As you shop for your new home in Ohio, you’ll likely have questions about homeowner’s insurance. Your home is a significant investment that should be protected with the proper coverage.
Nevertheless, you might ask yourself: Do you have to have homeowner’s insurance in Ohio?
In the state of Ohio, there are no laws that require you to have homeowner’s insurance. That being said, there may be other scenarios in which you are required to purchase coverage. If you have a mortgage, your mortgage lender will likely require you to purchase homeowner’s insurance.
This article covers Ohio homeowner’s insurance laws, when you’re required to buy coverage, and what to know.
Do You Have to Have Homeowner’s Insurance in Ohio?
Ohio Homeowner’s Insurance Laws
While homeowner’s insurance is not legally required, there are still laws that can impact homeowner’s insurance in Ohio. According to the legislature enacted by the General Assembly of the State of Ohio, a lender is within their rights to require a customer to purchase coverage. However, some additional conditions apply to this legislation.
A lender is not allowed to require homeowners to purchase coverage that “exceeds the replacement value of the dwelling and its contents.” Additionally, a lender can’t require you only to buy coverage from a specific carrier.
So, a mortgage lender in Ohio can require you to buy homeowner’s insurance up to the replacement value for your home and belongings.
What Happens if You Don’t Have Homeowner’s Insurance?
If your mortgage requires you to buy coverage and you don’t, you will default on your mortgage contract.
Let’s say you did purchase homeowner’s insurance but stopped making payments. In this scenario, your insurance carrier will inform your mortgage lender that you’ve stopped making payments. You will then be required to catch up on your insurance payments by your mortgage lender. If you’re unable to make these payments, you can face foreclosure on your home.
What if you’ve paid your mortgage off, or you bought your home with cash? While you won’t be required to purchase homeowner’s insurance, you still face risks without it. With homeowner’s insurance, you can protect yourself from financial loss in case of an accident.
What to Know About Homeowner’s Insurance in Ohio
Even if you aren’t required to buy homeowner’s insurance, it helps protect your home and property. To understand the benefits of homeowner’s insurance in Ohio, let’s take a look at what it can cover.
Homeowner’s insurance can help you pay to rebuild and repair damage to your home caused by an accident or disaster. This coverage can also include theft or damage to your personal belongings within your home.
Standard Homeowner’s Insurance Coverage Types
Home structure coverage pays for damage repairs. The types of damage that are covered are included in your policy, such as fire or lightning damage.
Coverage for your personal belongings protects your belongings in the event they are stolen or damaged.
Liability protection is necessary in the event that someone is injured in your home. This coverage includes protection against third-party liability claims up to a specified amount.
Coverage for additional living expenses is necessary coverage if your home becomes inhabitable due to loss or damage.
Find the Right Homeowner’s Insurance in Ohio With Insura
In the end, the right homeowner’s insurance policy for you depends on your needs. For example, if you live in an area likely to flood, you may need additional flood protection.
How can you determine what coverage you need for your home? By consulting with the experts at Insura, you can discover what coverage is right for your home.
Insura strives to offer every customer a customized homeowner’s insurance policy that meets their needs. As an independent insurance agency, Insura provides customers a multitude of flexible policies. In addition to standard homeowners coverage, Insura also offers other personal coverage options, such as condo insurance, renters insurance, and even flood protection.