Ohio Homeowners Insurance

InsuranceLecturer — Like many states in America, Ohio does not require homeowners to have homeowners insurance in order to purchase a home. Yet, many mortgage companies will not fulfill their obligations of a home loan unless the homeowner purchases a homeowner’s insurance policy.

This makes it almost necessary for Ohio homeowners to look into a variety of different homeowner’s policies to determine what coverage plan is best suited for their needs.

There are many states where specifically excluded types of coverage are almost necessary because of the threat of damage by natural disasters. Since Ohio is in the middle of the United States, most homeowners assume there is not a great deal of threats by mother nature.

While this may be true for certain parts of the state, it is essential to check into the specific weather patterns of the area where you have purchased a home.

Many parts of Ohio experience tornados because of the flat, prairie like land in certain areas. Some homeowner’s insurance policies will cover damage by wind, but it is best to ask your insurance agent specific questions regarding tornado damage and whether or not this falls under wind damage.

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You may be required to purchase a separate policy that covers property or possession damage due to tornados. Another major natural disaster force in Ohio is the damage caused by flooding.

Springtime sees an abundance of rainy weather and even the melting of winter ice and snow can cause damage in the winter and early spring months. Because of the major losses associated with flood damage, many private insurance companies will not cover flood insurance.

In the state of Ohio, it is required that you go through the National Flood Insurance Program to purchase flood insurance. The state also requires that each local city or county government in Ohio have a set of flood-plain management regulations in order to reduce the chance of floods.

Without these in place, many insurance companies and even the National Flood Insurance Program will not provide flood insurance coverage. While you are signing up to purchase your basic homeowners insurance policy, as your agent about whether the area you live in meets standards for flood insurance in Ohio.

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Although not related to natural disaster damage, another type of exclusion insurance you may want to consider purchasing in Ohio is mine subsidence insurance.

The state of Ohio was once a major producer of coal with over 4,000 coal mines. With this in mind, there are many counties where insurance companies will require mine subsidence insurance because of the enormous amount of abandoned mines.

There are 26 counties where mine insurance is required and 11 counties where mine insurance is an optional coverage that will be mentioned by your insurance company.

Keep in mind that Ohio insurance law allows for the cancellation of a homeowners insurance policy if you file too many claims. These claims could be as few as two to three claims within a five year period, although many insurance companies only look at habitual claims customers.

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In Ohio, insurance companies also have the right to not renew a policy or to cancel a policy because of fraudulent claims or failure to pay a premium on time.

Ohio law states that insurance companies must give the policy holder 30 days notice before canceling any policy. If you have trouble finding a homeowners insurance policy, Ohio is a state that abides by the FAIR plan laws.

This means that if you cannot find homeowners insurance after more than three attempts, you can contact the Ohio FAIR plan underwriting association and they will guarantee an insurance company to cover your plan as long as your home passes certain inspections and building standards.

Remember that often times this insurance may be significantly higher in premium prices than a regular insurance policy would be. For more information, ask an insurance agent at an accredited property insurance company.