Banking & Finance

Ohio Insurance Rates Among Nation’s Lowest

COLUMBUS, Ohio — A national study found that Ohioans pay among the lowest average premiums nationally for auto and homeowners insurance

The National Association of Insurance Commissioners reported in 2016, Ohioans on average paid the ninth lowest rate for homeowners insurance at $850, and the 14th lowest for auto insurance at $727. That is compared to national averages of $1,192 and $936, respectively, for a combined average savings of $551 below national averages.

“We are fortunate in Ohio to have one of the most dynamic and competitive insurance markets in the country,” said Jillian Froment, director of the Ohio Department of Insurance. “Consumers benefit by having many options to choose from at different price points.”

Froment advises consumers to compare products from different companies, and regularly evaluate their insurance needs and amounts of coverage.

Consumers with insurance questions can contact the Ohio Department of Insurance at 1 800 686 1526. Insurance information is available at Insurance.ohio.gov.

Published by The Business Journal, Youngstown, Ohio.