Just as auto insurance protects you when you’re on the road, home insurance provides you with financial protection against unexpected events that affect your home. These events, which are often emergencies, can be expensive to repair, which is why it’s important to find a good insurance policy that meets your needs and prepares you for the worst. Good homeowners insurance policies typically cover your residence from disasters such as wind and fire damage, burglary, spoliation, and vandalism.
In the United States, the cost of home insurance varies from state to state and is often based on several determining factors, including the age of the house and the belongings in the home. Because the cost of home insurance can easily add up, it’s important—especially for seniors—to find affordable policies that provide good coverage. In this article, we rank the top five insurance providers in Ohio for seniors looking for discounted homeowners insurance: Cincinnati Insurance, Farmers Insurance, AAA, American Family, and Erie Insurance. If you are not a senior and want to score some great discounts, see our other post about affordable home insurance in Ohio.
Types of Homeowners Insurance Coverage
When you think about homeowners insurance, you might think it’s only for people living in single-family homes. However, homeowners insurance applies to many different styles of homes, including condominiums. Homeowners insurance is for people who want financial protection against damage—no matter the type of residence. In fact, there are four types of coverage designed for various properties and necessities: dwelling coverage, contents coverage, personal liability, and loss of use. Before picking an insurance provider and policy, it’s important to understand these coverage options and determine which ones you need.
Dwelling Coverage Provides Protection for Your Home’s Structural Features
At the least, you will want to make sure that your policy includes dwelling coverage. Dwelling coverage is the foundation for all home insurance policies. It protects the structure of your house, which includes floors, walls, built-in devices, ceilings, and any attached construction, too. Additionally, dwelling coverage protects your home from a variety of risks including hail, theft, vandalism, and fire.
Protect the Valuables in Your Home With Contents Coverage
The next type of coverage you will want to consider is contents coverage. Contents coverage protects items in your home, such as furniture, clothing, and electronics, from any damage they could be exposed to in the event of an emergency. If an incident were to occur, and it’s defined in the policy, you could get money for the value of the damaged items in your home. Contents coverage is especially important to consider if you have valuable items in your home. To determine the exact value of your expensive or irreplaceable items like paintings, family heirlooms, and jewelry, you can get an appraisal.
Personal Liability Is Common Amongst Swimming Pool Owners
Personal liability covers damages that occur from certain accidents when people are in your home. Depending on the insurance policy, personal liability coverage can cover any body injuries, as well as the medical costs associated with the injury. For instance, if a guest is injured by an unexpected event in your residence, you can receive the money to help cover the expenses. Anybody can choose to receive personal liability coverage, but it’s most common amongst homeowners with pools and trampolines.
Loss of use covers everyday expenses surpassing your normal living costs. For example, loss of use covers relocation expenses if you’re unable to live in your home while it’s being repaired or rebuilt—due to a covered loss. This type of coverage may seem like an extra cost that you don’t need—but it’s great coverage to include in your policy if you want as much protection as possible.
5 Ohio Insurance Providers for Seniors Looking for Discounts
The cost of home insurance in Ohio varies based on the insurance provider you choose. The best way to find a reasonable home insurance policy in the state of Ohio is to compare rates from different insurance companies. These five insurance providers—Cincinnati Insurance, Farmers Insurance, AAA, American Family, and Erie Insurance—all offer basic coverage, as well as customizable plans. When finding the right insurance provider, you should also keep in mind that the best approach to determining the kind of insurance coverage you need is to meet with a licensed home insurance professional. This meeting will not only give you a better idea of what you need, but it will also help you avoid extra costs.
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