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    Homeowners Insurance

    homeowners insurance

    In the process of buying a new home, getting homeowners insurance can easily become an afterthought. Nonetheless, owning a home is a significant achievement– protecting it should be a top priority. Homeowners insurance offers essential safeguards against unexpected events, ensuring that your home and personal property are taken care of.

    Homeowners insurance provides the following benefits:

    • Comprehensive protection against property damage covered by your policy, including repairs to the home’s structure
    • Coverage for replacement of personal belongings
    • Financial assistance for temporary housing in case your dwelling is damaged and uninhabitable
    • Shield against liability claims in case someone is injured in your property
    • Financial support for legal representation and potential settlements
    • Coverage for medical expenses of anyone injured within your property

    Let’s say you own a home in Ohio and a devastating windstorm causes damage to your property and renders it uninhabitable. Insurance would cover repairs, replacements, and even temporary housing. Without it, you would bear the full financial responsibility for restoring your home to its pre-storm condition. Further, if anyone is injured during the windstorm, insurance can cover their medical bills.

    Do you really need homeowners insurance?

    In Ohio, homeowners insurance isn’t legally required. But if you want to protect your investment and property, getting one is highly recommended.

    Furthermore, most mortgage lenders require their borrowers to purchase homeowners insurance. It provides a financial safety net if something disastrous happens to your home, whether it’s a fire, theft, or windstorm.

    Most importantly, having your home insured protects your investment. It provides security and peace of mind, knowing you won’t have to pay out-of-pocket for repairs in the event of a covered peril.


    There are multiple coverage options available for homeowners in the Buckeye State. The most common ones include:

    • Dwelling protection
    • Personal property protection
    • Liability protection
    • Additional living expenses coverage

    Many Ohio homeowners also opt for optional coverage for flooding, earthquakes, pest infestations, or high-value items such as art collections, which are not typically included in standard policies. It’s essential to understand what your policy covers and what additional protection you may need based on your specific circumstances before finalizing a purchase.

    Types of coverage

    1. Dwelling Coverage – This component is the foundation of your insurance policy, outlining the total limit of protection for the physical structure of your house. In other words, it covers repair and rebuilding costs if your home sustains damage due to covered perils.
    2. Personal Property Coverage – Your personal belongings, including furniture, appliances, and electronics, are protected against damage or theft under this coverage. This typically excludes items of extremely high value, such as fine art and jewelry.
    3. Additional Living Expenses –If your home becomes temporarily uninhabitable due to covered perils, homeowners insurance may cover additional living expenses, such as hotel accommodations or temporary rentals.
    4. Liability Coverage – This type of coverage shields you against liability claims if someone sustains an injury within your home, or if you unintentionally cause damage to someone else’s property. In Ohio, this coverage is automatically present in all policies for both homeowners and tenants.
    5. Medical Payments Coverage – This coverage assists in paying for medical expenses incurred by guests who are injured on your property, regardless of fault. Your policy can help pay for their hospital fees, X-rays, and ambulance costs. However, there are a few caveats. For instance, MedPay excludes injuries to you or family members residing in the same property. It also does not cover injuries caused by activities relating to a home-based business.

    Levels of homeowners insurance coverage

    1. Actual cash value (ACV) – This reimburses you for the current value of damaged or stolen items, accounting for depreciation.
    2. Total replacement costs – This covers the actual cost of replacing or rebuilding your home and belongings, without factoring in depreciation.
    3. Guaranteed/extended replacement cost value – This provides coverage for the complete cost of rebuilding your home, even if it exceeds your policy’s coverage limit. The ceiling is typically 20% to 25% above your stated limit.


    An insurance policy is not one-size-fits-all. The best insurance for you will depend on several factors, which include your property’s age, your personal financial situation, and how much risk you’re willing to shoulder. The following also have an impact on the cost of your policy:

    • Location – Living in a neighborhood with a marked history of perils may mean your policy is likely to cost more. On the opposite end, if your property is located near a fire station, you may be able to get a lower premium.
    • Property value – This affects your dwelling coverage limits. High-value homes may have higher coverage limits, and therefore higher premiums. The materials used to build your home matter too, and construction costs in your area can affect your final premium.
    • Property age– Older homes may have different insurance requirements and potential risks. Any upgrades or renovations you’ve done can affect your coverage and premiums as well. On the other hand, if you have a newer home, you may be eligible for new home discounts resulting in lower overall costs.
    • Types of coverage needed – The coverage options you choose will have a significant impact on the insurance costs.


    At Effler/Schmitt Co., we offer top-tier, personalized homeowners insurance that allows you to enjoy life worry-free.


    Don’t leave the protection of your home to chance. As a fifth-generation, family-owned company with over 100 years of accumulated experience, Effler/Schmitt Co. has the expertise to help you find the best and most comprehensive homeowners insurance policy for your property. We offer a wide range of insurance policy options, including EncompassOne, National General, and Allstate Insurance.

    Contact us and we’ll offer you a complimentary quote in line with your personalized insurance needs. Get in touch with through (419)-806-5161 orvia email.

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