Ohio Department of Insurance Director Mary Jo Hudson announced that on average Ohioans paid slightly more for homeowners insurance in 2007 than in 2006, according to a report issued by the National Association of Insurance Commissioners (NAIC). Ohio’s homeowners insurance premiums remained the sixth lowest in the country.
Statistics in the NAIC report show that Ohioans paid an average homeowners insurance premium of $548 in 2007, the most recent year data is available. In 2006, the average homeowners insurance premium was $542. Those figures are far lower than the national average homeowners insurance premium of $816, up from $801 in 2006.
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.
Source: Ohio Department of Insurance, www.insurance.ohio.gov.
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