Aegis-RSI about Home Insurance

Ohio and Kentucky residents paid slightly additional for homeowners insurance in 2008 than in 2007, according to a new study. Premiums for Indiana homeowners fell, however.However, Ohio’s homeowners’ insurance premiums were the seventh lowest inside the nation, while Kentucky’s were 10th lowest and Indiana’s were 22nd lowest.

A new report by the National Association of Insurance Commissioners shows that Ohioans paid an average homeowners insurance premium of $565 in 2008, the most recent year data is available. In 2007, the average homeowners insurance premium based on an owner-occupied dwelling of one to four units was $540, or 4.6 percent less than in 2008.

In Kentucky, the 2008 average premium was $601, up 4 percent from $578 in 2007. In Indiana, the 2008 average premium was $658, up 1.7 percent from $647 in 2007.

In all three states, rates were far lower than the national average homeowners insurance premium of $791, down 3.8 percent from $822 in 2007.

While we did experience a small increase, Ohioans are still paying far below what the average American pays for homeowners insurance, said state Mary Jo Hudson, the state insurance director, in a release. We will continue to see upward pressure on rates within the next several years, due primarily to widespread severe weather incidents in Ohio.

Ohio’s low rates are due to its competitive insurance market, Hudson said. A competitive marketplace 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 cost.