(Ohio, OH – Insurance News 360) – In October, Jillian Froment, Director of the Ohio Department of Insurance, reported that average rate changes for the top 10 homeowners and private passenger auto insurance groups rose, but that those rates were far below the national average.
Homeowners insurance rates rose 1.5 percent for the top 10 companies, and private pasenger auto insurance rates rose 4.1 percent. In the state of Ohio, individuals pay an average of $819 for homeowners insurance, and $703 for auto insurance. This is the ninth lowest, and 14th lowest, respectively, in the country, according to data the National Association of Insurance Commissioners. It is important to note though, that individuals may have experienced rate changes outside the average.
“We are fortunate in Ohio to have among the lowest average insurance premiums for homeowners and auto insurance compared to the rest of the country,” Froment said. “Ohio has a robust and competitive insurance market providing consumers many different product options to consider when selecting coverage.”
Medical costs, weather-related claims, the number of cars on the roads, and repair costs spur the changes in auto insurance rates. Weather-related claims, building and material costs are the biggest impacts to homeowners insurance rates.
The top 10 insurance groups represent approximately 75 percent of the market in Ohio.
Source: Ohio Department of Insurance.