2002 Average Homeowners and Renters Insurance Premiums
by State
Homeowners insurance study
Homeowners insurance in Ohio remains affordable and premium increases
leveling off. The Ohio Department of Insurance reported a 1.9% increase
filed by Ohio’s top 10 homeowners insurance writers in 2004.
The top 10 writers represent about 70% of Ohio’s homeowners
insurance market.
A 2005 study by the National Association of Insurance Commissioners
(NAIC) found Ohio’s 2002 average homeowners insurance premium
ranked 47th lowest in comparison to all states and Washington, DC.
Ohio’s 2002 average homeowners insurance premium of $410 was
nearly a third less (31%) than the US average of $593.
The HO-3 policy served as the basis of the homeowners insurance
study, the most common policy written, which provides the broadest
coverage available. Owner-occupied dwellings of 1–4 family
units were used in the study along with “all-peril”
coverage. For more information on
the HO-3 policy, click here.
Renters insurance findings
The NAIC study also provided state average premiums for renters
insurance. Ohio’s 2002 average renters insurance premium ranked
33rd lowest. Ohio’s 2002 renters insurance premium of $155
was nearly 17% lower than the US average.
The renters insurance premium study was based on the HO-4 policy,
the “Tenants” form. It protects personal property against
broad-named perils, similar to an HO-2 policy. For
HO-2 and HO-4 policy information, click here.
Note: For general information on Ohio’s homeowners insurance
outlook, go to
www.ohioinsurance.org/newsroom/homeowners03-2005.asp.
Click here for the chart "2002
Average Renters and Homeowners Insurance Premiums by State."
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At least 17 states and Washington DC allow
insurers to sell policies that require homeowners to pay a
deductible
before insurance covers damage from hurricanes, earthquakes
and hailstorms.
(Gannett News Service from USA Today,
12/9/04)
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