Two states have revealed insurance data that will likely come as music to the ears of insurance customers in their respective parts of the country.
Maine's insurance superintendent, Eric Cioppa, recently announced that homeowners had some of the lowest homeowner's insurance rates in the country. Based on data released by the National Association of Insurance Commissioners, Mainers spent the ninth-lowest home insurance rates in the U.S. based on 2010 figures, the latest year for which data is available. In 2009, homeowners in the Pine Tree State had the 11th lowest rates.
"These results are signs of a healthy and well-functioning property and casualty insurance market," said Cioppa.
Not to be outdone was Ohio, a state whose homeowners spend the sixth-lowest premiums in the country. The average policy in the Buckeye State for home insurance runs homeowners approximately $624, which is considerably lower than the national average of $906.
Mary Taylor, Ohio's lieutenant governor and director of the Ohio Department of Insurance, noted that policyholders have been the beneficiaries of insurers' jockeying to win the allegiance of customers.
"Ohio's competitive insurance market continues to provide consumers with choice and lower insurance premiums compared to the rest of the country," said Taylor. "I encourage all Ohioans to review their insurance coverage regularly to ensure they have the best policy at the best price to meet their needs."
Reviewing insurance policies is a piece of advice for insurance agents to keep in mind when they're consulting with their customers, as rates can fluctuate from year to year. Comparing quotes and taking into account new developments that may be different from the previous year can wind up saving them hundreds of dollars in a given year.