A new National Association of Insurance Commissioners’ (NAIC) report shows Ohio homeowners and most Midwestern states pay some of the lowest homeowners’ insurance rates in the nation.
The Ohio Department of Insurance announced that new figures from the NAIC show the Ohio’s average homeowners insurance premium rose to $545 in 2005, from $530 the year before. Ohio climbed from seventh to sixth among states with the lowest premiums. The 2005 national average was $764, the most recent able to be calculated.
Other Midwestern states did well in this study.
Additional states that fell below the national average were: Wisconsin, $495; South Dakota, $622; North Dakota, $736; Missouri, $688; Michigan, $734; Iowa, $594; Indiana, $639; and Illinois, $660.
Illinois’ listing below the national average is significant since it has the 3rd most populated city in the U.S,, Chicago. Major urban areas tend drive up the cost of both auto and homeowners insurance.
The state with the highest average homeowners premium in 2005 was Texas at $1,372. The second highest was Louisiana, $1,144; Florida came in third at $1,083.
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