COLUMBUS — Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s average homeowner’s insurance premium again ranks among the lowest in the country. According to 2011 data, the most recent available from the National Association of Insurance Commissioners (NAIC), Ohioans paid on average $652 per year, which was the sixth lowest for the second consecutive year. The national average premium was $968 per year.
“Thanks to competition, choice and a very strong insurance market, Ohio homeowners are paying $300 less for their insurance compared to the national average,” Taylor said. “Having the sixth lowest premiums in the country for a second straight year means consumers are saving more of their hard earned dollars. I encourage all homeowners to talk to their agent on a regular basis and shop around for the coverage that best meets their needs.”
The average homeowner’s insurance premium is a weighted average of all the policy forms. It is determined by dividing the total premium for a state by the number of insured homes.