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Homeowners insurance rates up in OhioPosted On Tue, July 20, 2010
Homeowners insurance prices increased nearly 10 percent in Ohio last year, according to the state's Department of Insurance.
Research indicates that insurance rates will be abate this year and will continue their upward trend in the following year.
The Ohio Insurance Institute says that this year, Ohio residents can expect to pay roughly $653 for homeowners insurance, up from $579 in 2008.
Despite the recent homeowners insurance rate hike, the state still has the sixth-lowest average premium rate in the country, state officials say.
"While we did experience premium rate increases in 2009, it's important to remember that Ohio still has some of the lowest insurance rates in the nation," says department director Mary Jo Hudson. "The department will continue to monitor these markets, and also assure that Ohioans have access to competitive coverage."
Poor weather conditions resulting in more claims and increased expenses for materials are being cited as the source for insurance rates going up. Ohio Fox affiliate WXIN reports that $1.4 billion in claims were made in 2008 for damage caused by Hurricane Ike.
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