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Home insurance rates increase slightly in Ohio

Posted On Thu, December 2, 2010

Home insurance rates in Ohio edged slightly upwards between 2007 and 2008, according to the National Association of Insurance Commissioners.

The average annual cost for home insurance coverage in the state was just under $570 in 2008, according to NAIC data, compared to almost $550 the previous year.

Ohio Department of Insurance Director Mary Jo Hudson says the increase in premiums is not significant as rates elsewhere in the country.

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

There are a number of factors taken into account when determining premiums for home insurance besides weather. Location and property value are just a couple of things that determine the rates people will pay.

Some homeowners can get a discount on coverage by purchasing multiple insurance policies with the same company. It's wise for people to consult their insurance agent for other potential offerings.  

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