Premiums by State
Homeowners insurance study
Ohio’s homeowners insurance premiums remain extremely affordable. In fact, a January, 2000 study by the National Association of Insurance Commissioners (NAIC) found Ohio’s 1997 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 January, 2000 NAIC study also provided state average premiums for renters insurance. Ohio’s 1997 average renters insurance premium ranked 37th lowest in comparison to all states and Washington, DC. Ohio’s average renters insurance premium was $132–$37 lower than the US average. Ohio placed 34th in last year’s study of 1996 average renters insurance premiums.
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.
