Ohio Sees Rise in Auto, Homeowners Insurance Rates in 2014

Ohio Lieutenant Governor Mary Taylor announced that average rates for the top 10 private passenger auto and homeowner’s insurance groups in Ohio increased 2.6 percent and 4.3 percent, respectively, in 2014. The average rate change for auto insurance is similar while the homeowner’s insurance change is smaller compared to 2013 changes.

Ohio’s rates for both lines of insurance are still some of the lowest in the country.

Ohio has the ninth lowest annual homeowner’s insurance rate at $725 versus the national average of $1,023 and 11th lowest average auto insurance premiums, at $635 versus the national average of $815. That’s according to 2012 data – the most recent available – from the National Association of Insurance Commissioners (NAIC).

Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs, the insurance department said. Changes in homeowner’s insurance rates can be attributed to weather-related claims, and building and material costs.

Individual insurance consumers may have experienced rate changes that differ from the average. The department reviews rates to ensure they comply with Ohio insurance law and that they are actuarially sound.

The top 10 insurance groups represent approximately 75 percent of the market in Ohio.

Source: Ohio Department of Insurance

Topics Trends Auto Pricing Trends Ohio Homeowners