1999 Average Homeowners and Renters Insurance Premiums by State
Homeowners insurance study
Homeowners insurance in Ohio remains affordable despite the fact
that premiums are on the rise.
A December 2001 study by the National Association of Insurance
Commissioners (NAIC) found Ohio’s 1999 average homeowners insurance
premium is next to lowest in comparison to all states and Washington,
DC. Ohio ranked 50th based on US average homeowners premiums since
1996. Ohio’s 1999 average homeowners insurance premium of $314
was 55% below the US average.
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 1999 average renters insurance premium ranked
37th lowest in comparison to all states and Washington, DC (same
ranking as 1998). Ohio’s 1999 renters insurance premium was
nearly 24% lower than the US average. The state’s 1996-97 average
renters insurance premiums ranked 34th lowest in the country.
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.
Click here
for the chart "1999 Average Homeowners and Renters Insurance
Premiums by State."
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