Banking & Finance

Ohio’s Home, Auto Insurance Rates Among Lowest

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COLUMBUS, Ohio — Average rate changes in 2015 for Ohio’s top 10 homeowners and private passenger auto insurance groups increased by their smallest amounts in years, according to  Lt. Gov. Mary Taylor.

Homeowners’ insurance experienced a 1.5% adjustment, the lowest change since 2007, while auto insurance had its slightest rise in four years at 2.3%.

The Buckeye State’s homeowners’ and auto insurance premiums rank among the lowest in the country, Taylor noted.

Ohioans paid an average of $763 (ninth lowest) for homeowners insurance and $659 (12th 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 $515 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. Changes in homeowners’ 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 Ohio Department of Insurance reviews rates to ensure they comply with Ohio insurance law and that they are actuarially sound, Taylor said.

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

SOURCE: Ohio Department of Insurance.

Published by The Business Journal, Youngstown, Ohio.