Property Insurance Rates

Ohio is the seventh most densely populated of the U.S states but has, surprisingly, the sixth cheapest rates for home insurance. This can be largely attributed to the fact that the Buckeye State doesn’t suffer unduly with natural disasters such as wildfires or floods, earthquakes or hurricanes and tornados which affect other states across the nation. This may be good news for residents but the same low premium costs do not apply equally and, depending on where you live, property insurance in Ohio can also be comparably expensive.

Good News for the North

The best rates for property insurance in Ohio are mainly to be found in the northeast of the state with the exception being Mason, a suburb of Cincinnati. Mason, alongside the north eastern towns of Ashtabula, Medina, Willoughby and Westlake come out on top when it comes to buying property insurance. These five cities and the surrounding areas pay, on average, 16% less than the Ohio state average for insurance premiums due to having a lower property crime rate than most other Ohio towns and cities.

Bad News for the South

On the flip side of the coin, southern Ohio cities are literally paying for their crimes. Property damage and theft is a real problem for cities such as Xenia, Jackson, Waverly and Gallipolis and residents are picking up the tab in their insurance premium costs. Severe weather conditions in recent years haven’t helped the situation any and residents in Xenia can now expect to pay up to 20% more than the second most expensive city Jackson. Xenia has a property crime rate 45% above the national average and, to make matters worse, the town was almost destroyed by an F5 tornado in 1974. Property insurance in Ohio may be reasonably priced as a whole but in Xenia you can add a further 50% to the state average insurance cost.

 

Small, Beautiful and EXPENSIVE

Spare a thought for the picturesque town of Gallipolis. Although not as expensive as Jackson or Xenia, Gallipolis residents are also faced with higher than normal insurance costs. With less than 4,000 inhabitants, Gallipolis is a beautiful little town but its idyllic location on the Ohio River is driving insurance costs up as the area is prone to flooding after storms or heavy snowfall. For the few thousand residents in Gallipolis, living in paradise comes at a cost as insurance coverage costs are almost 30% dearer than the average cost of property insurance in Ohio.