Ohio Home, Auto Insurance Rates Remain Below National Average, Department Says

Home and auto insurance rates continue to run well below the national average, according to Ohio Department of Insurance Director Jillian Froment.

Data from the top 10 insurance groups in the state show that in Ohio the average homeowners insurance rate change in 2018 was zero percent, while the average auto insurance rate increased one half of a percent last year, the ODI reports.

Annually Ohioans pay an average of $850 (9th lowest) for homeowners insurance and $727 (14th lowest) for auto insurance compared to the national average, according to the most recent data from the National Association of Insurance Commissioners. Ohio’s combined average premiums are $551 below the national averages.

Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Homeowners insurance rates can be impacted by weather-related claims, and building and material costs.

Individual insurance consumers may have experienced rate changes that differ from the average. The Ohio Department of Insurance 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 Auto Ohio