Parma, Ohio, the seventh-largest city in the state, offers residents a suburban lifestyle with urban amenities. The city boasts an extensive park system, including the 279-acre West Creek Reservation, providing ample opportunities for outdoor recreation. Parma is known for its strong sense of community, evidenced by numerous local events and festivals throughout the year. Residents benefit from a diverse housing market, ranging from historic homes to modern developments, making it essential for homeowners to secure adequate home insurance to protect their investments. Additionally, Parma's strategic location just southwest of Cleveland allows for easy access to big-city amenities while maintaining a more relaxed suburban atmosphere.

Why is Parma Homeowner's Insurance Expensive?

Parma, Ohio homeowners face higher insurance premiums due to several factors. Firstly, the city's aging housing stock requires more frequent repairs and replacements, leading to increased claims. Secondly, Parma's proximity to Cleveland exposes it to higher crime rates, which insurers consider when calculating risk. Thirdly, the area's susceptibility to severe weather events contributes significantly to elevated insurance costs. In the past three years, two notable weather incidents have impacted insurance rates in Parma: the devastating derecho windstorm of June 2022, which caused widespread property damage, and the severe winter storm of February 2021, resulting in numerous claims for ice dam-related roof damage. These events have prompted Ohio home insurance companies to reassess their risk models and adjust premiums accordingly.

How Much is Homeowners Insurance in Parma?

Homeowners in Parma pay an average of $1794 per year, or $150 a month, for a homeowners insurance policy with $300,000 in dwelling coverage. This makes home insurance in Parma roughly 0% less expensive than the Ohio average of $1800 per year. And Parma insurance is about 27% less than the national average of $2270. It pays to shop and compare Parma home insurance rates.

The Cheapest Homeowner Insurance Rates for Parma, Ohio

Provider	Annual Insurance Rate
Allstate	$1706
American Modern	$1660
Auto-Owners Insurance	$1407
Chubb	$2020
Cincinnati Insurance	$1301
Encova Insurance	$1610
Erie	$1211
Farmers	$1717
Grange Insurance	$1762
National General	$1767
Nationwide	$1785
Ohio Mutual Insurance	$1184
Progressive	$1901
Safeco	$1907
State Farm	$2085
Travelers	$5181
USAA	$1437
Western Reserve Group	$1447
Westfield Insurance	$1003