March 21, 2007

RE/MAX
Valley Real Estate
Contact:  Al Leonard
Phone: (330) 629 - 9200

Homeowners Insurance Expenditures

Nationally, The average expenditure for homeowners insurance was $729 (Ohio - $523) in 2004, according to a February 2007 report by the National Association of Insurance Commissioners. The Insurance Information Institute (I.I.I.) estimates that the average homeowners insurance expenditure increased to $787 in 2005 and then rose by 6 percent to $835 in 2006. The I.I.I. projects that the average homeowners insurance expenditure will be $868 in 2007.

Factors that have led to increases in homeowners premiums in the past few years include rising home values, higher repair and rebuilding costs, and larger than average catastrophe losses in hurricane-prone areas.

Read entire report from the Insurance Information Institute.

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