If you’re an Ohio resident looking for insurance, you’re in the right place. We’ve compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.
We recommend you read it over, contact the Ohio Department of Insurance at (614) 644-2658 with any questions, and let us help you find the coverage you need today.
State law requires you to carry either liability insurance on your automobile or proof of financial responsibility when you drive.
There are many different types of auto insurance coverage you can buy in this state, but these are the minimum requirements:
- Bodily injury coverage: $12,500 per person; $25,000 per accident
- Property damage coverage: $7,500 per accident
Driving without car insurance or proof of financial responsibility carries stiff penalties. Your driver’s license can be suspended, your car impounded, your driving privileges revoked and/or court costs invoked.
It’s always a good idea to consider buying higher liability limits than those mandated by state law. State minimums may not be sufficient to cover the complete value of your automobile, provide adequate finances for medical bills incurred as the result of an accident, or protect you fully from lawsuits.
Insurers also offer additional protection you might want to consider. These types of insurance further protect you and your family in case of an accident. Some of them include uninsured/underinsured motorist, comprehensive and collision coverage. Ask a licensed insurance agent to explain these added policies, coverages and prices.
Savvy insurance shoppers get the best coverage at the best price by:
- Maintaining uninterrupted coverage
- Buying only the coverage needed
- Researching and comparison shopping
- Asking about discounts
- Setting high deductibles
Before buying your auto insurance policy, consider important factors such as cost and coverage, as well as a company’s financial strength and complaint history. These elements provide a good indication of the type of service a company provides and whether or not they will remain in business long term.
Ohio insurance companies consider several different factors when determining whether or not you are insurable.
Some of these factors include:
- Habits and lifestyle
Your chances of becoming ill increase with age, so the older you are when purchasing your coverage, the higher your premiums will generally be. Senior citizens may encounter difficulty finding a health insurance company willing to insure them, due to age.
Habits such as drinking or smoking can result in various health problems. This makes the chance of health insurance claims greater and can make it difficult to find affordable medical insurance—or any coverage at all.
Health insurance may also be hard to find depending on your occupation. If your job is dangerous or puts your health at risk, you may find that good health insurance is much harder to come by.
The types of health plans presented you by insurers may include:
- Fee-for-Service Plans: Often called traditional or indemnity health insurance
- Managed-Care Plans: Include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), and Point-of-Service plans (POS)
Fee-for-Service plans enlist the health insurance company in paying all or a portion of medical bills after the ensured has received treatment. Usually, any doctor or health care provider may be chosen.
In contrast, managed-care plans provide comprehensive services and medical treatments to enrollees for a periodic, fixed fee. However, those utilizing this type of coverage must usually use contracted health care providers, who service their needs and charge negotiated rates. If an ensured chooses to go outside the contracted network of health care providers, coverage may not be extended, except in case of emergency.
More than 100 companies are currently authorized to sell home insurance in your state. This creates a competitive market, meaning that insurers employ competitive pricing in order to sell home insurance policies to residents.
Acquiring homeowners insurance is an important part of protecting your home and its contents against unexpected events. Ohio homeowners insurance may pay to repair or rebuild your home as a result of damage, provide you with temporary shelter if your home becomes uninhabitable, and cover damage to your home’s contents and your personal belongings in the event they are stolen or damaged. It may also cover medical expenses for anyone injured on your property, damage to another’s property, and legal fees and court costs if you are found liable.
If you finance your home, the bank will require you to insure it for at least the amount of your home loan. However, most insurance policies require insurance coverage of at least 80 percent of the home’s replacement value.
In addition, your home insurance policy protects you from financial duress by paying for any bodily injury or property damage situation in which you are held liable. Your home insurance company will act on your behalf by negotiating a settlement, defending you in court and paying any judgments against you.
The price you pay for home coverage is determined by many factors. Some of these include:
- The policy type and coverage amount you select
- Additional coverages you purchase
- The deductible level you choose
- Where you live
- Your credit and claims history
- Your home’s construction, age and condition
- Distance from fire protection
- Any discounts applied
All these factors together culminate in customary home insurance cost levels. Regardless of cost, in the end, when the unexpected happens, no Ohioan can afford to be without home insurance.
At the most basic level, life insurance is used to replace lost income after you die. It can also cover funeral and other end-of-life expenses. Life insurance has also become a savings tool, as well as an ingredient in estate planning and charitable giving.
There are two types of life insurance:
- Term life: This type of insurance covers you for the duration of the term period – one year, thirty years, until you turn 65, etc. Term policies pay out a death benefit if you die during the policy term and are usually cheaper than permanent/cash value policies.
- Permanent/cash value: Permanent polices are often referred to as “cash value” polices because they usually include a death benefit component and a long-term, tax-advantaged savings plan. Because of the savings component, they typically have a higher premium.
Ask yourself the following questions to determine how much life insurance you should purchase:
- Will any estate taxes be due upon my death?
- How would my family pay my final expenses and remaining debts in case of my death?
- How much of my family’s income do I provide?
- Do I have children for whose education I would need to set aside money?
- How will inflation affect my family’s future needs?
- Are there family members or organizations to which I would like to donate money when I die?
Some life insurance experts recommend purchasing five to eight times your income to ensure adequate protection. However, the amount needed varies by individual. Talk to a licensed life insurance agent to determine whether this is necessary in your situation.
Your health and lifestyle play a large part in determining whether a life insurance company considers you insurable. When you apply for life insurance, you will be asked a variety of questions concerning these factors. Answer everything honestly and accurately, as inconsistencies or outright lies can cause your application to be denied—or even worse, cause later rejection of claims filed.
Some of the questions an insurer might ask to determine eligibility include:
- Do you smoke?
- Do you have a record of drunk driving?
- Do you health conditions such as heart disease, cancer, AIDS, diabetes, etc?
- Do you have a family history of fatal disease?
- Does your occupation frequently put you in danger?
- Are you disabled or retired due to illness or injury?
Please note: While Ohio does not allow genetic testing for health insurance applicants, insurance companies may use genetic information when determining your suitability for a life insurance policy.