The National Association of Insurance Commissioners has released its report on homeowners insurance rates. Overall, the average premium nationwide was $788 in 2008. The figure marks a decline from the $816 price tag for homeowners insurance in 2007.
While premiums nationwide declined somewhat, rates increased in Ohio. In 2007 the average rate was $548, compared to $569 in 2008. While not a substantial increase, the rate does reflect recent storms that have hit the area.
Mary Jo Hudson, Director of the Ohio Department of Insurance, says that despite the slight increase in premiums, homeowners insurance coverage is still a bargain in comparison to other states.
“Ohio’s low rates are due to its competitive insurance market,” says Hudson. “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.”
There are some tactics homeowners can employ to help reduce homeowners insurance premiums. Many insurers offer discounts for those who install smoke detectors and other security systems on their property. Rates also vary depending on the value of items being covered.
