. Excluded perils are things that are not covered in your insurance policy and as such will not be covered by the provider. More often then not, when choosing an insurance provider you can select the level of coverage you want. As you might expect, the more coverage you get the more expensive your homeowners insurance will be.
Form Numbers and Policies
Generally speaking, Ohio homeowners insurance falls into several different forms. The HO-2 & HO-4 The Broad Forms will list every covered policy they have and will cover nothing that is not covered. The HO-3 Special Form will list the perils it does not cover and will instead cover everything else. The HO-3 Special Form is the most popular type of Ohio homeowners insurance and has the most amount of homeowners using it. The HO-4 Tenant is specifically designed with tenants in mind and acts as a renters insurance version of homeowners insurance. This is a popular choice for renters who want to ensure that if their rented space is broken into that their products are covered. While there are a few additional kinds of forms, including the HO-5, HO-6, and HO-8, they are less frequently offered and used in Ohio.
The Greatest Risk To Your Home Is Not Having Homeowners Insurance
You put all of your assets as well as your home at risk by not having proper insurance coverage. As an example, if a fire were to break out and you did not have coverage, then you would be liable to pay all fees yourself. This could be farm more money then what you would have saved not having homeowners insurance to begin with.