Ohio's 1996 average homeowners insurance premium ranked 50th in comparison to all states and Washington, DC. Ohio homeowners paid an average of $279 for homeowners insurance in 1996 for an HO-3 policy, while the national average was $440. The average 1996 Ohio renters insurance policy was $130, compared to the US average of $167.

To save on homeowners insurance:

• Shop around. Contact several insurance companies and agencies to discuss coverage, costs, claims handling and service. Provide identical information including the description of your home; security devices, if applicable; types of coverages and limits you want; and extra coverages you may want such as earthquake or sewer drain backup, an umbrella policy, coverage for collectibles or fine jewelry, or a flood insurance policy. Check the financial ratings of the companies for stability.
• Protect your home against typical perils. By preventing losses and claims against your policy, you can help to keep the cost of insurance down. These include:
  1. Keep fire extinguishers in fire-prone areas such as the kitchen, laundry and garage.
  2. Replace old, faulty wiring and make sure to tell your insurer.
  3. Regularly check your roof, down spouts and pipes for clogs or leaks.
  4. Discourage crime by using exterior lights at night and installing deadbolt locks on doors.
  5. Keep your property safe. Repair loose railings, steps or walkways.
• Ask about available discounts. Some companies provide homeowners discounts typically in the 8-15% range for new construction, since newer homes are built to updated building codes and electrical standards. Most companies offer discounts for homes that include a monitored security system, but be sure to ask how much you'd save on insurance prior to security system installation. If you've had your home insured with the same company or agency for several years and have been claim-free, you may also be eligible for an additional premium discount. Ask your insurer for tips to help reduce your risks.
• Raise your deductibles. By raising your policy's deductible, you're responsible for smaller losses, not your insurer, thus lowering your premium and chances for frequent claims. Raising a deductible from $250 to $500 could lower your annual premium as much as 12%.
• Review your policy annually. Correct and/or update the information. Double-check the information regarding how far your home is from a water source such as a fire hydrant or a retention pond, as well as the location of the nearest fire station. If you've insured an item separately and it's depreciated, reduce the floater amount and pocket the difference.
• Buy all insurance products from the same source. Companies or agencies that provide insurance for your home, auto, life and/or health offer multiple policy discounts of 5-15%.
• Check on group coverage resources. Employers, alumni and business/trade associations often negotiate insurance packages with insurance companies at competitive rates. Contact your human resources manager or association director to see if a package is available.
• Don't over-insure. Your land is included in your home's market value, so don't include it when deciding how much insurance to buy. If you do, you'll wind up paying higher premiums.
• Opt for guaranteed replacement cost. Although it costs more, you're better off if faced with a major loss. A replacement cost policy pays to replace the damaged property or loss, regardless of the age and condition of the damaged property, with materials of similar kind and quality. An "actual cash value" policy provides reimbursement at the loss' depreciated value.
• Contact the Ohio Department of Insurance for a homeowners insurance shopper's guide. In it you'll find all types of information, including average premiums for various parts of the state. Call 1-800-686-1526 for a free copy.
• Avoid frivolous claims. Submitting a claim after years of paying premiums is justifiable, but frequent claims may mark you as a high risk. Consider paying for smaller claims and filing for losses that are not affordable.
• Cover your home office. Don't assume automatic coverage. Premiums can run as little as an extra $20 and can protect business risks.
• Don't smoke. It causes over 23,000 residential fires annually. Some insurers offer premium incentives if none of the residents smoke.
• Stay with your insurer. Some insurers will reduce premiums by 5% after a three- to five-year period and up to 10% for loyal policyholders after as few as six years.