Ohio’s premiums among lowest in country
COLUMBUS – August 20, 2013 – (RealEstateRama) — Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s 2012 auto and homeowners insurance average rates, information that is annually compiled by the Department.
“Ohio’s historically competitive insurance marketplace continues to provide consumers with choice and affordable options for auto and homeowners insurance,” Taylor said. “Our strong, but fair regulatory standards and emphasis on reducing regulatory red-tape for insurers are benefiting consumers.”
Ohio has the 6th lowest homeowners ($624; national average $906) and 9th lowest auto insurance ($619; national average $791) average premiums in the county, according to 2010 data, the most recent figures available from the National Association of Insurance Commissioners (NAIC).
Separately, according to information from the Ohio Department of Insurance, based on 2012 activity, the average rate change for the state’s top 10 private passenger auto insurance groups increased 4.1 percent. The average rate change for the state’s top 10 homeowners insurance groups was the second lowest since 2008, increasing 7.6 percent. The top 10 insurance groups represent approximately 70 percent of the market.
The historical rate change information is an average. Individual insurance consumers may have experienced rate changes that differ from the average. The Department makes sure rating plans comply with Ohio insurance law and the rates are actuarially sound.
Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowners rates can be attributed to weather-related claims, and building and material costs.
Ohioans with insurance questions or concerns can call the Department’s consumer hotline at 1-800-686-1526 and visit www.insurance.ohio.gov for free information. You can follow the Ohio Department of Insurance on twitter @OHInsurance and on Facebook at www.facebook.com/OhioDepartmentofInsurance.