Home Insurance in Cleveland, Ohio: The Ultimate Guide & What You Need to Know

You've saved enough and finally bought your dream home in Cleveland, Ohio. Congratulations! But before you move in or as you continue to enjoy your property, there is one thing you need to consider: home insurance. 

Home insurance is a type of personal coverage that will protect your home and its contents from various risks, such as fire, theft, vandalism, storm damage, and more. It can also cover your liability if someone gets injured on your premises or if you cause damage to someone else's property. 

Having home insurance in Cleveland, Ohio will give you peace of mind and financial security in case something unexpected happens to your home or your belongings. Moreover, if you have a mortgage on your home, your lender will likely require you to have home insurance as a condition of your loan.

We Have the Best Deals on Cleveland, Ohio Home Insurance

If you're looking for affordable and reliable home insurance in Cleveland, Ohio, look no further than Bellwether Insurance. We are an independent insurance agency that works with multiple carriers to find you the best coverage and price for your needs. Whether you own a condo, a townhouse, or a single-family home, we have a policy that suits your lifestyle and budget. Don't wait until it's too late - contact us today and get a free quote.

Types of Home Insurance Policies Available in Cleveland, Ohio

There are different types of home insurance policies available in Cleveland, Ohio, depending on the level of coverage and protection you want. The most common ones are:

HO-1: Basic Home Coverage

An HO-1 policy is the most basic type of homeowners insurance that you can buy. It will cover your home and personal property against 10 named perils, such as fire, lightning, windstorm, hail, explosion, smoke, vandalism, theft, volcanic eruption, and riot. An HO-1 policy does not cover other common risks, such as water damage, liability, medical payments, or loss of use. It also may not cover your personal property for its replacement cost, but only for its actual cash value, which means the depreciated value of the item at the time of loss.

An HO-1 policy is not widely available in the market and is not recommended for most homeowners. It may be suitable for some situations where you only need minimal coverage or where you have a high-risk property that is difficult to insure. However, you should be aware of the limitations and exclusions of an HO-1 policy and compare it with other options before you buy it. An HO-1 policy may not meet the minimum requirements of your mortgage lender or your state law. You may also end up paying more out of pocket if you have a claim that is not covered by a HO-1 policy.

HO-2: A Better Option for Homeowners Insurance

If you're looking for a homeowners insurance policy that covers more than the basic 10 perils, you might want to consider HO-2. This policy type protects your dwelling and your personal property from 16 perils, including some that are not covered by HO-1.

Some of the additional perils covered by HO-2 are:

• Falling objects, such as tree branches or debris.
• Weight of ice or snow or sleet, which can cause roof damage or collapse.
• Accidental discharge or overflow of water or steam, such as from a burst pipe or a faulty appliance.
• Sudden and accidental tearing apart or cracking or burning or bulging of certain systems or appliances, such as a water heater or a furnace.
• Freezing of certain systems or appliances, such as a plumbing system or a refrigerator.
• Sudden and accidental damage from artificially generated electrical current, such as from a power surge or a lightning strike.

HO-2 is a named-perils policy, which means it only covers the specific perils listed in the policy. If something happens to your home or your belongings that are not on the list, you won't be covered. For example, HO-2 does not cover damage caused by floods, earthquakes, mold, or wear and tear.

HO-2 is a good option for homeowners who want more coverage than HO-1 but don't need the comprehensive coverage of HO-3. It can also be more affordable than HO-3, depending on your location and your insurer. 

HO-3: Most Popular Coverage

HO-3 is a type of home insurance that covers your house and other structures on your property for all perils, except those that are specifically excluded in the policy. It also covers your personal property for a list of named perils, such as fire, theft, wind, and hail. HO-3 is the most common and comprehensive form of home insurance in the market.

HO-3 insurance provides you with six main types of coverage:

• The cost of repairing or rebuilding your house if it is damaged by a covered peril.
• The cost of repairing or rebuilding detached structures on your property, such as garages, sheds, fences, or pools.
• The cost of replacing your belongings, such as furniture, clothing, appliances, or electronics, if they are damaged or stolen by a covered peril.
• Additional living expenses you incur if you have to temporarily move out of your house due to a covered peril, such as hotel bills, food costs, or rent.
• Legal responsibility if you or a member of your household cause bodily injury or property damage to someone else.
• Medical expenses of someone who is injured on your property or by your pet, regardless of who is at fault.

HO-3 insurance is a great option for homeowners who want broad protection for their home and belongings. However, it does not cover everything. Some common exclusions are earthquakes, floods, war, nuclear hazards, wear and tear, mold, and termites. You may need to purchase additional coverage or endorsements to protect yourself from these risks.

HO-4: Renters’ Insurance

HO-4 is a type of insurance policy that covers renters and their personal property. It also provides liability protection in case someone gets injured on the rented premises or the renter causes damage to someone else's property. HO-4 policies typically cover losses caused by fire, smoke, theft, vandalism, windstorm, explosion, and water damage from plumbing or appliances. However, they do not cover losses caused by floods, earthquakes, or war. Renters should check their policy carefully to understand what is covered and what is not.

HO-5: Open Peril Insurance

HO-5 is a type of home insurance policy that provides comprehensive coverage for both the dwelling and the personal property of the insured. HO-5 policies are also known as open perils policies, meaning that they cover any risk of loss that is not specifically excluded in the policy. HO-5 policies are more expensive than HO-3 policies, which are the most common type of home insurance, but they offer more protection and flexibility for the policyholder.

HO-6: Condo Insurance 

HO-6 covers the personal property and liability of condominium owners. It is also known as condo insurance or walls-in coverage. HO-6 policies are designed to complement the master policy of the condo association, which typically covers the common areas and the exterior structure of the building. HO-6 policies provide coverage for the interior walls, floors, ceilings, appliances, fixtures, and personal belongings of the condo owner. They also protect the condo owner from liability claims arising from injuries or property damage that occur within their unit or on their premises.

HO-7: Mobile Home Insurance 

HO-7 is a kind of home insurance policy that provides open perils coverage for both the dwelling and the personal property of the homeowner. This means that it protects against any damage or loss from any cause, except those that are specifically excluded in the policy. HO-7 policies are suitable for older homes that have a higher replacement cost than their market value. They offer more extensive coverage than HO-3 policies, which only cover the dwelling for open perils and the personal property for named perils.

HO-8: Older Home Insurance 

HO-8 is a type of home insurance policy that covers older homes that may not meet the standards of a regular HO-3 policy. HO-8 policies are designed to protect the structure and personal property of homeowners who live in historic or landmark homes that have unique architectural features or high replacement costs. HO-8 policies typically offer lower coverage limits and higher deductibles than HO-3 policies, but they also have lower premiums. 

HO-8 policies only cover the actual cash value of the home and its contents, not the replacement cost. This means that depreciation is taken into account when determining the amount of reimbursement in case of a loss. HO-8 policies are suitable for homeowners who want to preserve the original character of their homes and do not mind paying out of pocket for some repairs or upgrades.

How Much Does Homeowners Insurance Cost in Cleveland, Ohio?

The cost of homeowners insurance in Cleveland, Ohio, depends on several factors, such as the value of your home, the amount of coverage you choose, the deductible you pay, and the insurance company you select.

On average, homeowners’ insurance in Cleveland costs $1,526 per year, which is lower than the national average of $2,417.10 per year. However, this is just an estimate based on a standard policy with $250,000 dwelling coverage, $100,000 liability coverage, and a $1,000 deductible. Your actual rate may vary depending on your specific situation and needs.

One way to find the best homeowners’ insurance in Cleveland is to compare quotes from different insurers. You can also save money by bundling your home and auto insurance policies with the same company, increasing your deductible, improving your credit score, and installing security devices in your home.

Get The Best Deals on Cleveland, OH Homeowners Insurance

Let Bellwether Insurance help you find the best deals on homeowners’ insurance in Cleveland, OH. As an independent insurance agency, we work with multiple carriers to compare rates and coverage options. Whether you need a basic policy or a comprehensive one, we can tailor a plan that suits your needs and budget. Contact us today for a free quote and see how much you can save on your Cleveland, Ohio Home Insurance.