The coverage is the sixth lowest in the United States, meaning that residents are saving compared to other locations.
According to a recent announcement made by Mary Taylor, the Lieutenant Governor and Department of Insurance Director, the average Ohio homeowners insurance policy is costing residents of the state notably less than the average resident of the majority of other locations across the country.
In fact, she revealed that premiums there are the sixth lowest among all of the states in the nation.
The most recent data available from the National Association of Insurance Commissioners (NAIC), is from 2011. It has shown that in that year, the average Ohio homeowners insurance premiums that were paid were $652 per year. This means that the state kept its position as the sixth lowest in the country for the second year in a row. To put that into perspective, it should be noted that the national average during that same span of time was an annual $968, which is clearly a significant amount higher.
Taylor explained that Ohio homeowners insurance is low due to a number of conditions in the state.
To start, she pointed out that “Thanks to competition, choice, and a very strong insurance market”, the residents of the state are finding that their coverage is approximately $300 less than the average American based on the national average rates. She also went on to say that by maintaining their status as sixth cheapest place for a home coverage policy means that consumers are able to consistently keep their spending low for that expense and that they are able to save “more of their hard-earned dollars”.
She went on to encourage the property owners throughout the state to regularly review their coverage and speak with insurance brokers and insurance agents to ensure that they are receiving exactly the coverage that they require, but for the lowest possible price. Despite the fact that coverage is not expensive compared to the rest of the country, she still indicated that this is an important way to know that the Ohio homeowners insurance needs of these consumers are being met at the best rate.