The Dayton Business Journal came out with an article in August titled “Ohio has among lowest insurance premiums in country”. Here at ORS we work with insurance adjusters daily, making sure they have a wind date and can find all the damage to insure the home owner gets everything they deserve for a new roof, deck, siding and anything else potentially covered by homeowners insurance.
“Ohio has the 6th lowest homeowners ($624; national average $906) and 9th lowest auto insurance ($619; national average $791) average premiums in the county, according to 2010 data, the most recent figures available from the National Association of Insurance Commissioners(NAIC).”
This is great news for Ohio homeowners! While not required by law, most mortgages require the homeowner to have some sort of homeowners insurance at least through the duration of the mortgage. It is important to point out that some people are afraid to file claims for fear that their rates will go up. The truth is, your rates are going to go up regardless. Storm damage, specifically if part of a “catastrophe” aka a large wind or hail storm, does not count against an individual’s claim record.
Some interesting aspects to most homeowner’s policies:
- It will cover your child’s property they take to college with them
- It does NOT cover if a tree falls on your car while at your home, that falls under car insurance
- It will NOT cover your in-home business activities, but a policy for that can be added
- Damage caused by windstorms, hail, hurricanes and tornados is covered!
- While homeowner’s insurance is for homeowners, if you rent, please by renter’s insurance! It’s very inexpensive, and VERY worth it
- Earthquakes and flooding typically are not covered, that must be added
You can find the original article at: http://www.bizjournals.com/dayton/blog/morning_call/2013/08/ohio-has-among-lowest-insurance-premiums.html
Good luck on your homeowner’s insurance experience!