I attended a CE program about the current state of Homeowners Insurance in Ohio recently and thought that much of this information would be useful for consumers to understand  when shopping for the lowest rates and best coverage.  Although insurance costs have increased nationwide in recent years for a number of reasons, Ohio still has some of the lowest rates in the country. But, getting those low rates has become much harder.  Here are some of the challenges homeowners face...

• Buyers are now rated for insurance on their credits scores just like they are rated for interest rates on loans.
• Homes are also rated according to previous insurance claims.  Be sure to ask for the CLUE report on any home you might want to buy. CLUE reports list past claims.
• Homes with flat roofs may not be insurable.
• Pools, pets and trampolines may cause premiums to increase.

Here are some ways in which you may reduce Homeowner Insurance...

• Carry both your auto and homeowners insurance with the same company.
• Ask for discounts that you may be eligible for like non-smoker, recent home renovations, having an alarm system, upgraded electrical service, membership affiliations, being close to a fire hydrant, brick construction or a low community fire protection classification.
• Carry a high deductible.

And, be sure you know what you are purchasing.  Insure to the full rebuilding value with no depreciation deducted in the case of a claim.  Don't expect automatic basement flooding coverage...that requires a special rider and is pretty important in our area.

Homeowner's policies really restrict what is covered once a home is vacant and may not even be valid if you rent a home while trying to sell it.  Damage to plumbing and appliances from accidental freezing is likely to be excluded.  And glass breakage or fire due to vandalism may be excluded.   

A homeowner’s insurance policy also includes liability coverage. This protects you against claims and lawsuits arising from injuries and damages that you, your family members or your pets cause to other people. You should make certain that your coverage is adequate to protect your assets. 

Finally most homeowner’s policies include medical payments coverage. This is meant to help visitors injured on your property with their resulting medical bills up to the limit specified in the policy. 

Mike Green with Green & Associates presented the CE program for Welles Bowen.  Although, I don't purchase insurance from Mike, he did strike me as a very honest and knowledgeable agent.  I liked that he sits down annually and reviews a checklist with his clients to make sure they understand their coverage