Homeowners Insurance Increases, Part 1

Following heavy storm damage caused by the remnants of Hurricane Ike in 2008, the average cost of homeowners insurance in Ohio has increased 9.7 percent.

The Ohio Department of Insurance released an analysis of 2009 data that showed the increase in premiums. Mary Jo Hudson, the State Insurance Director, said in an article in the Toledo Blade that she expects similar rates in 2010.

Rates for auto insurance have also increased. The aforementioned Blade article says the Ohio Insurance Institute projects an average of $653 for homeowners insurance in 2010 and $661 for auto insurance. Ohio has some of the lowest premiums in the country, despite these recent increases.

Mike Carroll of Carroll Insurance Group says that despite the increases, homeowners insurance is vital.

“Homeowners insurance continues to be the ultimate ‘value’ buy in all of the insurance market. Even though nobody likes a rate increase, homeowners insurance is still the best product by far for your dollar,” he said.

“It is also true that the larger the insurer the more exposure they can have, hence the big increases by some of Ohio’s largest insurers. Allied Insurance, for example, took a 4% increase, as did many other regional insurers who are represented by Independent Insurance Agents.”

Check back tomorrow for Mike’s tips on how to offset any increases to your insurance premiums. Call our Toledo, Ohio injury lawyers toll free at 800.637.8170 if you would like to be connected to Mike’s agency.

Charles E. Boyk Law Offices, LLC