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Average Homeowners And Renters Insurance Premiums By State

Updated info:
OII 2012 auto and homeowner premium trend report
Insurance Information Institute: Homeowners and renters insurance
FULL TEXT (Rev. 08/09) | (Rev. 04/07)

Homeowners insurance study

Homeowners insurance in Ohio remains affordable and premium increases are leveling off. The Ohio Department of Insurance reported a 0.3% increase filed by Ohio’s top 10 homeowners insurance writers in 2005. The top 10 writers represent 70.4% of Ohio’s homeowners insurance market.

A January 2006 study released by the National Association of Insurance Commissioners (NAIC) found Ohio’s 2003 average homeowners insurance premium ranked 45th (seventh lowest) in comparison to all states and Washington, DC. Ohio’s 2003 average homeowners insurance premium of $476 was nearly 29% less than the US average of $668.

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 2003 average renters insurance premium ranked 33rd (19th lowest). Ohio’s 2003 renters insurance premium of $164 was nearly 15% lower than the US average of $192.

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 “2003 Average Renters and Homeowners Insurance Premiums by State.”

The likelihood of a tornado or damaging winds puts Columbus at relatively high risk for a natural disaster, according to a study released by SustainLane.com in June 2006. Columbus ranks 39th of the 50 largest US cities for risk of a natural disaster. The study based its rankings on hurricanes, major flooding, catastrophic hail, tornado “super-outbreaks” and earthquakes. It also considered the potential frequency of disasters and the extent of their damage. Milwaukee and Mesa, Ariz. were tied as the safest cities. Cleveland was tied with Phoenix, Tucson and El Paso as the third-safest cities.