Good price for homeowners insurance in Ohio
December 7, 2010 - In these difficult economic times, people may try not to spend more money than they have to. For homeowners in Ohio, the price of homeowners insurance is among the lowest in the country.
According to figures from the Ohio Department of Insurance, the average homeowners insurance premium was $575 in 2008. This was an increase of 8 percent from $530 in 2006, cites The Dayton Daily News.
The newspaper reports the state had the fifth-lowest average rate in 2006, well below the national average of $804. This may be attributed to competition amongst insurance providers in the state, suggests the Ohio Insurance Institute.
Homeowners insurance protects the property owner from casualty, damage to the home or personal property and liability, and damage to other people or property. Homeowners insurance is not required by law in most states, but if your home has a mortgage, the lender may require you to carry this insurance.
The more coverage a homeowner has, the less he or she will have to pay out of pocket in the case of a disaster. For those looking to reduce costs, The National Association of Insurance Commissioners says that higher deductibles decrease the price of home insurance.
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