Home Insurance in Cleveland, Ohio

Cleveland, the second-largest city in Ohio, experiences home insurance rates that are slightly higher than Columbus due to its proximity to Lake Erie and a greater risk of extreme weather. The average cost for home insurance in Cleveland is $1,370 per year, compared to the national average of $1,428. Local factors such as severe winter weather, lake-effect snow, and aging housing stock contribute to Cleveland’s home insurance costs.

Local Factors Impacting Home Insurance Costs in Cleveland

• Lake-Effect Snow: Cleveland is prone to heavy snowfall due to its proximity to Lake Erie, which increases the risk of roof collapses and property damage.
• Severe Winter Weather: Harsh winters with ice storms and freezing temperatures can lead to higher insurance costs due to potential damage to homes.
• Aging Homes: Cleveland has a large number of older homes, which often have outdated systems and require higher premiums due to increased repair costs.

Home Insurance Rates by Home Age in Cleveland

The age of your home is an important factor in determining insurance premiums, with older homes generally costing more to insure due to maintenance and repair costs.

Home Age	Average Annual Premium
0-10 years	$1,320
11-25 years	$1,365
26-50 years	$1,450
51+ years	$1,590

Home Insurance Rates by Credit Tier in Cleveland

Credit score is a significant factor when determining home insurance premiums in Cleveland. Below is a breakdown of how credit tiers affect rates:

• Excellent Credit (750+): $1,300 per year
• Good Credit (700-749): $1,370 per year
• Fair Credit (650-699): $1,475 per year
• Poor Credit (Below 650): $1,650 per year

Cheapest Home Insurance Providers in Cleveland

Even with higher-than-average costs, several providers offer competitive rates for homeowners in Cleveland. Below are the cheapest home insurance providers:

Provider	Average Annual Premium
State Farm	$1,330
Allstate	$1,350
Liberty Mutual	$1,365
Farmers	$1,340

Home Insurance Rates by Deductible Amount in Cleveland

Raising your deductible can reduce your premium, but it increases out-of-pocket costs in the event of a claim. Here’s how different deductibles affect premiums in Cleveland:

• $500 deductible: $1,480 per year
• $1,000 deductible: $1,370 per year
• $2,500 deductible: $1,230 per year

Types of Homeowners Insurance in Cleveland

• HO-3: The most common home insurance policy that covers the structure, personal property, and liability.
• HO-5: A premium insurance policy offering more comprehensive protection for high-value homes and personal belongings.
• HO-6: Condo insurance, covering the interior of a unit and personal belongings.

Additional Coverage Options

• Flood Insurance: Although Cleveland is not prone to coastal flooding, homes near Lake Erie or in flood-prone areas should consider adding flood insurance.
• Winter Storm Coverage: With Cleveland’s harsh winters, this coverage helps protect homes from damage caused by snow, ice, and freezing temperatures.
• Sewer Backup Insurance: Older homes in Cleveland may benefit from this coverage, protecting against damage from sewer system backups.

Frequently Asked Questions (FAQs) about Home Insurance in Cleveland

1. Is winter storm coverage necessary in Cleveland? Yes, with Cleveland’s frequent snowstorms and freezing temperatures, winter storm coverage is highly recommended.
2. How does living near Lake Erie affect home insurance premiums? The risk of lake-effect snow and severe winter weather increases the likelihood of property damage, leading to higher premiums for homes near Lake Erie.

---

Comparison of Home Insurance in Columbus vs. Cleveland

• Columbus: $1,290 average annual premium
• Cleveland: $1,370 average annual premium

Cleveland’s proximity to Lake Erie and exposure to severe winter weather contribute to its higher home insurance premiums compared to Columbus. However, both cities face risks from thunderstorms, flooding, and aging homes, making additional coverage options like flood insurance and water backup protection valuable for homeowners.