Average Homeowners And Renters Insurance Premiums By State

(Rev. 08/09) | (Rev. 04/07)

A 2009 study released by the National Association of Insurance Commissioners (NAIC) found Ohio’s 2006 average homeowners insurance premium ranked 45th (seventh lowest) in comparison to all states and Washington, DC. Ohio’s 2006 average homeowners insurance premium of $530 was 34% less than the US average of $804. When comparing the 50 states (not D.C.), Ohio tied Delaware as the 5th least expensive state for homeowners insurance in 2006.

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.

Only two states, Illinois and Pennsylvania, have more homeowners insurance writers than Ohio’s 266, helping to keep premiums affordable.
(Source: A.M. Best)

Renters insurance findings

The NAIC study also provided state average premiums for renters insurance. Ohio’s 2006 average renters insurance premium ranked 30th. Ohio’s 2006 renters insurance premium of $163 was nearly 14% lower than the US average of $189.

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.

Note: Click here for general information on Ohio’s homeowners insurance outlook.

Click here for the chart “2006 Average Renters and Homeowners Insurance Premiums by State.”
Click here for the chart “2005 Average Renters and Homeowners Insurance Premiums by State.”
Click here for the chart “2004 Average Renters and Homeowners Insurance Premiums by State.”

The average renters insurance policy in Ohio costs less than $14 a month ($13.58).
(Source: 2009 NAIC Homeowners Insurance Report)