Ohio Homeowners Average Insurance Premiums Decreased Slightly in 2006

Ohio Homeowners Average Insurance Premiums Decreased Slightly in 2006

Ohio still has the 6th lowest rates in the country

COLUMBUS OH – March 5, 2009 – (RealEstateRama) — Ohio Department of Insurance Director Mary Jo Hudson has announced that on average Ohioans paid slightly less for homeowners insurance in 2006 than in 2005. Ohio’s homeowners insurance premiums remained the 6th lowest in the country. The news comes based on a report issued by the National Association of Insurance Commissioners (NAIC).

“A competitive market assures lower insurance premiums for all Ohioans,” Director Hudson said. “The Department will continue to monitor these markets, and also assure that Ohioans have access to coverage at a fair price.”

Statistics in the NAIC report show that Ohioans paid an average homeowners insurance premium of $542 in 2006. In 2005, the average homeowners insurance premium was $545. Those figures are far lower than the national average homeowners insurance premium of $801, up from $767 in 2005.

Changes in homeowners insurance premiums can be attributed to building and material costs as well as weather-related claims.

Ohio insurance consumers with questions and concerns about their insurance can call the Department’s consumer hotline at 1-800-686-1526. Free information can also be obtained at Ohio Department of Insurance

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