Chapter 4:Property Insurance
1996 Average Homeowners And Renters Insurance Premiums By State
 
Homeowners insurance study

Ohio's homeowners insurance premiums remain extremely affordable. In fact, a May, 1999 study by the National Association of Insurance Commissioners (NAIC) found Ohio's 1996 average homeowners insurance premium is next to lowest in comparison to all states and Washington, DC. Wisconsin is the only state with a lower premium.

The HO-3 policy served as the basis of the homeowners insurance study, which is the most common policy written, providing the broadest coverage available. For more information on the HO-3 policy, click here.

Owner-occupied dwellings of 1-4 family units were used in the study along with "all-peril" coverage. This insures against all risks of direct loss except those specifically excluded in the policy. Coverage is for both the building and its contents.
Renters insurance findings

The May, 1999 NAIC study also provided state average premiums for renters insurance. Ohio's 1996 average renters insurance premium ranked 34th in comparison to all states and Washington, DC. The average Ohio renter with insurance paid a premium of $130 compared to the US average of $167, according to the study.

The renters insurance average premium was based on the HO-4 policy, which is also known as the "Tenants" form. It protects personal property against broad-named perils, similar to an HO-2 policy. For more information on HO-2 and HO-4 policies,click here.
1996 Average Homeowners and Renters Insurance Premiums by State
Homeowners Renters
State Average Premium Rank Average Premium Rank
Alabama $410 23 $150 28
Alaska 573 5 175 16
Arizona 392 29 194 11
Arkansas 448 19 184 13
California 501 11 267 1
Colorado 484 15 175 15
Connecticut 498 13 180 14
Delaware 302 48 160 22
District of Columbia 609 4 130 38
Florida 562 6 204 9
Georgia 400 27 211 7
Hawaii 697 2 249 4
Idaho 312 47 144 31
llinois 337 38 151 27
Indiana 328 42 130 37
Iowa 312 46 115 47
Kansas 507 9 152 25
Kentucky 336 39 130 36
Louisiana 651 3 250 3
Maine 316 44 108 48
Maryland 335 40 127 41
Massachusetts 500 12 172 17
Michigan 365 34 136 33
Minnesota 337 37 115 46
Mississippi 539 8 211 6
Missouri 403 25 149 30
Montana $407 24 $128 40
Nebraska 378 31 115 45
Nevada 462 17 241 5
New Hampshire 395 28 130 35
New Jersey 454 18 157 24
New Mexico 437 21 199 10
New York 492 14 189 12
North Carolina 369 32 164 21
North Dakota 330 41 93 51
Ohio 279 50 130 34
Oklahoma 548 7 204 8
Oregon 314 45 149 29
Pennsylvania 367 33 128 39
Rhode Island 504 10 167 20
South Carolina 475 16 170 18
South Dakota 322 43 95 50
Tennessee 402 26 167 19
Texas* 827 1 258 2
Utah 349 36 143 32
Vermont 415 22 121 44
Virginia 295 49 126 42
Washington 387 30 159 23
West Virginia 350 35 121 43
Wisconsin 237 51 101 49
Wyoming 442 20 151 26
National Average $440 $167
Note: State average premiums were calculated by dividing premiums by exposures expressed in house-years. A house-year is equal to 365 days of insured coverage for a single dwelling and is the standard measurement for homeowners insurance.
* Based on residential property policy forms regulated by the Texas Commissioner and are similar but not identical to standard forms.
Sources: Reprinted from "1997 Dwelling, Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owner's Insurance," NAIC, May, 1999 and Insurance Information Institute Fact Book 2000