When purchasing a new home in Ohio, it’s essential to safeguard your investment with the right insurance coverage. This guide will provide you with valuable information about the essential types of insurance, factors affecting costs, and the benefits of working with a local insurance agency.

Mandatory Insurance

Homeowners Insurance:

• Average cost: $1,000 – $2,500 per year

Coverage includes property damage, personal belongings, and liability. Factors affecting cost include the size of your home, its location, age, and your deductible. Consider purchasing additional coverage for specific risks like water damage, sewer backups, or identity theft.

Mortgage Insurance (PMI):

• Cost: Varies based on your down payment and credit score.

Typically, PMI premiums are a percentage of your mortgage loan amount. As your home equity increases, you can request to cancel PMI. If you have a conventional mortgage and put down less than 20% of the home’s purchase price, your lender will likely require PMI.

Optional Insurance

Flood Insurance:

• Cost: Varies based on your flood zone and the level of coverage.

If your home is in a high-risk flood zone, flood insurance may be mandatory. Even if your home is not in a high-risk zone, consider flood insurance as flooding can occur anywhere.

Earthquake Insurance:

• Cost: Relatively low in Ohio, but still worth considering, especially if your home is in a seismically active area.

While Ohio doesn’t experience major earthquakes frequently, even minor tremors can cause damage.

Umbrella Insurance:

• Cost: Typically around $200 – $500 per year.

Provides additional liability coverage beyond your homeowners insurance. This can be valuable if you have significant assets.

Title Insurance:

• Cost: Varies based on the property’s value and the complexity of the title search.

Typically a one-time fee paid at closing. Protects your ownership rights in the property.

Note: These are rough estimates, and actual costs may vary based on individual factors. 

The Benefits of Working with a Local Insurance Agency

When choosing insurance coverage, working with a local insurance agency can offer several advantages:

• Personalized Service: Local agents can provide tailored advice based on your specific needs and circumstances.
• In-Depth Knowledge: They are familiar with the local market and can help you find the best deals and coverage options.
• Claims Assistance: In the event of a claim, a local agent can provide personalized support and help you navigate the process.
• Community Involvement: Local agencies often contribute to the community and support local businesses.

By carefully considering your insurance needs and working with a reputable local insurance agency, particularly an insurance agent near you so you can easily connect when needed. For more personalized advice, consult with our insurance agent who can assess your specific situation and recommend suitable policies.