Ohio Homeowners Average Insurance Premiums Increased Slightly in 2008

Ohio Homeowners Average Insurance Premiums Increased Slightly in 2008

Ohio has 9th lowest rates in the country

COLUMBUS, OH – November 30, 2010 – (RealEstateRama) — Ohio Department of Insurance Director Mary Jo Hudson has announced that on average Ohioans paid slightly more for homeowners insurance in 2008 than in 2007. Ohio’s homeowners insurance premiums are the 9th lowest in the country. The news comes based on a report issued by the National Association of Insurance Commissioners (NAIC).

“While we did experience a small increase, Ohioans are still paying far below what the average American pays for homeowners insurance. We will continue to see upward pressure on rates in the next several years, due primarily to widespread severe weather incidents in Ohio. However, Ohio’s low rates are due to its competitive insurance market,” Director Hudson said. “A competitive market assures lower insurance premiums for all Ohioans. 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 $569 in 2008, the most recent year data is available. In 2007, the average homeowners insurance premium was $548. Those figures are far lower than the national average homeowners insurance premium of $788, down from $816 in 2007.

The average premium is a weighted average of all the homeowners insurance policy forms (Dwelling Fire, HO-1, HO-2, HO-3, HO-5 and HO-8). The average premium is determined by dividing the total premium for a state by the number of insured homes. Its magnitude reflects the insured values of homes in a state, a state’s exposure to catastrophic losses, fire, theft and other types of losses, construction costs, and other factors that impact insured home values and the number and size of insured 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 www.insurance.ohio.gov.

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