2003 Homeowners Insurance Premiums in Selected
Ohio Cities
The Ohio Department of Insurance (ODI) asked insurance companies
for premiums charged for homeowners insurance in 2003. Over 50 companies’
rates were reflected in the survey findings. The table below shows
a comparison of homeowners insurance premiums for selected metropolitan
areas in Ohio. Figures shown should be reviewed as a guide. They
do not reflect discounts offered by insurers, which could lower
insurance costs.
Rating information used in survey
Insurance Coverage Information: Homeowners 3 policy form; $150,000
house insured at 100% replacement cost; Liability coverage—$100,000
per occurrence; Medical Payments coverage—$1,000 per person;
$500 deductible; replacement cost endorsement for personal property.
Home Information: Frame construction (Note: premiums for masonry
construction are about 5–15% lower), owner-occupied, single-family
dwelling.
Pricing Information: A new customer applying for homeowners insurance.
Prices were quoted prior to qualifying for any insurance company
discounts (other than smoke detector). Assumption that house was
equipped with battery-powered smoke detectors. Residence is located
within municipal limits. Rates shown reflect annual homeowners insurance
premiums.
ODI’s survey includes additional home owner scenarios. Visit
ODI’s Web site at www.ohioinsurance.gov/consumserv/ocs/ocspub.htm,
or call 1-800-686-1526 to obtain a copy. The premium a company
charges
you for insurance will probably differ to reflect your actual coverage,
home and location.
Note: Figures shown should be reviewed as a guide only
Source: Shopper's Guide to Homeowner and Tenant Insurance,
March 23, 2004 (Web version), Ohio Department of Insurance
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2002 and 2003 were back-to-back record-breaking
years for home sales in Ohio. Over 130,000 new and existing
homes were sold in Ohio, an 8% increase over a record breaking
2002. More than 6,700 houses were sold in January 2004, up 2%
from the 6,600 houses sold in January 2003.
(Ohio Association of Realtors) |
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