Auto, Homeowners Insurance Rates Among Lowest
COLUMBUS, Ohio – Ohioans’ 2011 average auto and homeowners insurance rates were again among the most competitive in the United States, the state Department of Insurance reported Wednesday. The Buckeye State boasted the 10th lowest auto insurance and sixth lowest homeowners' insurance premiums, on average, in the country.
The Ohio Department of Insurance annually compiles the state’s average auto and homeowners insurance rates, said Lt. Gov. Mary Taylor, also director of the department.
Based on activity last year, the average rate change for the state’s top 10 private passenger auto insurance groups increased 1.2%, the lowest raise since 2008. The average rate change for the top 10 homeowners insurance groups was the lowest since 2007, increasing 6.2%. The top 10 insurance groups write coverage for some 70% of the market.
The historical rate change information is an average. Individual insurance consumers might have experienced rate changes that differ. Changes in auto insurance rates are associated with medical costs, weather-related claims, the number of cars on Ohio roads and repair costs. Changes in homeowners rates can be attributed to claims relayed to the weather, and building and material costs.
Ohioans with questions or concerns about their insurance can call the department consumer hotline, 800 686 1526.
Published by The Business Journal, Youngstown, Ohio.